Managing your company’s financials is the backbone of your business and is vital to the long-term health and viability of your company. That’s why creating systems to streamline this process are a crucial part when expanding your company in an ever-growing modern world.
In this modern world, we’re seeing a shift with more and more businesses switching over to an ERP Solution. With that said, providing a suite of cloud-based financials / Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 21,000 customers in more than 200 countries and territories, NetSuite is a top player in the ERP Solution world.
NetSuite seamlessly couples core finance and accounting functions with strong compliance management. This combination improves business performance and increases financial close efficiency while reducing back-office costs.
3 key capabilities of having a cloud financial and accounting software like NetSuite are:
- Transform your General Ledger into a dynamic business asset.
Instead of a static, one-size-fits-all leger, you get a dynamic asset that enables your company to tailor the General Leger to meet your unique business needs and changing conditions. Finance teams can define unlimited custom General Ledger segments such as profit center, fund, program, product line and more. This improves accuracy and saves time by ensuring that General Ledger financial impact follows double-entry accounting principles and balances across all segment combinations.
- Optimize receivables and accelerate cash flows with total control.
Bring your collections processes into the 21st century with an end-to-end AR experience for automating and streamlining every aspect of invoice delivery, credit terms. and collections management. Configure dashboards, reports and KPI’s for a real-time view into customer aging, invoice analyses, recurring invoices, deferred revenue, exception reports in order to flag account anomalies.
- End-to-end lifecycle management for plant, property, and equipment.
Manage your complete asset lifecycle, easily report on all fixed assets, and clearly track depreciating or non-depreciating company assets. You will also be able to leverage support for all standard depreciation methods and create and customize unlimited depreciation methods as needed.
In the end, real-time access to live financial data is going to take you and your company far, and a cloud financial and accounting software can give you what you need to compete. Close quickly with confidence and report financials faster and accurately with a company like NetSuite.