Optimize NetSuite Features and Functions for Accounting

Accounting team after optimizing features and functions of NetSuite.

Oracle NetSuite is the leading enterprise resource planning (ERP) solution, offering everything you need to manage your business. If you want to harness the full power of this robust ERP platform, you should utilize the full range of NetSuite features and functions.

Moving beyond NetSuite’s standard features and leveraging its more sophisticated capabilities offers many benefits. For example, it will enable you to maximize the return on your investment in the platform while decreasing time to value.

Want to tap into the full benefits of NetSuite? If so, let’s explore some signs you’re leaving value on the table. We’ll also highlight some must-use NetSuite accounting features.

Signs that You Aren’t Getting the Most Out of NetSuite

Here are three telltale signs that your company could be getting more out of your NetSuite ERP software.

You Worked with a “Set It and Forget It” Implementation Partner

There are good NetSuite implementation partners, and there are great ones. A good partner will assist with planning, data migration, and NetSuite deployment. They’ll ensure the transition is frictionless and that your new ERP functions appropriately.

However, these partners often take a “set it and forget it” approach to NetSuite implementation. As soon as your software is up and running, they’ll leave it up to you to maximize your ROI. You may even have to get to know your platform’s features and functions on your own.

By contrast, a great partner, like our team at Finlyte, provides extensive support well after the initial deployment.

As part of our NetSuite implementation service, we’ll help you get your team up to speed on the new software and configure each module for your business. Our team will also ensure that you derive optimal value from NetSuite by staying connected with your company for full post-implementation support.

Staff Buy-In Is Low, and Your Team Is Frustrated

If your team clings to NetSuite’s basic tools, your ROI will diminish. Fortunately, remedying this issue is relatively simple.

First, gather feedback from your staff to determine what skills they’re lacking. Then, conduct targeted training to boost their confidence. Make sure you show them how to use all of NetSuite’s productivity tools.

Adopting any new technology involves a learning curve. However, you can limit this adjustment period and set your team up for success by training them on your NetSuite ERP set-up. Our team will take a hand in this effort to ensure complete confidence in the many features.

Your ROI Is Falling Behind Expectations

Investing in a cloud-based enterprise resource planning solution like NetSuite is a big commitment. It’s only natural to expect a strong ROI. When you aren’t seeing the benefits – or if other stakeholders don’t see the value – it can leave you feeling underwhelmed.

A suboptimal ROI indicates that you haven’t fully tapped into NetSuite’s features, functions, and dynamic array of tools. All of these tools are designed to drive value for your business.

From automation capabilities to robust reporting functions, NetSuite can increase efficiency and visibility across your organization. That’s why working with a highly-capable team like Finlyte is beneficial to help maximize the use of the platform.

Let’s shift our attention to some NetSuite features and functions you may not be using but should be. This way, you can formulate a plan for fully utilizing NetSuite.

6 Must-Use NetSuite ERP Features and Functions

Six of the most useful NetSuite ERP accounting features include the following.

1. General Ledger

NetSuite’s foundational accounting feature is the general ledger. This single source of truth gives your accounting team the visibility and agility it needs to manage your organization’s finances. You can track everything from overhead to projected revenue. 

The general ledger can support a wide range of functions and tasks. It can facilitate reporting processes, create audit trails, and much more. Consolidating your financial data into a general ledger will also lead to significant time and cost savings.

Your team will no longer have to track down financial data on a spreadsheet. They won’t have to search through several disjointed accounting apps, either. Instead, they can access relevant data and run reports in one convenient platform.

– Is your team using the G/L feature to its full capabilities, or still relying on manual-entry spreadsheets and previous software applications?

2. Cash Management

Stable cash flow is the lifeblood of your business. NetSuite can provide the visibility you need to optimize cash flow. As a result, you can ensure that you always have money coming in.

You and your team can use these insights to guide decision-making, capitalize on potentially fleeting opportunities, and ensure the business has enough liquidity to grow.

3. Accounts Receivable

Managing invoice delivery, collections management, and payment processing manually is tedious and inefficient. With NetSuite, you can automate every aspect of accounts receivable. This effort will free your staff to work on more dynamic tasks and condense your credit-to-cash cycle.

Streamlining the A/R function can increase liquidity and ensure you have the cash needed to build your business.

In addition to supporting A/R functions, NetSuite also includes tools designed to assist with accounts payable. Its A/P tools can increase efficiency and save your team countless hours each month. Modernizing accounts payable enables you to stabilize cash flow, avoid late fees, and leverage early payment discounts to reduce expenses.

As an added perk, Oracle NetSuite includes built-in compliance and review tools. These protect your business from payment fraud and compliance issues.

4. Tax Management

Whether your business operates in the U.S. alone or has a footprint in multiple jurisdictions, NetSuite’s capabilities can help simplify your tax management workflow. 

With NetSuite, you can analyze transactions using custom search criteria. You can also generate detailed reports that include line-item tax details. These capabilities ensure adherence to state, federal, and international tax laws.

The platform can handle local taxes for all of your subsidiaries. You can apply multiple tax schedules to your financial data, including general sales tax, consumption tax, and GST or VAT taxes.  

5. Fixed Assets Management

Managing the lifecycle of non-depreciating and depreciating assets is a complex accounting function. NetSuite simplifies fixed asset management by providing your finance team with end-to-end oversight of your assets.

Thanks to NetSuite, your team will no longer have to manage asset life cycles using manual spreadsheets. They can use Oracle’s fully integrated accounting tools to monitor depreciation, easily tracking equipment across all facilities. They can then use this information to determine when to decommission fixed and non-fixed assets.

6. Payment Management

NetSuite’s flexible payment management tools support a variety of billing processes. You can use this function to process recurring credit card payments. The payment management module also helps with generating and sending invoices. It enables you to accept payments digitally, too. 

Cumulatively, NetSuite’s payment management tools allow you to streamline the purchasing process. Ultimately, this will help you generate more revenue.

These payment management tools also provide financial data insights in real-time so you can track important metrics like the value of outstanding sales and average days to pay. 

Want to Get More out of NetSuite? Finlyte Can Help

We highlighted a sample of incredible features and functions in the NetSuite platform. Many more tools can support specific areas of your business. Now is the time to maximize the use of these tools to align with the unique needs of your business. Finlyte can help.

We provide comprehensive NetSuite optimization services:

  • Configure existing NetSuite modules to support your goals and processes.
  • Customize NetSuite for your stage of business growth.
  • Implement other modules to tap into NetSuite’s full set of tools, functions, and features.

Let Finlyte condense your time to value and strengthen your ROI. Contact us for a consultation about optimizing your use of NetSuite. Our team is ready to help you on the NetSuite journey.