Mastering Financial Management in NetSuite: Essential Tips and Tricks

OpenTeQ Admin | Updated: May 31,2024
Mastering Financial Management in NetSuite: Essential Tips and Tricks

Financial management is concerned with how funds flow into and out of the company. Its goal is to assist businesses in making the right decisions to ensure financial stability in the short and long term. It requires extensive strategic planning to ensure that goals, objectives, and targets are properly matched with the financial position. Good management necessitates skilled individuals who examine finances and operations to guarantee that the company's objectives are realized, profits are maximized, and shareholder value is maintained. Depending on the demands of the organization, NetSuite can handle all or most of the financial management.

Critical Financial Management Processes  

Financial planning: It serves as the basis for firms, while budgeting gives the underlying information for how the plan will be implemented throughout the year.  

Allocation of corporate resources: This procedure matches available resources inside the organization to objectives that must be met.  

Financial operations and continual monitoring: Operations include a variety of financial tasks that keep the organization functioning, such as cash flow analysis, spending, wages, and more.  

Analysis and evaluation: In such a complicated process, continual assessment is required to determine whether the firm is meeting or exceeding its objectives. 

Financial management, like any other process, can provide obstacles. There are numerous reasons for this, but one common cause is inefficient processes. Inefficiencies might occur at any point within the financial management process. Whether there isn't enough time for budgeting and planning, or the company started late, this surely has a knock-on effect on all subsequent stages.  

The volume and placement of the data can also present considerable challenges. If the data amount is huge, processing times will likely be slower, necessitating more time to perform activities. Furthermore, if data is difficult to find in multiple locations, it affects the capacity to draw meaningful inferences from it. Finally, if there is a lack of transparency into procedures or a plan for completing processes, moving from stage to stage will undoubtedly provide numerous obstacles.

Four Important Financial Processes You Should Manage in NetSuite

Customer Communication  
This may not appear to be a part of or even related to any of the financial management processes discussed in this article, yet customer demands are central to most firms. Clear and regular communication with customers is critical to understanding what they require and when. Some businesses are unaware that NetSuite can automatically sync email communication, attachments, and events. This provides transparency throughout the organization and allows for the most efficient allocation of company resources and financial operations. If NetSuite lacks any of these critical communications, invoices, or events, it not only complicates customer service, but it also has an impact on how a firm defines its goals and manages its finances.

Travel and expense management  

Efficient management of time and expense reports is critical for businesses to maintain financial accuracy, ensure optimum resource allocation, and speed reimbursements. This financial operations process frequently includes a team or a set of regulations that regulate what can be filed, as well as a way for employees to submit expenditure reports. NetSuite provides powerful capabilities to help you manage this process. Some advantages of using NetSuite for travel and expenditure management include more prompt expense reimbursements, compliance/policy adherence, faster project costing and analysis, and, ultimately, better financial accuracy. If a corporation chooses to employ a separate system, it may become detached from the rest of the ERP system's financials, resulting in longer, less effective travel and expenditure processes.

Contracts And Agreements  

Contracts and agreements are a critical financial operations stage in establishing a firm. If they are not in NetSuite, various issues arise, ranging from legal compliance to visibility. NetSuite should be considered as a single source of truth in which contracts and legal papers are linked to customer records, ensuring compliance and transparency throughout the organization. This also makes the auditing process easier.

Essential Tips and Tricks for Mastering NetSuite Financial Software

1. Leverage Dashboards for Real-Time Insights 

NetSuite's dashboards provide a real-time overview of your financial status. Customize your dashboard to display key performance indicators (KPIs) such as cash flow, revenue, and expenses. This enables quick access to critical financial data, facilitating prompt decision-making. 

2. Automate Financial Processes 

Automation is one of the most significant advantages of NetSuite Financial Software. Utilize automation features for routine tasks such as bank reconciliation, expense reporting, and invoicing. This reduces manual errors, saves time, and ensures consistency across financial operations.

3. Utilize Advanced Financial Reporting 

NetSuite offers advanced financial reporting tools that allow you to create custom reports tailored to your business needs. Use these tools to generate detailed financial statements, conduct variance analysis, and track financial performance over time. These insights are invaluable for strategic planning and forecasting. 

4. Implement Role-Based Access 

Security is paramount in financial management. NetSuite allows you to assign role-based access to ensure that employees only have access to the information necessary for their roles. This helps maintain data integrity and protects sensitive financial information.

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Enhancing Financial Management with NetSuite BPO Accounting Services 

For businesses looking to further enhance their financial management, leveraging NetSuite BPO (Business Process Outsourcing) Accounting Services can be a game-changer. These services offer professional expertise and advanced tools to manage your accounting processes more effectively. Here’s how NetSuite BPO Accounting Services can benefit your business: 

1. Access to Expert Knowledge 

NetSuite BPO providers are experts in using NetSuite Financial Software. They bring in-depth knowledge and experience, ensuring that your financial operations are optimized and compliant with regulatory standards. 

2. Cost-Effective Solutions 

Outsourcing your accounting functions to a NetSuite BPO provider can be more cost-effective than maintaining an in-house team. It reduces overhead costs related to hiring, training, and retaining accounting personnel. 

3. Focus on Core Business Activities 

By outsourcing accounting tasks, your business can focus on core activities such as sales, marketing, and customer service. This allows you to allocate resources more effectively and drive growth. 

4. Scalability and Flexibility 

NetSuite BPO services offer scalable solutions that can grow with your business. Whether you’re expanding into new markets or launching new products, your accounting processes can adapt seamlessly to changing business needs.

Modernizing Financial Procedures with the aid of email and Excel integrations 

Managing critical financial operations in NetSuite and positioning it as your single source of truth with the aid of email and Excel integrations are two strategies to position your company for success in 2024.  
OpenTeQ can help position your company for even greater success in this situation. Sales representatives who participated in the poll acknowledged that they kept sensitive data on spreadsheets and emails rather than in ERP and CRM programs like NetSuite. OpenTeQ allows customers the flexibility to work where they are most comfortable while providing the business with the data and outcomes it needs to execute accurate and timely financial operations. This is achieved through purpose-built integration that fills in the gaps between spreadsheets and NetSuite and between inboxes and NetSuite. 

OpenTeQ Outlook and Google Workspace for NetSuite facilitates the easy movement of relevant data from inbox to CRM. This includes the ability to create, modify, and remove contact entries from your inbox and automatically connect email conversation chains regardless of when a reply is received. For those who prefer spreadsheets to reports, OpenTeQ facilitates bulk uploading with error checking (without requiring CSV uploads!). It also allows you to link several saved searches for reporting and analysis that can be automatically or manually refreshed with a single click.  

And that's only skimming the surface of OpenTeQ's capabilities. Don't wait if you want to enhance your financial procedures in 2024. Before the new year starts, you still have time to test out the free OpenTeQ email and Excel integrations. Now is the time to begin.

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