Financial management is a crucial activity for any successful business. As a business grows, manual financial processes quickly become complex and inefficient. NetSuite’s financial management solution helps streamline processes, improve accuracy, provide real-time visibility, and scale with business growth.
In this article, we’ll explore key capabilities of NetSuite financial management and why it’s a smart choice for modern businesses.
Core Capabilities of NetSuite Financial Management
NetSuite offers a full range of robust financial management capabilities built into a single, unified system. Key features include:
General Ledger
NetSuite’s general ledger forms the foundation of the financial system. It automatically updates account balances and manages debit/credit transactions as data is entered across the system. Key features include:
– Customizable charts of accounts
– Multi-currency support
– Automatic currency conversion
– Flexible transaction tagging and reporting
– Audit trail tracking of all entries and changes
Accounts Receivable
NetSuite provides complete AR functionality to bill customers, collect payments, process cash receipts, handle deposits, and sync to order and delivery workflows. Features include:
– Invoicing based on flexible billing rules
– Support for one-time, recurring, usage-based, and milestone billing
– Online customer self-service payment portal
– Automated payment reminders, collections workflows
– Revenue recognition reporting
Accounts Payable
NetSuite AP automation streamlines the entire process from purchase to payment. Capabilities include:
– Bill and expense management
– Vendor self-service portal
– Electronic payment transfer
– Early payment discounts
– Payment approvals routing
– Complex global bank reconciliation
Reporting and Analytics
NetSuite delivers real-time reporting across all financial processes through its suite analytics features. Users get insight via:
– Custom reports and dashboards
– Pre-built KPI templates
– Drill-down from summary to detail
– Charts, pivot tables and graphical visualizations
Why Choose NetSuite for Financial Management?
NetSuite provides a complete financial system natively built into the software, not bolted on as an external module. The advantages of this unified native solution include:
1. A Single Source of Truth
With a unified data model spanning CRM, ecommerce, inventory, and financials, NetSuite eliminates data silos and ensures consistent numbers across the system. There are no gaps, mismatched reports, or accounting errors from synchronizing multiple systems.
2. Real-Time Visibility
As soon as a sales rep enters an order, it’s immediately reflected in available to promise (ATP) inventory levels, revenue forecasts, order-to-cash reporting, and commissions payable – no batch updates or periodic synchronizations needed. Actionable data is always available across the business in real-time.
3. Flexible Customization
While NetSuite provides all the financial capabilities most businesses need out of the box, the system is also highly flexible. Advanced customization options like adding custom fields, specialized transactions, tailored workflows, personalized roles and permissions, and extending functionality via SuiteScript allow NetSuite to adapt seamlessly to business needs.
4. Built-In Scalability
NetSuite’s cloud infrastructure provides continuous, automatic updates and capacity on-demand, easily scaling from 1 user to thousands without missing a beat. The system grows with the business through all stages of expansion to global enterprises with subsidiaries worldwide.
5. Rich SuiteCloud Ecosystem
Given NetSuite’s market dominance as a cloud ERP leader, it boasts a rich ecosystem of over 4,000 SuiteApps spanning nearly every industry and niche. This makes add-on capabilities, custom coding projects, and complex third-party integrations readily available for NetSuite environments.
Choosing the Right Implementation Partner
While feature-rich, NetSuite is complex enterprise-grade software. The system offers many configuration options, NetSuite integration methods, and customization paths to meet unique needs. The key is finding an implementation provider experienced in both NetSuite best practices and the realities of complex financial operations.
SuiteDynamics: A Top NetSuite Partner
SuiteDynamics is a globally trusted NetSuite partner with extensive credentials across technology, business optimization, and industry specialties. Differentiators include:
– 8+ Years Focus Exclusively on NetSuite
– 250+ Successful NetSuite Implementations
– Pre-Built Accelerators for Wholesale Distribution, Manufacturing, Professional Services, Nonprofits and More
– Proven NetSuite Center of Excellence Methodology
– Deep Financial Management Expertise Across CFO Advisory, Audits, Planning & Analysis
– Last Mile NetSuite Customization Capabilities
SuiteDynamics is uniquely positioned to deliver successful business outcomes with NetSuite financial management implementations. Their NetSuite credentials, vertical expertise, value-driven services, and extensive financial experience make them a top choice for complex projects.
Real Business Results Achieved by SuiteDynamics Clients:
– Reduced financial close time by 50%
– Cut order processing costs by 40%
– Improved revenue forecast accuracy from 63% to 92%
In Summary
As companies strive to scale operations, increase efficiency, have greater financial control, and gain business insights, NetSuite delivers an agile financial management solution not bogged down by legacy accounting systems limitations. SuiteDynamics is an ideal partner for leveraging NetSuite’s financial capabilities based on proven expertise across the entire platform. Reach out today to explore how automating financial processes with NetSuite can transform your operations.
