Accounting of businesses started with paper-based processes, followed by the use of spreadsheets. But as technology advanced, companies started using accounting software. And since a few years, cloud accounting solutions have ensured accurate and speedy accounting for businesses. In this article, we will look at the NetSuite cloud accounting advantages.
The benefits are in terms of high performance, more efficiency, and data security. Moreover, automated accounting processes ensure accuracy, compliance, and access to data from anywhere and at any time. NetSuite accounting is one of the best software to give you these benefits that address all your accounting needs.
Oracle’s cloud-based NetSuite ERP accounting software is a premium offering for accounting procedures. It streamlines your accounting processes and activities, ensuring efficiency and effectiveness. With real-time visibility of your financial numbers, you know where you are headed to.
Improve your invoicing, credit, and collection process with the NetSuite cloud accounting solution
The solution facilitates real-time visibility of the accounts receivables’ status for any customer or transaction. You can also link multiple payment options with your accounts receivable process to speed up collection. Moreover, the dashboards and reports give you detailed insights.
Thus, with all these features, the NetSuite accounting solution helps your accounting and finance department to become efficient. Your payment collections improve, tax compliance is guaranteed, and accurate financial statements are generated on time.
NetSuite cloud accounting platform aids in avoiding late fees and benefitting from early payment discounts
The accounts payable features of NetSuite accounting include the following:
With NetSuite cloud accounting software, you can have complete visibility of your accounts payable anywhere and at any time. Also, automation of invoice creation, approval, payment, and reconciliation processes improves your department’s productivity.
Manage all kinds of offline and online payment transactions with NetSuite cloud accounting
The NetSuite cloud accounting software helps you receive and make payments through several methods. It supports credit cards, debit cards, payment gateways, and other payment service options for customers. Thus, customers have the convenience and flexibility of different payment methods.
You can also pay bills online, make deposits, transfer funds electronically, and ensure ACH payments. All these features give you real-time visibility of the cash flow. It also helps you with making informed decisions on cash management.
You have an alert feature in the NetSuite cloud accounting system to generate alerts on the payment of invoices. The system raises alerts for early payment of invoices to benefit from early-payment discount options. With an alert system, you remain undistracted from suppliers’ calls, improving your relationships with them.
These payment methods ensure that you are accurate and fast in your transactions. With no paper to track and calculate, you reduce the chances of manual errors and duplicate data entry. You also reduce the possibilities of payment delays, thereby improving cash flow.
The NetSuite cloud accounting solution’s multiformat, multicurrency, and multilanguage capabilities make your global businesses’ accounting processes more uncomplicated. With more payment flexibility and reduced processing costs, your customers are happier. Thus, the reliability of payment transactions is higher, leading to faster trust development.
Thus, the following processes for your business are sorted due to NetSuite cloud accounting software:
NetSuite cloud accounting has advanced general ledger capabilities resulting in more visibility, customization, and richer reporting
The best part of NetSuite cloud accounting system is the automation of standard, repetitive tasks and the creation of consolidated financial statements. Automation allows you to record financial transactions correctly, produce insightful reports, and reconcile your accounts. These benefits are possible due to the following reasons:
With all these features, you have:
NetSuite cloud accounting facilitates accurate and up-to-date records of all your business assets
The solution allows you to create and maintain accurate records of all your assets and their entire lifecycle. These are recorded, starting from procurement costs, depreciation over the years, lease accounting, and ending at disposal earnings.
You can track your assets by classifying them into different segments. You can create segments such as location, subsidiary, department, depreciating vs. non-depreciating, reporting, etc. The data linkage between these segments ensures that manual data re-entry is not required when asset transfer occurs from one segment to another.
NetSuite cloud accounting system facilitates your depreciation and lease accounting calculations. Depreciation expenses, time of applying depreciation, start and stop dates of lease, discount on the lease, total lease cost, etc. – all these data and information are accurately calculated from the system. You can also generate customized reports for all assets together or individually.
Thus, this solution makes your asset management and accounting processes simpler and faster. You can maintain accuracy in calculations, consistency in rule application, and on-time closing of accounts. The solution makes compliance with lease accounting standards easier and depreciation more flexible.
NetSuite cloud accounting’s accurate depreciation and lease accounting records save you from overvaluation, insurance overpayment, and outdated information. These reduce your errors and save time, making your accounts team more productive.
View your financial data in real-time with NetSuite cloud accounting’s effective cash management processes
You can have real-time visibility in daily cash balances that allows you to control your use of cash. This is possible by importing data from your linked bank and credit card accounts on the NetSuite accounting. It minimizes the risk of manual errors, saves time, and frees the accounting team’s time.
You can also compare your general ledger accounts with these statements to match the account entries. Whatever is left unmatched are the exceptions that you need to address. Thus, this solution saves your reconciliation time and effort.
You can also generate forecasts accurately and rapidly based on the current cash balances and historical cash position visibility. You can also conduct a ‘what-if’ analysis to comprehend the impact of several factors on the cash position.
Thus, the NetSuite cloud accounting system allows you to:
NetSuite cloud accounting facilitates a single point of storage of all financial information
How do you feel when all your financial data is spread over multiple pages in different formats and with no linkages? Confused, right?
But with the NetSuite cloud accounting solution, you have it all in one place. You can give access to your accounting team as per their roles and responsibilities.
So, you know where to look whenever you need any financial information. You can also generate up-to-date reports and draw insights efficiently. And automation of manual, repetitive tasks ensures you close your accounts on time, accurately, and efficiently.
The system matches open invoices with customers’ payments to alert you when payments are due. Thus, you can avoid delays and keep your accounts up-to-date. With the import of banking data into the system, you do not miss any transactions and can monitor discrepancies.
NetSuite cloud accounting system prepares consolidated financial statements, generates reports, and ensures compliance with relevant accounting standards. You can prepare a customized checklist on the system to close your accounts in proper order to reduce errors or miss a procedure. Thus, your account closing becomes an efficient process, improving the productivity of the accounts team.
Handle local and global taxes of different types with the NetSuite cloud accounting system
NetSuite accounting makes your global tax management an easy and smooth process. You can:
Thus, you can ensure accurate tax calculations for all your transactions and international compliance with tax standards. The NetSuite accounting solution’s detailed, insightful tax reports make your submission smoother. Thus, you can pass through your tax audits easily.
The system manages accurate tax calculations for goods and services traveling across borders with applicable local and global rules. This is possible due to the built-in logic in NetSuite accounting that also validates your suppliers’ and customers’ VAT registration numbers.
The tax calculations on the NetSuite accounting system also reflect on your invoices, making it comprehensive. Such details are suitable for your audits, making auditing a smooth process.
You can also generate summarized and detailed reports on your tax position based on subsidiary or geography. These reports enhance your tax reporting. You can also create customized reports for deeper analysis.
Thus, NetSuite cloud accounting comes with all these features and benefits for your business. It ensures:
NetSuite cloud accounting software allows you to streamline your accounting processes. And Cloudiotech helps you realize these benefits by offering NetSuite solutions and services. Our spectrum of services includes NetSuite Implementation, NetSuite Customization, integration, optimization, and NetSuite training.
Cloudiotech is a top-notch provider of NetSuite Consultants in the US and UAE. Our NetSuite consultants customize the solutions as per the client’s business needs to ensure maximum benefits. Our industry expertise and experience help manage your customizations and integrations for successful implementation.
Make a move to NetSuite cloud accounting to increase your business efficiency.
Get a free demo from the Cloudiotech team.