Quickbooks vs NetSuite
Table of Contents NetSuite vs Quickbooks – Overview Why should you consider switching your ERP system to NetSuite? Are your business operations growing? Need a
April 12, 2022
netsuite
advance revenue
management
Streamline your Revenue management with NetSuite
overview
NetSuite’s Advanced Revenue Management module provides its users with 360° support for recognizing revenue accurately in an efficient manner. As NetSuite is a modern ERP solution, its automatic system updates ensure that the software always reflects the latest revenue recognition rules and standards.
NetSuite’s Advanced Revenue Recognition module services to automate the revenue recognition plans, calculations processes for constantly tracking ongoing financial transactions that happen within the company. This helps your finance team increase productivity, accuracy, visibility and helps them stay compliant while making revenue arrangements/adjustments as needed.
This NetSuite ARM solution can be used by industries such as Healthcare Advisory Services, High-tech companies, private companies, public companies and more
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overview
ERP Buddies is a North American Official Oracle NetSuite Solution Providers with diverse experience in implementing NetSuite ARM solution for a broad array of verticals
With offices in the U.S, Canada, Europe and Asia, our experts are accessible globally and make it their priority to create a smooth and positive experience for clients. Our experts assist clients throughout the entire implementation process, with on-site support and consultation, along with additional assistance in customizing your system to guarantee it meets your business needs.
Come say "Hi"
Benefits of NetSuite
Advanced Revenue Management (ARM Software)
Faster close rate
The accounting team spends fewer man-hours and days in managing and recording revenue elements as NetSuite’s Advanced Revenue Management always stays compliant and aids dramatically in reducing manual errors.
Compliance
With automatic system updates, your accountants always stay on top of the latest revenue recognition processes. This helps to stay compliant with multiple regulations such as FASB, AICPA and SEC. NetSuite’s advanced revenue management seamlessly supports multi-book accounting as well.
Review & Approve
Accountants now generate clear and actual revenue plans for recognition as NetSuite creates multiple levels of approval processes. These approval processes ensure that the Managers get a chance to review information before it gets submitted/finalized, helping the company to increase their efficiency and internal visibility.
Forecasting
ARM allows accountants to analyze and forecast revenue impact that the company may see in the future. This helps the company to understand the actual revenue and its losses. This may also help in creating special strategies to plan out for more revenue or to mitigate risks. As NetSuite stores historical data, users can also quickly dig down original sales documents/transactions for better clarity and resolution.
Integrate with Oracle, SAP or NetSuite Financials
NetSuite Advanced Revenue Management can be integrable with your existing ERP system like SAP, Oracle financials and any 3rd party ERP system. Users can quickly import orders and invoice data to calculate and recognize revenue with ease. Thanks to this integration, Accountants can then export journal findings directly into the company’s general ledger (GL).
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NETSUITE
ADVANCE REVENUE MANAGEMENT
FEATURES
Revenue Recognition
Multiple Performance Obligations
Manage Complex Allocations
Advanced Revenue Management
Revenue Reporting
Multiple accounting standards
Custom revenue recognition
Revenue Recognition
- Revenue Policy Automation
- Automated Planning
- Automated Unbilled Revenue documenting
- Multi-currency transaction support
- Balance sheet accounts management
- View Real-time financial performance.
- Real-time data visibility
- Revenue forecasting (Real-time revenue reporting)
- NetSuite Revenue Accounting for particular amounts for periods/current period/partial periods
- NetSuite’s multi-book accounting functionality
Multiple Performance Obligations
- Create flexible revenue contracts with custom revenue rules, revenue plan starts/end date, allocated amount etc.
Manage Complex Allocations
- Define SSP (Standalone Selling Point) with a constant or dynamic formula
- Allocate arrangement consideration across multiple elements within the Arrangement including getting support for ASC 606/IFRS 15 standards etc.
Advanced Revenue Management
- Support for revenue recognition over time
- Support for event-driven revenue plans
- ARM for revenue recognition across every vertical
Revenue Reporting
NetSuite provides real-time visibility into revenue reporting across the entire company. Users can use NetSuite’s
drill-down functionality to slice and dice data as needed. NetSuite’s complete financial management software ensures
your accountants are at the tip of their toes to forecast plan based on revenue recognition or revenue losses.
NetSuite has many standard Revenue & deferred revenue reports that help accountants get the whole picture clearly.
Additionally, users can always create custom reports and saved searches as needed.
- Deferred Revenue by item and customer
- Setup default revenue recognition rules
- Revenue reporting by item and customer
- Summary of billing and revenues
- Deferred revenue reclassification
- Real-time updates
- Deferred revenue roll forward & more
Multiple accounting standards
- Showcase stakeholders the impact of new accounting rules, taxation rates, laws etc. in forms of before and after reports
- Support for Multi-book accounting
- Improve the financial close process by simultaneously posting to all books as the transaction occurs
Custom revenue recognition
- Specify revenue recognition methods that can be applied at the line-item invoice level
- Associate custom templates to goods/services for revenue recognition whenever those particular goods/services are sold
- Use pre-built templates for most common revenue recognition methods or create a custom template to meet a specific need
Why choose ERP Buddies for your ARM Implementation?
Come say "Hi"
ERP Buddies is a North American Official Oracle NetSuite Solution Providers with diverse experience in implementing NetSuite ARM solution for a broad array of verticals
With offices in the U.S, Canada, Europe and Asia, our experts are accessible globally and make it their priority to create a smooth and positive experience for clients. Our experts assist clients throughout the entire implementation process, with on-site support and consultation, along with additional assistance in customizing your system to guarantee it meets your business needs.
Come say "Hi"
ERP Buddies is a North American Official Oracle NetSuite Solution Providers with diverse experience in implementing NetSuite ARM solution for a broad array of verticals
With offices in the U.S, Canada, Europe and Asia, our experts are accessible globally and make it their priority to create a smooth and positive experience for clients. Our experts assist clients throughout the entire implementation process, with on-site support and consultation, along with additional assistance in customizing your system to guarantee it meets your business needs.
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