What Benefits Can a Mature ERP System Bring to a Business?

Today's organizations require financial management solutions that are flexible enough to adapt to the ever-changing needs of business. NetSuite ERP enables organizations to reduce IT costs, optimize accounting efficiency, improve order management and procurement processes, eliminate manual reporting based on spreadsheets, and increase employee productivity.

 

01

Unique Advantages of NetSuite

• A single integrated system handles all core processes for users around the world, enhancing the efficiency and productivity of financial operations;

• Timely financial closing consolidates all end-of-period activities in a centralized manner, reducing the time and resources spent on investigating and resolving errors;

• Continuous compliance with revenue recognition, tax requirements, and financial reporting according to various major accounting standards and government regulations;

• Real-time visibility allows you to view consolidated financial results at a summary level for any part of the business and delve into the details of underlying transactions.

 

02

NetSuite Fully Empowers Enterprise Management:

• Reduce IT costs by 50% or more;

• Accelerate financial closing by 20%-50%;

• Shorten the order-to-cash cycle by more than 50%;

• Reduce audit preparation time by 50%;

• Reduce invoice costs by 25%-75%;

• Decrease days sales outstanding (DSO) by 10%-20%.

 

03

Solution Highlights

Comprehensive Accounting and Finance

NetSuite ERP provides everything you need to establish efficient financial and accounting processes and gain transparency into business operations, including standard general ledger capabilities, flexible workflow tools for customizing processes, and multi-currency support. NetSuite also offers:

• Integrated order-to-cash (i.e., sales orders, invoicing, and receipts) and procurement-to-payment (i.e., purchase requisitions, purchase orders, and invoices) transaction management for end-to-end visibility into your accounts receivable and payable;

• Inventory fulfillment and cost accounting from the factory to the store, with supply chain management capabilities;

• Complete fixed asset lifecycle tracking and reporting from acquisition to depreciation to disposal;

• Project accounting and reporting to support project finance and profitability;

• Automatic revenue recognition according to accounting standards, using flexible plans and complex allocations;

• Comprehensive payroll processing, including support for time tracking, incentive compensation, and expense reimbursement;

• Integrated budgeting and forecasting tools to compare financial forecasts with actual results.

 

Financial Closing Management

NetSuite ERP helps organizations accelerate the closing process by managing end-of-period activities and detecting and responding to issues before they escalate. NetSuite optimizes financial closing by providing:

• Period locking to prevent incorrect postings to future periods;

• An end-of-period checklist that tasks are completed in sequence;

• Financial adjustments for intercompany transactions, foreign currency revaluation, and inventory.

 

Effective Compliance and Control

NetSuite ERP ensures effective compliance with various accounting standards and practices, as well as government regulations. NetSuite achieves accounting compliance by offering:

• A powerful rules-driven engine that uses multi-book accounting capabilities to generate financial reports according to multiple accounting standards (e.g., GAAP, IFRS);

• Pre-built tax reporting and tools for specific countries/regions;

• Customizable roles with support for separation of duties permissions;

• Audit trail visibility for detailed transaction history, reporting, and saved searches.

 

Real-Time Reporting and Analytics Everywhere

Any business user can use convenient tools to create meaningful reports, monitor the latest results as part of daily activities, identify the root causes of issues, and take corrective actions. NetSuite provides real-time information and insights by:

• Personalized dashboards for monitoring KPIs that matter to any role (from executives to individual contributors);

• Pre-built accounting reports and an easy-to-use report generator for custom ad hoc reports;

• Consolidated financial reporting for multiple subsidiaries and currencies;

• Access to information from any connected device, anytime, and anywhere.

 

For enterprises to achieve business agility, they need not only efficient collaboration between technology and business but also modern tools and solutions that provide key metrics for strategic decision-making, helping teams act quickly.