Table of Contents
NetSuite Accounting is known as an extensively orchestrated, comprehensive bid-to-bill solution that automates project tracking, time and expenses, resources, and revenue recognition. This inventive cloud-based ERP solution renders complete visibility into current project status and completion percentage. Business leaders can avail of forecasts and budgets and billing milestones in real-time.
Highlights
- Automatic update as the project progresses
- Accurate invoice generation to the customers at the right time
- Accurate record of all project time and expenses utilization
- Minimized revenue leakage
With NetSuite ERP, project accounting processes are fully integrated with accounting and PSA. This readily eliminates the back-and-forth exchange of information and the redundancy of manual data inputs. This way, business leaders leveraging NetSuite Accounting can directly access A/R data for timely, accurate billing. Moreover, with a unified source of data, payments are less likely to get delayed, which helps improve cash flow and ensure customer satisfaction.
Key Features
General Ledger
Accounting professionals can grab flexibility and visibility, richer reporting functionality, enhanced audit trails, and the ability to customize account types, transactions, and reporting segments.
Cash Management
Your Finance team can come across optimized cash flows, monitor bank accounts, manage liquidity, and make well-informed decisions.
Accounts Receivable
NetSuite A/R helps businesses automate and streamline every aspect of invoice delivery, payment processing, and collections management. With NetSuite Accounting, you can increase liquidity to fund growth, minimize the credit-to-cash cycle, improve service levels, and seize new investment opportunities.
Accounts Payable
You can save time and drive high operational efficiency by automating your accounts payable processes. It comes with early payment discounts to avoid late fees. Automated Review and Approval Workflows help you stay compliant with internal policies and avoid payment fraud.
Tax Management
By leveraging this Project Accounting and Lifecycle Management Tool, you can manage local and global tax through one simple and integrated solution. You can analyze transactions down to line-item tax details in real-time via automated reports. NetSuite handles local taxes across subsidiaries and allows for multiple tax schedules for everything from GST to VAT, consumption tax, and general sales tax.
Fixed Assets Management
Business leaders can manage and control the complete lifecycle of depreciating and non-depreciating assets. NetSuite enables you to overcome the challenges of tracking assets around multiple facilities with a fully integrated accounting solution.
Payment Management
NetSuite bank payments and payment processing solutions offer inventive tools to increase collections and real-time financial data insights that help track and reduce days’ sales outstanding.
Additionally, NetSuite’s Advanced Revenue Management feature handles complex revenue allocations. Revenue managers can create custom roles as per schedule, contract, or requirements of each unique project. This helps ensure that project revenue is recognized accurately and in compliance with current accounting standards in India.
On a conclusive note,
NetSuite grows with the growth of the company and with the approach that helps you better understand the industry. Business leaders need to make sure their organization is well-planned to steer higher operational efficiency that would be target-driven.
Renowned as the #1 NetSuite Channel Partner in India, we deliver industry expertise to do away with operational bottlenecks. We believe in rendering uncompromised solutions and ensuring our clientele grabs the best-suited application to take a competitive lead.
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