Accounting software — Gartner recently awarded NetSuite as the Leader for Cloud Core Financial Management for midsize , large and global enterprises (2021). NetSuite has received this prestigious award for the 4th year in a row now. NetSuite provides a single unified system that takes care of many aspects of accounting.
Gartner recently awarded NetSuite as the Leader for Cloud Core Financial Management for midsize, large and global enterprises (2021). NetSuite has received this prestigious award for the 4th year in a row now. It is the only software in its category, that is a fit for all firms irrespective of its size. Here are 7 reasons that make NetSuite the best cloud accounting software.
NetSuite handles the ledger, receivables, payables, tax, fixed assets, cash and payments in one system, so finance teams stop moving data between tools.
Softype has delivered more than 600 NetSuite implementations, and this is usually where teams tell us their current setup has run out of room.
In live projects the value of a single system shows up at month-end, when nothing has to be reconciled between two tools before the close can start.
NetSuite provides a single unified system that takes care of many aspects of accounting. It provides the following accounting features:
The ledger comes ready to use. You add what your business needs rather than build from scratch.
Off the Shelf general ledger as per specific business needs.
This removes manual journal entry, allowing users to add personalized impact lines to transactions. It considerably reduces the time and effort needed for account reconciliation, period close, and audit processes.
It follows the accounting principles of double-entry.
Real time accounting entries are available for all inventory transactions.
Multi-book accounting helps reduce data errors due to manual adjustments.
Money owed to you is tracked in the same system as the sale that created it.
Off the Shelf general ledger as per specific business needs.
This removes manual journal entry, allowing users to add personalized impact lines to transactions. It considerably reduces the time and effort needed for account reconciliation, period close, and audit processes.
It follows the accounting principles of double-entry.
Real time accounting entries are available for all inventory transactions.
Multi-book accounting helps reduce data errors due to manual adjustments.
Mismatches between orders and receipts are flagged automatically.
The system can automate exception processing when there is a mismatch for buy orders or receipts.
Data/documents are better organized thereby preventing errors like making many payments or loss of bills.
It helps build highly exact financial statements due to improved reconciliation and streamlined accrual processes.
Tax rules can be set up for each country you trade in.
Practitioner note: across the 600-plus implementations Softype has delivered, multi-country tax setup is the area clients most often underestimate at scoping.
The ability to set up the tax module to meet compliance regulations (global as well as local tax.)
Support for every global currency and exchange rate
Once set up, the system automatically applies the correct rate for every transaction at all times.
Assets are tracked whether or not they depreciate.
Reporting features for all fixed assets that help with efficient tracking of depreciating and non-depreciating assets.
Users can integrate their assets management with accounting. This helps reduce human error when data is spread across many spreadsheets/systems.
Direct posting of depreciation and asset retirements is possible.
You get one view of cash across every account you are allowed to see.
A 360-degree view of cash flow.
Based on their access rights, users have real-time access to global transactions across different locations.
It helps forecast cash needs.
The system can automatically make accounting entries, post transactions.
It is possible to manage many currencies.
Payment data is available at any hour, and customers can pay online.
24*7*365 access to all your payment-related data.
Many options for accepting payments through online transactions are available.
Processing payments for a multi-location and multi-currency set-up is possible.
SuitePayments, a seamlessly integrated component of NetSuite is available as an API for payment gateway integration.
The system can verify data related to credit/debit cards, authenticate transactions through passwords, encrypt secure data and more!
Stakeholders see financial data as it happens, rather than waiting for a month-end pull.
We all know that data is the new oil. It is key for business stakeholders to have access to all the key data especially, financial data, in real-time. It provides them with the ability to study the current situation fast and make any changes if needed. The ability to make quick, data-driven financial choices can have an impact on the overall business.
Practitioner note: in live projects this is the change finance teams notice first. The month-end pull stops being an event because the numbers are already current.
Softype has run this comparison with more than 600 NetSuite implementations, and the pattern above is what we see most often.
Oracle NetSuite provides access to real-time data even in the case of a multi-location set-up. It lets decision-makers to gain actionable insights into the entire business. Creating and sharing reports on Oracle NetSuite is very easy. It does not need any technical expertise. It is possible to mail key reports to key choice makers in the company on a daily basis. For e.g., A CFO can access Accounts Receivable or Bank balances at the end of each business day without logging into NetSuite.
The SuiteApps Marketplace gives users hundreds of third-party tools that connect to NetSuite without custom work.
NetSuite provides the SuiteApps Marketplace. It is a marketplace that gives users access to hundreds of third-party solutions that easily integrate with NetSuite.
Softype has delivered more than 600 NetSuite implementations, and this is usually the point where teams tell us their current setup has run out of room.
A business can build, set up, and integrate solutions specific to their needs through these integrations. It lets firms to create custom solutions that can resolve challenges specific to their business or industry.
Because NetSuite is cloud-based, a user can reach their data from anywhere with a connection.
Oracle NetSuite is the leading cloud-based accounting software. It means that, a user can access data stored on the cloud from anywhere. They only need internet connectivity and a browser.
Cloud-based solutions offer access to data 24*7*365 for all users. In the current situation, this is an advantage as most of the firms have a distributed workforce spread across different locations. With Oracle NetSuite, it is possible to securely access data from anywhere – the NetSuite cloud platform is highly secure and there is absolutely no risk of data theft/misuse.
