5 Features of NetSuite ERP Accounting to Enhance Your Business Financial Visibility
Do you wonder what’s all this buzz regarding the “#1 Cloud Financial Management Solution”?
Look no further than NetSuite, the cloud-based ERP platform stealing the spotlight for its remarkable financial management prowess. Renowned in the industry, NetSuite is the ultimate choice for businesses aiming to streamline financial operations and take control of their financial data. With exceptional financial management features, NetSuite stands out and earns its top-tier status. From handling general ledger tasks to managing accounts payable and receivable, NetSuite offers a comprehensive suite of tools. It boasts robust financial reporting, budgeting, and forecasting capabilities – all conveniently bundled within a single, seamlessly integrated platform. This blog will discuss the top 5 NetSuite ERP accounting features, so let’s dig in.
What is NetSuite Financial Management?
NetSuite Financial Management is a suite of tools that streamline daily financial operations, trim down the time taken for budgeting and forecasting, ensure adherence to regulations, and speed up the financial closing process. Operating on the cloud, our platform provides instant insights into the financial health of any business, spanning from an overall view to specific transactions. Integrating NetSuite financial management with other critical business applications like order management, inventory, CRM, and commerce creates a unified solution, empowering you to manage your entire business seamlessly.
NetSuite ERP offers:
NetSuite offers forward-looking functionalities designed for contemporary enterprises that can:
Revolutionize Cloud Accounting: Speed up the order-to-cash cycle by 50%.
Transform Financial Closures:Cut down financial closing time by over 50%.
Attain Daily Cash Insights: Access up-to-the-minute detailed reports for a comprehensive view of daily cash balances.
Elevate Decision-Making: Empower informed choices through customized dashboards and real-time data.
Eradicate Upfront IT Costs: Say goodbye to initial IT investments and enjoy automatic product upgrades.
NetSuite Accounting Features
Effortlessly integrate essential accounting functions, including general ledger, accounts receivable, accounts payable, tax management, fixed assets management, cash management, and payment management. These are seamlessly paired with real-time visibility and valuable business insights, all working together to propel your financial performance to new heights of excellence.
NetSuite general ledger system offers flexibility, enhanced visibility, advanced reporting features, and comprehensive audit trails. Tailor your account types, transactions, and reporting segments to align with your specific business needs, all while enjoying the benefits of richer reporting capabilities. It gives companies autonomy by:
Automation– streamline financial processes by reducing manual journal entries, automating approval workflows, and efficiently handling amortization, depreciation, and routine calculations.
Chart of accounts-efficiently organizes financial and statistical data for more accessible and streamlined reporting.
Segments-avail unlimited custom GL segments, including standard ones, to enhance accuracy by adhering to double-entry accounting principles and efficiently balancing data across various segment combinations.
Budget Tracking– real-time tracking of revenue and expenses against predefined budgets, whether created within NetSuite Planning and Budgeting or imported as .csv files.
Banking Integration– seamless connection to global financial institutions, automating the import of bank and credit card data for efficient reconciliation with real-time insights and exception management.
Multiple Books– streamline processes by managing various accounting standards and functional currencies, automating book-specific activity while reducing errors and manual adjustments.
Multiple Currencies and Tax Structure– simplify global transactions by supporting multiple currencies, automating currency conversions with real-time exchange rates, and ensuring compliance with various tax regulations.
Reporting– NetSuite offers comprehensive reporting capabilities, enabling multidimensional analysis of financial data, automated consolidation of subsidiary financials, and scheduled report generation and distribution.
NetSuite empowers finance teams with the tools to enhance cash flow optimization, liquidity management, and decision-making by offering comprehensive visibility and reporting on the company’s money flows and cash positions.
Banking Integration– Automate importing bank and credit card data from global financial institutions into NetSuite.
Automated reconciliation– reconcile bank and credit statements with the intelligent automation of matching entries and exception flagging.
Auto-Post Journal Entries– Automate entries from imported bank and credit card data, reduce manual efforts, minimize errors, and allow accounting teams to concentrate on exception management.
Cash Flow Visibility– Real-time insights into cash positions, quick and precise near-term forecasting using theNetSuite Cash 360 Dashboard, and the capability to predict cash trends, assess the effects of planned expenses, and incorporate historical data for comprehensive forecasts.
Electronic Bank Payments– Facilitate the generation of payment files or direct debit details according to your bank’s specified format, enabling automated import and submission of payments to streamline processes, cut down on payment processing costs, and eliminate the need for physical checks, postage, and envelopes.
NetSuite enhances and automates the entire accounts receivable process, from invoice delivery to payment processing and collections management, empowering you to improve liquidity, expedite the credit-to-cash cycle, elevate service quality, and capitalize on emerging investment prospects.
