NetSuite Financial Management
Over the years, small to mid-sized businesses have pieced together a patchwork of applications to run their operations. From accounting to order fulfillment, to sales and marketing, numerous applications exist across millions of small to mid-sized business. Piecing together various applications to effectively run your business is inadequate, and this infrastructure will not enable rapidly growing businesses to sustain and accelerate growth. In fact, it hinders growth and, in some cases, can result in the death of a once vibrant company.
Here are a few signs that indicate that a business is ready to switch to a cloud-based system:
- System upgrades and improvements are pushed to the back burner, due to the associated cost and disruption
- Backups, server failures, malware and data security are constant worries
- A major deterrent to investing in new technology is the time required to see a return on investment
NetSuite Financial Management eliminates these issues by seamlessly integrating with all NetSuite order management, inventory, CRM and ecommerce functions to streamline critical business processes.
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Features and Benefits
NetSuite cloud financials and accounting software helps finance leaders design, transform and streamline their processes and operations. NetSuite seamlessly couples core finance and accounting functions with strong compliance management, which improves business performance and increases financial close efficiency while reducing back-office costs. With real-time access to live financial data, you can quickly drill into details to quickly resolve delays and generate statements and disclosures that comply with multiple regulatory financial compliance requirements.
- General Ledger – NetSuite transforms the General Ledger from a static, one-size-fits-all into a dynamic asset that enables companies to tailor the General Ledger to meet their unique business needs and changing conditions. NetSuite’s General Ledger gives finance professionals flexibility and visibility, richer reporting functionality, enhanced audit trails and new support for multinational financial management.
- Accounts Receivable – Gain added liquidity to fund growth, shorten the credit-to-cash cycle, enhance service levels and seize new investment opportunities as they arise with NetSuite’s Accounts Receivable solution. Bring your collections processes into the 21st century with an end-to-end AR experience for automating and streamlining every aspect of invoice delivery, credit terms and collections management.
- Accounts Payable – Improve liquidity, mitigate funding gaps, realize higher profits and ensure compliance by leveraging NetSuite’s Accounts Payable solution that automates the processing and payment of invoices.
- Tax Management – NetSuite’s configurable tax engine provides end-to-end domestic and global tax management through one simple, easy-to-use system that generates detailed reports analyzing transactions down to line item tax details in real-time. The NetSuite tax management solution streamlines the global tax compliance process, saving time, reducing costs and errors. NetSuite supports every known global currency and exchange rate and allows accounting departments to process taxes in accordance with country-specific laws
- Fixed Assets Management – NetSuite Fixed Asset Management enables you to maintain and control the complete lifecycle across depreciating or non-depreciating assets from creation to depreciation, revaluation and disposal including support for international markets. NetSuite Fixed Asset Management supports detailed asset management, including maintenance schedules and insurance, while providing tight accounting integration so that your fixed asset information is always accurate.
- Cash Management – NetSuite’s Cash Management solution enables treasury groups to be more strategic than ever before and focus on scaling the treasury organization by providing a complete view of the company’s money flows and cash position. NetSuite’s Cash Management provides your finance team the visibility and reporting they need to optimize cash, control bank accounts, manage liquidity and deliver compliance.
- Payment Management – NetSuite’s SuitePayments is the smart way to meet all of your payment processing needs directly from within NetSuite. Whether your business accepts payments through online self-checkout or for the settlement of an outstanding invoice, you can accommodate all customer preferences. And, because it seamlessly integrates with NetSuite, you will have access to payment-related information in real time. SuitePayments is a complete payment management solution that supports most payment options and helps prevent fraud.
SuiteBilling transforms billing from a stodgy, back-office function into a strategic differentiator by placing it at the core of the business. NetSuite’s unified billing framework supports transaction, subscription, usage-based and any hybrid model thereof, all while managing revenue accurately and in accordance with the latest revenue recognition standards. NetSuite is an agile and sophisticated solution that offers unparalleled control and flexibility over billing and revenue management processes. SuiteBilling is a centralized framework that supports the universe of monetization models and allows customers to be nimble, innovative and profitable in today’s marketplace.
- Core unified framework connects transactions, subscriptions and projects to the billing engine and seamlessly flows to financials.
- Allows for the creation and management of subscriptions (including value based/usage subscriptions) and support for recurring billing with full integration to advanced revenue management and ASC 606 compliance.
- Provides for the creation and management of complex rating models, often coupled with high volume.
NetSuite’s Advanced Revenue Management solution helps companies comply with accounting standards including ASC 605, 606 and IFRS 15, and report financial results in a timely manner. The solution automates revenue forecasting, allocation, recognition, reclassification, and auditing through a rule-based event handling framework.
Whether your business conducts sales transactions that consist of products or services, or both, and, whether these transactions occur at a single point in time or across different milestones, NetSuite’s revenue recognition solution will help you schedule, calculate and present revenue on your financial statements accurately.
For All Industries
NetSuite’s award-winning financial management software enables accounting departments to account for any contract under any revenue standard, for any given set of products and services including software and service contracts specified in accordance with ASC 605 (and various preceding standards).
- Supports Percentage-of-Completion Accounting
- Supports Event Driven Revenue Plans
- Intelligent fair value lookup for stand-alone selling price or ESP/TPE/VSOE
Multiple Performance Obligations
NetSuite provides robust and comprehensive configurable capabilities based on requirements of ASC 605 and ASC 606/IFRS 15, enabling systematic compliance for complexities associated with accurately managing revenue contracts.
- Flexible Revenue Contracts
- Dynamic Fair Value Pricing
- Powerful Allocation Calculator
With Multiple Accounting Standards
Report financial results accurately within revenue recognition mandates based on multiple global accounting standards (e.g. GAAP, IFRS); leverage a powerful Multi-Book Accounting engine that can record and post revenue-related activity to all books concurrently.
- Book-Specific Fair Value Prices, Revenue Rules, Plans and Arrangements
- Book-Specific Foreign Currency Management
- Book-Specific Financial Reporting