Managing business finances is a complicated process and it requires time, effort as well as some basic information of accounting. Netsuite Financials First is a cloud-based system through which any size of business can manage its financial performance with ease.
In this article, we will take a detailed look at Netsuite financials first and explore its features, benefits, and process of implementation.
Overview of NetSuite Financials First
NetSuite Financials first is part of the NetSuite cloud-based business management suite, that consists of various modules such as CRM, ERP, HR, and E-commerce.
Netsuite Financial is designed in such a way that it can meet various industry requirements according to their specific needs. Some common financial needs that are required in every industry include accounting, billing, invoicing, and financial reporting can be easily managed through it.
what are the features of the NetSuite financial suite
Features of NetSuite Financials
1. General Ledger:
Netsuite Financial provides you with a general ledger system through which you track all of your business financial transactions, including bank reconciliation, journal entries, accounts payable, and receivables.
Additionally, this system supports multiple languages, currencies, and accounting standards which makes financial management easy for businesses that are operating globally.
2. Invoice:
According to the Federation of Small Businesses (FSB) about 50,000 businesses fail annually, due to cash flow problems that are caused by late payments. Netsuite Financial supports multiple payment options. Such as credit cards, checks, and electronic payments, which make it easy for customers to pay invoices due to which your business cash flow is maintained.
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How to deal with cash flow problems in small business
3. Accounts Payable and Receivable:
Accounts Payable and Receivable also play an essential role when comes to managing business finance and In Netsuite Financial, you can automate the accounts Payable and Receivable process. Through this, you get several benefits such as: generating invoices, managing payments, and processing payments at a faster rate.
4. Billing and invoice module:
In NetSuite Financials businesses have access to manage billing schedules, generate accurate invoices, and automate recurring payments. Additionally, in case of the complex billing, the system provides businesses with customized billing and pricing structures.
5. Financial Reporting:
In NetSuite Financials you have access to financial reporting through which you can generate customized financial statements, income statements, balance sheets, and cash flow statements for your company. You can view your real-time financial reports in NetSuite financials and can make informed decisions accordingly.
6. Recognition of Revenue:
NetSuite Financials automates revenue recognition. Additionally, it ensures that your business complies with accounting standards such as IFRS 15 and ASC 606.
[ Based on multiple criteria such as time, delivery, and performance this system helps businesses to recognize their revenue ]
Benefits of NetSuite financials
1. Financial visibility:
This system provides you with a real-time view of your business's financial situation. Through this, you can prepare for future budgets, cut unnecessary costs, and identify an area that requires attention overall it increase business revenue.
2. Eliminate costs:
Netsuite financials automate the financial operation. Such as general ledger, billing, accounts payable, accounts receivable, and financial reporting through which businesses can eliminate the manual cost associated with managing their finances.
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3. Flexibility:
You can not take your business financial document everywhere. But if you use NetSuite financials software you can get access to your business financial information at any place and at any time.
Is NetSuite similar to SAP?
NetSuite and SAP are both enterprise resource planning (ERP) software systems that are used to fulfill business operations. But, there are some key differences between them.
NetSuite is a cloud-based ERP software system that offers a wide range of business management tools such as accounting, inventory management, financial management, order management, and customer relationship management (CRM). It is designed for small and medium-sized businesses and this software is mostly known for its ease of use.
In the case of SAP, SAP is a more comprehensive and complex ERP system that is designed for larger organizations. It consists of a wide range of services such as finance and accounting procurement, supply chain management, human resources, and more.
what is the implementation process for Netsuite Financials First
The process of integrating and customizing NetSuite software to fulfill business requirements is known as Netsuite implementation.
The NetSuite implementation process typically consists of 6 steps:
1. Discovery:
in this step, the Netsuite team collects business information such as a business chart of accounts, general ledger, accounts payable and receivable, and other financial data to understand business financial processes, goals, and requirements.
2. Configuration:
In this step, NetSuite makes use of information that is collected in the first step to fulfill business needs. This will involve setting up accounts, creating financial reports, and customizing the system as needed.
3. Data migration:
After configuration, the NetSuite team will help the business migrate its financial data into NetSuite Financials First. This may consist: integrating with existing financial systems, importing data from spreadsheets, or manually entering data into the system.
4. Testing:
After data migration, the NetSuite financial first team works with the business to test whether the system is properly working or not. This may consist of financial reports, running test transactions, checking, and validating that the system is meeting the business needs.
5. Training:
once the system is tested and approved, Netsuite provides training to businesses about the use of NetSuite financial first. Training may consist of in-person or virtual training sessions, as well as access to online training materials.
6. Go live:
when you have completed the training step, then your business is ready to use NetSuite Financials First and its team will available to provide you with ongoing support and assistance as needed to ensure a smooth transition to the new system.
Cost of Netsuite financials first
Netsuite is a subscription-based module in which you have to pay monthly or annually and the cost of NetSuite Financials First depends upon your business requirements. Such as the number of users, the length of the contract and the modules required, etc.
But, Netsuite has not published the pricing of its software on its website. But if you are interested in NetSuite Financials First then you can contact NetSuite partner or their team.
Conclusion:
Netsuite financial first is a cloud-based software that helps businesses to manage their financial operations. It provides businesses with various features such as general ledger, billing and invoicing, accounts payable and receivable, multi-currency management, financial reporting, and revenue recognition. Businesses can take benefits from these features and can improve their financial position. It consists of 6 steps of implementation through which you can implement NetSuite financials first in your business and its cost depends upon your business requirements. Such as the number of users, the length of the contract, etc. Its pricing is not given to the original website. So, if you are interested in this software you can directly contact them through their site.
