Oracle NetSuite
Financials and Accounting
Simplifies intricate financial procedures by automating a wide range of tasks, including bank reconciliation, asset management, receivables, payables, revenue management, and beyond.
Manage your financial process efficiently
Oracle NetSuite provides a unified platform that integrates core financial functions, such as general ledger, accounts payable, accounts receivable, cash management, and financial consolidation. It enables businesses to automate routine tasks, improve accuracy, and gain real-time visibility into their financial data.
NetSuite’s Financial and Accounting is a core component of the NetSuite Enterprise Resource Planning (ERP) system, which offers a wide range of financial management and accounting tools to help businesses streamline their financial processes and gain real-time insights into their financial health.
In addition, organizations can efficiently manage financial processes across multiple subsidiaries, locations, and currencies. It supports global financial operations by providing multi-currency management, tax compliance, and localization capabilities.
Oracle NetSuite Financial Management and Accounting
Chart of Account Creation and Maintenance
This feature allows for the creation and management of a structured list of all financial accounts used by the organization. It enables the definition of account types, hierarchies, and segments for detailed financial tracking and reporting. Users can customize the chart of accounts to align with specific business needs and reporting requirements, ensuring accurate categorization and analysis of financial transactions.
Profit / Cost Centers
This functionality allows organizations to define and track financial performance at the departmental, project, or location level. By assigning transactions to specific profit or cost centers, businesses can analyze profitability, identify areas of cost overrun, and make informed decisions about resource allocation and operational efficiency
General Ledger
The general ledger serves as the central repository for all financial transactions. It provides a comprehensive record of debits and credits, categorized by account.
Trial Balance
This feature generates a report that lists all general ledger accounts and their balances. It serves as a critical tool for verifying the accuracy of the accounting records by ensuring that total debits equal total credits. The trial balance is a key step in the financial close process.
Accounts Payable (AP) Aging
This function provides a detailed analysis of outstanding liabilities owed to vendors, categorized by the length of time they are overdue. It helps businesses manage cash flow, prioritize payments, and avoid late payment penalties. It also provides insights into vendor relationships and potential payment risks.
Accounts Receivable (AR) Aging
Tracks outstanding receivables owed by customers, categorized by the length of time they are overdue. It helps businesses manage collections, assess credit risk, and improve cash flow. It also provides insights into customer payment patterns and potential bad debt.
Financial Statements
Generates key financial reports, including the balance sheet, income statement, and cash flow statement. These reports provide a comprehensive view of the organization’s financial performance and position, enabling informed decision-making and compliance with reporting requirements.
Accruals and Reversals
This feature supports accrual accounting by allowing the recognition of revenue and expenses in the period they are earned or incurred, regardless of when cash is exchanged. Reversals ensure that accruals are properly adjusted in subsequent periods, maintaining the accuracy of financial statements.
Cash Advances, Liquidations, Petty Cash and Reimbursements
Streamlines the management of employee cash advances, petty cash disbursements, and expense reimbursements. It provides controls and audit trails to ensure proper authorization, tracking, and reconciliation of these transactions.
Journal Entries
Recording of individual financial transactions in the general ledger. It supports both manual and automated journal entries, ensuring accurate and complete financial records. Users can create, review, and approve journal entries, maintaining data integrity and compliance.
Bank Reconciliation
Automates the process of comparing and reconciling bank statements with internal accounting records. It identifies discrepancies, ensures accurate cash balances, and helps prevent fraud.
Period Management
Controls the opening and closing of accounting periods, ensuring that transactions are recorded in the correct period and preventing unauthorized changes. It supports the financial close process and ensures the integrity of financial data.
Budget vs. Actual
Enables businesses to compare actual financial performance against budgeted amounts. It provides insights into variances, enabling better financial planning and control. Users can analyze budget vs. actual reports to identify areas of improvement and make informed decisions about resource allocation.
BIR Tax Reports
Generates reports required for tax compliance with the Bureau of Internal Revenue (BIR) in the Philippines. It ensures accurate and timely tax filings, helping businesses avoid penalties and maintain compliance with tax regulations.
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