NetSuite Cloud Accounting Software Advantages
NetSuite Cloud Accounting Software Advantages
Accounting of businesses started with paper-based processes, followed by the use of spreadsheets. But as technology advanced, companies started using accounting software. And since a few years, cloud accounting solutions have ensured accurate and speedy accounting for businesses. In this article, we will look at the NetSuite cloud accounting advantages.
The benefits are in terms of high performance, more efficiency, and data security. Moreover, automated accounting processes ensure accuracy, compliance, and access to data from anywhere and at any time. NetSuite accounting is one of the best software to give you these benefits that address all your accounting needs.
Oracle’s cloud-based NetSuite ERP accounting software is a premium offering for accounting procedures. It streamlines your accounting processes and activities, ensuring efficiency and effectiveness. With real-time visibility of your financial numbers, you know where you are headed to.
Advantages of NetSuite Cloud Accounting
Improve your invoicing, credit, and collection process with the NetSuite cloud accounting solution
The solution facilitates real-time visibility of the accounts receivables’ status for any customer or transaction. You can also link multiple payment options with your accounts receivable process to speed up collection. Moreover, the dashboards and reports give you detailed insights.
- You can create customer records, including information on name, items bought, contact details, communication history, transaction history, open invoices, etc.
- You can consolidate multiple invoices from a single customer to streamline billing and invoice processing and reduce days sales outstanding (DSO).
- You can automate the process of sending alerts or reminders to customers for pending payments in multiple currencies and languages.
- You can customize the role-based dashboards on the solution as per your requirements to expedite collections.
- The solution automates tax calculations, converts fulfilled orders to invoices and sends invoices by email or any other method.
- You have the flexibility to accept payments via electronic funds transfer, cash, cheques, credit cards, bank transfers, etc.
- NetSuite accounting facilitates you to generate collection forecast reports based on late-paying customers, regions, or sales executives.
Thus, with all these features, the NetSuite accounting solution helps your accounting and finance department to become efficient. Your payment collections improve, tax compliance is guaranteed, and accurate financial statements are generated on time.
NetSuite cloud accounting platform aids in avoiding late fees and benefitting from early payment discounts
The accounts payable features of NetSuite accounting include the following:
- You can create and store comprehensive records on suppliers to ensure invoices match the records.
- The solution aids the receipt of invoices by email, fax, or vendor portal.
- The solution creates bills from the data you add in NetSuite point of sale or purchase orders, saving time and reducing errors.
- The NetSuite cloud accounting system can have rules-based algorithms to match vendor records with invoices to make it easy for accounts payable executives.
- You can generate reports based on department, expense category, vendor, or location.
- You can have complete visibility into invoices that require approval, check due dates to avoid late payment, and monitor open purchase orders.
- The NetSuite accounting solution reduces the chances of invoice fraud by matching vendor bills to purchase orders.
- You can create alerts to avoid missing due dates, get early payment discounts, or schedule recurring invoice payments.
With NetSuite cloud accounting software, you can have complete visibility of your accounts payable anywhere and at any time. Also, automation of invoice creation, approval, payment, and reconciliation processes improves your department’s productivity.
Manage all kinds of offline and online payment transactions with NetSuite cloud accounting
The NetSuite cloud accounting software helps you receive and make payments through several methods. It supports credit cards, debit cards, payment gateways, and other payment service options for customers. Thus, customers have the convenience and flexibility of different payment methods.
You can also pay bills online, make deposits, transfer funds electronically, and ensure ACH payments. All these features give you real-time visibility of the cash flow. It also helps you with making informed decisions on cash management.
You have an alert feature in the NetSuite cloud accounting system to generate alerts on the payment of invoices. The system raises alerts for early payment of invoices to benefit from early-payment discount options. With an alert system, you remain undistracted from suppliers’ calls, improving your relationships with them.
These payment methods ensure that you are accurate and fast in your transactions. With no paper to track and calculate, you reduce the chances of manual errors and duplicate data entry. You also reduce the possibilities of payment delays, thereby improving cash flow.
