Managing Budgets is easier, reducing time and labor
NetSuite’s Financial Management module is a robust tool designed to simplify financial tasks, support compliance, and streamline operations for businesses. It offers automated features and adaptable tools that help finance teams manage day-to-day processes more effectively.
If your company is looking to manage multiple budgets, automate expense allocations, or improve billing accuracy, NetSuite Financial Management could be an excellent fit.
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Key Benefits of the NetSuite Financial Management Module
The NetSuite Financial Management module helps companies centralize key financial data, streamline workflows, and maintain compliance with local and global standards.
Automated Expense Allocation Based on Weighted Formulas
NetSuite’s Financial Management module automates expense allocations, using customizable, weighted formulas. This removes manual calculations, reduces errors, and saves time across the accounting team. With expense allocation automation, companies can distribute costs based on weighted metrics, allowing for detailed tracking across departments.
Benefits: This automation provides a clear view of how resources are allocated, helping companies track spending in real time. It also supports finance teams in aligning budgets with corporate goals more easily.
Automated Amortization of Expenses
The module also provides amortization schedules that allow companies to spread large expenses across multiple periods. By doing so, companies can match expenses to revenue and maintain accurate financial reports.
Benefits: This feature is essential for companies with large investments that must be expensed over time. Amortization schedules enable companies to spread costs accurately and ensure compliance with accounting standards.
Advanced Billing Schedules for Complex Invoicing
Advanced billing schedules in NetSuite enable businesses to customize billing according to specific schedules. When paired with the Project Management module, it can even automate invoicing based on project milestones.
Benefits: For companies that need scheduled or milestone-based billing, this feature ensures timely, accurate invoices, reducing the time spent on follow-ups. Accurate billing schedules support better cash flow management and reduce missed payments.
Statistical Accounts for Reporting
NetSuite’s Financial Management module offers statistical accounts to allow non-financial data in financial reports, such as employee headcount or production volume. This capability supports more nuanced financial insights.
Benefits: Statistical accounts improve reporting accuracy, giving companies a more complete understanding of expenses. This feature helps finance teams make data-informed decisions by correlating operational metrics with financial data.
NetSuite Financial Solution Highlights
NetSuite’s Financial Management module comes equipped with advanced features to improve efficiency and enable more detailed financial tracking.
Multiple Budgets for Comprehensive Budget Management
NetSuite’s Multiple Budgets feature allows companies to manage several budgets at once, each tailored to departments, projects, or locations. This feature allows companies to track expenses and adjust budgets accurately, providing real-time data for informed decisions.
Expense Allocation to Specific Departments, Classes, or Locations
Automated expense allocation reduces manual entry by allowing expenses to be distributed based on set criteria. This is helpful for large companies or those with complex departmental budgets. Expense allocation ensures that costs are assigned based on the actual resource consumption.
Amortization Schedules for Accurate Financial Reporting
Amortization schedules simplify the process of distributing expenses over time. These schedules help align expenses with revenue, offering an accurate view of the company’s financial health. With amortization, companies can avoid one-time expense spikes that distort reports.
Advanced Billing Schedules
NetSuite’s Advanced Billing Schedules allow for billing based on a set frequency or specific project milestones. Companies can set up recurring invoices or milestone-based billing schedules, providing flexibility to meet varied client needs.
Milestone Billing with Project Management Integration
Milestone billing allows companies to invoice clients upon completing specific project phases. This integration ensures that clients are billed accurately, reflecting the project’s progress.
Statistical Accounts for In-Depth Reporting
With Statistical Accounts, NetSuite enables companies to allocate expenses based on metrics beyond financial data. For example, businesses can allocate expenses based on employee count, square footage, or units produced, providing greater visibility into how operational factors influence costs.
Is This Module a Fit for Your Business Needs?
The NetSuite Financial Management module supports companies with unique budgeting, allocation, and billing requirements. Here are some scenarios where this module could be an effective solution:
- You need to manage multiple budgets across various departments, projects, or locations.
- You require automated expense allocation to different business segments and want a solution that reduces the need for manual calculations.
- You need to amortize expenses over time to match expenses to revenue accurately.
- Your business requires invoicing on a specific schedule or wants to bill based on project milestones.
- You want to leverage statistical accounts to track and report on non-financial metrics.
The NetSuite Financial Management module offers flexible and detailed financial solutions for companies of all sizes. If your company is ready to streamline processes, manage budgets more effectively, and maintain compliance, NetSuite can help achieve these goals.
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