Revolutionise Your Finances with NetSuite Accounting

• Reading Time: 9 Minutes
• Published: December 6, 2024
• Last Updated: March 5, 2025

Revolutionizing your finances is within reach with NetSuite Accounting, a powerful tool designed to streamline and optimize financial management. Whether you’re a growing business or an established enterprise, NetSuite offers real-time financial data, enhanced reporting, and automated processes to help you make informed decisions faster. Say goodbye to manual tasks and inefficiencies, and unlock the potential for smarter financial strategies, improved cash flow, and greater scalability. NetSuite Accounting transforms how businesses approach and manage their finances.

An Overview of NetSuite’s Accounting Software

NetSuite Accounting Software is more than just a financial tool; it’s a game-changer for your business. This all-encompassing platform simplifies financial management by integrating essential processes like the general ledger, accounts payable, and receivable into a single, streamlined solution.

Its advanced features, from tax compliance to multi-currency support, cater to businesses with complex, global needs. The cloud-based accounting software ensures you can work flexibly from anywhere, offering top-tier security and reducing costs. NetSuite empowers businesses to stay compliant, efficient, and focused on growth, making it the ultimate choice for forward-thinking companies.

Key Features Every Accounting Pro Needs

• Core Accounting:

The NetSuite accounting software has a wide range of functionalities into a single platform that simplifies key accounting processes such as maintaining the general ledger, managing accounts payables, handling accounts receivables and monetary reporting among others. It assists firms in effectively controlling cost incurred, revenue generated and cash in hand while at the same time providing an integrated means of viewing the business’ financial information at any time.

• Payroll Management:

NetSuite financial management solutions also provide payroll solutions, allowing clients to automate payment processing, calculate gross salaries, deduct taxes, withhold other tax benefits, etc. The application is designed to adhere to the local payroll laws and ease the burden for firms that must operate in more than one region.

• Budgeting and Forecasting:

NetSuite accounting allows companies to prepare precise budgets and forecasts based at the same time on the past and the present. This feature assists the financial department in tracking how well performance targets are being met and allows changes to be made to achieve them, maximising the efficiency of financial planning and decision making.

• Billing and Invoicing:

The accounting software NetSuite makes billing and invoices simpler by organising the issuance of invoices and the collection of payments. It enables organisations to manage overdue invoices and creditors, which helps to facilitate the collection of the cash owed, minimising the need for human effort.

• Project Accounting:

The application is geared towards executing accounts on a project basis. It helps the system keep clear financial records of all the projects with appropriate levels of revenue and expenditure. The system enables users to keep track of the status of the milestones achieved or that are to be achieved, control changes in the budget, and help make sure that the projects are kept within the cost limits as well as providing detailed reports on the profitability of the projects undertaken.

• Tax Management:

NetSuite makes it easy to comply with tax regulations by automatically calculating taxes concerned with local, regional and even global tax systems. This aspect ensures that businesses do not turn a blind eye to the different taxes like VAT, GST, sales tax and a few more as they operate within different regions.

• Mobile Support:

NetSuite Accountants can access financial data anywhere thanks to the mobile adaptability of NetSuite accounting software. The mobile app has customisable dashboards, as well as an offline mode, where users can carry out tasks and approbations while away.

• Reporting and Analytics:

Thanks to advanced reporting tools, the accounting software NetSuite gives an insight into the performance of the business in real time. NetSuite accountants are able to view key financial indicators, analyse their trends, and propose ways of growth in the future due to customisable dashboards and analytics provided.

• Integration:

The NetSuite platform offers valuable integration features that enable a smooth transition of data across different levels of business applications. No matter if it is concerned with the customer relationship management or the enterprise resource planning system, this ensures that the financial data is kept in line with the rest of the business activities resulting in a cut in mistakes and an enhancement in the overall effectiveness.

How to Set Up and Configure NetSuite Accounting

• Create an Account

The first step is to create a new account. Fill in details such as account number, name, and description. If using the Multiple Currencies feature and the account type is Bank, you can select the relevant currency.

• Set Up Accounting Periods

Go to Setup > Accounting > Manage G/L > Manage Accounting Periods. Select Set Up Full Year, then choose the month your fiscal year begins. This ensures proper tracking for your NetSuite accounting.

• Configure Accounting Contexts

Administrators or users with Set Up Company permissions can establish accounting contexts. Provide a name for the context and, if needed, choose the language for translation.

• Set Preferences

Adjust basic preferences for your NetSuite accounting software, such as date formats, colour schemes, and list size, to suit your needs.

• Add Accounting Books

You can add various accounting books within NetSuite accounting services. Fill in the relevant fields for adjustment books as required.

• Set Base Currency

If using Foreign Currency Management, go to the Subsidiaries subtab and set the base currency for each subsidiary, ensuring consistency across your NetSuite financial management.

Must-Have NetSuite Modules and Add-Ons for Accountants

• NetSuite Advanced Financials

This module improves your NetSuite accounting by providing complex financial management features, including planning, spending allocation, amortization, and statistical accounts. It enables more efficient tracking and precise financial data handling.

