Oracle NetSuite Advanced Financial Module Will Decode Complex Financial Management

NetSuite Advanced Financial Module

Financial management is all about control and visibility; and if you are losing on these two aspects, then the organization will find it hard to monitor their financial health and progress.

Oracle NetSuite understands the fact that without optimal financial management & planning, no organization can strive to plan, forecast & execute their next moves, and it can hamper their decision-making ability. 

The overall growth of the organization is directly linked with financial management, and this is the reason Oracle NetSuite offers a comprehensive, robust and intelligent module called NetSuite Advanced Financials for businesses.

After deploying this module, financial teams and CFOs can optimally manage complete financial processes and help their organizations to have a clear picture of their finances. Critical processes such as budgeting, expenses allocation, billing management, customer subscriptions, auditing, and more. 

With the Advanced Financials module, Oracle NetSuite completely decodes the complexities of financial management for small businesses and startups to large organizations and enterprises.

Here are some highlights and features of NetSuite Advanced Financials, that will help you to grasp its immense potential in optimizing financial management for your organization:

Multiple Budget Capability

With Oracle NetSuite, companies can set up multiple budgets, for the same set of criteria and objectives. This means that based on the need and requirement, organizations can now create a traditional budget, or an aggressive one, and set up separate reporting as well, for different budgets. 

This capability gives wings to the financial management team and allows them to explore different aspects of budgeting and forecasting within the same domain.

Seamless Amortization Schedules

NetSuite Advanced Financials empowers organizations to set up a seamless, and automated Amortization schedule for different assets and expenses (even prepaid expenses), and provides more leverage to the financial team to correctly forecast asset values over time.

This advanced feature also includes a feature to link Amortization to allocated jobs and their subsequent expenses.

Flexible Expense Allocation

In the traditional model of financial management, allocating various business expenses is a tiring and complex task: Identifying the correct headers, accounts, and reasons take time & resources. 

But not with Oracle NetSuite.

With NetSuite Advanced Financials Expense Allocations, organizations can enter all the expenses without any headers such as classes, departments, and locations. 

Once the said expenses are entered into the system, they can be assigned to different accounts and headers later on, by deploying a weighted formula. 

This converts to terrific time management and resource optimization for the organization since they are not wasting time in identifying the correct accounts and headers ‘during’ expense allocation. 

Since Oracle NetSuite is an intelligent Cloud ERP, you will also get reminders about expense allocations, and when needed, all the entries in the journal can be completed with one click.

This is a revolution in financial management and a game-changer moment for organizations that spent hours and hours on expense allocation tasks.

And we have not even scratched the surface here!

Consult with Inspirria’s NetSuite Consultants, and find out more about NetSuite Advanced Financials and discover how your organization’s financial management can be streamlined and optimized, right now. 

Wednesday, September 22, 2021

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