Finance & Accounting module in NetSuite combines reliable financial management with built-in Business Intelligence and enables better and faster decisions.
The system speeds up daily transactions and financial closes and ensures their compliance. Cloud-based architecture of a single platform provides full real-time insight into the company’s financial results (from the consolidated level to individual transactions). NetSuite financial management module seamlessly integrates with all management functions to streamline key business processes.
Finance & Accounting software helps to design, transform and improve processes and operations. NetSuite seamlessly combines basic financial and accounting functionalities with managing compliance. That improves financial results and increases efficiency of financial closure while reducing back office costs. Thank to real-time access to financial data system allows to easily to details and enables quick right decisions making. The system also allows to generate the necessary reports and statements.
The main advantages of the system in finance & accounting management
Advantages and functionalities in financial management with NetSuite:
- Combining financial and accounting functions with compliance management,
- Access to financial data in real time,
- Dynamic General Ledger,
- Unlimited and custom dimensions of the General Ledger,
- Built-in mapping functions between basic and additional chart of accounts,
- Streamlining operations and tightening corporate and fiscal discipline – automating search and presentation of billing information,
- Automatic transaction booking,
- Accurate tax calculations (on each invoice),
- Automated tax processing and invoicing,
- Comprehensive tax management (both domestic and foreign),
- Improved tax compliance process,
- Automatically generated accounting entries,
- Cross-border sales and Intrastate reporting in all EU countries
Advantages and functionalities in accounting management with NetSuite:
- A complete picture of the company’s cash flow and cash position,
- Generating recurring invoices – easy subscription management,
- Automated payment obligations,
- Increased payment control,
- Monitoring and forecasting of cash needs,
- Automatic bank settlements,
- Distributing payments efficiently and securely,
- Centralization, streamlining and simplifying payments – SuitePayments,
- Access to all types of payments in one place,
- Improving planning, budgeting and forecasting,
- Access to all budgets, forecasts and actual values.
In NetSuite General Ledger becomes a dynamic resource and enables to customize it to unique business needs and changing conditions. It provides financial specialists flexibility, visibility and richer report functionalities and also improved audit trials and support for international financial management. Dynamic General Ledger eliminates the need of manual recording and allows adding customized entry lines for transactions (invoices or bills from suppliers in one or more accounting books). The solution reduces the time and effort spent on reconciling account balances, period closure and audit processes. Financial teams can define unlimited and customized General Ledger dimensions (such as profit center, fund, program, product line and more) in addition to standard dependent segments: classes, departments and locations. It increases accuracy and saves time, ensuring that the financial impact of the general ledger complies with regulations. Solutions used in NetSuite eliminate data duplication and reduce the number of manual recorded data (which are liable to mistakes). Reporting processes are created while managing unique sets of books according to accounting standards. The system also has built-in mapping functions between the basic and additional plan of accounts. The module also improves reconciliation, accruals and prepayment processes and helps to prepare more accurate financial statements.
NetSuite improves operations and tightens corporate and financial discipline by automating searching and presenting billing information from various sources. The solution enables to generate repeatable invoices to easily manage subscriptions. It also enables sending invoices via e-mail by offering more payment options. In NetSuite you can automatically post transactions and make accurate tax calculations on every invoice for automated tax processing and invoicing. The system provides access to necessary information – reports and key efficiency indicators.
Payment liabilities are automated, saves time and improve control and increase productivity. NetSuite Accounts Payable allows to improve liquidity, achieve higher profits and ensure compliance thanks to automatic processing of payments and invoices. It also minimizes the time and effort needed to process bills from suppliers. System improves payment control – no invoice will be lost, forgotten ore double-paid and false invoices won’t be paid.
NetSuite provides comprehensive tax management (both domestic and foreign) through one simple, easy-to-use system. It generates detailed reports which analyze transactions in real time up to the tax details of the item. The module improves compliance of tax regulations, saves time and reduces cost and mistakes. NetSuite supports every known global currency and their exchange rates. It allows accounting departments to proceed taxes according to regulations in a given country and makes tax calculations on many levels. The solution also supports cross-border sales and Intrastate reporting in all EU countries. It also allows to handle local taxes in various subsidiaries, which allows you to have multiple tax schedules (from VAT to income tax). The correct tax rate is automatically applied to every transaction.
Cash and liquidity management
You can monitor, predict and manage cash flow in real-time. This solution provides a complete picture of the company's cash flow and cash position. It also improves reporting process required for optimization, checking bank accounts, managing liquidity and ensuring compliance. You can monitor and forecast cash needs and perform automatic bank settlements. The solution also ensures efficient and secure distribution of payments and automatically generates accounting entries.
Complex solution to manage payments which centralize, improves and simplifies payments. Suite Payments processes all your payments directly from NetSuite. Regardless of whether your company accepts payments via the Internet or a traditional invoice, you can take into account all customer preferences. The solution integrates with NetSuite and provides you with all information related to payments in real-time. Suite Payments is a complex solution to manage payments which supports most payment options and helps prevent fraud. Thanks to this module you will get access to all kind of payments in one place. Solution improves payment control and supports its management. It also allows to support for various markets, including support for many currencies and many websites.
In NetSuite Multidimensional Accounting, details, e.g. department or location, are configured as account dimension values. Giving the right dimensions supports data grouping and filtering.
A dimension can be any operational feature considered useful for tracking performance, such as organizational details (departments, business units, branches) or details related to generating revenue (channels, products, customers).
By providing the right dimensions, we receive a data set suitable for our requirements for advanced analysis and reporting. This solution allows you to track revenues and expenses at any level of detail.