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Benefits and Features of NetSuite Finance and Accounts Management software


NetSuite (NYSE: N) is one of World’s top Cloud based ERP solution provider. NetSuite provides comprehensive ERP capabilities that integrate with the Finance, Sales, Back office, Service and other related processes.
NetSuite Cloud Financials and Accounting software helps finance leaders scale their business globally by helping them design, automate and transform their Finance and Accounting processes and operations by using its extensive range of inline product and service offerings.

Key benefits of NetSuite Financial ERP software are :

· Supports unlimited number of general ledger accounts, sub accounts and accounting segments.
·  Provides full financial visibility for all the payables and receivables.
· It ensures accounting control in accordance with GAAP, AICPA, FASB and SEC Regulations (including SOP 81-1, SAB 101, EITF 00-21, EITF 08-01, EITF 09-03, SOP 97-2,and SOP 98-9)
·  Tracks and manages all vendors and multiple accounts payable.
· Able to calculate Sales tax, finance charges and discounts quickly based on customizable payment terms for all invoices and charges.
·  It enables attachment of digital documents, such as agreements etc.
· NetSuite Integrates with self-service time and expense and Payroll processes, eliminating manual entry and risks of error.
· Our Customer Payment app is developed by team of skilled professionals having decades of experience in serving NetSuite Customers.
·  All our applications on SuiteApp marketplace are verified by NetSuite team which gives the users an assurance that all their transactions are carried as per highest security and quality guidelines.

Key functionalities and Features of NetSuite Financial and Accounting module include :

1) FINANCE AND ACCOUNTING
NetSuite seamlessly integrates core finance and accounting functions with strong compliance management, which reduces back-office costs, improves business performance and increases financial close efficiency.
Major functionalities include:
a) GENERAL LEDGER
NetSuite’s General Ledger gives accounting professionals the flexibility and visibility by providing richer reporting functionality and new support for multinational financial management.
b) ACCOUNTS RECEIVABLE
NetSuite helps to upgrade collections processes by providing an end-to-end AR experience by automating and streamlining every aspect of invoice delivery, credit terms and collections management.
c) ACCOUNTS PAYABLE
NetSuite’s Accounts Payable solution automates the processing and payment of invoices.
Key features include:-
· Calculation of discounts can be automated which eliminates manual data entry, associated errors and minimize the time and effort it takes to process bills from vendors.
·  Exception processing can be automated when invoices do not match purchase orders or receipts.
d) 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 by analyzing transactions down to line item tax details in real-time.

2) BILLING and REVENUE RECOGNITION
NetSuite’s unified billing framework supports transaction, subscription, usage-based and any hybrid model thereof, in accordance with the latest revenue recognition standards.
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.


3) FINANCIAL REPORTING
With NetSuite, the finance team gets more than automated and accurate financial statements.
The entire organization gains a modern financial reporting experience that delivers real-time financial analysis and modelling across every dimension of the business for detailed insights into corporate performance thus ensuring improved business decision making.

4) GLOBAL ACCOUNTING AND CONSOLIDATION
Running a global business has never been easier with NetSuite’s powerful financial engine. Businesses can consolidate both at the subsidiary and parent entity level in an effortless manner.
Get unparalleled visibility of your business worldwide in real-time ensuring timely, consistent and compliant management across the organization, locally and globally.

With an in-house expertise and our customized approach, Tvarana is a one-stop solution provider for NetSuite’s Accounting and Financial Software.

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