In the fast-paced landscape of modern business, companies are constantly looking for ways to improve their operational and financial management. This is where enterprise resource planning solutions (ERPs), such as NetSuite can be beneficial.
The lack of optimization opens up the gate to marginal losses, which accumulate over time. The goal of NetSuite is to further minimize these marginal losses, increase the operational and financial efficiency of your business, increase net profits, and further drive the company’s growth.
In this guide, we’ll discuss NetSuite’s financial module, what it does, and how it can benefit your business.
NetSuite is a suite of cloud-based business management software that simplifies and streamlines different business tasks. It allows businesses to manage a broad scope of operations including financial management, customer relationship management (CRM), human resources, e-commerce, inventory management, professional services automation and more.
This interconnectivity allows you to handle all of your operational and financial tasks from within one platform that relies on real-time data from several different business units. It streamlines recording transactions, managing the accounts receivables and accounts payables, tax collections, report generation, general ledger management, and closing of the books.
The NetSuite accounting module also helps ensure compliance with different accounting regulations and standards. It’s a comprehensive accounting solution aimed at increasing the efficiency of your financial operations through automation and compliance.
The accounting landscape is continuously evolving, with many rules and regulations being formulated or amended to provide greater transparency and efficiency to various accounting processes and financial operations.
However, this also introduces new challenges to accounting, many of which can be alleviated or completely eliminated by relying on the NetSuite Accounting module. The increasing complexity of the aforementioned regulations is one of the biggest challenges, and NetSuite helps automate the accounting process and provide real-time data, thus ensuring compliance with the latest rules and regulations.
This brings forth a set of challenges of their own, such as online data storage and manual processes and errors. However, NetSuite’s automation addresses these issues through cloud architecture and robust security features that protect any financial data, thus ensuring privacy compliance.
Data protection and integrity are further optimized by removing humans from certain parts of the accounting process, like repetitive manual data entry. These processes can be time-consuming and quite tedious, which makes them more susceptible to errors; automation of these processes relies on the information gathered from other systems or other NetSuite modules to automate data entry and manipulation.
This significantly reduces the risk of errors associated with manual data entry and thus improves financial data accuracy, which is crucial for planning, projections, and subsequent growth of your business.
NetSuite allows you to elevate your accounting and take it to a whole new level with automation and compliance features that seek to reduce the aforementioned marginal losses, leading to peak performance in your financial management.
The automation transforms the laborious and time-consuming manual tasks, such as transaction entries and reconciliations, into automated workflows with seamless functionality. This allows your accounting team to shift their focus and channel their efforts toward more high-value and strategic work activities that drive business growth.
However, NetSuite isn’t just a number-crunching solution; it ensures the adherence of your financial operations to different accounting standards and regulations. This greatly simplifies the task of navigating through the ever-evolving regulations and legislations, as well as reporting prerequisites.
All of the real-time data is available at your fingertips, allowing you to gain access to up-to-date financial data through the platform’s intuitive dashboard at any time and from any place, thanks to its cloud-based design. This particularly caters to firms with remote work structures or multiple locations.
NetSuite modules offer valuable business information and insights for businesses looking to optimize their financial and operational management. This is done by integrating various data from across the system, allowing decision-makers to gain a more comprehensive, holistic view of operational and financial performance.
The ability to create detailed, customizable reports also allows for the tracking and analysis of key performance metrics, allowing decision-makers to identify different trends and opportunities. NetSuite’s revenue recognition module helps track and manage company revenue accurately, including managing future dated customer contracts and generating detailed revenue reports. It also helps address certain challenges associated with financial and operational management.
The project management feature enables different teams to collaborate and keep managers updated on the status of different projects. The project management module seamlessly integrates with accounting, enabling you to monitor and manage billing, expenses, revenue, and profitability over the project’s lifetime.
The accounting module can also provide more accurate budgeting and financial planning, leading to more predictable and manageable project outcomes granting managers valuable insight into the financial health of their projects. This level of transparency and control over particular projects ensures that businesses can make strategic decisions that ultimately benefit the business.
Once all the transactions for a given accounting period are complete, the accounting module allows accountants to close the accounting period much faster and easier than entry-level accounting platforms. This process is often seen as time-consuming and complex, but thanks to NetSuite, it can be optimized to be more efficient and more manageable.
The accounting solution automates routine closing tasks thanks to real-time data acquisition and intelligent workflows, which save valuable time and reduce the risk of errors associated with manual data entry and manipulation. This enhanced approach to finances increases the accuracy and reliability of your financial operations while freeing up resources, further driving the growth of your company.
NetSuite’s accounting module is an all-encompassing accounting solution for businesses of all sizes that streamlines numerous accounting processes, thus increasing their efficiency and reliability while also enhancing transparency.
For businesses looking to enhance their financial operations, ScaleNorth is a certified NetSuite solution provider that can facilitate the implementation of NetSuite for financial management. Contact us today to learn more.
