Having access to key financials and reports is critical to your success. With NetSuite, you get comprehensive tools that allow you to control all your financial data and processes. And since NetSuite financials are integrated with your sales, support, shipping and receiving functions, you get real-time financial data directly from those departments, enabling faster, smarter business decisions.
FINANCIALS FEATURES:
General Ledger, Accounts Receivable and Accounts Payable: Gain full visibility into your payables and receivables with real-time access to outstanding invoices and bills. And once customers receive your goods or services, you can quickly generate invoices from sales orders with just one click, reducing paperwork and improving efficiency.
Budgeting: Use NetSuite's budgeting capabilities to capture your business objectives for the coming financial year. You can also generate up-to-the-moment comparative reports to evaluate your spending. New functionality includes multiple budgets and import/export to Microsoft Excel®.
Multi-currency Transactions and Reporting: Companies that have offices in other countries, or those that frequently do business with foreign companies, must record and track transactions in foreign currencies. The automated currency revaluation feature simplifies the period-end close process by generating adjusting journal entries to reflect exchange rate fluctuations on any open accounts payable or receivable transactions. Plus, you can price your items in multiple foreign currencies to ensure customers see only current exchange rates and prices.
Revenue Recognition: Some businesses defer income from their sales and only recognize the revenue as services are delivered. NetSuite’s revenue recognition feature allows you to attach amortization schedules to your sales; a reminder notifies you when it is time to recognize revenue and post a journal entry for all the schedules that are due in that period. There are also reports to provide detailed visibility on the status of your deferred revenue.
Online Bill Pay: NetSuite's banking features allow for an unlimited number of bank accounts. You can write and print checks, or use online bill pay to transfer funds electronically. You can also import bank statement data and reconcile it with accounting transaction data.
Allocations: Allocations can be set up as dollar amounts or on a percentage basis, and post the appropriate journal entry for you. You can also schedule an allocation to recur, like a memorized transaction, and get a reminder when it is time to post an allocation journal.
Multi-company Consolidations: Multi-level businesses, such as holding companies, can now consolidate all the financial data of their individual business units into a single set of financial statements. The consolidated statements provide a way to drill down into the data—even to the transaction level. As a result, you can better understand how each business unit is performing.