Softype has delivered more than 600 NetSuite implementations over 25 years, and this is usually the point where teams tell us their current setup has run out of room.
NetSuite is a full cloud ERP platform, so the same system covers work well beyond the finance team.
Oracle NetSuite is much more than a cloud-based financial accounting software. It is a cloud-based ERP platform that helps firms streamline many aspects of their business. It can integrate accounting processes with other business functions like:
Softype has delivered more than 600 NetSuite implementations over 25 years, and this is usually the point where teams tell us their current setup has run out of room.
In the projects Softype delivers, this is usually the point where a team decides the current setup has run out of room.
Inventory tracking and management
Order management
Multi-location management
Warehouse management
CRM
Procurement
Fixed Assets
Allocation of Financial overheads to profit centers
NetSuite scales with the business, so a growing company does not have to replace the system it started on.
One of the biggest challenges a business faces is to have solutions that can scale and keep pace with their rapid growth. Oracle NetSuite can easily be scaled depending on your needs.
Also, as a business, the investment needed to scale it, is lesser as compared to an on-premise legacy system. It is possible to manage it efficiently and well with minimum IT overhead costs and a lean IT team.
NetSuite has a team of world-class experts to take care of security and maintenance of the solution, resulting in almost 100% uptime.
Softype has delivered more than 600 NetSuite implementations, and this is usually where teams tell us their current setup has run out of room.
Automating routine steps saves time and cuts the human errors that manual data entry creates.
One of the key aspects of NetSuite is its ability to help users automate many processes. Automation helps users save time and also helps in reducing human errors that may arise due to manual data entry.
Practitioner note: in live NetSuite projects, the automation that pays back fastest is rarely the most sophisticated one. It is usually the repetitive data entry that a finance team has quietly absorbed for years.
A misplaced zero or a wrong entry can give the accounting team nightmares and greatly increase their workload. Having said that, NetSuite prevents such mishaps and ensures better data accuracy that can help stakeholders make better, data-driven choices.
NetSuite can automate tax processing and billing, accounting entries post-transactions, exception processing, generation of recurring invoices, and many such key tasks. Automation also helps staff free up some of their time from routine tasks and focus on other activities of more strategic importance.
To sum it up, 26000+ firms across 160+ countries are using NetSuite to transform their firms digitally. It doesn’t’ matter whether you are a small, medium, large-scale or fast growing enterprise. NetSuite will help you with your financial management.
If you want to know more about NetSuite and how it can be more useful for your business, you can speak to the experts at Softype.
Softype is a global provider of cloud business automation solutions and an experienced enterprise consulting provider to medium and large enterprises. We have more than 15 years of successful experience with ERP system implementations, business process consulting, and integration. We have offices in the US, Philippines, India and Kenya.
We have been a Solution Partner for Oracle NetSuite, the original and leader cloud ERP, since 2004. We have successfully assisted more than 400 clients across 25 countries and four continents over the past 17 years. Besides NetSuite, our company has expertise in workflow automation and integration for the WD, Retail, Education and Light Manufacturing industries. We are partners of StoreHub Cloud POS and Workato for integration and automation for different enterprises.
We do not just build things/spaces or create software. Our focus is practical solutioning coupled with expert service delivery of software projects to maximize our clients’ investments in business automation solutions that they undertake. We partner with them to give the promise of success.
For further data, please contact us here. You can also reach out to us at info@softype.com or call us at +1 650 488 4412 (Global), +63 967 429 9575 (Philippines), +91 22 4616 3839 (India), +254 720 940 174 (Africa), and +61 452 183 613 (Australia).
NetSuite provides a single unified system that takes care of many aspects of accounting.
Off the Shelf general ledger as per specific business needs.
Off the Shelf general ledger as per specific business needs.
The system can automate exception processing when there is a mismatch for buy orders or receipts.
The ability to set up the tax module to meet compliance regulations (global as well as local tax.).
Reporting features for all fixed assets that help with efficient tracking of depreciating and non-depreciating assets.
For the vendor-published detail behind the features described above, Oracle keeps official documentation:
NetSuite provides a single unified system that takes care of many aspects of accounting.
Off the Shelf general ledger as per specific business needs. This removes manual journal entry, allowing users to add personalized impact lines to transactions. It considerably reduces the time and effort needed for account reconciliation, period close, and audit processes.
Off the Shelf general ledger as per specific business needs. This removes manual journal entry, allowing users to add personalized impact lines to transactions. It considerably reduces the time and effort needed for account reconciliation, period close, and audit processes.
The system can automate exception processing when there is a mismatch for buy orders or receipts. Data/documents are better organized thereby preventing errors like making many payments or loss of bills. It helps build highly exact financial statements due to improved reconciliation and streamlined accrual processes.
The ability to set up the tax module to meet compliance regulations (global as well as local tax.). Support for every global currency and exchange rate. Once set up, the system automatically applies the correct rate for every transaction at all times.
Softype is an Oracle NetSuite solution provider with more than 25 years of experience and over 600 implementations. Our team sets up NetSuite around how your business already works, then stays on to tune it as you grow. If you want to see what this would look like for your own numbers, book a meeting with us.
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