NetSuite Advanced Financials: A Comprehensive Guide
In today’s competitive business landscape, having a strong financial foundation is more important than ever. NetSuite Advanced Financials is a powerful suite of financial management tools that can help you take control of your finances and achieve your business goals. With it, you can:
- Generate accurate and timely financial reports
- Create and track budgets
- Forecast future financial performance
- Optimize cash flow
- Comply with financial regulations
Learn more about NetSuite Advanced Financials, its key features, and why it’s a must-have tool for those looking to streamline their operations.
What Is NetSuite Advanced Financials?
NetSuite Advanced Financials is a tool that helps mid-sized and large businesses better manage their finances. It has features such as automated accounting processes, tracking fixed assets, managing different currencies, and providing real-time financial data.
In short, it can improve your financial management processes, increase efficiency, and give you a better understanding of performance.
How Do I Know if I Need NetSuite Advanced Financials?
You may need Advanced Financials if your business requires capabilities beyond the core financial modules offered in NetSuite. For example:
- Your company has complex billing requirements, such as recurring billing or multiple revenue recognition.
- You want to track non-monetary data, such as customer satisfaction scores or website traffic.
- Your sales team needs to manage sales commissions and incentives.
- You operate in multiple currencies.
What Are the Key Features of Advanced Financials?
NetSuite Advanced Financials is designed to improve financial transactions and provide real-time visibility into finances. It offers a wide range of features, including, but not limited to, the following:
1. Advanced Revenue Recognition
NetSuite Advanced Financials simplifies the billing process for businesses by automating invoice generation and allowing for flexible schedules, including one-time or recurring options. Users can easily manage and integrate their billing process with revenue recognition and sales forecasts.
The system also offers self-service capabilities for customers to manage their billing plans and payment options. For example, the Incentive Management module can link billing schedules with sales commissions and forecasts for better financial planning.
2. Amortization Schedules
The software also provides automated amortization schedules that can be used for prepaid expenses, credit card purchases, and job spending. The Amortization Scheduler makes planning easy, and users can set up spending to be amortized based on the percentage of completion for each job; this helps distribute the cost of intangible assets over their useful life, such as patents or copyrights.
3. Budgeting and Forecasting
Need a way to create, manage, and track budgets in real-time? Advanced Financials offers easy budget management and reporting to help finance teams track expenses and control budgets.
Users can enter budgets, build new plans, or import figures from Excel through a single, intuitive interface. You can also set up multiple budgets for the same project and have reports illustrate the comparison between budget plans and actual spending — allowing for adjustments as needed!
Finally, the platform can estimate income and expenses so that you can tell the difference between the budget and actual figures.
4. Financial Reporting and Analysis
NetSuite’s billing management feature gives users control over revenue-based billing processes, allowing for one-time or recurring billing and management of payment terms. The platform also lets you integrate billing schedules with various types of sales, such as plans requiring an initial payment amount.
Additionally, the Allocation feature enables users to automate expense distribution and allocation, saving time and improving the accuracy of financial statements. You can set allocation schedules, receive dashboard reminders, and create journal entries.
5. Multi-Currency Management
NetSuite’s Advanced Financial module has statistical accounts that allow the finance department to track non-monetary data in ledger accounts and use them for expense allocation schedules. This feature provides valuable real-time insight into management and helps track critical non-monetary data, which you can use in reports and income statements.
NetSuite Advanced Financials Benefits
NetSuite, as a whole, is a cloud-based solution that offers scalability to accommodate the growing needs of organizations. It eliminates the need for on-premises infrastructures, reduces IT costs, and provides access to financial information anytime, anywhere.
Here are some specific examples of how NetSuite Advanced Financials can benefit your business:
- Streamline manual processes - Advanced Financials automates various processes, saving businesses time and effort.
- Improved data management - NetSuite acts as a centralized hub for all transaction data, accessible in real-time on the cloud. This ensures timely decision-making and provides a clear picture of the organization’s financial health.
- Increased accuracy - Ensures your accounting data is accurate by eliminating duplicates and errors commonly found in spreadsheets.
- Multi-currency and multi-subsidiary support - Advanced Financials can help you adhere to country-specific rules and regulations, facilitating revenue recognition, depreciation, and amortization processes.
- Seamless integration with other modules - The module seamlessly integrates with other Netsuite modules, such as Inventory Management, Order Management, and Customer Relationship Management (CRM). This enables end-to-end business processes and provides a unified financial and operational data view.
How Much Does NetSuite Advanced Financials Cost?
The cost of the NetSuite Advanced Financials module depends on a few factors: the size of your organization, the features and functionalities you choose, and the level of support you request. In short, NetSuite implementation costs vary widely depending on each client's specific needs.
To purchase NetSuite Advanced Financials, contact NetSuite directly or work with a NetSuite partner, like SCS Cloud, for a customized quote. Our cloud software specialists can provide you with an estimate of the implementation cost and any ongoing subscription fees.
Take Control of Your Financials With SCS Cloud
Overall, NetSuite Advanced Financials is a great option if you’re looking for a comprehensive financial management solution. Its powerful features and easy-to-use interface can help businesses of all sizes improve their financial management.
Ready to give it a try? Take the first step towards a more successful future and contact SCS Cloud today. Whether you’re just starting out or looking to take your business to the next level, we have the tools and expertise you need to succeed.
Give us a call at 844-333-2568 and experience the power of cloud technology for yourself.