5 Ways NetSuite Advanced Financials Can Streamline Financial Management Of Startups

There exists countless stories of how bad financial management led to the downfall of excellent businesses, running for decades and generations. More than 70% of new startups fail within three years because they are not able to manage or arrange funds, which directly or indirectly translates to bad financial management.


NetSuite understands the critical importance and relevance of financial management, and this is the reason they have created NetSuite Advanced Financials, which provides stunning features and capabilities related to every aspect of financial management, and enables the business to have full control and financial visibility.


Here are 5 ways NetSuite Advanced Financials can streamline the financial management of businesses, especially startups:


Budget Management & Reporting


If a business is new, and in a struggling phase, then budgeting is one of the most critical tasks since it helps the startup to make informed financial decisions. 


With NetSuite Advanced Financials, there comes an excellent feature called Multiple Budget, which simplifies the entire process of budget creation, and management via one single interface. With advanced reporting, businesses can monitor the budget vs actual financial status, in real-time and more.


Powerful Billing Management


NetSuite provides fascinating features related to billing management, which helps startups to streamline their billing process and gain more control over their operations. 


For instance, businesses can now generate bills for their customers as per the time interval, such as monthly, quarterly, yearly, or at once, for their products and services. Payment terms within the billing can be customized as per the business needs, and more importantly, it comes with an in-built revenue recognition mechanism, which allows the generation of invoices based on specific needs.


Amortization Schedules


Amortization refers to the accounting practice of distributing an intangible asset’s cost over that asset’s useful life. Examples are Intellectual Property, patents, copyrights, etc, which are not physically present and don't have any resale value.


With NetSuite, startups, especially those in technology and software can fully automate the scheduling of amortization, and match up the value of such intangible assets with the revenues generated from that asset.


Expense Allocations


Indirect expenses need to be considered by startups and businesses, to determine the total cost of a cost object and to ensure accurate accounting.


With NetSuite Advanced Financials, this additional process is not required, as the expenses can be easily entered, and then automatically allocated via predefined formula. 


Statistical Accounts


Non-monetary accounts used to store statistical information on different parameters are called Statistical Accounts. NetSuite Advanced Financials has this feature embedded, which enables startups and businesses to track and monitor non-monetary values and data such as headcount, workspace, ESOPs, and more.


Maintaining and updating such statistical accounts can be now automated, as per the business needs and requirements.


And we have barely scratched the surface here! Connect with Inspirria’s NetSuite Consultants to find out how NetSuite Advanced Financials can streamline your financial management, and help CEOs, and CTOs make smart business decisions, fuelled by financial intelligence. 

Schedule a no-obligation business assessment right here.

Thursday, August 18, 2022

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