December 21, 2022

NetSuite Accounting and Finance: Module Deep Dive

Introduction to NetSuite Accounting and Finance

NetSuite's Accounting and Finance tools offer a comprehensive suite of financial management features that enable businesses to manage their entire financial operations. NetSuite provides powerful tools for accounting, financial reporting, and budgeting that can help organizations streamline their processes and make more informed business decisions.

NetSuite is the most advanced cloud-based accounting system available, with over 20 years of development and continual improvement. In addition, NetSuite is backed by its parent company, Oracle, which means users can count on NetSuite for stability and reliability, and also that it will remain the world's leading accounting solution for mid-market businesses through continued investment.

Exploring NetSuite’s Accounting and Finance Modules

NetSuite General Ledger

NetSuite’s General Ledger module provides users with a configurable "backbone" to their financial management and accounting management software. It allows for multi-currency, multi-subsidiary, and multi-departmental functionality, as well as automated account setup and journal entry automation. NetSuite's General Ledger also provides the ability to generate real-time reports and analyze budgets versus actuals across departments or subsidiaries.

NetSuite Accounts Payable

The NetSuite Accounts Payable module allows users to easily track and pay bills, including processing payments in multiple currencies. The module also includes features for managing vendor relationships and offers an automated workflow for creating purchase orders.

NetSuite Accounts Receivable

NetSuite’s Accounts Receivable module enables users to quickly and efficiently manage customer accounts, invoices, and payments. The module also includes features for automating the collection process and tracking customer credit limits to ensure compliance with company credit policies.

NetSuite Fixed Assets

NetSuite’s Fixed Assets module simplifies asset tracking and depreciation calculations, allowing users to easily identify company assets, manage purchase orders, and generate asset valuation reports. The module also enables users to track asset maintenance activities and categorize assets by department or location.

NetSuite Budgeting and Forecasting

NetSuite’s Budgeting and Forecasting module helps users to quickly create departmental budgets, identify budget variances and track financial performance. With detailed reports, businesses can make more informed decisions on how to allocate resources and analyze data for future budgeting decisions.

Multi-Book Accounting

NetSuite’s Multi-Book Accounting module enables users to create multiple books, allowing them to manage different reporting requirements. This includes tracking and reconciling transactions across multiple currencies, accounts, and other financial entities.

NetSuite Cash Management

The NetSuite Cash Management module allows users to monitor the company’s cash position in real-time, process payments, and reconcile accounts quickly. The module also offers features for setting bank account limits, tracking transactions and deposits, and creating customized cash flow statements.

NetSuite Revenue Recognition

NetSuite’s Revenue Recognition module helps users to track and manage their company’s revenue accurately. This includes features for managing future dated customer contracts, identifying trends in revenue, and generating detailed revenue reports.

NetSuite Electronic Bank Payments

The NetSuite Electronic Bank Payments module allows users to process payments electronically via bank transfers quickly. This feature simplifies the payment process and eliminates the need for manual data entry, reducing processing time and costs.

NetSuite Consolidated Financials

NetSuite Accounting and Finance

NetSuite’s Consolidated Financials module provides users with a comprehensive view of the company’s financial performance. This feature enables users to analyze data across companies, departments, accounts, and other entities to identify trends and help assess risk factors.

NetSuite Accounting Audit Trails

The NetSuite Audit Trails module helps to ensure compliance with financial regulations by tracking changes in system records. This feature provides an automatic audit trail of system changes, allowing users to quickly identify discrepancies and take corrective actions.

NetSuite Tax Management

NetSuite’s Tax Management module enables users to easily prepare and file tax returns for multiple entities and jurisdictions. This feature simplifies the tax filing process by automating calculations and generating detailed reports on taxable income and expenses.

NetSuite OneWorld

NetSuite OneWorld is a comprehensive global accounting and financial management solution designed for organizations with operations in multiple countries. This feature allows users to manage their finances across multiple currencies, tax jurisdictions, and legal entities.

NetSuite Dunning Letter Automation

The NetSuite Dunning Letter Automation module helps users to automate the collection process by generating automated dunning letters. This feature allows users to quickly identify outstanding invoices, manage customer follow up, and decrease AR outstanding average timeframes.

NetSuite Advanced Revenue Management

NetSuite’s Advanced Revenue Management module provides users with a comprehensive view of the company’s revenue cycle. This feature allows users to track and manage customer contracts, identify changes in revenue, and automatically generate revenue trend reports.

NetSuite Advanced Financial Reports

NetSuite’s Advanced Financial Reports module helps users to quickly create customized financial reports based on their business needs. This feature enables users to analyze data, identify trends and anomalies in their financial performance, and make more informed decisions.

NetSuite Accounting Dashboards

The NetSuite Accounting Dashboards module helps users to easily monitor their financial performance in real time. This feature provides an easy-to-access overview of the company’s financial situation, quick access to frequently accessed features and records, allowing users to complete key accounting activities quickly and accurately.

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Wondering if NetSuite's Financial Management Module is Right for Your Business?

NetSuite’s Financial Management Module enables users to effectively manage and monitor their financial performance, track transactions, and generate reports. This module simplifies the accounting process by reducing data entry time and costs, automating calculations and eliminating manual processes. NetSuite's suite of powerful financial tools help users quickly identify trends in revenue, reduce risk, and ensure compliance with financial regulations. NetSuite’s Financial Management module is the perfect solution for organizations looking to gain greater insight into their financial performance and make smart, informed decisions.

About CEBA Solutions

CEBA Solutions is a highly experienced NetSuite Solution Provider with over a decade of experience in NetSuite implementation, custom development and NetSuite support. Our team of experienced NetSuite consultants are dedicated to helping organizations optimize their NetSuite investments through comprehensive implementations tailored to their business needs. With a deep understanding of the NetSuite platform and experience in multiple industries, CEBA Solutions is here to provide you with NetSuite solutions to streamline and optimize your business processes and operations. Contact us today to learn more about NetSuite and how it can help your business simplify its software ecosystem, take control of operations and grow without additional overheads.

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