Running a business can take a lot out of you. You have to deal with customer billing, amortization, and expense allocation in ways that help you make the most of your money. Spreadsheets and sticky notes simply don’t cut it when you’re trying to drive cashflow to your bottom line, which is why NetSuite has created a tool that offers advanced financial features.
With this platform, you can expedite daily financial transactions and reduce your budgeting and forecasting times because all of your information is housed in one unified place. This cloud-based system enables you to receive real-time visibility into the financial performance of your company—whether you’re looking at individual transactions, or you’re more interested in seeing the big picture
Let’s take a moment to walk through the benefits of NetSuite’s Advanced Financials system, shall we?
NetSuite Advanced Financials: The Dashboard
On NetSuite’s Advanced Financials dashboard, you’ll have easy access to a number of reminders that can help you simplify your workday. For example, you’ll see tasks that need to be performed, such as any amortization entries you need to enter or approve, invoices that are overdue, or bills you need to put your rubber stamp on.
When you click on an individual reminder, you’ll be provided with detailed information regarding that particular task. If you click on bill, for instance, you’ll be able to see what that bill is related to, when it’s due, and why you’re being asked to pay it. If you have pre-planned expense accounts built into the system, the platform will automatically do this work for you when you receive the invoice. As an example, if you’re billed annually for a service, but you pay that fee monthly, you’ll be able to drill down into the amortization schedule so you can see exactly how much is actually owed each month.
Amortization Forecast Summary
This tool enables you to drill down even further, so you can see the actual journal entries that are entered into your books. The Amortization Forecast Summary presents a real-time display of all of your amortized expenses. In addition to amortizing various pre-paid expenses over the course of the year, you might also want to see how those different expenses are distributed across your various internal departments. You can use NetSuite’s Dynamic Allocation functionality to do this based on different statistical measures—for example: headcount by department. If you’re allocating annual benefits, for example, you might want to see how that plays out departmentally across your organization. NetSuite’s tool allows you to see how many people are in each department, so you have a better understanding of the monetary spend each organizational function is consuming.
Enhanced Billing Functionality
Let’s say you navigate to a recently opened sales order. When you come into that view in the platform, you’ll easily be able to see the frequency at which your customers will be billed, the amount of each invoice, and the due date of each bill. When you move the Billing tab and select Schedule, you can quickly see the schedule for which your items will be billed.
You’ll also have access to the Billing Order Forecast Report when you utilize NetSuite’s Advanced Financials tool. This report compiles all of your individual bills into a single report, making it easy for you to see what’s going on in your organization, as well as report to leadership and stakeholders who might need more transparency into the company.
You can tie your billing schedules to sales commissions, combining these two elements via the Incentive Management module. This will enable billing schedules to easily be factored into estimated commissions so you have a better idea of upcoming payouts when deals close.
NetSuite’s Advanced Financials Expense Allocations makes it easy to enter expenses without worrying about the assignment of classes, departments or locations. Once they’re entered, you can later come back and allocate them according to a weighted formula. These allocation schedules can be used on a singular basis, or they can recur regularly. You’ll receive dashboard reminders that let you know when active allocation schedules need to be processed. Once you review them, you can create a journal entry for all the schedules with one simple click of your mouse.
You can store values that are most critical to your organization, but aren’t necessarily tied to dollars, such as headcount, floor space, or common shares. Once this information is populated, you can automatically allocate financial activity across your organization proportionately, and you can run multiple allocation schedules in specific sequences.
Watch our Full NetSuite Advanced Financials Demo
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Take Control of Your Financials With the NetSuite Experts at MIBAR
As a leading NetSuite partner in New York and NetSuite optimization experts, we can help. If you’ve been wondering how you can simplify your business process and see all the information you need on one single dashboard, NetSuite can help. Our team at MIBAR is ready to answer your questions and get your new financial management system implemented so you can see how easy things really are when you have the right tools in place. Touch base with us today, and let us show you how we can help your organization perform better!
Additional NetSuite Resources
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Transitioning Lot Controlled Items to Using Bins in NetSuite
3 Ways to Get the Most ROI from Your NetSuite Implementation