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NetSuite Financial Management Explained

September 22, 2022

NetSuite Enterprise Resource Planning (ERP) is a financial platform that focuses on consolidating the data of an organisation’s core processes. It has a huge capacity for automation and integrating an array of third-party applications. This makes it one of the leading cloud-based ERP software that can benefit virtually any business. Its capabilities span:

 

  • Accounting
  • Financial Management
  • Inventory Management
  • Global Business Operations
  • Supply Chain Management
  • Warehouse Management
  • Human Resources
  • And More…

 

All these components are essential for business operations management, but a focus on financial performance is where the interests of accountants, controllers and CFOs lie.

 

What is NetSuite Financial Management?

 

NetSuite Financial Management is a suite of solutions that expedite your daily financial transactions. They also shorten the cycle times for budgeting and forecasting, ensure full compliance and decrease the time to financial close. Based in the cloud, the platform provides a real-time overview of the financial performance of any organisation, from individual transactions right up to the consolidated level.

You can integrate NetSuite Financial Management seamlessly with other business applications like inventory, order management, commerce and CRM. This means your entire operation can be run from within a single solution.

 

Key Benefits of NetSuite Financial Management at a Glance

 

  • Generate accurate reports: you can drill down to the fundamental details to understand how your business is being impacted.
  • Close confidently: the financial close can be processed far more quickly in full compliance with accounting standards.
  • Real-time, all the time: real-time metrics and role-based dashboards help optimise financial performance.

 

The Features of NetSuite Financial Management

 

The NetSuite Financial Management suite automates many core finance and accounting processes. It also provides in-depth insights into how your business is performing, with a reduction in the risk of reporting errors. This all amounts to superior control over your financial assets.

 

Accounting

Core accounting functionalities like the general ledger, accounts receivable/payable, fixed assets management, tax management, payment management and cash management are all seamlessly integrated. What’s more, you get real-time visibility into activity and intelligent insights to enhance your finances.

 

Planning and Budgeting

Budgeting and financial planning can be performed at both departmental and companywide levels. This is achieved with advanced modelling capabilities, approval workflows and reporting within a single, scalable solution for collaboration.

 

Billing

Your billing operations can be streamlined with real-time access to financial and billing activities. Automate rating processes, consolidate invoices and support a range of pricing models as required. Recurring subscription billing can be managed with ease, including automatic renewals through NetSuite SuiteBilling.

 

Financial Reporting

Access a more comprehensive picture of your business in real-time, whenever you need it. There are preconfigured, role-based dashboards, reports and KPIs. These lead to detailed, bespoke insights into the performance of the organisation of enhanced decision-making. You can also generate accurate reports and financial statements in full compliance with regulatory standards for accounting and other financial concerns.

 

Revenue Recognition

Comply with all the relevant accounting standards whilst reporting financial results promptly and accurately. The complex nature of evolving revenue recognition mandates is made simple, regardless of whether a sale encompasses diverse obligations, a series of obligations within a certain timescale or a single performance obligation, all bundled together.

 

Governance, Risk and Compliance

Your company’s governance, risk and compliance (GRC) is empowered with audit-ready solutions. A wide range of reports and certifications alongside built-in processes and capabilities handle complicated regulatory, operational and compliance regulations on your behalf.

 

Financial Consolidation

The oversight of accounting processes, reporting and data for disparate business units and subsidiaries can be centralised. Automated consolidations accelerate the close process with full adherence to compliance with accounting standards, regulations and tax codes no matter where you are operating.

 

Additional Financial Modules Available

 

With the help of NetSuite customisations in the NetSuite marketplace, you can find solutions to personalise your software to meet your specific needs. There are many applications to be found, developed and tested by third-party developers that may be worth your consideration. The following is a snapshot of what is available:

 

Dunning Letters

An automated, streamlined process including an accessible dashboard presenting data on all current accounts, removing manual data entry from the equation.

 

Incentive Compensation

Track earnings on invoices and bookings with the option to pay out upon collection of cash. You can also track sales earned by team members without having to perform manual calculations.

 

Fixed Assets

Keep tabs on the full life-cycle of fixed assets with NetSuite Fixed Asset Management. This sidesteps the need for multiple spreadsheets; a common source of manual error.

 

OneWorld

For global businesses, financial considerations like different taxation rules and multiple currencies can be streamlined. With NetSuite OneWorld you gain full visibility throughout your business with access to customers, finances and all data from subsidiaries with the relevant currencies, taxes, languages and compliance requirements taken care of.

 

Problems Solved by NetSuite Financial Management

 

There are various challenges for organisations that can be overcome with NetSuite Financial Management:

 

  • Data accessibility: the platform provides a single source of real-time financial, transactional and operational data.
  • Manual procedures: time-consuming, error-prone manual processes can be streamlined with automation, freeing up your employees to focus on the job at hand.
  • Compliance: be consistent in applying the appropriate rules and scheduling to things like revenue recognition, prepaid and deferred expenses, amortisation and depreciation and other financial concerns.
  • Accuracy: wave goodbye to spreadsheets and enhance accuracy by eliminating the risk of duplicate data entry and errors in formulae.

 

These challenges can be obstacles to progress and grow as an organisation. If they are hampering you, there should be a focus on finding solutions that can help you move beyond them, and NetSuite Financial Management is one of the best options available to you.

 

Conclusion

 

NetSuite is developed by packaging the experience gained from worldwide deployments numbering in the tens of thousands. This amounts to an unparalleled set of world-leading practices. By implementing these practices, you access a proven path to success, delivering rapid business value with the ability to go fully live with NetSuite within a predictable timeframe.

If you would like to learn more about the full features in NetSuite, you can read our in-depth article What is NetSuite and how does it work?

 

Why choose Eventura to deliver your NetSuite ERP Project?

 

As an official NetSuite solution provider, we have successfully delivered countless NetSuite implementations. Our expert team of business analysts, developers, consultants, technicians and support staff can guide you through your entire project, from initial scoping through to implementation and on-going support.

We believe that NetSuite offers its customers a comprehensive suite of products that can digitally transform their businesses, replacing a range of disparate systems and softwares with one unified solution to business management.

If you would like to speak to one of our NetSuite experts, you can request a free call back here.

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