Industries

NetSuite for Financials First: Business Benefits

NetSuite provides an integrated, cloud-based solution tailored to meet the needs of companies prioritizing financial management. By leveraging NetSuite, businesses can enhance their financial operations, improve accuracy, and gain real-time insights into their financial health.

NetSuite for Financials First: Business Benefits

Business Process Automation

Automate key financial processes such as invoicing, accounts payable and receivable, and financial consolidation, reducing manual effort and increasing operational efficiency.

General Ledger

Manage a comprehensive and customizable general ledger that supports complex financial management and reporting needs.

Financial Planning and Analysis (FP&A)

Utilize powerful tools for budgeting, forecasting, and financial analysis, supporting informed decision-making and strategic planning.

Revenue Recognition

Handle complex revenue recognition scenarios, ensuring compliance with accounting standards such as ASC 606 and IFRS 15, and improving financial accuracy.

Multi-Currency and Multi-Subsidiary Management

Support global operations with multi-currency transactions and consolidated financial reporting for multiple subsidiaries.

Advanced Reporting and Analytics

Generate detailed financial reports and dashboards to monitor performance, track key performance indicators (KPIs), and support data-driven decision-making.

Key Features of NetSuite for Financials First

Streamline Financial Operations with Robust Accounting, Real-Time Reporting, and Strategic Planning Tools

Advanced Planning and Scheduling

Finite and Infinite Capacity Scheduling: Utilize both finite and infinite capacity scheduling with user-definable constraints to optimize resource utilization and production flow. This flexibility helps in managing complex production schedules effectively.

Dynamic Schedule Codes: Implement dynamic scheduling codes to accommodate changing production demands and ensure timely order fulfillment.

Comprehensive Manufacturing Workbench

Enhanced Operations Routings: Define detailed operations routings, including setup and run times, labor requirements, and work instructions. This comprehensive setup ensures accurate and efficient production planning.

Configurable Work Order Completion Logic: Customize work order completion logic to fit specific manufacturing processes, ensuring accurate tracking and reporting of production activities.

Manufacturing Execution Syste

Real-Time MES Reporting: Leverage integrated bar code scanning and wireless tablet functionality for real-time reporting of work order completions, material issuance, downtime, and labor/machine hours. This enhances operational visibility and control.

Mobile Capability: Support for mobile devices allows for real-time data entry and access on the shop floor, improving responsiveness and efficiency.

Variance Management

Actual vs. Standard Comparison: Compare actual production costs and times against standard values to identify variances and areas for improvement. This helps in maintaining cost control and optimizing production processes.

Detailed Analysis: Conduct detailed analysis of production performance and make data-driven decisions to enhance manufacturing efficiency.

Batch and Process Manufacturing Support

Recipe/Formulation Management: Manage batch or process manufacturing with enhanced workbench records, including alternate assets, detailed work instructions, and FIFO material issuance for raw and bulk lot controlled items.

Full Lot Traceability: Ensure full lot traceability with automatic batch lot IDs and enhanced material issuance control, supporting compliance and quality assurance.

Integrated Plant to Enterprise (P2E)

Unified Manufacturing Data: Integrate plant-level manufacturing data with enterprise-level business processes, ensuring a single version of the truth and consistent information across the organization.

Comprehensive Reporting and Intelligence: Access manufacturing information and intelligence in real-time, providing insights into production performance and supporting strategic decision-making.

Multi-Currency and Balance Sheet Management

NetSuite Advanced Revenue Management (ARM) simplifies the complexities of revenue recognition and management, ensuring compliance with evolving accounting standards while providing real-time revenue insights. By automating revenue policy and managing multiple performance obligations, ARM allows businesses to streamline their revenue processes, enhance accuracy, and focus on strategic financial analysis.

Automated Data Capture and Reporting

NetSuite Business Intelligence (BI) modules provide comprehensive tools for capturing, analyzing, and visualizing data, empowering businesses to make informed decisions and drive performance improvements. By seamlessly integrating with NetSuite’s suite of applications, these BI modules offer a holistic view of business operations, helping organizations optimize strategies and achieve better outcomes.

