The NetSuite Accounting System is one of the most recognized accounting software in the world of business today. The NetSuite Accounting System carried by CloudTech which is an official NetSuite Provider in the Philippines.
However, what exactly is the importance of having an accounting system?
An Accounting system is essentially a kind of application software that records and processes accounting matters through handy modules. They can be about accounts payable, accounts receivable, payroll, and trial balance. The main function of an accounting software is to provide an in depth accounting information system to the user.
Its most common modules are as follows:
- General ledger
- Accounts receivable
- Accounts payable
- Fixed Asset Management
A General ledger is a collection of data of all the accounts maintained by your business in a form of a book or series of files. It mainly helps you to identify records of your financial transactions that can either be connected to a specific person, property, or your entire business. With this, you can have all the details of your transactions in a precise manner.
Accounts receivable is the monetary or money claims of your company. It aids cash flow management and improves collections. With this, you can easily process invoices, cash receipts, and other transactions in your business.
Accounts payable is the value owed to the supplier, who extended the credit to the consumer in monetary terms. This module helps you manage the accounts payable transactions of your company, and to make sure that you have all the details you need to monitor your unsettled accounts.
Fixed Asset Management involves monitoring of tangible assets. This can be land, machinery, equipment, etc., owned by your company. It helps you by giving you information on the revaluation and devaluation of your assets and provides you with exact computation of depreciation costs of your fixed assets.
Treasury involves managing the cash and investment of your business. It gives you details on cash flow analysis, borrowing and investing, foreign exchange, positioning, and risk management.
By using NetSuite, your financial accounting processes are fully integrated with your entire business as its ERP system, as a whole, integrates all of your business transactions and disseminate the information through every branch of your company almost instantly, thanks to its Cloud capabilities. This simply ensures that you can always supervise your company’s financial and business performance, with real-time visibility in to all business accounting, sales and customer data.
NetSuite has the following key benefits specifically designed to your needs:
- It speeds up your order-to cash process by 50% or more
- Cuts your financial close process with instantaneous reporting
- Reinforces your business procurement with approvals and vendor management
- Improves the employee management through self-service
- Enhances decision making while providing you personalized dashboards
- Progresses accountability and compliance with strong traceability
- Lowers your IT costs and delivers automated ERP upgrades
- Raises your company’s productivity with easier access