5 Powerful Reasons Why Your Business Needs Oracle NetSuite Advanced Financials

Oracle NetSuite Advanced Financials

A famous management mantra is that a business exists only for one reason: Profits. 


Quite logical as well: If there are no profits, then how will a business sustain and survive?


And for ensuring profits, it’s critical that the management is in control of the finances of the organization, the cash flows, liabilities, expenses, budgets, and more. Without having full visibility over the finances, it’s almost impossible to generate profits, and without profits, the business will slow down or worse, shut down sooner or later.


This is the reason Oracle NetSuite conceptualized and launched a highly niche and powerful module called NetSuite Advanced Financials, which empowers businesses to have an eagle-eye view of the entire finances and helps them to take the right decision, at the right time.


Now, Oracle NetSuite already had several useful financial management capabilities. But this Advanced Financial module provides even more in-depth and advanced financial management capabilities such as budgeting, expense allocations, amortization, flexible billing management and statistical accounts, and more.


Here are 5 reasons why your organization needs Oracle NetSuite Advanced Financials module:


Managing Multiple Budgets Made Easy


With NetSuite’s advanced financials module, the financial team and the management can set up and monitor more than one budget, at the same time, and for the same set of criteria such as a conservative budget, or a typical budget. 


Real-time monitoring of Budget versus Actual


Not only the management can have in-depth Budget Income Statements, but also deploy real-time monitoring of budget vs actuals, and compare two sets of data for making the right financial moves. With this real-time monitoring of the actual expenditures and the allocated budget, the financial team can easily find out the loopholes, deviations, and issues which result in a mismatch of planning and spending.


Expense Allocations based on business needs


Organizations can now allocate expense allocations for different business activities and processes, based on specific business needs, and categorizations such as General Ledger Account, Class, Department, and Location. This way, the expense allocation process becomes seamless, consumes less time, and is very specific and precise, ensuring optimal utilization of finances. 


Schedule and track the amortization of expenses


Oracle NetSuite Advanced Financials provides the feature of amortization scheduling of expenses over time, such as bill payments, credits, jobs, and more. Amortization of expenses can also be automated and streamlined. Besides, amortization of prepaid expenses can also be scheduled and planned for better financial management.


And that’s not all! Amortization schedules can also be linked to the percentage of a job being completed, which ensures that the accounting is always precise and that there are no anomalies while calculating the expenses and profits. 


Highly advanced Statistical accounts


Oracle NetSuite Advanced Financials provides the feature of a statistical account, which can be used to store critical non-monetary data such as headcount, floor space, common shares, and more. 

Consult with Inspirria to find out more about Oracle NetSuite Advanced Financials, and discover how we can transform your organization’s financial management, and empower you to take the right financial decisions, at the right time.

Thursday, January 12, 2023

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