Advantages of NetSuite ERP for Accounting

May 12, 2022
Jhansi Rani
BLOG
0

Published On May 12, 2022

NetSuite is a SaaS platform system that forgoes the on-premise. NetSuite is a suite of ERP and accounting aimed at different-sized customers, from small-scale to medium-scale. Various edition updates enhance the product capability and are followed by new and improved enhancements. NetSuite ERP implementation is a unified business management system that comprises financials, CRM, E-commerce, and many more.

NetSuite Accounting

Any business would have three basic expectations: accurate reporting, seamless period close, and financial controls. NetSuite ERP implementation fulfills all these basic expectations of a business and brings to the table much more.

NetSuite Solution Provider accounting ERP simplifies recording transactions, managing receivables and payables, period-end close, indirect tax, controlling fixed assets, and accurate reporting. It offers real-time access and visibility of the financial data. Drill-down into transactions helps ascertain the future course and actions towards the business.

Accounting Offerings

Transparency

NetSuite offers transparency in financial transactions. The respective transaction journal entries or details relating to it can be fetched to understand the nature of its origin. For instance, the transactions can be drilled down to the bottom, which helps for any audit trial required by the business.

Real-time Data Visibility

NetSuite provides real-time visibility of the transactions to its users. And this helps businesses understand the financial operations on the go and helps make any modifications as required. Supply chain and demand planning are the key examples of the offering.

Reporting Constraints

NetSuite eliminates the reporting constraints, as the management might require different reporting structures according to their business requirements. The reports are accurate and can be customized according to the business needs. It can further be drilled to adhere to compliance and confidentiality by restricting the reports to viewing, creating, or editing access level.

Flexible to Business Requirements

NetSuite has a multitude of add-ons. These customizations are built-in to uniquely fit individual business requirements that help the accounting module. Banking automation is one of the prime functions in NetSuite for accounting. The statements can be driven periodically or scheduled from the source bank account to the NetSuite platform for further manual or automated reconciliation.

Go-Green/ Eco-Friendly

Accounting back in the day consumed and required a lot of paperwork. They made a pile of papers for the audit trail or any references, leading to storage issues. NetSuite is entirely digital. We can request vendors to send invoices electronically to be imported directly into the cloud accounting system. Emailing your invoices to clients eradicate printing and postage costs and fast-track payment turnarounds.

Approval Matrix

NetSuite has a pre-installed approval workflow that helps in setting up approvals. Also, it ensures compliance and control over accounting transactions. Limits can also be set accordingly for accounting transactions to be processed. These workflows are customizable according to our business requirements. These help in any fraudulent or error prevention in accounting transactions as well.

Accuracy

NetSuite cloud-based accounting improves accuracy by eliminating many error-prone manual steps required when using spreadsheets. In addition to automatically categorizing financial transactions and calculating taxes, cloud accounting software can match received invoices to payments and shipments and automate reconciliation processes, matching internal transactions to bank records and flagging errors.

Benefits of NetSuite Cloud Accounting

A varied range of benefits is offered by cloud accounting software. You do not need to buy software licenses or keep hardware on your business premises; instead, your provider runs the software in the NetSuite cloud. You can access it over the internet, paying for the software on a subscription basis.

NetSuite solution provider cloud accounting can also help businesses operate more efficiently. Leading cloud accounting solutions are highly scalable to support the expanding needs of growing companies. Users can work from any position, with 24/7 access to over-to-date information on your business.

Our data and programs are stored on a connected server operating as a single scalable system. However, there is no retardation in productivity because you can log into the system over the internet if your office is impacted by a difficulty like a flood or fire.

Accounting is a broad discipline that focuses on a business’s current financial conditions. Accountants help business owners create budgets, control expenses, manage cash inflow and forecast revenues. As a result, business leaders can make further informed decisions about large expenditures, evaluate staffing and payroll, track business expenses, keep tabs on financial health and business growth and maintain accurate business records.

RiteSoftware NetSuite ERP Accounting

RiteSoftware NetSuite ERP Implementation transforms your business processes. It Supports resources to deliver better control, lower risk, and ensure faster, more accurate insights to all stakeholders. We have an ultimate team of certified consultants with extensive NetSuite application experience and industry expertise. We understand your unique business needs to help you manage your customizations, workflows, and integrations. RiteSoftware dedicated consultants ensure the business needs are understood, and it is drafted into a suitable solution to ensure that implemented.