Comprehensive Reporting and Analysis

NetSuite Multi-Book Accounting provides a robust solution for managing multiple sets of financial books in parallel, ensuring compliance with various accounting standards and improving the efficiency of financial reporting. This module allows businesses to optimize their financial close processes, enhance visibility into financial performance, and maintain compliance with ever-changing accounting rules and tax laws.

Advanced AI and Machine Learning Capabilities

NetSuite Analytics Warehouse is a sophisticated cloud-based data warehouse and analytics system tailored for NetSuite customers. It consolidates data from multiple sources, providing a unified platform for deeper insights and enhanced decision-making. By integrating with NetSuite and other business systems, the module leverages advanced analytics and AI capabilities to transform data into actionable intelligence.

Demand Forecasting

NetSuite Planning and Budgeting provides a powerful, easy-to-use solution designed to streamline and enhance the planning and budgeting process for organizations of all sizes. By integrating directly with NetSuite’s financial data, this module facilitates comprehensive planning and forecasting, allowing for both company-wide and departmental collaboration.

Intercompany Accounting and Consolidation

NetSuite OneWorld is a comprehensive solution designed to manage global businesses with multiple subsidiaries, business units, and legal entities. This module offers a single, unified platform that provides real-time financial and operational visibility, streamlines processes, and ensures compliance with local and international regulations.

Resource Management

The NetSuite Professional Services Automation (PSA) module is designed to enhance the efficiency and effectiveness of professional services organizations. By integrating project management, resource management, and financial management into one platform, this module ensures that projects are delivered on time and within budget.

Automated Rating Engine

NetSuite Subscription Management, a core component of SuiteBilling, provides businesses with comprehensive tools to efficiently manage and optimize their subscription services. As the economy shifts towards subscription-based models, having a robust system to handle the complexities of billing, pricing, and customer management becomes essential. NetSuite’s solution automates billing processes, supports multiple pricing models, and offers real-time visibility into financial activities, enabling businesses to streamline operations, enhance customer satisfaction, and drive revenue growth.

Key Features of NetSuite for Financials First

Streamline Financial Operations with Robust Accounting, Real-Time Reporting, and Strategic Planning Tools

Business Process Automation

Automate key financial processes such as invoicing, accounts payable and receivable, and financial consolidation, reducing manual effort and increasing operational efficiency.

General Ledger

Manage a comprehensive and customizable general ledger that supports complex financial management and reporting needs.

Financial Planning and Analysis (FP&A)

Utilize powerful tools for budgeting, forecasting, and financial analysis, supporting informed decision-making and strategic planning.

Revenue Recognition

Handle complex revenue recognition scenarios, ensuring compliance with accounting standards such as ASC 606 and IFRS 15, and improving financial accuracy.

Multi-Currency and Multi-Subsidiary Management

Support global operations with multi-currency transactions and consolidated financial reporting for multiple subsidiaries.

Advanced Reporting and Analytics

Generate detailed financial reports and dashboards to monitor performance, track key performance indicators (KPIs), and support data-driven decision-making.

Project Management

Flexible Pricing Models

Automated Accounting Rule-Driven Engine

Order Sourcing and Allocation

Revenue Policy Automation

Assembly Item Definition

Work Center Management

Receiving and Inbound Logistics

Inspections

Task and Milestone Management:

Project Management

Demand Planning and Forecasting

Order Processing Automation

Workforce Planning

Global Business Management

Budget Management and Reporting

Comprehensive Data Integration

Demand-Based Inventory Replenishment

Complete Asset Lifecycle Management

Unified Ecommerce Platform

Item Setup

Sales Force Automation

Comprehensive Data Integration

Advanced Planning and Scheduling

Requisition Management

Project Costing

Client Success

Click the Logo to download the Case Studies

Sabbel Foods NetSuite Implementation Story

Boosted Boards NetSuite Implementation Story

Kasa Living NetSuite Implementation Story

PGM of Texas NetSuite Implementation Story

SWIR Vision Systems NetSuite Implementation Story

Latest Blog

5 Min Read

NetSuite Implementation Checklist: Key Steps for a Smooth Transition

Ensure a smooth transition with our NetSuite implementation checklist, covering key steps for successful ERP system integration and project management.

September 30, 2024