SuiteBilling will consolidate all levels of billing into one manageable system and is the 'industry’s first and only cloud unified order-to billing-to-revenue solution'.
It is essentially a single platform that manages multiple billing systems and revenue models across numerous sales channels.
Speaking at the vendor's annual customer conference, NetSuite CEO Zach Nelson said that the software has been in development for "more than five years".
"SuiteBilling is a system that can bill any product, any service and any subscription, in one system," he said.
The software will accommodate all business models and create an actionable billing system unique to each business.
SuiteBilling provides core capabilities in subscription management, revenue recognition and general financial processes, the centralisation of multiple channels to ultimate streamline workflows and unify businesses billing approach.
Netsuite COO Jim McGeever added: "Product-based ERP companies really focus on just that first part, which is really handling how you create a border, how you deal with fulfillment and how you deal with invoices. There are other ERP companies with special tools designed specifically to run a services business and now the whole companies are being created over a subscription basis.
"No one has all of these worlds together, So we have combined all of the billing, the unified order and made it into one, so now, if you can sell it, we can bill it."
Netsuite also announced OneWorld 16, a major update to the capabilities of NetSuite's OneWorld ERP solution.
New features include global entity management, automative intercompany processes, a- Automated elimination and consolidation, multiple accounting books, electronic invoicing, suiteBilling platform and enhanced governance, risk and compliance.
In addition to this, Netsuite announced Intelligent Order Management an automated platform enabling its customers to have a 'buy anywhere, fulfill anywhere, return anywhere commerce experience.' This new product enables customers to create 'rules' for returns, shipments and fulfilment procedures in the retail industry and other omni-channels.