NetSuite Advanced Financials
With NetSuite Advanced Financials, finance departments can further automate billing processes and eliminate the manual work typically associated with billing customers. It enables the creation of highly customized billing schedules and templates, and automates the creation of invoices based on different types of orders. It even provides milestone billing schedules that ensure work is billed as it is completed according to a service contract. Also, perform advanced allocations using statistical accounts.
Key Benefits of NetSuite Advanced Financials:
- Easily track and manage budgets.
- Simply enter budgets for accounts on a single screen, or use the Copy Budgets feature to rapidly create an entire budget based on another budget, or on actuals together with an uplift/downlift. Alternatively, create budgets in Excel and import them via CSV.
- Easily enter expenses without assigning them to classes, departments or locations, and later allocate them according to a weighted formula. Allocation schedules can be used once or set up to recur on a regular basis.
- Amortization schedules enable automated amortization of expenses over time and streamline processes such as the amortization of prepaid expenses.
- Billing Management provides effective management of recurring revenue-based billing process including billing customers one time or on a recurring basis, managing different payment terms and billing in advance or arrears with proration.
- Easily set up billing schedules to accommodate many types of sales, such as billing plans based on instalments, or that require a set amount for an initial payment.
- Store values for your most critical nonmonetary data such as headcount, floor space and common shares in NetSuite's Statistical Accounts.
- Automated expense allocation based on Statistical Accounts (e.g. allocate corporate overhead costs across departments based on headcount, allocate rent expense based on square footage, etc.).