NetSuite Makes the Most of Advanced Revenue Management

NetSuite Advanced Revenue Management

Given the loosely defined regulations and ever-evolving interpretations, revenue management is increasingly becoming a top challenge for businesses today. The process of managing critical revenue recognition tasks through error-prone and time-consuming spreadsheets further compounds the challenge. This is why companies are looking for innovative ways to manage revenue and meet the compliance demands in a timely and accurate manner.
NetSuite’s Advanced Revenue Management solution helps companies automate revenue management processes, and in turn, gain efficiency, strengthen compliance, and improve visibility.
Here are three ways NetSuite Advanced Revenue Management solution can help companies rapidly report financials more accurately:

#1 Comply with multiple accounting standards:

Whatever is the nature of your business; NetSuite enables you to account for any contract under any revenue standard for any product or service, in compliance with ASC 605. It not only helps you schedule, calculate and present revenue on your financial statements accurately but also automates revenue recognition to report results based on the highest accounting standards. The solution provides robust support to Percentage-of-Completion Accounting and event-driven revenue plans. In addition, it also provides insights into stand-alone selling price.

#2 Report financial results accurately:

The solution’s revenue recognition mandates are based on multiple global accounting standards such as IFRS and GAAP. This ensures accurate reporting of financial results in a timely manner. In addition, through a powerful multi-book accounting engine, the solution helps rapidly record post—revenue related activities in the books. This means you cannot only book specific fair value prices but also book specific foreign currency management.

#3 Manage revenue contracts efficiently:

Effective revenue contract management is far more difficult without an end-to-end contract management solution. NetSuite’s Advanced Revenue Management solution helps you seamlessly navigate complexities related to revenue contract management. Based on the requirements of SC 605 and ASC 606/IFRS 15, the advanced revenue management solution manage contracts through dynamic fair value pricing and powerful allocation calculator.
#4 Manage recurring revenue streams: Predictability in recurring revenue management is critical to a company’s success. NetSuite allows you to integrate your front and back-office processes to manage recurring revenue streams such as subscriptions and maintenance. This helps drive watertight revenue recognition and compliance process.

Successfully streamlining revenue management requires a two-pronged approach. It starts with designing the process from top down, based on necessary functions and data requirements of multiple stakeholders. Second, it requires the deployment of a proven revenue management solution that helps further streamline, centralize, and automate the revenue management process through forecasting, allocation, recognition and reclassification. The result: your staff is spared the hassle of managing revenue and can focus on key business priorities. An experienced NetSuite implementation provider can help you efficiently navigate the complexities related to the NetSuite environment, enabling you to maximize ROI.

Inspirria is a leading NetSuite partner offering Revenue Management Solution implementation services. We leverage more than 15 years of experience and data-driven strategic cloud assessment capabilities to help companies improve revenue management and become complaint.

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Thursday, March 15, 2018

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