The NetSuite integrated business management solution has so many features and capabilities, that it can be easy to overlook the benefits of the ERP’s basic functionality. If you are a current NetSuite user, this series of articles is designed to highlight some native features of the ERP solution. If your organization’s technology system does not offer these capabilities, we encourage you to contact the GYF ERP Solutions Team to learn more about NetSuite.
Accurate financial reporting is the backbone to any business but can often be easier said than done. Many legacy systems that don’t allow for department, program, or service line reporting can result in a chart of accounts that can be overwhelming, reports that are far too time consuming to make, and a lack of financial reports that should be simple to create.
Native Segmentation
NetSuite native segmentation allows you to reduce your chart of accounts, and incorporate separate listings for your departments, classes, and locations. For many companies, there are further levels of reporting that are required for internal and statutory requirements. Custom segments can be easily configured to allow for further ways to slice and dice your financial statements and data, while maintaining a clean chart of accounts that doesn’t need to have duplicate accounts or confusing account numbering strings.
Segment Sourcing
Custom segments can be set up to source from other segments in your system to reduce the need for users to populate fields when entering transactions. For example, if you have regions that source from multiple locations, NetSuite can automatically populate the region on invoices with that location, so that you can easily report on sales by region without requiring users to enter the region.
Segment Filtering
Segments can also be set up to filter each other, so that you can maintain robust information while eliminating end user mistakes. If you have a set of restrictions related to a particular grant that you want to track, you can enable users to only see restrictions related to the grant selected on the transaction. That way, users don’t accidentally
NetSuite’s OneWorld solution streamlines financial management and reduces IT costs, allowing you to manage a multitude of entities with a unified platform, and perform critical month-end processes with ease. Each NetSuite component is modular, enabling it to be deployed and integrated with existing investments as required to easily scale and future-proof your business with an agile platform that evolves as your needs change. Contact a GYF ERP Consultant at 412-338-9311 to maximize the return on your technology investment.
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