Digital transformation has fundamentally changed the way companies and organizations do their business. In accounting, for example, the stereotypical number cruncher is now a thing of the past as more efficient solutions become available to reduce wasted time and money.
NetSuite’s cloud financials and accounting solution – the world’s top accounting management software – provides real-time access to live financial data, allowing for more accurate financial reports and improved business performance. It seamlessly marries core finance and accounting functions to easily generate statements and disclosures that with various regulatory compliance requirements.
Here are NetSuite’s accounting and finance solutions:
General Ledger is a dynamic business solution that allows companies to customize the software to fit their unique needs and conditions. It removes the need for manual journal entries and reduces the time and effort needed to reconcile accounts, audit processes and period close by letting you add ledger impact lines to transactions such as invoices across multiple accounting books. Finance teams are not limited from defining segments, thus improving accuracy and saving time.
Accounts Receivable accelerates cash flows with its an end-to-end AR experience that streamlines every aspect of invoice delivery, credit terms and collections management. By automating the retrieval of billing information from multiple sources and generating reports that flag down account anomalies, this helps ensure fiscal and corporate discipline. Customers also have self-service access to real-time information relating to purchase orders, inventory and payment information.
Accounts Payable automates the processing and payment of invoices, thus improving control. It eliminates the errors associated with manual data entry and minimizes the time it takes to process bills. Real-time visibility throughout the process also removes the risk of fraudulent invoices getting paid. With this software, you are assured that no bill is lost, forgotten or paid twice.
Tax Management provides end-to-end domestic and global tax compliance with a simple system that allows you to generate detailed transaction and tax reports. It reduces costs and errors as it streamlines the tax compliance process. The software supports every known global currency and exchange rate and allows the processing of taxes using specific laws for over 50 countries.
Fixed Assets Management enables you to maintain and control the complete lifecycle of your depreciating or non-depreciating assets, from creation to revaluation and disposal. Its asset management support covers maintenance schedules and insurance. The software also allows you to customize various depreciation methods as needed.
Cash Management empowers your finance team to monitor, predict and manage cash across global locations in real-time. It provides the transparency and visibility required to optimize cash position, manage liquidity and control accounts. You can also maximize the real-time insight it affords into global transactions across bank accounts and credit cards.
Payment Management streamlines and simplifies your payment needs whether these are for an outstanding invoice or online payments. Access to payment-related information can be done in real time to help prevent fraud. It also has security features to enforce controls around card-related verification, authentication, and encryption, among others.
NetSuite Planning and Budgeting gives businessmen the means to draw up a comprehensive evaluation of their current financial status by using variables to predict income, worth of assets and future withdrawals.
It uses international financial expertise in planning and budgeting, as well as in individualized deployment solutions.
Planning and Budgeting makes use of a financial planning system that is applicable to the operations of whole companies and inter-office functions. It provides modeling guides, approval charts and updates within one collective level, and uses processes and networks that adjust to increased demands while continuing to work accurately.
NetSuite Planning and Budgeting is powered by a dynamic calculation mechanism which can run an enormous scope of business logic with speedy internal memory and on-the-spot financial assessment and reporting.
NetSuite Planning and Budgeting presents complete consolidation with Microsoft Office tools like Microsoft Outlook, Excel, Word and PowerPoint with Smart View for Office.
Users can utilize Excel as the domain for swiftly adding custom members, segmenting, viewing and comprehending contents in database and improvised modeling.
Regular financial preparations like spreading and allocation are accessible within planning data grids supplied within Microsoft Excel.
It allows small to major enterprises to quickly take on high standard designs and set up applications, resulting in the availability of market-driven functionality that spans across varieties of businesses.
NetSuite Planning and Budgeting CapEx Planning for SuiteSuccess facilitates the management, classification and organization for capital expenses and looks at their effects on general expenditures and financial conditions.
Users of Travel and Expense Planning for SuiteSuccess get a helpful, well-articulated set of procedures that enable them to lay out smooth travel and expense plans.
NetSuite Planning and Budgeting for SuiteSuccess has the capability to computerize indirect expense allotments, giving users additional understanding that is vital in mapping out profitability. It has driver-powered groundwork to link the users’ operational intent to financial end results.
NetSuite Planning and Budgeting Integrated Financial Statement for SuiteSuccess enables users to form an in-depth strategy and estimate in the flow of revenue, expense, balance sheet and cash flow in an instant.
NetSuite Planning and Budgeting Predictive Planning makes it easy for users to maximize forecasting through an exhaustive, pre-built statistical framework. With a few clicks, Predictive Planning will gather historical background, compare it with industry-standard statistical engines and produce a detailed and clear-cut dashboard.
NetSuite Planning and Budgeting brings forth thorough reporting and analytics for regular monitoring. The drag-and-drop report builder generates powerful yet easy-to-digest web-based data analysis for the use of finance and business managers as they define, craft, publish and review financial statements.