With Oracle NetSuite, businesses can keep count of their financial data and optimize all of their financial information. Financial Management by Oracle NetSuite is a smart approach ideal for businesses that use an ERP platform. It includes all of the tools you’ll need to survive and sustain in the present and plan for the future of your business.
This multifaceted solution can speed up payment processes by keeping a record of information like accounts payable and receivable and keeping track of a company’s reporting requirements. It has plenty of reporting, planning, and billing features, and it’s designed to work with multiple currencies and countries. It’s simple to incorporate with other software, such as Oracle’s business solutions.
There are a number of reasons why the Oracle NetSuite Financial Management system tops the list. Here’s why:
Oracle Inventory management, financial management, point-of-sale, customer relationship management (CRM), and human capital management software are all part of NetSuite’s platform. Its price depends significantly on the specifics of your business, such as the size of your company, income, and the modules you require.
The platform starts at $99 per user per month, plus a $999 monthly licensing fee. While NetSuite’s pricing may appear to be high, don’t let this deter you. If your company deals with a lot of complications, NetSuite’s incorporated ecosystem can end up saving you time and money on obtaining different software solutions from various vendors.
Management of Financial Processes and Operations
NetSuite is accounting software that assists businesses in designing and implementing their own financial processes. It allows accounting functions to be seamlessly connected to management systems. Managers have real-time access to their financial data, allowing them to generate reports and address delays.
Its general ledger allows businesses to enter and track all of their financial data in a customizable ledger. Users can report functionality, improve audit trails, and create support for new products using the general ledger.
NetSuite can help you standardize your billing infrastructure if you have multiple clients, vendors, or partner organizations using a centralized approach that takes transactions, subscriptions, and initiatives that go explicitly to the billing engine, offering flexibility and control over the billing processes. Users can also create and manage subscriptions and repeated billing through their billing functions.
NetSuite allows companies to comply with accounting standards and concisely report financial products for large purchases at evaluations. Revenue recognition services assist businesses in quickly scheduling, calculating, and reporting revenue on financial statements.
Financial Reporting and Planning
NetSuite isn’t just for helping companies manage their finances in the here and now. This solution can assist businesses in making financial plans for the future, thanks to its planning and budgeting features. NetSuite can forecast revenue and what-if scenarios and create budgets by analyzing your financial and operational data. The system can also generate reports from your current data and growth expectations.
Account Management and Consolidation on a Global Scale
Running a business on a global scale or incorporating your products and services into a global market can be difficult. Businesses can manage their money across the organization using NetSuite’s financial engine. Various language interfaces are included in the software, assisting users in bridging communication or linguistic gaps.
Government Risk and Compliance (GRC)
NetSuite’s Government Risk and Compliance (GRC) module assists organizations in setting up and monitoring their systems in order to ensure that they comply with their GRC program. It allows you to change systems as your business grows and ensure it’s audit-ready so that any financial issues can be easily seen and investigated. ASC 606, GAAP, SOX, and other regulatory requirements are all met by NetSuite.
As an ERP platform, Oracle NetSuite provides seamless integration with all of the platform’s modules (accounting, inventory management software, CRM, human capital management software, and so on). NetSuite integrates with a wide range of popular business software and provides open APIs for new integrations.
An entirely devoted implementation team is available to integrate NetSuite with other business software you use for an additional fee. The team can help with NetSuite ERP implementation and added integration development and process improvement planning.
All of Oracle NetSuite’s software, such as accounting systems, comes with extensive customer service. Users can discover about the software they’re adopting and stay up to date on any innovative capabilities or versions of their products through their education services. These services are present in the form of documents as well as online programs.
Industry and individual user support are available in real-time 24 hours a day, seven days a week. The NetSuite website’s chatbot can give users simple explanations or connect them with a customer service representative.
Pros of Oracle NetSuite
Oracle NetSuite is a true all-in-one quick fix that can streamline many of your business’s operations, including accounting. By utilizing the entire product suite, your company’s various systems and departments can work together to provide information in real-time to your entire workforce.
Cons of Oracle NetSuite
Oracle NetSuite is not cheap. While the platform’s comprehensive nature justifies the price, it may be too much for smaller firms, who may find the software inefficient and overwhelming. Instead, NetSuite is best suited for midsize and large businesses with a complicated case; it works best when all of the components are used in tandem. Consider investing in a dedicated accounting software quick fix that can be incorporated with your other systems and record your funds if you are a smaller business or on a shoestring budget.