Benefits and Features of NetSuite Finance and Accounts Management ERP software

NetSuite Inc (NYSE:N) one of World’s top Cloud-based ERP solution provider, provides comprehensive ERP capabilities that integrate with the Finance, Sales, HCM, 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:

• Supports an 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 a team of skilled professionals having decades of experience in serving NetSuite Customers.
• All our applications on the SuiteApp marketplace are verified by the NetSuite team which gives the users an assurance that all their transactions are carried as per highest security and quality guidelines.

Key Features of NetSuite Financial and Accounting module:

1. FINANCE AND ACCOUNTINGNetSuite integrates core finance and accounting functions so as to transfer the data seamlessly, which improves business performance, reduces back-office costs and increases financial close efficiency.Major functionalities include:ACCOUNTS RECEIVABLENetSuite helps to upgrade collections processes by automating and streamlining all aspect of credit terms, invoice delivery, and collections management.GENERAL LEDGERGeneral Ledger management feature provides richer reporting functionality and enhanced support for multinational financial data management.ACCOUNTS PAYABLENetSuite’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.

TAX MANAGEMENTNetSuite’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 recognitionNetSuite’s centralized billing framework supports subscription, transaction, usage-based and any other hybrid model being used by the organization, in accordance with the latest revenue recognition standards.NetSuite’s Advanced Revenue Management solution helps companies comply with complicated accounting standards including IFRS 15, ASC 605 and ASC 606 and report financial results in a timely manner. The solution automates various processes such as revenue allocation, forecasting, recognition, reclassification, and auditing through a rule-based event handling framework.

3. FINANCIAL REPORTINGWith NetSuite, the finance team gets more than automated and accurate financial statements.The entire organization gains an enhanced financial reporting experience that delivers real-time financial analysis across multiple dimensions of the business for detailed insights into corporate performance thus ensuring improved business decision making.4. GLOBAL ACCOUNTING AND CONSOLIDATIONRunning a global business was never such easier as with NetSuite’s powerful financial processing and reporting engine. Businesses can accumulate and analyze data both at the subsidiary level or parent entity level in an effortless manner.Get seamless visibility of your business records worldwide in real-time ensuring consistent compliant management across the organization, locally and globally.With more than decades of experiences and a team of in-house experts, Tvarana is a one-stop solution provider for implementation of NetSuite’s Accounting and Financial ERP Software. Set up a demo with us today.