• NetSuite SuiteBilling

SuiteBilling supports businesses with transaction, subscription, and hybrid billing models, ensuring compliance with the latest revenue recognition standards. It allows for accurate accounting of revenue, making it a key component of NetSuite accounting software for businesses with complex billing structures.

• NetSuite Revenue Management

This module is primarily built to facilitate the automation of revenue forecasting, allocation, recognition, and reclassification processes helping businesses meet stringent revenue recognition norms. It enables prompt reporting and transparency of financial information aiding NetSuite accounting services compliant businesses.

• NetSuite Payment Automation

This add-on simplifies the accounts payable function by enabling secure payments to be made directly from NetSuite. It speeds up the payment process and lowers costs associated with processing payments while working in concert with your NetSuite financial management system to permit faster and safer payments execution.

• NetSuite Bill Capture

Taking advantage of AI, NetSuite bill capture automates the entire invoice capture process, eliminating the need for manual data entry. This adds to operational efficiency, minimises mistakes, and saves time, thus is a worthy component in your NetSuite accounting software.

• NetSuite Planning & Budgeting

This feature assists in the preparation of the budgets of the entire organisation as well as its units. It also includes approval procedures and reporting tools. It enhances the financial projections and the entire planning process, hence facilitating effective decision making with the aid of accounting services.

• NetSuite Account Reconciliation

This enables and makes the reconciliation of each and every account easier through the automatic matching of transactions and hence removes the burden of manual effort suits. It helps companies keep a healthy cash flow position in view and eases the account reconciliation process within the suite of NetSuite accounting software.

• NetSuite Enterprise Performance Management (EPM)

EPM consolidates planning, budgeting, forecasting, account reconciliation, and financial reporting processes across your organisation. This integration enhances visibility into financial performance, aiding decision-making and boosting efficiency across all departments.

• NetSuite Multi-Book Accounting

This module gives corporations the ability to maintain different sets of accounts and afford the use of different counting principles in different countries within the same corporation. It does that by automatically reflecting those transactions in the relevant books, eliminating the issue of inaccuracies when different accounting practices are required in different countries.

• NetSuite OneWorld

Ideal for global enterprises, OneWorld offers advanced features for managing business operations even across different countries couches. It ensures adherence to local regulations in areas of currency and tax among others. It supports NetSuite financial management very well, rendering detailed reports for all divisions within the organisation.

• NetSuite Fixed Assets Management

This add-on allows businesses to controllably manage assets both owned by the company and leased. It eases the tracking of such assets, through various flexible depreciation schedules and detailed reporting of assets, ensuring compliance and corrects financial statements.

• NetSuite Electronic Bank Payments

Automates the payment and collection systems as well by facilitating secure electronic transactions with minimum manual intervention thus enhancing efficiency in payments. This module is integrated into your NetSuite accounting system, which facilitates safer and quicker transactions.

Best Practices for Using NetSuite Accounting

• Customise Dashboards

Customising dashboards allow users to access key financial data quickly. Tailor your dashboard to display reports, KPIs, and financial metrics relevant to your business needs for improved decision-making and efficiency.

• Utilise Automation Features

NetSuite offers powerful automation tools for invoicing, billing, and financial processes. Automating repetitive tasks reduces manual errors and frees up time for more strategic work.

• Regularly Reconcile Accounts

Ensure accuracy by reconciling bank statements, credit cards, and accounts payable/receivable. Regular reconciliations help maintain clean financial records and prevent discrepancies during audits.

• Implement Segmentation

Take advantage of NetSuite’s segmentation capabilities to categorise financial data, such as departments, regions, or projects. This helps with better reporting and decision-making based on specific business areas.

• Train Your Team

Regularly train your accounting team on NetSuite’s features and updates. This ensures that everyone is proficient in using the software effectively and adheres to best practices.

• Outsource Accounting Tasks

Consider outsourcing certain accounting functions to experts who specialise in NetSuite. Outsourcing can provide access to specialised knowledge, reduce operational costs, and ensure your financial processes are optimised and compliant.

Tips for Choosing a NetSuite Accounting Partner

• Evaluate Expertise in NetSuite Accounting

Choose a partner with proven experience in NetSuite accounting. Their expertise in using NetSuite accounting software ensures they can provide valuable insights and optimise your financial processes.

• Look for Customisation Capabilities

Your ideal partner should be proficient in customising NetSuite accounting software to suit your unique business needs. This ensures you get the most out of the platform and enhances operational efficiency.

• Consider Industry Experience

Select a partner who understands your industry and its specific accounting needs. Industry-specific knowledge can help tailor NetSuite accounting services for more effective financial management.

• Check for Ongoing Support

Opt for a partner offering comprehensive support and training for NetSuite accounting services. This ensures that you have access to help whenever you need it, maximising the potential of the software.

• Assess Reputation and Reviews

Research client testimonials and reviews to ensure the partner has a strong reputation for delivering high-quality NetSuite accounting services and customer satisfaction.

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