It helps ensure strong financial management by managing and monitoring budgets
versus actuals. With expense management capabilities, NetSuite Advanced Financials
provides sophisticated expense allocations that make it simple to assign expenses
based on typical weightings, while amortization schedules enable expenses to be
amortized over time with ease.
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.
Budget Management and Reporting
• NetSuite Advanced Financials makes it easy to 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.
• The Multiple Budgets feature allows you to set up and report on more than one budget
for the same set of criteria, such as typical budget or a conservative budget scenario.
• For budget reporting, NetSuite Advanced Financials provides Budget Income
Statement and Budget vs. Actual reports, and enables you to create your own specific
budget reporting.
Expense Allocations
• With NetSuite Advanced Financials Expense Allocations, it’s easy to 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.
• Dashboard reminders notify you when active allocation schedules need to be
processed. After reviewing, you can create the journal entry for all the schedules with
a single click.
Amortization Schedules
• Amortization schedules enable automated amortization of expenses over time and
streamline processes such as the amortization of prepaid expenses.
• Amortization schedules can also be linked to jobs to amortize expenses in proportion
to a job’s percentage of completion.
Advanced Billing Management
• NetSuite Advanced Financials 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.
• NetSuite supports integrated revenue recognition functionality.
• NetSuite makes it easy to 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.
• Billing schedules can apply to an entire sales order, or to each item in a sales order.
Supports the creation of billing schedules on the fly from an estimate or sales order.
Integrates billing schedules into sales forecasts, spreading future billings based on the
billing schedule across the forecast revenue period.
• Provides customers with self-service capabilities that let them manage their own billing
plans, payment options, and demographic information.
• Ties billing schedules to sales commissions when combined with the
Incentive Management module, enabling billing schedules to be factored into
estimated commissions.
Statistical Accounts
• Store values for your most critical non-monetary data such as headcount, floor space
and common shares.
• Automatically allocate financial activity across the business proportionately (e.g.
allocate corporate overhead costs across departments based on headcount, allocate
rent expense based on square footage, etc.).
• Run multiple allocation schedules in specific sequences.