Financial Management

  • Financial Segmentation
  • Chart of Accounts
  • Journal Entries
  • Bank Reconciliations
  • Budget Management
  • Period Close and Currency
  • Financial Reporting

Financial Management Challenges

BUSINESS VISIBILITY

  • Dashboard Metrics
  • Global Search
  • SuiteAnalytics

DISPARATE SYSTEMS

  • Integration
  • Consolidated Reporting
  • NetSuite Platform

CURRENCY & CLOSING

  • Checklist
  • Automation
  • Revaluation
  • Consolidation

FINANCIAL REPORTING

  • Audit Tracking
  • Automation
  • Scheduling
  • Alerts

Financial Segmentation & Chart of Accounts

  • Customers, Vendors, Items, Employees automatically link to transactions
  • Segments are used to classify business operations and report financial information in one or many of these dimensions
  • Filters allow users to analyze financial data multiple ways from a single report
  • Icons to schedule, email or export reports

Financial First Standard – Journal Entry Leading Practices

User Requirements

  • Separation of Duties
  • Controller
  • Approves Executive
  • Enter J/E
  • Executive
  • Approves Controller
  • Enter J/E
  • NetSuite Process Areas
  • Basic Journal Approvals
  • Single Level
  • Accounting Preferences

NetSuite Process Areas

  • Account Reconciliation
  • Summary Portlet
  • Supported Bank Import
  • formats
  • Transaction Matching
  • Custom Matching Rules

Results & Output

  • A/R Summary Reconciliation
  • Portlet
  • Intelligent Matching Rules
  • Custom Rules

Financials First Standard – Budget Management

User Requirement

  • Controller Prepares Budget
  • Executive Approves Budget

NetSuite Process Area

  • Budget CSV Import Template
  • Create from prior period actuals
  • Budget using Department, Class, Custom Segmentation

Reporting & Output

  • Budget versus Actual
  • Budget Income Statement

Financials First Standard – Period Close & Currency

User Requirements

  • Controller manages Period
  • Close process
  • Lock A/P, A/R…
  • Adjustments,
  • Consolidations, Currency

NetSuite Process Area

  • Financial Period Definition
  • Period Creation
  • Period Close Checklist
  • Locking Prior Periods

Results & Output

  • Currency Adjustments
  • Intercompany Transactions
  • Consolidation
  • Closed Prior Accounting
  • Periods
  • Formal Financial Statements

Multi-Company & Multi-Currency

  • Built-in multi-subsidiary and multi-company structure allows for repeatable processes and consolidated reporting
  • Period close processes through the system should streamline consolidation activities

ADVANCED FINANCIALS

  • Value-add Financial Management processes including Expense
  • Amortization templates & schedules,and Expense Allocation (dynamic or fixed) templates & schedules
  • Automation of memorized & auto-reversing Journal Entries
  • Real-time Budget v. Actual performance tracking

Vendor Bills – A/P

  • Vendor Bills can be created from:
  • Single PO
  • Multiple PO’s
  • Stand Alone Bills
  • Once created, NetSuite’s automated
  • 3-Way Match considers tolerance rules and preferences to trigger
  • approval workflows when discrepancies are present
  • Record actual landed costs as bills / invoices are received

3-Way Match – A/P

  • 3-Way Match rules engine runs when a Vendor Bill is created, referencing the Bill against the Item Receipt and Purchase Order
  • Variance tolerance limits can be defined at the Subsidiary level, for specific vendors or groups of vendors, or at the item level
  • Vendor Bills within tolerance ranges will be automatically approved
  • Vendor Bills not within tolerance will require additional approval and should be investigated; create cases to track exceptions made

Vendor Bill Payments – A/P

  • Leverage Accounts Payable Aging reports to easily forecast future payments
  • Utilize dashboard alerts to notify you when Vendor Bills are due for payment
  • Create Vendor Payments in bulk with NetSuite’s Bulk Manager Approval or as one-offs from the Vendor Bill
  • Vendor Credits & Vendor Prepayments may be applied before payment is processed

Customer Invoice Entry – A/R

  • Reminders & A/R Dashboard notifications
  • Invoice generation from Sales Orders and / or Fulfilment records
  • Invoices can be created individually or in bulk
  • Invoices can be emailed to customers directly from NetSuite & email templates are customizable
  • Automatic General Ledger posting upon invoice creation

