29 Sep, 2023

How NetSuite ERP Optimizes Financial Processes to Boost Cash Flow

To gain an edge in the fast-paced competitive business landscape, it is important for firms to leverage technology to make financial tasks easier. Many businesses around the world are ditching rooms having filing cabinets to cloud-based ERP solutions to streamline operations. It also makes sure that there is compliance with internal company policies and government and financial norms. Popular ERP software Oracle NetSuite has several features to make financial tasks easier.  

Now how can NetSuite transform your financial operations in a hassle-free manner? The key aspects include making it easy to pay your bills using NetSuite AP (Account Payable) automation, managing your cash with NetSuite Cash 360, scrutinizing your financial data with NetSuite Analytics Warehouse, counting your inventory using NetSuite Smart Count, and providing pricing & quoting products or services with NetSuite CPQ (Configure, Price and Quote). 

1. NetSuite AP Automation: Bill Payments are Now an Easy Affair 

Accounts Payable (AP) is a fancy term for handling the money you owe to others, like bills. Automation will now make this simpler. Here is how: 

Scan & Capture: The first step in this process is digitizing invoices using OCR technology and e-invoicing, eliminating paperwork.
Approval Workflows: Customizable approval workflows make sure that invoices are assessed and authorized promptly doing away with bottlenecks.

Vendor Collaboration: It is possible to collaborate seamlessly with vendors improving communication and speeding up dispute resolution.

2. NetSuite Cash 360: Ensuring Complete Cash Flow Visibility 

Cash flow management is a high priority for businesses. NetSuite Cash 360 provides the tools you need:

Cash Forecasting: Predict future cash flow and make informed decisions using advanced forecasting and modeling tools.

Category Based: It has the ability to combine account codes in order to plan cash flow for a category rather than individual accounts.

Cash Flow Analytics: Learn more about your cash flow patterns and point out areas for development.

3. NetSuite Analytics Warehouse: Unleash the Power of Data 

Data is the life blood for businesses. NetSuite's Analytics Warehouse helps you use it better:

Data Integration: You can easily bring in information from various locations, like your sales and customer info. 

Real-Time Reporting: Access real-time, configurable reports and dashboards to make data-driven decisions.

Predictive Analytics: It utilizes smart computer methods to make calculated predictions. This might assist you in making plans and saving money.

4. NetSuite Smart Count: Efficient Inventory Management

This is essential for cash flow optimization. This tool offers: :

Mobile Inventory Tracking: Use mobile devices to streamline the physical counting process, reducing errors and saving time. 

Real-Time Updates: Updates are reflected instantly in your ERP, providing accurate inventory levels for better decision-making.

Integration: Smart Count seamlessly integrates with other NetSuite modules for a holistic view of inventory data.

5. NetSuite CPQ: Configure, Price, Quote 

This helps businesses optimize pricing and quoting processes: 

Product Configuration: Configure products with ease, ensuring accurate quotes every time.

Dynamic Pricing: Set pricing strategies based on market conditions, competition, and other factors.

Quoting Efficiency: Generate professional quotes quickly and track their status effortlessly.

Let Us Conclude 

NetSuite offers a comprehensive suite of tools to optimize cash flow and automate financial processes. Automation empowers organizations to achieve greater efficiency, accuracy, and profitability in their financial operations. Embrace this smart solution to manage your financial future.  

If you need more assistance or are seeking a solution, please contact our experts. We are happy to support you.