Dedicated controller roles and dashboards give users a wide variety of financial metrics and trending indicators representing pieces of the corporate financial position that require daily attention.
One-Click Access to Important Metrics
With one-click access, users can view formal financial reporting, income statements, balance sheet, and cash flow statements. Income statement reports can be generated from the dashboard tile, or, more formally, from the Reporting Financial Menu.
You can customize the look and feel or the default view for any report. Break out options by department, class, location, or accounting using relative date ranges and subsidiary context. If you want to see the report filtered only for a single class or a group of classes, NetSuite allows that flexibility.
Reports can be saved as a PDF, CSV, Excel spreadsheet, or Microsoft Word document. You can print from the browser, email directly to a user, or schedule NetSuite reports to run on a recurring, predefined schedule.
- Immediately view a wide variety of financial metrics and trending indicators
- Executive-level insights into managing the day-to-day financial operations
- Customize dashboard tiles to include information you need up to the minute data
- View budget versus actual tiles immediately
- Review the typical income statement style, account-level rows along the left with the actual amounts from the transactions in columns next to the budgeted amounts and the variances
- NetSuite Financial Report Writer helps you choose different budget categories to display and even select a different subsidiary context
- Click and display a subsidiary-specific budget for one of the parent organizations and consolidated child subsidiaries
- Break out the totals across department class or location — even the entire fiscal year
- Analyze the report and investigate actual numbers that may be of concern
- Immediate insight into the actual revenue numbers
- Drill down into unusually high numbers and see detailed revenue transactions to tie out to the totals
- Investigate specific invoices and journals one at a time and with the proper permissions
- Dig deeper into all details of a single transaction
Financials First Premium
Does it make sense to keep spending valuable accounting resources manually entering predictable monthly expenses? If your answer is “not really,” we’re with you. With NetSuite’s Amortization tools you can create forward-thinking schedules and immediately visualize your GL impact. Additionally, NetSuite will create one journal entry for all schedules applied. Do you see any drawbacks? We don’t.
- Create multiple amortization templates
- Save templates for vendor bills and easily manage insurance expense entries into prepaid insurance accounts
- Amortization schedules are created upon saving expenses
- Create automated journal entries by running the amortization process overtime
- Dedicated controller dashboard includes shortcuts to amortization templates
- Transaction amortization schedules are generated for vendor bills and credits containing items or expenses that have associated amortization templates
- Apply rules from the templates and generate forward-looking schedules
- Manage schedules giving insight to posting periods, which expenses should be recognized, and the amount to be recognized in each period
- Built-in logic automatically recognizes entries and associates them with previous entries
- Automatically create schedules upon saving transactions and immediately visual GL impact
- Easily see the automation of future period postings
- Easy amortization schedules provide the information required to amortize expenses
- Create journal entries to post expenses to the general ledger
- Use journal entries for vendor bills that typically debit expense accounts and credit deferred or prepaid expense account
- Display schedules with unposted amortization journal entries for that period
- NetSuite will create one journal entry for all schedules that are marked
- Journal entry status page helps users monitor the status of the automated process
- Users can drill down on each journal entry and click to view individual amortization journals created through this automated process
Financials First Premium
NetSuite OneWorld delivers a real-time, unified global business management solution for businesses that manage multinational and multi-subsidiary operations. It provides the agility, automation, and capabilities to enable businesses to execute at a global scale. Its country-specific capabilities enable you to meet all local compliance and reporting obligations wherever you do business.
- Out-of-box consolidation and reporting for multi-subsidiary organizations
- Controller dashboards come preloaded with reports and KPIs telling you the overall health of the global organization in a quick glance
- Slice and dice reporting and dashboard views to provide financial data on specific subsidiaries of the business right from your dashboard
- Portlets allow you to drill down on one specific subsidiary with just one click
- NetSuite pulls in currency exchange rates on a daily basis
- Knw that reporting is always accurate and up-to-date
- Easily slice and dice data from your income statement
- View income statements from one subsidiary or your entire business with click-of-a-button reporting
- NetSuite Report will convert each subsidiary income statement back to the base currency of the parent company
- NetSuite OneWorld allows recording for multiple kinds of intercompany transactions, such as intercompany journals sales and purchase orders
- Intercompany journal entry between US subsidiary and UK subsidiary
- Journal entry includes lines between two subsidiaries but allows posting to subsidiaries at the same time
- By streamlining the subsidiaries in one platform, companies avoid reconciliation issues at month-end
- Month-end close checklists are easily available
- Close checklists act as to-do lists at the end of close
Advanced Revenue Management
NetSuite’s Advanced Revenue Management (ARM) solution helps companies comply with accounting standards including ASC 605, ASC 606, and IFRS 15, as well as reporting financial results in a timely manner. It supports all key rules, including SOP 97-2, SOP 98-9, SOP 81-1, SAB 101, EITF 00-21, EITF 08-01, and EITF 09-03.
The solution automates revenue forecasting, allocation, recognition, reclassification, and auditing through a rule-based event-handling framework.
ASC 606 Compliance
ASC 606: Revenue from Contracts with Customers is the new revenue standard, developed jointly by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (ISAB), that affects all businesses entering into contracts with customers for the transfer of goods or services. This pertains to public, private, and non-profit entities. Public companies should already be compliant, based on the 2018 deadline. ASC 606 compliance will help better organize your business’s revenue management, providing an opportunity for improvement and growth.