20 Apr, 2022

Understanding NetSuite Financials: Features and Benefits

Managing finances is key for every business.  Businesses cannot survive in the long run unless they have a solid financial structure. Financial management includes planning, controlling, and monitoring company finances to improve profits as well as dealing with uncertainties, risks and account management. 

Accountants depend on financial tools to understand data and provide actionable insights for the growth of the company. Oracle NetSuite is a cloud ERP system with a top-of-the-line financial module. It assists accountants by automating complex tasks like bank reconciliation, asset and revenue management. NetSuite is an efficient tool that combines multiple business processes under one roof.

What is NetSuite financials?

NetSuite financials helps your finance team operate efficiently and accurately.

Top features of NetSuite financials are:  

1. Reduced budgeting and forecasting cycle times.

2. Speedy daily financial transactions.

3. Ease of compliance for financial close.  

4. Visualize transactions and break them down to individual level.

NetSuite Financial Management Solutions

NetSuite financial management is built to enhance your financial transactions. This cloud ERP 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 in terms of finance. 

1. Accounting  

Monitor and manage your key accounting activities, including accounts receivable, accounts payable, tax management, fixed assets management, cash, and payment management.  

2. Billing

Streamline your billing processes with direct visibility into all your financials. NetSuite 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

NetSuite 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 of your business. Enhance your reporting with role-based dashboards and custom-built Key Performance Indicators (KPI) to make quick and effective financial decisions. NetSuite helps build reports that align with global accounting standards. 

6. Financial Consolidation

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.   

Top challenges that NetSuite Financials solve: 

NetSuite financials solves 4 key challenges:

1. Manual process: Accountants waste time streamlining various processes that can easily be automated in NetSuite.  

2. Data: NetSuite acts as a single hub for all transactional data, which is accessible on the cloud in real-time, 24/7.

3. Accuracy: 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. NetSuite helps you through myriad processes like revenue recognition, depreciation, and amortization.  

NetSuite Financial Management Modules  

NetSuite offers financial management modules that help companies scale and grow easily. 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.  

NetSuite Financials offers a range of benefits to the company in terms of accelerated financial close, ensuring compliance by maintaining accounting standards even with multiple subsidiaries, as well as helping accountants report with accuracy. With NetSuite financials, users can easily drill down into data and understand how it impacts your business in real-time.   

Have trouble with your current accounting system? Choose NetSuite for a seamless financial journey. Connect with our NetSuite certified experts today.