Dynamic General Ledger
Instead of creating a static GL you have to adapt your business to, NetSuite made it the other way around. You can customize the general ledger to fit your unique and ever-changing business needs. Thanks to mapping capabilities, you can make it so entering one transaction in one ledger updates everything appropriately in other ledgers.
NetSuite’s GL also cuts down on manual journal entry work by adding customer GL impact lines that flow through to other books. This reduces time spent on account recs, closes, and more.
NetSuite’s A/R solution automates and streamlines many aspects of the collections process, saving you time while improving your cash flows. It automatically posts transactions associated with orders to the correct accounts in your ledgers and even calculates the proper sales tax. Plus, you can offer customers self-service access to various pieces of order information.
You can create recurring invoices, too, in case you have regular clients/customers.
Tax compliance is a pain in one locality alone. When you’re doing business in multiple states and even countries, however, it becomes impossible to keep everything straight without the right software.
NetSuite fills this need quite nicely. It automates tax calculations for over 50 countries in all the correct currencies. It gets everything right, from supranational organizations like the EU down to foreign localities. You’ll save untold hours on working out your taxes and fixing errors, thanks to NetSuite.
Fixed Asset Management
Most small business software solutions don’t delve much into fixed assets. However, since NetSuite serves businesses of all sizes, it has a solid fixed asset management interface built-in.
In NetSuite, you can manage the entire lifecycle of each of your fixed assets. It supports all standard depreciation methods but also lets you customize your own if needed. Plus, you can integrate fixed assets with the general ledger to automatically post any depreciation or asset retirement transactions.
Reporting and Analytics
NetSuite has an entire suite of analytics features for all of its modules called SuiteAnalytics. However, let’s focus specifically on NetSuite’s financial reporting capabilities.
NetSuite offers tons of out-of-the-box reports, but of course, you can create your own as well. All reports are flexible, letting you customize them to see whatever types of transactions you’d like over whatever time period you prefer. You can tailor each report to various presentation formats depending on who needs to see them.
As you’d expect, NetSuite helps ensure all of these reports maintain compliance with all relevant accounting standards.
Beyond financial reporting, NetSuite also lets you see reports that give you operational and statistical views of your business.