NetSuite Delivering Smart Financials for
Today and Tomorrow

The kickoff of the NetSuite Now On Air virtual conference gave participants a chance to learn about NetSuite’s latest product enhancements and get a glimpse of features in the works for 2021. With the changes businesses around the world have experienced this year, NetSuite is focused on helping companies become more agile, operate more efficiently and collaborate more effectively to improve performance across their organizations.

This first week of this monthlong event showed how NetSuite’s financial management, budgeting and planning solutions give organizations the tools and insights they need to balance their short-term priorities and long-term objectives.

“NetSuite’s strategy is based on automation and intelligence throughout the suite,” said Andrew Hery, director of product management at Oracle NetSuite. “Automation and intelligence reduce the need for staff to perform mundane, repetitive tasks, increase data accuracy and allow teams to spend more time on data analysis, planning future growth and making long-term strategic decisions.”

Hery explained how the combination of automation, intelligence and a unified technology platform improves finance and accounting operations by enabling team members to focus on managing exceptions instead of performing time-consuming manual tasks. He then showed how these components come together within NetSuite, demonstrating several new features and product enhancements that will increase financial visibility, increase accounting efficiency and vastly improve the monthly close process.

Smart Automation

NetSuite automates the movement of cash into and out of your business with intelligent, rules-based workflows for managing check runs, reconciling bank and credit card accounts, and allocating customer payments to open invoices.

NetSuite’s Bank Feeds SuiteApp automatically collects bank account and credit card data from thousands of financial institutions in North America and EMEA. Automated reconciliation compares transaction data against the general ledger, matching existing entries and flagging exceptions for review. Enhanced workflows use machine learning to improve matching results over time as more transactions are processed.

The Accounting Cycle

NetSuite is reimagining the accounting cycle. While many accounting professionals dread the words “month-end close,” NetSuite helps eliminate the headaches, overtime and intensive effort required to close the books.

• Automated account reconciliation, intelligent accruals and enhanced intercompany accounting features save time by limiting the need for manual journal entries.
• A pro forma dashboard provides all of the information needed to review the current state of the business. Visibility into financial details, including transactions that haven’t posted, and automated exceptions allows accounting managers to address issues as they occur, rather than waiting until the end of the month.
• New period close management features give accounting leaders the ability to develop custom closing task lists, assign responsibilities, track the status of pending tasks, attach documents to individual tasks and collaborate with staff members to ensure the close process runs smoothly.

Better Budgeting

NetSuite Planning and Budgeting brings together powerful analytics tools and comprehensive, department-level budgeting to help organizations develop effective, adaptable plans that reflect short-term business realities but don’t ignore long-term objectives. A new dedicated budgeting solution adds capabilities for revenue and expense projections to help finance teams automate the budgeting process, eliminate manual data collection and reduce budgeting cycle times.

Grow Your Business with NetSuite

NetSuite’s financial solutions help companies make more informed decisions about how they use their financial resources. Intelligent automation increases accounting efficiency and accuracy, and solid governance, risk and compliance features give stakeholders greater confidence in business results. These capabilities combined with a unified platform that spans the entire organization provide a solid foundation for building a successful business.

“By focusing on visibility and intelligence,” continued Hery, “NetSuite will become a trusted advisor, offering insights and recommendations throughout the everyday decision-making process.”

This article was originally posted on the on NetSuite.com and written by D. Scott Beaver