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NetSuite is a powerhouse of a series of modules which covers and comprises all industry solutions world-wide. Pick any industry, and NetSuite offers a solution to work in the most convenient manner. Having a global coverage with multi-currency features, NetSuite is an ERP which covers it all!
Explore the unique ways NetSuite ERP features can be tailored to meet the specific needs of different sectors.
NetSuite ERP Features
FinOps
NetSuite has its own designed and built auto processes to streamline inputs to their desired outputs in financial statements. NetSuite’s Accounts Receivable and Accounts Payable Automation features integrate all financial information that is internally mapped to its end output in a seamless manner. They have their default and add tax engines and fixed asset management to facilitate further processing of relevant information.
Managers have real time access to data entered and create customized reports using SuiteAnalytics and NetSuite Dashboards.
Thus, NetSuite’s FinOps are the best for all industry solutions.
Advance Revenue Recognition
NetSuite’s compliance with ASC 606 is itself a boon for creating accurate revenue recognition plans for its products and services. This revenue recognition enables us to schedule, calculate and report revenue as per the legal statutes and maintains compliance for audit purposes.
Planning and Budgets
NetSuite has its own budgeting functions in the system to plan for the future income and expenses. This helps in forecasting report generation and taking relevant effective decisions for the long run.
Global Accounts Management with Segmental Reporting
NetSuite operates on real time multi-currency conversion features which can be enabled in the ERP. It promotes shared multi-customer relationships amongst its subsidiaries running its entire business on global standards. NetSuite also facilitates subsidiary consolidation thus, providing for segmental reporting as per the accounting standards.
Audit Compliances
NetSuite complies 100% with regulatory requirements such as ASC 606, GAAP and SOX. It complies with change management and is always Audit ready with its governance and risk compliant policies which have a log of all its input data and transactions.
Integrations
NetSuite has the power to integrate with leading business software providers like Workday and offer open APIs for new integrations. NetSuite also has a special implementation team to develop additional integrations as required.
Inventory Audits and Management
Inventory in NetSuite is a huge affair. From services to inventory and non-inventory with its ability to convert non-inventory to inventory, NetSuite offers inventory auditing features by cataloging products in product matrixes and product specifications with their reorder levels, costing and add-on pricing.
Billing Management
NetSuite has its own billing structure called SuiteBilling to cover its customers. Billing cycles can be set per each customer. Billing cycles are scheduled to further bulk bill customers than having a manual hold on billing processes. This gives control and flexibility over the billing process for the transactions entered, subscriptions run, and project jobs created to focus on supervised automated billing.
Thus, all these accounting functions in NetSuite integrate to weave a solid workflow of business processes resulting in overall financial sanity for its stakeholders and business reporting.
