Service organizations seeking operational transformation across Revenue Management and extension of competitive advantage can leverage the core capabilities of NetSuite ERP solutions. Business leaders can witness seamless integration of multi-book accounting with accounts for a single transaction under multiple standards.
SPOTLIGHT
NetSuite introduced new features across profitability and revenue management for the Financial Year 2021. This would help accelerate growth and steer high-profit margins through improvements to project profitability, resource management, revenue management, and revenue recognition.
Highlighting Features
- Automated
Planning
- Multi-currency Support
- Revenue Policy Automation
- Real-time Financials
- Agile Forecasting
- Balance Sheet Management
- Automated Revenue Recording
- Allocation Calculator
- Book-specific Financial Reporting
New and Advanced Reporting
With the deployment of NetSuite’s Advanced Project Profitability Reporting, you can avail of more control and visibility across all the crucial revenue-related operations. This functionality is more flexible than ever before and translates into improved margins ultimately.
Business leaders leveraging this elemental functionality driven by technology enhancement can drive substantial benefits from greater insights into project profitability through a new and improved user experience. Also, the Finance teams can include Sales Orders as future revenue in the Advanced Profitability Report with this new functionality. In particular, the financial team can come across greater flexibility and more complete planning for future revenue and earnings.
Simplified Revenue Recognition
By leveraging the core capabilities of NetSuite Advanced Revenue Management, users can reclassify deferred revenue. Also, they can create revenue recognition journal entries more easily now. Moreover, this cloud-native ERP solution enables business leaders to apply easier search capabilities for fair value price items to ensure compliance with new revenue recognition regulations.
Streamlined Revenue Operations
As NetSuite functions on a common data model with all modules, features, and functions built together, business leaders can be in the best position to benefit from streamlining.
For instance, organizations made notable business benefits via Charge-Based Billing for Time-Based Rules.
On selecting ‘Resources’ on a Rate Basis, information indicated on the Project Tasks transfes to the source. In particular, this helps streamline the experience and mitigates the chance of data entry errors as well.
User-friendly Timesheets
NetSuite has extended further to refine and improve upon Weekly Timesheets. With the deployment of advanced profitability reporting, users can grab an extensively advanced, modern, and a user-friendly interface. This improved functionality helps streamline an already elegant process that allows for mass approval or rejection of time entries pending approval.
Being the world’s most widely deployed cloud-based business management solution; NetSuite keeps on raising the bar to save time and effort. It readily helps thriving businesses convert that into lower costs and improved margins.
Additionally, connecting to a certified NetSuite Partner in India can let you unveil more growth opportunities and take a competitive lead within a stipulated time.
Serving in cloud computing solutions for more than a decade, inoday has won accolades for exemplary services, willingness to respond, and industry-specific expertise to do away with operational bottlenecks. We remained committed to our associates and ensured business continuity amid the precarious COVID-19 pandemic situation.
Being an accredited 5-star rating NetSuite Partner, we would assist you in executing your business vision efficiently and driving unrivalled scalability.
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