A cloud financial management solution allows an organization to bring all related functions such as accounting, revenue management, tax management, etc., onto a single platform.
The key benefits of investing in a reliable financial management solution are:
- Enhance efficiency by providing real-time information to the sales, services, and management teams.
- Allow customers to gain direct access to their invoices.
- Allow access to critical data from any location and device.
- Use of analytics tools to derive more precise insights.
- Automated data processing and reporting.
- Lowered operational cost.
- Enhance business agility.
- Better employee productivity through automation.
- Better operational resilience.
Invest in a trusted solution such as the NetSuite financial management solution and make your company’s financial growth inevitable. Listed below are some of the essential capabilities to be included in your financial management software.
1) Accounting Capabilities
The accounting module simplifies the general ledger, accounts receivable, account payable, tax management, cash handling, etc. The finance team can generate reports and statements promptly. It offers real-time access to critical financial data. The real-time analysis allows managers to diagnose financial issues and resolve them instantly. As a result, business performance is considerably enhanced.
2) Automated Revenue Recognition
The revenue recognition capability allows 100% accuracy and promptness in tracking and reporting revenue sources. In-built capabilities of the solution automatically recognize sales transactions of products and services across time. The solution calculates and presents the revenue accurately on financial statements. It ensures that the final output is compliant with the applicable accounting standards.
3) Billing Capabilities
When you choose an advanced system like the NetSuite financial management solution, you avoid the hassles of billing. The solution turns to bill into a strategic business differentiator. The dynamic billing framework supports transaction, subscription, and usage-based billing. It consolidates and automates invoicing operations and allows flexible customer-based pricing models.
4) Budgeting and Planning
Budgeting can be an uphill task. Financial management software uses real-time data to produce accurate budgets and forecasts. The solution reduces the planning cycle time by eliminating the need for manual data consolidation, data cleaning, troubleshooting issues, and reporting the results. Since the data is always updated, there is greater accuracy of forecasts.
5) Governance, Risk and Compliance Capabilities
The financial management solution comes with the appropriate controls and processes to handle complex regulatory, operational, and compliance functions. The solution is equipped to handle the safety of sensitive data and reduce the risk of fraud. Assets are secured through role-based access controls, robust encryption models, and reliable password policies.
6) Automated Reporting
Robust financial reporting is important to obtain a clear view of the business. Financial management software uses powerful tools to ensure comprehensive analysis and reporting of data.
The prebuilt financial reports offer accurate and specific results. The solution allows the creation of custom reports to meet specific client requirements. The aim is to provide precise performance insights for internal and external stakeholders.
Are Cloud Financial Management Solutions Secure?
Quite often, business organizations worry about the security and privacy of their data. While their concern is reasonable, it is essential to note that ERP providers take cloud security very seriously. Big players such as the NetSuite financial management solution invests significant time and resources to ensure 100% security of your assets.
Also, a study conducted by Gartner reveals that security mishaps in the cloud are due to providers only 5% of the time.
Choose the Best Solutions Available Online
A robust financial management solution includes all the above features and more. It integrates with all other modules such as order management, inventory management, CRM, etc. Thus, it serves as a single source for all essential business information.
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