How NetSuite Financials Can Improve Financial Management and Performance

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Companies need rock-solid financial management, reporting, and planning to survive the complex and fast-moving modern business environment. Finance and accounting professionals depend on accurate and reliable tools to analyze critical business metrics and make short and long-term decisions.

Seller Universe provides first-class services for businesses pursuing growth or scale. We partner with brands to ensure their NetSuite deployment brings tangible value and a return on investment. One such area we help with is NetSuite financial management tools.

NetSuite Financials is a combination of solutions that help businesses expand their financial management capabilities and performance. It can help with budgeting and forecasting, compliance, transactions, reporting, cash management, accounts payable, and accounts receivable.

What is NetSuite Financial Management?

NetSuite Financial Management is a collection of financial management tools that were built to:

  • Accelerate financial transactions on a daily level
  • Assist with compliance
  • Boost financial reporting
  • Reduce cycles times involved with robust financial planning, budgeting, and forecasting
  • Speed up the financial close

NetSuite Financial Management solutions exist on the cloud and allow authorized personal real-time visibility and oversight of the business. NetSuite accounting software is celebrated for its flexible and customizable financial reports, and NetSuite Financials gives business leaders detailed summaries and granular access down to the individual transaction.

NetSuite Financial Management tools connect to NetSuite's other business solutions and allow seamless links with inventory, CRM, commerce, order management, and more. Businesses can unlock the benefits of running their entire business with one solution that gives complete real-time visibility.

How NetSuite Financial Management Solutions Can Help

NetSuite Financial Management is an essential tool for modern businesses pursuing efficiency and growth.

Features Of NetSuite Financial Management

NetSuite Financial Management offers a flexible collection of solutions across the finance and accounting processes. Automation, custom reports, actionable insights, and reduced errors give you confidence and control over the data from any accounting period.

Real-time visibility and seamless integration with a variety of business tools mean you are always up to date. Here are the main features of financial management:

1. Accounting

NetSuite helps you keep track of a variety of core business processes, such as:

  • Accounts payable
  • Accounts receivable
  • Cash flow
  • Fixed asset management
  • Payment management
  • Tax management

Everything is automatically linked to the general ledger, allowing up-to-date insights to drive decision-making.

2. Planning and budgeting

NetSuite facilitates planning and budgeting on a departmental and company level. Robust modeling capability combined with approval workflows and reports keeps you ahead of the action, thanks to centralized accounting software.

3. Billing

NetSuite offers powerful capabilities across accounts payable processes. Make your billing process easy thanks to concurrent financial data by:

  • Consolidating invoices
  • Automating rating processes
  • Managing various pricing models
  • Support hassle-free subscription billing with auto renewals

4. Revenue recognition

Accounting compliance standards are ever-evolving, leaving some businesses struggling to keep up. NetSuite helps companies comply with revenue recognition mandates on time. Support for ASC 606 and IFRS 15 simplifies the process across all obligations.

5. Financial reporting

NetSuite supports real-time, on-demand financial reporting. Businesses can gain better insights into their financial performance and accounts with the addition of customizable dashboards, KPIs, and reports.

Over 100 standard reports are available, including:

  • Balance sheets
  • Income statements
  • Variance reports
  • Consolidated reports
  • Side-by-side comparison

Additionally, NetSuite's financial solutions let users easily create custom reports that best suit their businesses. NetSuite facilitates accurate reports and financial statements in line with global accounting standards, such as IFRS and US GAAP.

6. Financial consolidation

Businesses with multiple regions, units, or subsidiaries can benefit from centralized accounting processes, reporting, and data. Automated consolidation ensures a faster financial close without ignoring tax and regulatory compliance across regions.

7. Governance, Risk, and Compliance

Governance, risk, and compliance (GRC) programs are a considerable challenge for many businesses. NetSuite Financial Management's capabilities mean you're always prepared for audits. Certificates and reports help companies cope with changing operations and regulatory compliance requirements.

Benefits Of NetSuite Financial Management

NetSuite Financial Management solutions offer several benefits for modern businesses.

