In this article, I’ll show you how NetSuite’s cloud accounting software helps accountants and finance teams better manage finances. 

Why NetSuite is the accounting solution for the modern age, from transforming your general ledger and automating accounts payable (AP) to tax management with embedded AI. 

I’ll also explain how Jacopo, a top NetSuite partner specialising in implementation and support, helps businesses streamline and grow their financials with NetSuite accounting services.

What is NetSuite Cloud Accounting Software?

NetSuite cloud accounting software is a powerful tool for managing financial data and reporting for any business size. This single platform offers many benefits to accounting teams:

• Real-time access to financial data: NetSuite gives you instant visibility into financial metrics and financials so you can spot and fix issues quickly. Real-time visibility helps comply with regulatory requirements, including GAAP and ASC 606.
• AI-powered automation: NetSuite reduces human error and improves financial controls by automating repetitive tasks like journal entries and reconciliations. AI automation lets finance teams focus on strategic tasks, not administrative ones.
• Accurate reporting and streamlined financial close: NetSuite’s reporting tools give you accurate real-time insights and a fast financial close process so you can make informed business decisions.

NetSuite also includes functions like accounts payable and receivable, tax management and financial planning, so everything is in one place and streamlined.

Key Features of NetSuite Financial Management Software

NetSuite accounting software has tools to streamline business processes, financials and decision making. With a customisable general ledger, advanced cash management, and financial planning tools, NetSuite helps you manage your finances better. See below:

General Ledger and Financial Reporting

NetSuite’s general ledger is flexible and transparent so businesses can customise categories for better financial management. Accountants can tailor the general ledger to their organisations’ needs and get visibility and control over key financials.

• Enhanced transparency: NetSuite’s general ledger is designed to give you a clear view of transactions so you can have complete oversight and advanced reporting.
• Customisation options: Users can create specific reporting categories so you can streamline accounting and organise data.
• Eliminate duplicate data entry: With NetSuite, financial teams can automate data entry tasks, reduce errors, and free up time for strategic work.

In addition to advanced reporting tools NetSuite integrates with other accounting features so you can stay compliant and generate accurate reports. This flexibility and automation lets you manage your finances with confidence and accuracy and make better decisions.

Cash Management and Accounts Payable/Receivable

NetSuite cash management gives you real-time financial insights and reporting options.

• Visibility into cash flow: With cash flow data at your fingertips, finance teams can monitor liquidity and make cash decisions.
• Automated accounts payable and receivable: NetSuite automates both AP and AR processes from invoice to collections, so you spend less time on administrative tasks.
• Efficient liquidity management: Businesses can manage their cash better so funds are used effectively and not late or with penalties.

Through its reporting tools, NetSuite allows accountants to see cash positions and liquidity status so they can take action to keep cash flowing. This also streamlines payment processing and improves financial controls and overall business efficiency.

Financial Planning and Budgeting

NetSuite’s financial planning and budgeting tools let you create an entire data-driven budget and forecast.

• Complete view of financial data: NetSuite consolidates all financial data so you have a full view to inform business planning and budgeting.
• Automated budgeting and forecasting: The software reduces manual work by automating budgeting and forecasting so finance teams can create accurate projections.
• Enhanced financial performance: By tracking against budget, you can make adjustments to improve outcomes and financial efficiency.

With NetSuite, you can model different financial scenarios and create realistic forecasts. This advanced feature supports current financial planning and future financial challenges, enabling continuous performance improvement.

Benefits of NetSuite Financial Management

• Close with certainty and stay compliant with accounting standards.
• Close the financials faster with NetSuite cloud accounting.
• Simplify and execute with NetSuite.
• Try NetSuite cloud accounting.
• Improve cash and reduce days sales outstanding.
• No duplicate data entry and automate manual tasks.

Implementation and Onboarding

Implementing NetSuite cloud accounting software is a smooth process guided by best practices from over 40,000 deployments worldwide. NetSuite has packaged its expertise into a structured onboarding process so you get predictable and fast results.

• Step-by-step guidance: Jacopo’s team will help you through every implementation stage, from customisation to optimisation, so the software is tailored to your business.
• Time to value: NetSuite’s refined practices get you up and running fast, so you can immediately gain operational value.
• Customised setup: With Jacopo, your team will get customised setup and training so you can get the most out of NetSuite from day one.

This means smooth adoption, minimal disruption, and fast ROI, allowing you to streamline your financial processes efficiently.

Speak with me about our NetSuite implementation services.

Customer Support and Success

Oracle NetSuite offers customer support, including dedicated resources and help, to ensure you get the most out of the accounting software.

• Support: 24/7 support to help with technical or functional issues so your accounting runs smoothly.
• Training resources: Users can access training materials, including online courses and tutorials, to learn new features and get the most out of the software.
• Success team: Jacopo’s support team will work closely with you to get the most out of NetSuite, from setup to advanced features, to achieve long-term business success.

With this customer success focus, you can quickly become familiar with NetSuite and receive ongoing support so your teams can get the most out of the platform.

NetSuite Accounting Software use cases

NetSuite accounting software supports many financial functions, so it suits businesses of all sizes. Here are some everyday use cases:

• Financial statement preparation and reporting: NetSuite makes it easy to produce accurate financial statements and get real-time visibility into financial performance and data-driven decisions.
• Budgeting and forecasting: NetSuite’s advanced budgeting features allow finance teams to automate forecasting, analyse trends and create actionable insights, making financial planning more efficient.
• Accounts payable and accounts receivable: Automate invoicing, collections and payment processing to improve cash flow and reduce manual errors so AP and AR is smooth.
• Cash management and financial planning: NetSuite has cash management features so you can see your cash position, optimise liquidity and make informed financial decisions.
• Tax management and revenue recognition: The platform has tools to simplify tax compliance and automate revenue recognition so you stay compliant with accounting standards.

These use cases show how NetSuite accounting software, with its financial management focus, can improve accuracy, compliance and operational efficiency.

Best Practices for Implementing NetSuite Accounting Services

In my experience, before implementing NetSuite accounting services, I recommend doing the following:

• Set financial processes and goals: Before you implement, define your financial objectives and workflows. This will help align NetSuite with your business so financial management is effective.
• Customise to your business: You can customise NetSuite’s settings, categories and workflows to match your business. Customisation will help you get the most out of the software for AP, AR and budgeting.
• Automate manual tasks: Use NetSuite’s automation to reduce manual tasks. Automating data entry and financial reporting will eliminate errors and increase efficiency across your financial processes.
• Ongoing training and support: Continuous learning is vital. Invest in regular training sessions to keep your team up to date with new features and best practices so they can get the most out of the platform.
• Monitor and measure: Review your financial metrics in NetSuite regularly to see how you’re tracking toward your goals and what you can improve.

Jacopo’s NetSuite experts can guide your business through these steps, ensuring a smooth and effective implementation process. 

NetSuite cloud accounting software that works for you

NetSuite accounting software is the solution for businesses that want to simplify financial management.

With features like automated reporting, real-time financial visibility and compliance support, NetSuite will improve your financial performance, eliminate duplicate data entry and help you stay compliant with accounting standards.

Jacopo will help you get the most out of NetSuite so you get the most value from your investment in this game-changing financial tool.