The NetSuite cloud accounting solution’s multiformat, multicurrency, and multilanguage capabilities make your global businesses’ accounting processes more uncomplicated. With more payment flexibility and reduced processing costs, your customers are happier. Thus, the reliability of payment transactions is higher, leading to faster trust development.
Thus, the following processes for your business are sorted due to NetSuite cloud accounting software:
- Accounts receivable
- Recurring billing, membership fees, and subscription cost
- Ecommerce checkout experience
- Point of sale transactions with customers
- Customer refunds, direct deposit, and ACH payments
- Payment approval routing
- Email notifications or alerts for vendors
- Multicurrency and multilanguage global payments
- Fraud prevention techniques
NetSuite cloud accounting has advanced general ledger capabilities resulting in more visibility, customization, and richer reporting
The best part of NetSuite cloud accounting system is the automation of standard, repetitive tasks and the creation of consolidated financial statements. Automation allows you to record financial transactions correctly, produce insightful reports, and reconcile your accounts. These benefits are possible due to the following reasons:
- Manual processes of journal entries have been eliminated. The automated processes allow you to reconcile, close, and audit your accounting books effortlessly and rapidly. Even the transactions of amortization, depreciation and P&L allocations are automated, leading to more accuracy.
- You can define several segments for the general ledger based on subsidiaries, departments, locations, profit centers, product categories, etc. Such segmentation allows you to understand data easily and manage it as per the segment to save time and ensure accuracy.
- You can import your bank, credit card, and other financial institutions’ data with the NetSuite accounting solution. This linkage allows you to reconcile accounts, generate insights quickly, create alerts, and flag exceptions for your review.
- The NetSuite cloud accounting solution facilitates compliance with international and local tax and financial laws. You can maintain accounts and tax records in multiple currencies and applicable tax structures to satisfy your customers and vendors. The system manages currency conversions at acceptable exchange rates to reduce errors and ensure compliance.
- NetSuite cloud accounting simplifies your accounting structure to make it easy for analysts to organize and understand data for financial reporting. You can customize segments for reporting to generate insightful reports for the frequency you want – daily, weekly, monthly, quarterly, etc. The solution’s integration with the email server sends the generated reports to specific emails.
- NetSuite cloud accounting software allows multi-book accounting to help you comply with different accounting standards. Your primary and secondary charts of accounts are linked, reducing the need to adjust accounts manually, which are prone to errors.
- You can import your budget sheets to the NetSuite accounting solution or create one and compare the real-time revenues and expenses with the budgeted.
With all these features, you have:
- Greater flexibility
- Control on operations
- Insights on performance
- Customized accounts as per your business requirements
- A faster data consolidation and account closing process
- More efficiency
- Accuracy and quality of reporting data
- Better quality decisions
NetSuite cloud accounting facilitates accurate and up-to-date records of all your business assets
The solution allows you to create and maintain accurate records of all your assets and their entire lifecycle. These are recorded, starting from procurement costs, depreciation over the years, lease accounting, and ending at disposal earnings.
You can track your assets by classifying them into different segments. You can create segments such as location, subsidiary, department, depreciating vs. non-depreciating, reporting, etc. The data linkage between these segments ensures that manual data re-entry is not required when asset transfer occurs from one segment to another.
NetSuite cloud accounting system facilitates your depreciation and lease accounting calculations. Depreciation expenses, time of applying depreciation, start and stop dates of lease, discount on the lease, total lease cost, etc. – all these data and information are accurately calculated from the system. You can also generate customized reports for all assets together or individually.
Thus, this solution makes your asset management and accounting processes simpler and faster. You can maintain accuracy in calculations, consistency in rule application, and on-time closing of accounts. The solution makes compliance with lease accounting standards easier and depreciation more flexible.
NetSuite cloud accounting’s accurate depreciation and lease accounting records save you from overvaluation, insurance overpayment, and outdated information. These reduce your errors and save time, making your accounts team more productive.
