Overview Of Powerful Features Offered By Oracle NetSuite Advanced Financials

Oracle NetSuite Advanced Financials offers complimentary financial management capabilities for CFOs, Accounting and Finance departments, and the management, which directly impacts their bottom line, and provides more visibility, transparency, and control over the financials.


With advanced and highly niche financial features such as budgeting, expense allocation, amortization, flexible and powerful billing management, and statistical accounts, Oracle NetSuite Advanced Financials is the ammunition that can enable organizations to save time, optimize their existing resources, and ensure unstoppable growth.


Here’s an overview of the powerful features offered by Oracle NetSuite Advanced Financials:


Seamless Budget Management


In layman's terms, Oracle NetSuite makes budget management and reporting highly precise and accurate for the financial department.


Not only can you clone a budget with a few clicks (Copy Budgets feature), but also create budgets in Excel sheets, and then import them via CSV format. Budgets for accounts can now be seamlessly entered in a single screen with this advanced module.


Multiple Budget Features (Popular Feature)


One of the popular features of Oracle NetSuite Advanced Financials is the support for multiple budgets, wherein the financial team can set up, edit and report on more than one budget for the same set of criteria, giving more flexibility to the management. Hence, with the same resources, you can now create a typical budget, or say conservative budget, and allocate the resources and manpower accordingly. 


Accurate Budget Reporting


With Oracle NetSuite Advanced Financials, organizations can now have Budget Income

Statement and Budget vs. Actual reports. This way, your finance team can create their own reports for budgets, based on the pre-defined criteria and business requirements.


Flexible Expense Allocations


Oracle NetSuite makes expense allocations flexible, and ROI-centric. 


For example, with the Advanced Financials module, you don’t need to mention classes, departments, or locations before submitting an expense. Once all the expenses are done, they can be categorized based on any weighted formula. 


Expense allocation scheduling is another very sought-after feature of this module.


Amortization Schedules


With ​​amortization schedules, your finance team can fully automate the amortization of expenses over time and standardize typical processes such as the amortization of prepaid expenses.


With Oracle NetSuite, Amortization schedules can also be applied for jobs, wherein the expenses can be amortized based on the stage of job completion.


Powerful Billing Management System


Organizations can save a large chunk of time and resources by utilizing the amazing capabilities of Billing Management, provided by Oracle NetSuite Advanced Financials. 


Be it recurring revenues/subscriptions or one-time sales, Oracle NetSuite can manage them all under their Billing Management System and even handle multiple payment terms, advanced billing, or arrears with proration (something which very few ERP providers offer!)


And we have barely scratched the surface here. Organizations can now set up billing schedules, set up billing plans based on installments, optimize sales orders, manage billing for sales orders, and create a billing schedule based on the sales order or even estimate. 


Consult with Inspirria - An Award-winning Oracle NetSuite Implementation Partner to find out more amazing features of Oracle NetSuite Advanced Financials, and optimize and streamline your financial management.

Schedule a no-obligation consulting session with our Oracle NetSuite Experts today.

Tuesday, November 22, 2022

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