1. Real-time financial data

By centralizing financial data on one unified platform, accounting teams and management benefit from a single source of truth. Automating financial processes allows up-to-the-minute analysis supported by highly customizable dashboards that display the KPIs and metrics that matter.

2. Quicker closes

NetSuite Financial Management helps businesses adjust and verify their quarterly or annual budget. With a range of tools that assist with compliance, companies can report financial data with confidence.

3. Accurate reporting

NetSuite's reporting capability provides relevant parties with crucial information about the company's financial reporting. Granular tools allow management to understand what is driving the business and its identity and remedy any issues.

4. Less paperwork

NetSuite helps users generate sales order invoices with the click of a button, saving time and reducing paperwork.

5. Less pressure

Bank reconciliation can be a time-consuming and burdensome task for financial teams. NetSuite reduces the pressure because it does not require sub-ledgers, thanks to its real-time visibility of financial data.

6. Financial management capabilities

Tens of thousands of brands across the world trust NetSuite to manage and run their end-to-end business processes. Employing a unified cloud-based platform allows a huge degree of flexibility and access for all teams, including finance and accounting.

When businesses have a set of tools they can rely on, they can make the right decisions at the right time. As we've all learned over the last few years, the world is an unpredictable place. Businesses need a solid financial structure to adjust and adapt to changing conditions.

NetSuite Financial Management seamlessly adapts to other solutions within the NetSuite environment. Connecting with your CRM, inventory, and order management tools allows management to obtain a true picture of financial health.

What Businesses Could Benefit From NetSuite Financial Management Solutions?

While most businesses have staff that can understand basic accounting concepts, the world of financial management is becoming more complex each year. If your business struggles with any of the following, NetSuite Financials is here to help.

Lost time on manual processes

The most efficient businesses no longer rely on manual input. Instead of throwing away valuable time and resources on manual processes, NetSuite financial management solutions help you automate and streamline repetitive tasks.

Messy data

Modern businesses collect incredible amounts of data. Reconciling this information on the cloud gives business leaders 24/7 access from anywhere, allowing real-time visibility.

Inaccurate financial information

Management decision-making can't reach its full potential without reliable, accurate data. Spreadsheets are cumbersome, error-prone, and often contain duplicate data. NetSuite gives you accounting data you can trust.

Compliance worries

Staying within financial compliance is a challenge, especially for businesses that work in a wide variety of jurisdictions. NetSuite Financial Management solutions help you stay within the regulations across a wide range of financial processes.

Notable Financial Management Modules

NetSuite Financials offers a host of modules that improve financial performance, accounting processes, and revenue management. Here is a collection of some of the most powerful modules that can help NetSuite customers run their businesses more efficiently.

  • NetSuite Planning and Budgeting: Robust workflow, reporting, and financial modeling features accelerate the budgeting cycle.
  • NetSuite Advanced Financials: Assists businesses with essential processes like budget and expense planning.
  • NetSuite Billing: Helps business performance by streamlining billing and providing comprehensive overviews of accounts receivable.
  • NetSuite multi-book accounting: This module helps businesses manage various accounting records within one set of financial transactions, helping report financial statements across different regulations or mandates.
  • NetSuite Revenue Management: As revenue recollection regulations become more complex, NetSuite Revenue Management helps businesses stay compliant. This module also allows NetSuite customers to automate audits, allocation, revenue forecasting, recognition, and more.
  • NetSuite OneWorld: The perfect solution to help global businesses manage subsidiaries with one comprehensive solution. Accounting teams can adjust to local currencies, tax laws, and regulations.
  • NetSuite Electronic Bank Payments: A helpful module that automates electronic payments and collections.
  • NetSuite Fixed Asset Management: Designed to support the life cycle of the company or leased assets. This module tracks both depreciating and non-depreciating assets and has the capabilities to manage both standard and custom depreciation methods.

Final Thoughts

Seller Universe has been helping brands implement NetSuite solutions for many years. Our highly experienced team is here to ensure you get the most out of your NetSuite deployment, with consulting, development, training, and support among some of our services.

Financial management is the cornerstone of growth. NetSuite's range of financial tools helps businesses understand their current finances, forecast for tomorrow, and make sound long-term decisions. Get in touch today to learn how we can help.

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