Are you a Chief Financial Officer (CFO) looking to enhance the efficiency of your financial department or a Controller in search of a better system to manage your organization’s finances? If so, consider NetSuite accounting software as a potential solution. With its comprehensive features and robust capabilities, NetSuite offers many benefits for companies seeking to streamline their financial operations.
From automating key financial processes to providing real-time visibility into financial data, NetSuite empowers CFOs and Controllers to make informed decisions and drive business growth. There are so many benefits to implementing NetSuite in your accounting process. This article will help you understand what NetSuite can do for your accountants and CFOs. It’s worth checking out!
NetSuite Cloud Accounting Software
NetSuite’s accounting software, offering a suite with numerous modules, is ideal for businesses seeking cloud-based financial management. Action items within NetSuite cloud accounting notify finance staff about urgent tasks and empower them to handle them without navigating to another interface.
CFOs can monitor financial data from a corporate level or drill down to see the details of a particular invoice. Financial employees can customize features, such as workflow and business processes, without requiring IT assistance.
Let’s take a look at some of the incredible benefits you get with NetSuite cloud accounting
Core Financials
NetSuite’s comprehensive accounting software is a powerful catalyst for updating, creating, changing, and continuously improving company operations. With its robust core financial application, businesses can efficiently manage crucial accounting and financial functions while ensuring regulatory compliance.
NetSuite Cloud Accounting Software provides a clear and concise overview of essential information, empowering users to delve into details and effortlessly resolve any issues. By offering unparalleled visibility and control, NetSuite’s accounting software becomes an indispensable tool for optimizing business performance and driving sustainable growth.
General Ledger
Next, NetSuite cloud accounting makes General Ledger management way too easy. The highly customizable General Ledger in NetSuite empowers companies of all sizes and industries to tailor the application to their precise financial needs.
Its reporting features and comprehensive audit functions offer unparalleled flexibility in managing an organization’s finances on a global scale. Whether multi-currency transactions, complex financial consolidations, or regulatory compliance, NetSuite’s General Ledger provides the advanced capabilities required to drive economic success and streamline operations.
Accounts Receivable
NetSuite’s comprehensive Accounts Receivable solution empowers finance managers to manage and anticipate company growth effectively. This powerful tool’s intuitive and user-friendly interface automates and streamlines the accounts receivable cycle, offering seamless integration with other financial processes.
From generating and sending invoices to efficiently managing collections and payment processing, NetSuite’s Accounts Receivable solution provides the necessary flexibility and efficiency to drive financial success for businesses of all sizes.
Accounts Payable
Built-in Accounts Payable processes save valuable time and significantly boost productivity by automating essential tasks, including invoice processing, payment management, and expense tracking.
By streamlining these operations, businesses can optimize efficiency, minimize errors, and enhance financial control, ultimately leading to improved cash flow and better vendor relationships. With the power of automation, organizations can focus more on strategic decision-making and growth, knowing that their Accounts Payable processes are running smoothly and efficiently.
Tax Management
NetSuite’s comprehensive tax management feature effortlessly simplifies domestic and global tax compliance. With its intuitive user interface and robust reporting capabilities, businesses can quickly generate accurate tax reports and streamline their tax processes.
Additionally, NetSuite’s system is designed to seamlessly handle various global currencies and exchange rates, ensuring accurate calculations and minimizing the risk of errors. Whether you operate locally or globally, NetSuite’s tax management feature provides the tools to navigate the complex landscape of tax regulations easily and confidently.
Additionally, NetSuite offers the following features:
Fixed Assets Management: This product assists with asset maintenance, insurance, and the management of asset depreciation. It supports companies tracking large properties, plants, and equipment.
Cash Management: This feature helps companies manage cash globally in real-time, providing the treasury department with the ability to make strategic plans based on real-time reports of bank accounts, liquidity, and compliance.
Payment Management: Track payments seamlessly within NetSuite, gaining real-time access to disbursement data for online sales and invoices.
Key Features for CFOs
NetSuite Advanced Financials
Streamline your workflow and reduce manual effort by implementing automated billing processes. With the ability to customize billing schedules and templates, you can effortlessly generate automatic invoices for different types of orders. Additionally, stay organized by easily tracking and billing contractual work as it gets completed, ensuring accuracy and efficiency in your billing operations.
Expense Allocations
Efficiently monitor and meticulously allocate expenditures based on type, account, location, or department. Streamline the process by entering expenses and allocations without immediately assigning them to a specific department or class while benefiting from pre-programmed reminders to ensure timely processing of allocations. This comprehensive system lets you manage your financial resources precisely and accurately.
Budget Management
Compare actual costs to the original budget using a single screen. The Copy Budgets feature saves time by allowing you to duplicate one budget to create a new one. Report on numerous budgets at once with the Multiple Budgets Feature. Ready-made Budget Income Statements and Budget vs. Actual Reports are included.
Amortization
Keep track of detailed amortization schedules, automate the seamless monitoring of asset amortization over an extended period, and easily link these schedules to specific jobs or projects. This allows you to track costs and compare them to completion milestones, ensuring optimal financial management and project tracking efficiency.
Statistical Accounts
One effective way to ensure the integrity of your data is by saving vital non-financial information in dedicated accounts. You can gain valuable insights into cost allocation by meticulously tracking expenses by department. Moreover, considering overhead costs with the number of employees can provide a deeper understanding of your organization’s financial landscape.
How a NetSuite Consultant Can Help
If you’re considering NetSuite cloud accounting but have questions, we can assist. Folio3, with extensive experience in NetSuite consulting, can help with everything from selecting applications to completing implementation projects.
Schedule a consultation with our experienced team to discuss NetSuite accounting software.
Final Words
NetSuite’s accounting software offers a comprehensive suite of features tailored for businesses seeking cloud-based financial management. Whether it’s core financials, accounts receivable, or advanced financial tools for CFOs, NetSuite provides a versatile and efficient solution for companies seeking to upgrade their financial systems.