Accounts Receivable Dashboard– personalized views with reminders and quick access to actions, facilitating efficient collections and reducing days sales outstanding (DSO).
Customer Records– comprehensive and secure customer data management, facilitating access to transaction history, open invoices, and communication while maintaining data privacy through configurable user roles.
Automated Invoicing– automated invoicing streamlines the process by converting sales orders to invoices upon fulfilment, offering customizable templates, multiple billing methods, tax calculations, and seamless integration with the general ledger for accurate and efficient accounts receivable management.
Invoice Consolidation– simplify billing by combining multiple orders into one invoice, enhancing efficiency for finance teams and customers while accelerating payments and reducing DSO.
Payment Management– versatile payment options, including automatically matching payments to invoices, simplified customer deposit tracking, and the convenient “pay now” feature through NetSuite ERP Payment Link.
Dunning and Collections- facilitate proactive customer outreach by automating multi-language and currency reminders, enhancing collections, and allowing tailored communication for effective account management.
Empower your users in accounts payable tasks with NetSuite’s automation, saving time, boosting efficiency, capitalizing on early payment discounts, upholding internal policies, and enhancing security through automated review and approval workflows to prevent payment fraud.
Accounts Payable Dashboard– Ensure seamless accounts payable operations with customizable dashboards, KPIs, and alerts that provide real-time insights into open purchase orders, pending invoices, due dates, scheduled payments, and vital information.
Vendor Records– Effortlessly manage supplier information, track transactions, and prevent errors by maintaining comprehensive supplier records, including contacts, addresses, banking data, purchase orders, payments, and credit memos, with easy invoice-to-vendor cross-referencing for accuracy and fraud prevention.
Purchase Orders– generate and monitor purchase requests, automate manager reviews, and convert approved requests into purchase orders, ensuring accurate bill-to-PO matching and reducing payment risks through meticulous tracking.
Invoice Management– generate, automate reviews, and convert requests into purchase orders, ensuring precise bill-to-PO alignment and minimizing payment risks via thorough tracking.
Payments– enable seamless payment scheduling via various methods, automating recurring invoices and facilitating early-payment discounts while efficiently managing vendor credits and tracking due dates.
Streamline reconciliation across various accounts through automated processes, including AP, AR, bank, prepaid, inventory, and more. Maintain a comprehensive view of account status, comparisons, and approval details for efficient management.
Reconciliation Compliance– Achieve reconciliation compliance by enforcing proper format and justifications for adjusting entries while maintaining accountability through approval workflows and notifications.
Enhance automation by integrating NetSuite transactions for streamlined reconciliations, covering bank accounts, credit card transactions, intercompany dealings, AP, and AR.
Adapt with ease using prebuilt or customizable formats for efficient reconciliation setup.
Ensure audit support and compliance through a secure document repository and logged evidence tracking.
Analyze balance changes through flux analysis for various timeframes, offering insightful explanations for comparisons.
Transaction Matching– Streamline reconciliation with automated transaction matching for balance comparisons, encompassing intercompany, sub-ledger, credit card, and bank reconciliations.
Stay informed through operational and compliance dashboards that display reconciliation statuses, responsible parties, variance details, and commentary.
Handle high-volume reconciliations easily as the auto-match engine swiftly matches millions of transactions and integrates seamlessly with period-end reconciliations.
Accelerate the process with intelligent auto-suggested matching that proposes accept or discard actions.
Craft adaptable matching rules for individual or grouped transactions, including one-to-one, many-to-one, and many-to-many matches.
Tackle intricate reconciliations by defining unlimited data sources and attributes per data source to support complex scenarios.
The NetSuite pricing structure is flexible for businesses of all sizes, ranging from start-ups to rapidly expanding enterprises. If you’re considering transitioning to NetSuite for improved business operations but are curious about the expenses involved, here’s a breakdown:
Subscribing to NetSuite involves an annual license fee encompassing three primary components: the core platform, optional modules, and the number of users you require. Additionally, NetSuite cost involves a one-time implementation fee that covers the initial setup process. The advantage of cloud software is its adaptability; as your business evolves, you can effortlessly activate new modules and incorporate more users to align with your growth trajectory.
Notably, the comprehensive accounting capabilities come included with the NetSuite platform license, offering a cost-effective solution for enhancing your financial management endeavours.
NetSuite ERP’s accounting features are a powerhouse of tools designed to elevate financial visibility and management for businesses. With its comprehensive suite of functionalities, NetSuite empowers organizations to optimize cash flows, enhance decision-making, automate vital processes, streamline accounts receivable and payable, and ensure accurate account reconciliation. By offering a unified platform that seamlessly integrates diverse financial operations, NetSuite transforms financial management into a strategic advantage, propelling businesses towards greater efficiency, compliance, and growth. Experience the future of financial management with NetSuite, the unrivalled choice for companies aiming to unlock their economic potential.
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