Fast growing companies with international foot prints often face problems when it comes to financial management. Understanding local laws alongside tax implications, trading laws and compliance are central function for any successful international business. Tax compliance is perhaps the most crucial aspect of international business. Accounting can be a great challenge to multinational businesses that are liable for corporation tax abroad. Furthermore, different tax systems, rates, and compliance requirements can make the accounting function of a multinational organization significantly challenging. NetSuite for Financial Management offers streamlined and auditable revenue management while delivering a complete real-time visibility into the financial performance of the business.
NetSuite Accounting Software enables businesses to consolidate both at the subsidiary and parent entity level in an effortless manner. With unprecedented “close to disclose” capabilities, NetSuite accelerates close time, maximizes transparency while ensuring compliance. As a leading trueSaaS, cloud-based financial management solution, NetSuite delivers unparalleled real-time visibility to your business worldwide, ensuring consistent and compliant management across the organization, locally and globally. With multi-language reporting capabilities, NetSuite seamlessly bridges communication barriers, allowing businesses to run their entire entity structure with ease.
With comprehensive business management capabilities, NetSuite cloud business management suite helps in streamlining operations across your entire organization while delivering real-time visibility you need to make better, faster decisions.
Key Capabilities of NetSuite Financial Management & Accounting Solution
Audit & Compliance Reporting – NetSuite not only streamlines documentation of your IT systems, resources, risks and controls while defining and managing periodic risk assessments, accumulating incidents, analyzing and managing business continuity but also offers additional insight with the reports, KPI’s and dashboards. NetSuite supports audit files formats for SAF-T (all OECD countries), GDPdU (Germany), IAF for Singapore and many more. With always-on audit trail, access logs for both external and tax auditors and full drill-down from summary tax forms and reports, NetSuite reduces audit risks while enabling you to efficiently handle regularly changing tax rates and laws.
With global support for both internationalization and localization, NetSuite delivers multiple accounting books, multiple fiscal and tax calendars, localized tax calculations and reporting, & local format Income Statement and Balance Sheet to comply with accounting standard like US GAAP and IFRS. NetSuite enables standardized workflow across all international operations with tax calculation occurring as part of standard business processes.
Multi-Language Support – NetSuite supports 27 languages, enabling your employees to select their language of choice. With a multi-language user-interface, NetSuite eliminates communication barrier allowing businesses to run their entire entity structure with ease.
Multi-Currency Management – With support for 190+ currencies and exchange rates, NetSuite enables you to do business with both customers and vendors globally. NetSuite, further, supports a wide variety of payment options with real-time currency conversion and financial consolidation for all your global operations. By restating currencies and consolidating financial reporting across business units, you can easily manage international business.
Configurable Tax Engine – Built-in tax engine in NetSuite enables you to configure tax codes for over 50 countries. NetSuite automates calculation of Canadian HST, Mexican IVA, German Mwst, Philippines VAT, Australian GST and more with indirect tax engines. NetSuite, further, supports cross border sales and Intrastat reporting across all 27 EU countries, including online capabilities for many countries.
Real-time Financial Insights – NetSuite enables you to securely access financial reports from anywhere using a web browser or mobile device. You can customize financial reports to see specific types of GL accounts, transaction fields or even custom field values as they are recorded on transactions. Furthermore, the report layouts can also be tailored for a different presentation formats or formatted to highlight critical data.
Financial Planning – NetSuite offers advanced modeling capabilities, approval workflows and reporting within one collaborative scalable solution. With powerful calculation engine, you can instantly perform financial planning analysis and reporting. You can create a model of your organization’s capital expenses and provide an effective way to decision-makers and managers to communicate throughout the request, justification, review, and approval process.
Finance & Accounting – With core capabilities across General Ledger, Accounts Receivable, Accounts Payable, Tax Management, Fixed Assets Management, Cash Management, & Payment Management, NetSuite enables you to close financials quickly with confidence. Core finance and accounting functions of NetSuite ensures strong compliance management that will help in improving business performance while reducing back-office costs. NetSuite complies with multiple regulatory financial compliance requirements such as ASC 606, GAAP, SOX and others.
Payment Processing – You can pay vendor bills and employee expenses across the globe directly from NetSuite. You can also take payments directly from customers. With electronic payments, NetSuite puts the payments or direct debits into each bank’s predefined file format ready to import into banking software or submit to the bank online, thus lowering payment processing expenses by eliminating checks, postage and envelopes and saving time too.
Billing Management – With unified billing framework, NetSuite supports transaction, subscription, usage-based and any hybrid model, managing revenue accurately and in accordance with the latest revenue recognition standards. With support for different monetization models, NetSuite ensures that customers remain innovative and profitable in today’s marketplace.
Revenue Recognition – NetSuite enables companies to comply with accounting standards such as ASC 605, 606 and IFRS 15. With NetSuite, you can automate revenue forecasting, allocation, recognition, reclassification, and auditing using rule-based event handling framework. With revenue recognition capabilities, you schedule, calculate and present revenue on your financial statements accurately. Leveraging Multi-Book Accounting engine of NetSuite, you can record and post revenue-related activity to all books concurrently.
Recurring Revenue Management – With NetSuite, you can seamlessly offer the subscription you want based on the type of rates and duration needed. With subscription renewal intelligence, NetSuite schedules renewals automatically or also enables you to set reminders in advance to pursue upsell and cross-sell opportunities. Powerful Billing Logic of NetSuite automatically generates and dispatches invoices at recurring intervals on time.
Budgeting & Forecasting – Oracle NetSuite Planning and Budgeting enables you to facilitate both company-wide and departmental financial planning with modeling capabilities, approval workflows and reporting. By using powerful calculation engine with range of business logic, you can instantly perform financial planning analysis and reporting. NetSuite follows friendly, structured set of processes to manage travel and expense plans, helping you to implement plans by using built-in intelligence and analytic power.
Predictive Planning – With Predictive Planning, NetSuite allows users to optimize planning and forecasting estimates with a rigorous, pre-built statistical modeling engine. You can easily collect historical data, match it to industry standard statistical models and generate a dashboard, offering predictions for future results and enabling users to apply predicted values directly into their plan or forecast.
Fixed Asset – You can maintain and control the complete lifecycle across depreciating or non-depreciating assets with NetSuite. NetSuite offers core capabilities for creation to depreciation, revaluation and disposal including support for international markets. Furthermore, NetSuite also supports detailed asset management, including maintenance schedules and insurance, while providing tight accounting integration so that your fixed asset information is always accurate.
The Bottom Line
In the aggressive marketing landscape with stringent local accounting regulations and evolving customer needs, NetSuite enables you to efficiently manage change and complexity while streamlining your operations. As a single, cloud-based, powerful application, NetSuite proactively balances risk and opportunity across business processes. With real-time visibility into your business, NetSuite provides a clear view into every level of business performance, from summary to detail, through comprehensive financial and operational role-based dashboards and real-time reports. As a complete cloud based financial management application for global businesses, NetSuite enables businesses to adjust currency, language, taxation and legal compliance differences at the local level, alongside regional and global business consolidation and roll-up. By delivering real-time visibility into all aspects of business, NetSuite ensures consistent and compliant management both locally and globally. So, if you are growing globally, then NetSuite is a perfect solution for your business.