View your financial data in real-time with NetSuite cloud accounting’s effective cash management processes
You can have real-time visibility in daily cash balances that allows you to control your use of cash. This is possible by importing data from your linked bank and credit card accounts on the NetSuite accounting. It minimizes the risk of manual errors, saves time, and frees the accounting team’s time.
You can also compare your general ledger accounts with these statements to match the account entries. Whatever is left unmatched are the exceptions that you need to address. Thus, this solution saves your reconciliation time and effort.
You can also generate forecasts accurately and rapidly based on the current cash balances and historical cash position visibility. You can also conduct a ‘what-if’ analysis to comprehend the impact of several factors on the cash position.
Thus, the NetSuite cloud accounting system allows you to:
- Maintain sufficient liquidity to balance it with the current liabilities
- Eliminate the manual, standardized, repetitive processes
- Reconcile your bank accounts and close the accounts accurately and rapidly
- Take quick decisions on cash allocations
- Have sufficient internal controls for the business’s benefit
NetSuite cloud accounting facilitates a single point of storage of all financial information
How do you feel when all your financial data is spread over multiple pages in different formats and with no linkages? Confused, right?
But with the NetSuite cloud accounting solution, you have it all in one place. You can give access to your accounting team as per their roles and responsibilities.
So, you know where to look whenever you need any financial information. You can also generate up-to-date reports and draw insights efficiently. And automation of manual, repetitive tasks ensures you close your accounts on time, accurately, and efficiently.
The system matches open invoices with customers’ payments to alert you when payments are due. Thus, you can avoid delays and keep your accounts up-to-date. With the import of banking data into the system, you do not miss any transactions and can monitor discrepancies.
NetSuite cloud accounting system prepares consolidated financial statements, generates reports, and ensures compliance with relevant accounting standards. You can prepare a customized checklist on the system to close your accounts in proper order to reduce errors or miss a procedure. Thus, your account closing becomes an efficient process, improving the productivity of the accounts team.
Handle local and global taxes of different types with the NetSuite cloud accounting system
NetSuite accounting makes your global tax management an easy and smooth process. You can:
- Assess each of your transactions to line-item tax details
- Generate detailed tax reports
- Calculate taxes automatically on every transaction
- View updated and historical tax rates for 110 countries
Thus, you can ensure accurate tax calculations for all your transactions and international compliance with tax standards. The NetSuite accounting solution’s detailed, insightful tax reports make your submission smoother. Thus, you can pass through your tax audits easily.
The system manages accurate tax calculations for goods and services traveling across borders with applicable local and global rules. This is possible due to the built-in logic in NetSuite accounting that also validates your suppliers’ and customers’ VAT registration numbers.
The tax calculations on the NetSuite accounting system also reflect on your invoices, making it comprehensive. Such details are suitable for your audits, making auditing a smooth process.
You can also generate summarized and detailed reports on your tax position based on subsidiary or geography. These reports enhance your tax reporting. You can also create customized reports for deeper analysis.
What is Cloudiotech’s role?
Thus, NetSuite cloud accounting comes with all these features and benefits for your business. It ensures:
- Data transparency
- Real-time visibility
- Automated accounting processes
- Efficient financial and accounting transactions
- Accurate and timely forecasts
- Secured data
- Easy accessibility based on permissions
NetSuite cloud accounting software allows you to streamline your accounting processes. And Cloudiotech helps you realize these benefits by offering NetSuite solutions and services. Our spectrum of services includes NetSuite Implementation, NetSuite Customization, integration, optimization, and NetSuite training.
Cloudiotech is a top-notch provider of NetSuite Consultants in the US and UAE. Our NetSuite consultants customize the solutions as per the client’s business needs to ensure maximum benefits. Our industry expertise and experience help manage your customizations and integrations for successful implementation.
Make a move to NetSuite cloud accounting to increase your business efficiency.
Get a free demo from the Cloudiotech team.