What is NetSuite Financial Management?
MA: NetSuite Financial Management has achieved a reputation as the number one cloud financial management solution, namely due its potential to expedite daily financial transactions, reduce budgeting and forecasting cycle times, ensure compliance, and accelerate the financial close. This cloud-based platform delivers real-time visibility into the financial performance of any business, from a consolidated level down to individual transactions. Moreover, NetSuite Financial Management seamlessly integrates with additional business applications, including those relating to order management, inventory, CRM and commerce. This means that one can run an entire business with a single solution.
What are the key areas where NetSuite’s financial management platform can prove to be an important asset for finance and accounting professionals?
MA: In my opinion, NetSuite Financial Management addresses three key areas of interest to finance managers and accounting professionals; first of all, it lets you manage your financial processes efficiently. NetSuite helps you automate a range of complex financial processes, from bank reconciliation and assets management, to receivables, payables, revenue management and more.
From a management point of view, the adoption of NetSuite’s financial management solutions allows you to drive business strategy and growth – the platform’s financial, headcount and operational data lets you quickly and easily produce budgets and forecasts, model what-if scenarios, and generate reports.
From an operational standpoint, NetSuite Financial Management allows the finance and accounting professional to close with confidence, accelerating the financial close while maintaining compliance with accounting standards. It also enables reporting with accuracy, facilitating the drilling down into underlying details, and allowing a better understanding of the impact to your business. Finally, it gives one access to real-time information, with real-time metrics and role-based dashboards designed to improve performance.