NetSuite online accounting software seamlessly couples core accounting functions such as general ledger, accounts receivables and accounts payable with strong compliance management; flexible revenue recognition capabilities; sophisticated expense management; a detailed, always-on audit trail; and multi-currency transactions and revaluation capabilities.
With NetSuite's online accounting software, your financial accounting processes are completely integrated with your entire business, thanks to seamless order-to-cash and procure-to-pay business processes. This ensures that you always can effectively monitor and manage financial and business performance, with real-time visibility in to all business accounting, sales and customer data.
- Streamline your business processes with the most complete online accounting software available
- Get immediate access to comprehensive reporting and analytics that deliver the latest financial information about your business
- Accelerate financial close and significantly improve revenue recognition processes
- Ensure accountability and compliance with comprehensive, auditable accounting practices
- Eliminate potential errors and streamline processes with an online accounting system that automatically integrates with NetSuite CRM and ecommerce processes.
General Ledger, Accounts Receivable and Accounts Payable
- Support an unlimited number of general ledger accounts and sub-accounts
- Deploy rapidly thanks to more than 20 pre-defined charts of accounts for a broad range of different industries
- Define your own accounting periods and close individual components separately
- Convert estimates into a sales orders—or sales orders into invoices—with a single click
- Get complete visibility into customer information so that you can instantly see the issues behind late payments
- Send notices automatically to delinquent customers
- Calculate sales tax, finance charges and discounts quickly based on customisable payment terms for all invoices and charges
- Track and manage all vendors and multiple accounts payable, including all vendor purchases and payments
- Track bills and generate automatic payments.
Delivers Strong Compliance Management
- Enjoy robust financial reporting that includes income statements, balance sheets and cash flow reporting
- Receive comprehensive, detailed transaction and accounting-related reports
- Provide total visibility into every transaction with a detailed, always-on audit trail that shows the author and time of each entry
- Create role-based access that controls user access to records and changes
- Attach digital documents, such as scanned copies of signed agreements or electronic copies of 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
- Assign flexible and customisable schedules on a per-item basis
- Receive immediate notification when revenue is due to be recognised
- Recognise revenue as a job is completed, thanks to support for percentage of completion-based revenue recognition
- Provide the flexibility to recognise revenue using a separate process from billing, or use an integrated workflow for simultaneous revenue recognition and billing
- Comply with AICPA, FASB and SEC regulations (including SOP 81-1, SAB 101, EITF 00-21, EITF 08-01 and EITF 09-03)
- Accommodate the requirements specified in SOP 97-2 & 98-9 relating to Vendor Specific Objective Evidence (VSOE) including the accommodation of the Residual Method and a separate VSOE price for every item
- 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 sophisticated amortisation schedules to amortise expenses over time and reduce redundant steps in accounting processes, such as amortising pre-paid expenses
- Link expenses to specific jobs to amortise expenses in proportion to that job's 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 a reminder when it's time to take action.
Efficient Tax Management
- Accommodate different accounting and business practices and support local reporting and taxation requirements
- Comply with international sales tax, VAT, and GST and EC regulations
- Save time when setting up a new country by taking advantage of 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
- Offer full multi-currency accounting support for offices in other countries, or when conducting business frequently with foreign companies
- Simplify 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 in order to ensure that customers see only current exchange rates and prices.