For any business to succeed in diverse climates, effective management of finances is crucial. It includes planning, controlling and monitoring finances to enhance profits while dealing with uncertainties, risks and account management. As automation is the current trend in the business landscape, one cannot ignore the immense possibilities of Oracle NetSuite’s financial management solutions. This cloud-based ERP’s top-of-the-line financial module automates complex tasks such as bank reconciliation and asset and revenue management.
What are its Benefits in a Nutshell?
Finance teams can operate efficiently and accurately when businesses adopt NetSuite financials. Once the automation is done, it reduces budgeting and forecasting cycle times. Daily transactions are expedited and there is ease of compliance during financial close. It is also possible to visualize transactions and break them down to individual levels.
Advantages of NetSuite Financial Management in Detail
This platform offers real-time visibility into your finances and offers seamless integration with other business applications like CRM (customer relationship management), order management and eCommerce. NetSuite ERP has multiple sub-tiers that fit the requirements of each department. Currently, NetSuite offers 7 solutions:
Monitor and manage your key accounting activities, including accounts receivable, accounts payable, tax management, fixed assets management, cash and payment management.
Streamline your billing processes with direct visibility into all your financials. The solution helps consolidate your invoices, automate processes, and support multiple pricing models, as well as set up recurring billing with automatic renewals.
3. Planning and Budgeting
Seamlessly model your finances, approval workflows and reporting across the company or department with NetSuite planning and budgeting.
4. Revenue Recognition
It helps simplify revenue recognition mandates like ASC 606 and IFRS 15 and helps reduce various financial complexities.
5. Financial Reporting
Monitor your business processes in real-time and gain a comprehensive view. Enhance your reporting with role-based dashboards and custom-built Key Performance Indicators (KPI) to make quick and effective decisions. The solution helps create reports that align with global accounting standards.
With a centralized financial system, you can automate various accounting processes, reporting and data across the world. Ease your financial closing with automated consolidations and comply with the accounting standards of the country where you operate.
7. Governance, Risk, and Compliance
NetSuite offers an audit-ready solution that can control governance, risk, and compliance programs. With the help of built-in reports and certificates, users can easily handle complex regulatory and operational challenges.
Overcoming 4 key Challenges
1. Manual process: Accountants waste time streamlining various processes that can easily be automated.
2. Data: The software acts as a single hub for all transactional data, which is accessible on the cloud in real-time, 24/7.
3. Accuracy: As spreadsheets are prone to mistakes, choose NetSuite to eliminate duplicate data and have error-free accounting data at your fingertips.
4. Compliance: Stay aligned with the rules and regulations of the country where you or your subsidiaries operate. Automation helps you through myriad processes like revenue recognition, depreciation, and amortization.
NetSuite Financial Management Modules
Here are the top 9 modules that NetSuite offers:
NetSuite Advanced Financials helps businesses seamlessly plan their budgets and expenses accurately.
NetSuite Suite Billing streamlines various operations, including billing, and adds real-time visibility into the company’s financial activity.
NetSuite Revenue Management module equips companies to easily comply with the revenue recognition regulations. Users can also automate revenue forecasting, auditing, allocation, recognition, and reclassification.
NetSuite Planning and Budgeting enables companies to speed up their budgeting processes with the help of approval workflows, modelling, and reporting features.
NetSuite Multi-Book Accounting lets finance departments create various business transaction records within a single set of financial transactions.
NetSuite OneWorld provides businesses with the ability to manage their subsidiaries around the world under a single solution. Accounting teams can easily adjust the currencies of their home country to comply with the regional laws.
NetSuite Dunning Letters facilitates automated dunning processes in NetSuite to easily set up payment reminder letters to help collect accounts receivable.
NetSuite Fixed Assets Management is used to track company-owned and leased assets and also manage their entire lifecycle.
NetSuite Electronic Bank Payments securely automates electronic funds transfer payments and collections.
In short, NetSuite Financials offers a range of benefits to the company in terms of accelerated financial close, ensuring compliance. It also helps to maintain accounting standards even with multiple subsidiaries, as well as helps accountants report with accuracy. It also enables users to easily drill down into data and understand how it impacts business in real-time.
Having trouble with your current accounting system? Connect with our certified experts today to ensure a seamless financial journey.
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