Customer Payments – A/R

  • Dashboard Alerts & Saved Searches notify users of invoices that are past due
  • Automatic emailing of thank you notes when payments are applied to open invoices
  • Payments made against invoices automatically update the invoice
  • status and aging reports
  • Credit Card authorizations via a NetSuite partner like Solupay, Cybersource, Merchant e-Solutions, Moneris, and more

Expense Reporting

  • Create expense categories for direct mapping to the general ledger
  • Leverage both supervisor and accounting level approvals for systematic expense management and audit trails
  • Create expense reports on-the-gowith NetSuite’s mobile app and save it for later until your trip is completed
  • Designate expenses as billable to customers and apply expenses against any previous advances

Fixed Assets

  • Automate the management of Fixed Asset acquisition, depreciation,
  • revaluation, and retirement
  • Depreciation runs will generate all appropriate journal entries at month-end
  • Fixed Assets can be generated from Purchase Orders, Invoices /
  • Expenses, or Inventory Transfers; or they can be imported via CSV or manually created
  • Manage asset Categories & Types, maintenance schedules, insurance, and multiple methods of depreciation

NetSuite Planning & Budgeting (NSPB)

  • Scalability – built on the Hyperion Planning / Essbase platform, a proven financial analytics solution
  • Flexibility – driver based what-if modelling, predictive analytics & full ad-hoc and free form analysis capabilities
  • Integration – seamlessly connect with NetSuite & Microsoft Office tools, such as Outlook and Excel

SuiteSuccess for NetSuite Planning and Budgeting

  • Trended Forecasting, including:
  • Revenue
  • OpEx
  • Financial Reporting, including:
  • Income Statement
  • Balance Sheet
  • Cash Flow
  • MS Office integration with SmartView

SuitePeople Payroll & HR

  • Submit payroll minimum of two banking days before check date by 2pm PST
  • If service printed checks/paystubs are required submit three banking days before check date to account for delivery
  • Payroll is funded the day before payday (Taxes & Direct Deposits)
  • Third-party payments are created as a payroll payable
  • Paystubs are available in the employee center
  • If locally printing checks or paystubs these are in the print queue
  • All quarterly reports are sent via secure dropbox

SuitePeople HR

  • HR Reporting & Analytics – over 100 out-of-the-box reports & metrics covering all key HR processes
  • Employee Directory & Org Browser – intuitively navigate organization & team structure; Global Employee Records puts comprehensive data at your fingertips
  • Kudos – foster a positive work culture by enabling employees to publicly recognize colleagues for their contributions & achievements

Financial Management – Key Reports

INCLUDED REPORTS

  • Income Statement
  • Balance Sheet
  • Trial Balance
  • Cash Flow Statement
  • Budget vs Actual
  • Realized / Unrealized Exchange
  • Gains & Losses
  • A/P & A/R Aging
  • Sales & Margin
  • Weekly Cash Projection

Financial Management Challenges

BUSINESS

VISIBILITY

  • Dashboard Metrics
  • Global Search
  • SuiteAnalytics
  • Integration
  • Consolidated
  • Reporting
  • NetSuite Platform

DISPARATE SYSTEMS

CURRENCY & CLOSING

  • Checklist
  • Automation
  • Revaluation
  • Consolidation

FINANCIAL REPORTING

BUSINESS VISIBILITY

  • Dashboard Metrics
  • Global Search
  • SuiteAnalytics
  • Checklist
  • Automation
  • Revaluation
  • Consolidation
  • Audit Tracking
  • Automation
  • Scheduling
  • Alerts

RECEIVABLES

  • Customer Profitability
  • A/R Aging
  • A/R Payment History by Invoice
  • A/R Payment History by Payment
  • Sales Tax Report

PAYABLES

  • A/P Aging
  • A/P Register
  • A/P Payment History by Bill
  • A/P History by Payment
  • Open Bills

BANKING & BUDGETING

  • Bank Register
  • Cash Statement
  • Bank Reconciliation
  • Budget vs Actual

SuiteAnalytics Workbook – Explore and Visualize Your Data

  • Summarize data quickly and easily:
  • Create Pivots with few clicks
  • Slice and dice data to extract more information
  • Drag and drop
  • Hierarchies
  • Easily create subtotals and totals

SuiteAnalytics – Workbook Chart

  • Analytical power at your fingertips with modern visualization and interaction:
  • Visualize your data with simple steps to identify patterns
  • Support for multiple chart types
  • In-chart filtering
  • Simple drag and drop to create charts.
  • View charts on Dashboard

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