What is NetSuite Cloud Accounting Software?
NetSuite’s cloud accounting software simplifies the process of recording transactions, managing payables and receivables, collecting taxes, and closing the books. It enables timely, accurate reporting and provides greater control of financial assets. With real-time access to financial data, you can quickly drill down into details to resolve issues and generate statements and disclosures to comply with multiple regulatory financial compliance requirements, including ASC 606, GAAP, Accounting Standards, and more.
Transform your general ledger, optimize accounts receivable, automate accounts payable, and streamline tax management. Gain a complete view of cash flow and financial performance.
Improve financial controls, close faster and produce accurate reports
Accounting All in One Place
Gain real-time insights into various financial metrics, such as profitability ratios, inventory margins, liabilities, fixed assets, taxes, and cash positions. Ensure compliance with accounting standards, government regulations, tax codes, and internal policies.
Do More
Automating repetitive tasks such as creating journal entries or reconciling account statements, and eliminating the need to collect and normalize data from other departments can save finance teams dozens of hours every month. This allows them to focus on reviewing transaction details, investigating anomalies, and analyzing trends.
Access Anywhere
Since your data is stored in the cloud, it can be accessed from anywhere with an internet connection. This means that your accounting team, executives, operational teams, and employees can work from anywhere and at any time.
Accounting and Beyond
As your company grows and you face more complex business challenges, NetSuite has got you covered. As a unified platform, NetSuite cloud accounting software seamlessly integrates with all the other pieces of the suite, including financial management capabilities, inventory and order management, HR, customer management, ecommerce, and more. This means you can stop worrying about your business systems and concentrate on growth.
NetSuite Accounting Software Features
With NetSuite’s general ledger capabilities, accounting professionals gain flexibility and visibility, enhanced reporting functionality, richer audit trails, and the ability to customize account types, transactions, and reporting segments to meet unique business requirements.
Finance teams require visibility and reporting tools to optimize cash flows, monitor bank accounts, manage liquidity, and make informed decisions. NetSuite offers a complete view of the company’s cash flows and cash position, enabling finance teams to be more strategic than ever before.
NetSuite automates and streamlines every aspect of invoice delivery, payment processing and collections management so you can increase liquidity to fund growth, shorten the credit-to-cash cycle, enhance service levels and seize new investment opportunities as they arise.
NetSuite automates and streamlines every aspect of the accounts payable process, saving time and increasing efficiency. You can avoid late fees and improve cash flow by taking advantage of early payment discounts. Automated review and approval workflows ensure compliance with internal policies and help to avoid payment fraud.
NetSuite simplifies domestic and global tax management with one easy-to-use solution that generates detailed reports and analyzes transactions down to line-item tax details in real-time. The platform can handle local taxes across subsidiaries and allows for multiple tax schedules for everything from GST to VAT, consumption tax, and general sales tax.
NetSuite provides businesses with a comprehensive solution for managing and controlling the complete lifecycle of both depreciating and non-depreciating assets. With NetSuite’s fixed-asset accounting solution, finance teams can eliminate manual spreadsheets and overcome the challenge of tracking assets across multiple facilities. This solution enables businesses to streamline asset creation, calculate depreciation accurately, track maintenance and repairs, and manage asset disposal.
NetSuite offers bank payments and payment processing solutions that enable businesses to invoice customers, bill their credit cards on a recurring basis, and accept payments online or at the point of sale. By automating and streamlining the payment process, businesses can increase collections and gain real-time financial data insights that help track and reduce days sales outstanding.
Challenges NetSuite Accounting Cloud Software Solves
Manual Processes: Automate and simplify accounting processes to save time and resources.
Data Accessibility: Access real-time transactional, financial, and operational data from a single source.
Accuracy: Replace spreadsheets, eliminate duplicate data entry and incorrect formulas to improve accuracy.
Compliance: Apply rules and schedules accurately to revenue recognition, depreciation, prepaid expenses, deferred expenses, and other financial processes for consistency.