Table of Contents
- 1 NetSuite for Financial Services Features
Summary: This write-up talks about the core capabilities of NetSuite for financial services and how this inventively engineered solution can help FinTechs solve their biggest technology challenges, grow with scalability, and drive more innovation to their core operations for error-free deliveries.
FinTechs or financial services firm that continues running their core operations on custom homegrown systems, disparate applications, and basic solutions like QuickBooks may find themselves lagging and struggling to keep pace with the advancing business landscape.
By choosing NetSuite for financial services and connecting with an ORACLE Channel Partner to further extend the NetSuite ERP’s capabilities, fintechs can avail of a unified platform that runs their end-to-end operations without a hitch.
For the most part, NetSuite for FinTechs automates core processes, reduces their dependency on new hires or manual entries, and helps navigate business complexities of this dynamically evolving industry.
NetSuite for Financial Services Features
Financial Management
FinTechs can avail of a comprehensive Finance and Accounting by leveraging NetSuite ERP.
- Full, 360-degreee visibility into your integrated financials with prebuilt, accounting-intelligent capabilities.
- Secure and reliable E-payments processing from your customers.
- Tracking, management, and reporting of the book value and depreciation of your company’s fixed assets.
- Financial closure with confidence; quick and accurate reporting of financials.
- Proper security, compliance support, and complete audit trail visibility.
- Configuration and monitoring of business processes and workflows.
- Quick visibility into financial performance with pre-built or customized reports.
Budegting and Forecasting
You can model and evaluate unlimited “what if” business scenarios between actuals and projections and update forecasts as required.
- 12-month forecasts and analysist of variance between actuals versus project results.
- Creation and consolidation of driver-based plans with customized data entry sheets and allocation methods.
- Self-service and easy-to-use reporting across the entire organization.
Revenue Management
- Automated revenue recognition with financially intelligent capabilities
- Reporting results in accordance with accounting standards.
- Automatic generation and dispatching of invoices at recurring intervals.
- Scheduled and automatice renewals to pursue upsell and cross-sell opportunities.
Procurement
Business in the financial service or fintechs can optimize company savings with Better Spend Management offered under NetSuite ERP.
- Request approval to procure goods and services instantly.
- Optimized procurement for recurring requirements with negotiated terms, tiered pricing, and pre-specified delivery schedules.
- Compliance enforcement with purchasing thresholds and guidelines.
- Automated procurement process for goods and services— from acquisition through payment.
- E-payments through a variety of credit and debit card types and other e-forms of payment for online payment processing needs.
- Budget and spend controls to stay compliant with policies.
- Maximized accuracy and timeliness of your timesheet and expense processes.
- Real-time visibility into the spending trends.
Global Business Management
FinTechs with global operations can leverage NetSuite for Financial Services to adjust for currency, taxation, and legal compliance differences at the local level, with regional and global business consolidation.
- Visibility into multinational organization, including forecasts and campaigns.
- Inventory management and fulfillment across multiple locations.
- Multi-store or multi-country or multi-site e-commerce with country-specific web stores and websites managed from a single NetSuite account.
Why FinTechs are relying on NetSuite to Solve Technology Challenges?
FinTechs or financial services firms or ‘finservs’ comprise insurance companies, mortgage lenders, financial institutions, credit unions, and other companies. These businesses often find it challenging to access data, keep sensitive or confidential information secure, comply with governmental regulations, drive advantage from next-generation technology, and capitalize on trending business opportunities.
In most cases, on-premises, homegrown technology systems, or basic ERP solutions like QuickBooks are some of the unsustainable approaches for growing financial services operations. More often, disintegrated or disparate solutions for every operation create more manual work, eventually resulting in errors and delays.
FinTechs are turning to automation to tackle the complexities and challenges of their evolving industry to better meet their customers’ changing demands.
Oracle NetSuite and its Channel Partner, inoday, help improve fintechs’ operations in four key ways.
Elimination of Manual Work and Errors
We understand that lack of automation, inefficient processes, maintaining legacy systems, creating spreadsheets for data sharing, and running a growing company on disparate, unintegrated systems costly. Additionally, it leaves the firm or a fintech at a competitive disadvantage.
Automation with NetSuite for Financial Services saves more time and let the team members have for hours for more important projects. This is a key win for fintechs that are scaling up to meet customer demand. Those may include invoice, receipt, bank reconciliation, lender payoff, bill payments, bills for additional services, payments to title companies, and more.
Multiple Subsidiaries Management
NetSuite helps FinTechs with multiple legal entities under their corporate umbrella manage intercompany transactions, accounting entries, and enables to meet other financial management needs.
Here, we further extend the ERP’s capabilities by automating all of those transactions according to our customers’ business type, size, and needs.
High Levels of Data Security
By centralizing the core operations around managing high volumes of sensitive data, complying with regulatory requirements—both local and global, and meeting data securtiy expectations within NetSuite, we help these companies make the best of a highly secure platform.
Morever, automatic update twice a year helps finservs stay on top of constantly evolving global regulatory and compliance changes.
Why inoday?
At inoday, and official and #1 ORACLE NetSuite Channel Partner, fintechs and CFOs can connect to our CERTIFIED NetSuite Consultants to comprehend the key challenges, avail of the right, custom-made business management software solutions, and drive scalability like never before.
We leverage our 17+ years in driving Digital Transformation via Cloud Computing Solutions and let businesses make the most of technology enhancements to better manage key processes. Particularly, when it comes to finance, it gets critical and tedious to manage data; errors can lead to irreplaceable loss to the organization. Hence, leveraging expertise and expertise is one of the preferred choices of modern-day CFOs and we are committed to deliver it, without compromising at any level.
FAQs
Is NetSuite a finance system?
NetSuite financial management solutions are engineered to automate core finance and accounting processes. It delivers actionable insights into the business performance and helps reduce the risk of reporting errors. With NetSuite, you can have a greater control of your financial assets.
Do accountants use NetSuite?
NetSuite provides accounting firms outstanding opportunities to adapt to a technology practice. For the most part, this practice combines a proven track record in financial management with the world’s #1 cloud financials or most widely deployed ERP platform globally.
Is NetSuite a Fintech?
NetSuite is an ERP System that takes Fintech businesses beyond conventional or traditional financial management. This cloud-based business management software solution offers a single suite of applications that connects core business operations.
For more details, write to us at info@inoday.com Or Schedule A Demo
