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.
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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. Key business benefits include:
ARM automates the scheduling and recognition of revenue based on predefined rules, significantly reducing manual efforts and minimizing errors. This streamlining allows accounting teams to focus on exceptions and strategic tasks rather than routine data entry.
The module seamlessly integrates with Multi-Book Accounting, enabling compliance with various accounting standards such as ASC 606 and IFRS 15. This ensures that businesses can manage and report revenue accurately across multiple jurisdictions.
ARM provides real-time visibility into revenue impacts and forecasts, dynamically updating based on actual postings. This capability allows businesses to maintain an up-to-date picture of their expected revenue, enhancing financial planning and decision-making.
By allowing for flexible forecasting and scenario modeling, ARM enables businesses to refine their revenue projections based on real-time events. This leads to more accurate forecasts and better financial management.
Automating the posting of revenue transactions to the general ledger accelerates the month-end close process, ensuring timely and accurate financial reporting. This efficiency reduces the time and effort required to close the books each period.
The module provides robust tools for managing revenue policies, recognizing multiple performance obligations, and handling complex allocations. This enhances control over revenue management and ensures accurate and compliant financial reporting.
Exception Management: Easily manage exceptions by holding revenue, updating revenue recognition schedules, or making other changes as needed. This automation reduces manual intervention and ensures compliance with revenue policies.
Automated Planning: Schedule revenue to be recognized in the appropriate period based on predefined rules. Reusable revenue rules govern the creation and commencement of revenue plans associated with sales transactions, ensuring consistent application of revenue policies.
Support for Multi-Currency Transactions: Ensure that fluctuations in exchange rates are appropriately accounted for in each period, maintaining accurate financial records across different currencies.
Automatic Balance Adjustments: Adjust contract liability (deferred revenue) and contract asset balances automatically based on real-time billings and revenue data, ensuring accurate balance sheet accounts.
General Ledger Integration: Automatically post revenue transactions to the general ledger from revenue plans on a schedule that suits your business needs. This integration provides real-time updates and maintains the accuracy of financial records.
Flexible Forecasting: Accommodate revenue projection updates based on real-time business events, such as project plan updates or planned revenue withholding, ensuring accurate and timely financial forecasting.
Flexible Revenue Contracts: Create agile and accurate views of revenue contracts with configurable revenue schedules. Revenue arrangements act as containers for revenue elements, which can be managed individually or grouped to represent complex contracts accurately.
Scenario Modeling: Perform scenario modeling with multiple dimensions, such as location, product, customer, and expense. This capability helps in understanding the impact of various factors on financial outcomes.
Dynamic Standalone Selling Price (SSP): Define SSPs as constants or dynamic formulas based on information within other revenue elements. This flexibility ensures accurate revenue allocation in compliance with ASC 606/IFRS 15 standards.
Powerful Allocation Calculator: Leverage SSPs to automatically allocate arrangement consideration across all elements within the arrangement, ensuring systematic compliance with accounting standards.
Support for Various Recognition Methods: Recognize revenue over time based on output (e.g., units produced, hours delivered) or input (e.g., resources consumed, costs incurred). This flexibility supports diverse industry requirements.
Event-Driven Revenue Plans: Align revenue recognition with event triggers, such as item fulfillment, billing, or project initiation. This ensures that revenue is recognized accurately based on actual business events.
A NetSuite consultant plays a crucial role in helping businesses optimize their use of NetSuite software. They assess a company's business processes and needs to tailor the NetSuite system accordingly. This includes system configuration, customization, and integration with other tools and systems. The consultant also provides training and support to ensure smooth adoption and ongoing use of the system. Their expertise is vital in ensuring that the ERP system aligns with the business's strategic goals, thereby improving efficiency and productivity.
The cost of a NetSuite consultant can vary based on factors like experience, geographic location, and the complexity of the project. Rates can range from hourly fees for short-term projects to fixed prices for more extensive implementations or ongoing support. It's advisable to get quotes from several consultants or consulting firms to find a service that fits your budget and meets your specific business requirements.
To become a NetSuite technical consultant, one typically needs a combination of education, such as a degree in IT or a related field, and practical experience with ERP systems, particularly NetSuite. Gaining certifications in NetSuite can be highly beneficial. This career path also requires staying updated on the latest NetSuite features and industry best practices. Developing a deep understanding of business processes and how they integrate with NetSuite functionality is key.
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Obtaining NetSuite certification can be valuable, especially for professionals seeking to establish or advance their careers in ERP system administration, development, or consulting. Certification demonstrates a recognized level of expertise and knowledge in NetSuite, which can enhance job prospects, credibility, and potentially lead to higher earnings.
NetSuite is best for companies in industries that require a robust ERP system, such as manufacturing, wholesale distribution, and ecommerce. It is also well-suited for companies that are doing business in multiple countries.
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NetSuite professional services are a suite of services that help businesses get more out of their investment in the NetSuite software. Our team of experts can help with everything from project planning and solution design to deployment and support. We have the experience and expertise to help you make the most out of your NetSuite system.
The list of services included in our professional offering varies depending on your specific needs, but typically includes project planning, solution design, deployment, configuration, training, support, and ongoing managed services.
One of the main benefits of partnering NetSuite professional services provider like CEBA Solutions is that our team can work with you to map your current business processes and find areas where NetSuite can help improve efficiency or automation. We can also review your current configuration and settings to identify any areas where you could be getting more out of the system.
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NetSuite Managed Services provide ongoing support and maintenance for businesses using NetSuite. These services include system monitoring, user support, troubleshooting, customization, and optimization to ensure that NetSuite is functioning at its best and meeting the needs of the business.
NetSuite's inventory management system provides real-time visibility and control over inventory levels, tracking, and supply chain operations. This allows businesses to optimize inventory levels, reduce stockouts, and improve supply chain efficiency.
An Enterprise Resource Planning (ERP) system is a software solution that integrates various business processes and operations into a unified system. This includes functions such as finance, accounting, inventory management, human resources, and more.
NetSuite consultancy services provide expert guidance and support for businesses using NetSuite. This includes implementation and customization of the system, training and support for users, and ongoing optimization to ensure that NetSuite is meeting the specific needs of the business.
NetSuite is a cloud-based software solution that provides a comprehensive suite of business management tools, including financial management, inventory management, supply chain operations, customer relationship management (CRM), and more.
NetSuite provides a unified management system that integrates various business processes and operations into a single system. This allows for streamlined operations, real-time visibility, and improved efficiency.
An ERP vendor is a company that provides Enterprise Resource Planning (ERP) systems, such as NetSuite, to businesses. These vendors provide software solutions, implementation and customization services, ongoing support and maintenance, and other services to ensure that the ERP system is meeting the needs of the business.
