The Ultimate Map to NetSuite Financials

By: Victoria Sapsford

 

Numbers, numbers everywhere, not a drop to analyze. Considering most financial departments still rely on spreadsheets for their data reports, it makes sense.

Spreadsheets have, and will continue to be (at least for the foreseeable future), a staple tool for budgeting and planning. However, it doesn’t mean businesses can’t upgrade their core software to simplify financial reporting.

NetSuite ERP is a financial software that consolidates the vital data of a company’s core processes. Its capacity to automate and integrate to a multitude of third-party applications has made it a leading Cloud enterprise resource planning (ERP) tool for the financial industry.

Its capabilities extend well beyond that of the traditional financial tool with access to a system that includes: accounting software, financial management, global business management, inventory management, order management, supply chain management, and warehouse management.

These components are essential when it comes to managing a company, but when it comes to profitability and financial performance, the financial management aspect is where accountants, CFO’s, and controllers will be particularly interested.

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What is NetSuite Financial Management?

As an ERP, NetSuite at its core is a financial management software. Main features include: reduced budgeting and forecasting cycle times, expedited daily financial transactions, and compliance for financial close.

Due to its accessibility in the Cloud, users are not only able to use NetSuite anywhere or anytime, but they are also able to visualize the financial performance of a business down to precise individual transactions.

The financial process of an organization is a complex one. Bank reconciliation, asset management, accounts receivable, accounts payable, revenue management - those are just a few of the responsibilities required to execute by a team of financial analysts.

Without a solid ERP in place, these assignments become a chore. Manual processes, inaccurate data entry, lack of compliance, and data inaccessibility lead to detrimental outcomes for revenue, profitability and subsequently, the business.

NetSuite financial automates these processes, provides accessible operational data, and generates quick budgets and forecasts.

Instead of groaning with each upcoming “chore”, the financial department will rave about the accelerated financial close, maintain compliance with confidence, create accurate reports, and provide the business with real-time information. All this will improve performance and produce constant growth.

NetSuite Financial Management Solutions

Behind every NetSuite ERP, there are multiple sub-tiers customized to fit the needs of each department. These categories are designed for the finance industry to facilitate daily operations. In regards to finance, NetSuite financial management software includes seven solutions for your ERP platform.

Accounting

Manage core accounting tasks: accounts receivable, accounts payable, tax management, fixed assets, and more with real-time visibility into an organization's finances.

Billing

Avoid the dreaded follow-up call for missed payments with consolidated invoicing, automated processes, and set up recurring billing with automatic renewals.

Planning and Budgeting

The ultimate solution for NetSuite planning and budgeting. This scalable and collaborative solution can approve workflows and reporting across departments.

Revenue Recognition

Time, there’s nothing more important. Unless you’re in accounting and you have specific standards to account for. Simplifying revenue recognition mandates on standards like ASC 606 and IFRS 15, no matter the type of obligation.

Financial Reporting

NetSuite financial reporting provides a birds-eye view of your business. Role-based dashboards, reports, tailored KPIs, and detailed insight into company performance for prime decision-making, are all available in financial reporting and statements that also keep up with compliance and accounting standards.

Financial Consolidation

Avoid manual data entry like the plague with a centralized financial system that automates accounting processes, reporting, and data. Even if your business has multiple subsidiaries and located across the country.

Governance, Risk, and Compliance

Never stress over audits or manual mistakes in compliance and risk management. Netsuite financial accounting software offers solutions to control governance, risk, and compliance programs within an organization.

NetSuite Financial Modules

NetSuite financial customizations are available for customers who wish to enhance their ERP. Located in the NetSuite marketplace, many third-party applications, modules, and customizations are offered to users looking to personalize their software for their specific needs and requirements.

There are a variety of financial modules in NetSuite.

Financial Management

Designed for all roles within the accounting department, the NetSuite financial planning module handles multiple budgets as well as formulas to allocate expense reports based on location and department.

Dunning Letters

A streamlined and automated process that includes an accessible dashboard with information on all current accounts. This is crucial in cutting-out unnecessary errors made by manual data entry.

Fixed Assets

Keep track of a company’s fixed assets by integrating asset management with accounting and avoid the use of multiple spreadsheets, which often leads to manual error.
 

Incentive Compensation

Track the earnings on bookings, invoices, and have the option to payout as cash is collected. Additionally, you can track the sales earned by each individual on your team without spending unnecessary time on manual calculations.

OneWorld

Streamline the financials of your global business, from taxation rules to multiple currencies. Get complete visibility across your business with access to finances, customers, and data from all subsidiaries.

GURUS Data Exporter for NetSuite

NetSuite financial software has an array of choices at your fingertips to incorporate the top customizations for your business needs. As the department of finance, it's the team’s job to keep track of all the comings and goings of the departments to maintain a solid profitability.

As an ERP, NetSuite houses the ultimate automated finance and accounting software in the Cloud. That being said - and it's no use in shying away from the subject - many individuals continue to use spreadsheets as their main source of reporting

If your business is not ready to leave spreadsheets behind, don’t worry, you can still implement the many NetSuite add-ons while continuing to use spreadsheets. Each has their advantages and disadvantages.

In fact, the GURUS Data Exporter for NetSuite was designed due to the ever-lingering need to hold onto spreadsheets. As easy as A,B,C, you can take your saved searches from NetSuite and export them to Google Sheets. From there, you can generate colorful charts, custom filters and formulas, and even share with clients, partners and shareholders.

With the knowledge that finance professionals still rely heavily on spreadsheets for data reporting and analysis, GURUS took it up a notch by creating the specialized FP&A edition, which reinforces your financial assessments and planning. This reliable solution will pull accurate and timely data directly from NetSuite into accessible spreadsheets.

As a financial department, it can be tricky to find the right tools and software to improve on tracking data, analyzing reports, and keeping up to date with the tasks at hand. NetSuite ERP offers a foundational base to automate those core processes as well as enhanced modules and customizations for your unique business challenges.

For those who can’t quite let go of those spreadsheets, there will always be a solution for that!

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About Victoria Sapsford

Victoria Sapsford is a self-described wordsmith, on a mission to discover the meaning of life through words. She’s also the current Marketing Specialist at GURUS Solutions, where she spends her days strategizing marketing campaigns and writing content about tech, ERP, and everything in between.

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