What are Financial Management Module in NetSuite ERP ? with Example

 What are Financial Management Module in NetSuite ERP ? with Example 

General Ledger, Accounts Receivable and Accounts Payable Modules

Gain full financial 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

Financials Summary Module

Having access to key financials and reports is critical to your success. With NetSuite’s financial management services, you get comprehensive tools that allow you to control all your financial data and processes. And since the financial management services in 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.

Advanced Billing Module

NetSuite’s Advanced Billing feature makes contract billing faster, more convenient, and easier to manage. Many businesses invoice customers for a sale over a range of time, or a contract term. For example, a customer might commit to a one year membership billed monthly, or a three year service contract with quarterly invoices. Keeping track of billing schedules and managing the invoicing process (knowing when it is time to invoice, how much to invoice…) can be a major challenge for such companies, and having the financial management services to do so effectively is critical to successfully managing your revenue stream.

Amortization Schedules Module

Amortization Schedules allow you to set up a schedule to amortize expenses over time. They are very similar to Revenue Recognition Schedules, but rather than Invoices and Credit Memos, amortization schedules are linked to Bills, Bill Credits and Journal Entries. With Amortization Schedules, you can streamline many redundant steps in your accounting processes, such as amortizing prepaid expenses. Amortization Schedules may also be linked to Jobs, so you can amortize your expenses in proportion to the Job’s percentage of completion.

Multi-Currency Transactions and Reporting Module

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, with NetSuite’s financial management capabilities you can price your items in multiple foreign currencies to ensure customers see only current exchange rates and prices.

Project Accounting Module

NetSuite Advanced Project Accounting lets you manage your professional services organization more effectively with integrated project/job tracking and reporting. With NetSuite, you can automate project/job creation when specific services are sold, and automatically track percent complete and time budgeted and spent on project tasks. Reports for utilization and backlog help you analyze your employees’ workload and efficiency. Estimated job profitability reporting compares your projected loaded labor cost on projects against expected billings.

Revenue Recognition Module

NetSuite is the first hosted application to bring revenue recognition management to mid-size companies. NetSuite’s financial management services make it easier for companies to flexibly recognize revenue according to customer contracts and to maintain accounting control within GAAP and other reporting standards.

Post a Comment

Previous Post Next Post