Financial Management

Australia's #1 Accounting Software

NetSuite online accounting software seamlessly integrates all your core financial accounting processes with your entire business operations, in one cloud-based system. This ensures that everyone within your organisation is aligned with a single version of the financial "truth". NetSuite's powerful accounting capabilities empower you with the key insights necessary to effectively monitor, manage and improve your bottom line.

NetSuite supports a number of different industries and organisations, from growing to mid-size companies and enterprises with complex financial requirements.

Benefits

• Streamline your business processes with one complete online accounting system
• Gain instant access to comprehensive reporting and analytics that deliver accurate, real-time financial information about your business
• Accelerate financial close and strengthen revenue recognition processes
• Ensure you stay compliant and accountable with regulations and standards with comprehensive, auditable accounting practices
• Reduce manual processing and eliminate potential errors with an online accounting system that automatically integrates with NetSuite CRM and Ecommerce processes.

Features

• General Ledger, Accounts Receivable and Accounts Payable

  • Support an unlimited number of general ledger accounts and sub-accounts
  • Rapidly deploys thanks to more than 20 pre-defined charts of accounts for a broad range of different industries
  • Determine your own accounting periods and close individual components separately
  • Easily convert estimates into sales orders—or sales orders into invoices—with a single click
  • Gain complete visibility into customer data so that you can instantly find out the issues behind late payments
  • Send automatic notices to delinquent customers
  • Calculate sales tax, finance charges and discounts quickly based on flexible payment terms for all invoices and charges
  • Track and manage all vendors, suppliers and multiple accounts payable, including all purchase orders, invoices and payments

• Comprehensive Compliance Management

  • Enjoy robust financial reporting that includes income statements, balance sheets and cash flow reporting
  • Gain total visibility into every transaction with a detailed, always-on audit trail that shows the author and time of each entry
  • Comply with GAAP, International Accounting Standards and their local equivalent regulations (including AASB in Australia)
  • Create role-based access that controls user access to records and changes
  • Attach digital documents, such as scanned signed agreements or electronic business documents, to financial transactions (or customer, vendor or partner records).

• Flexible Revenue Recognition and Billing Capabilities

  • Support revenue recognition schedules for all sales transactions or assign flexible and customisable schedules on a per-item basis
  • Get immediate notification when revenue is due to be recognised
  • Recognise revenue as a job is completed with support for percentage of completion-based revenue recognition
  • Get flexibility to recognise revenue using a separate process from billing, or use an integrated workflow for simultaneous revenue recognition and billing
  • Manage one-off and recurring billing processes for subscription and maintenance-based revenue streams
  • Track and support "units of accounting" and selling price (VSOE, TPE or ESP) for all elements of multiple-element arrangements.

• Sophisticated Expense Management

  • Use advanced amortisation schedules to amortise expenses over time and eliminate redundant steps, such as amortising pre-paid expenses
  • Link expenses to specific jobs to amortise expenses in proportion to percentage of completion
  • Set up allocations as dollar amounts or on a percentage basis, and support automatic posting of the appropriate journal entry
  • Schedule a particular allocation to recur, like a memorised transaction, and get sent a reminder when it's time to take action.

• Efficient Tax Management

  • Support different accounting and business practices and fulfil local reporting and taxation requirements
  • Comply with international sales tax, VAT, and GST and EC regulations
  • Reduce time when setting up a new country with automatically activated tax codes
  • Automatically look up tax codes on all sales transactions
  • Use tax groups that track the tax paid to different tax jurisdictions (country or state).

• Multi-Currency Transactions and Revaluation

  • Support full multi-currency accounting for offices in other countries, or when conducting business with foreign companies
  • Accelerate the period-end close process with automated currency revaluation, which automatically adjusts journal entries to accurately reflect exchange rate fluctuations on any open accounts payable / receivable transactions or other foreign-denominated account
  • Allow items to be priced in multiple foreign currencies to ensure that customers see only current exchange rates and prices.