However, with exclusive advantages come exclusive shortfalls – and NetSuite Saved Searches are no short of these too.

To overcome these default pitfalls- here are 5 key pointers to adhere to while creating a saved search in NetSuite. 

5 Key Pointers to Follow While Building NetSuite Saved Searches in Oracle NetSuite

1. Avoid Mis-matched Criteria and Filters

Entering contradicting data in criteria and filters can result in data output mishap of the saved search created.

For example – Creating a saved search to understand yearly sales achieved by a salesperson in FY 23-24. However, there at the same time, there was a filter put in Year =current year which means only 2024.

Thus, this becomes a case of conflicting criteria and filters resulting in improper data release. 

2. Use Relevant Saved Search Type

There are ‘N’ numbers of NetSuite Saved Searches that can be created. Each Saved Search comes under a series of sub-topics a search may be required for.

For example – You cannot find all options you need for a Customer Saved Search from a Sales Transaction Saved Transaction.

The results tab list, you need to build in a Customer Search will always have customer specific values which will not be available in a General Transaction Search.

Each record will have its own version of Saved Search Criteria, Filters and Results list.

3. Keep a Check on Formula Entered

Not every user is proficient in using the available NetSuite option to achieve desired results using formulas. More often users tend to enter wrong formulas and might get the simultaneously wrong related result record or would get an ‘Invalid Syntax’ error which is in itself non-self-explanatory error and leaves the user clueless about the exact error in the formula.

4. Avoid Misleading Formulas

Apart from the text formulas which require at most precision to case and syntax, numerological formulas can also turn toxic.

For example, even though anything divided by 0 will result in 0 in our routine calculations, NetSuite throws a direct error.

Because of this, we need to be careful with the formulas and the numerical values inputs in NetSuite to avoid these situations.

5.Correct Formula Field Selection

Some fields need text while some might need numeric values. Selecting wrong formats in the formula column will result in errors.

Thus, we need to be sure of the data value selection in the formula columns and reduce the avoidable errors.

Takeaways 

While building saved searches can be a boon for critical business reporting requirements, adhering to the inbuilt saved search rules and following a holistic approach for data inputs can significantly improve an overall saved search output experience!

The post Pointers to Follow While Building NetSuite Saved Searches appeared first on OdeBlog.

Tax due diligence is especially important during mergers and acquisitions, as the acquiring company assumes responsibility for any existing tax liabilities or compliance issues.

Oracle NetSuite simplifies this process with built-in features like NetSuite Tax Management, designed to provide users and stakeholders easy access to key tax information, streamlining decision-making with just a few clicks.

NetSuite Tax Due Diligence Checklist  

1. NetSuite File Cabinet

NetSuite File Cabinet is a place where we can find all the relevant business documents applicable to a business.

These documents are locked and are accessible and editable only to few stakeholders as configured permission to.

Businesses can be asked to store in the following documents for an easy access: 

• State and Local Tax Returns
• Foreign Income Tax Returns
• Excise Filings for 5 years
• Tax Exemption Certificates

2. Tax Codes

NetSuite Advanced Taxes feature allows to manage and calculate taxes for multiple nexuses within the same NetSuite account.

This facilitation of automation of taxation by NetSuite helps in assigning the right code to each transaction. The code applied with the rate can be further verified using the System Notes option to sample check the ethnicity of users and to detect malfunction if any.

3. Tax Reports

NetSuite has built-in default detailed reports running in real-time, giving a sneak-peek into the transactions till date without lags. This fosters accountability with the figures and makes it easy to make analysis over the tax figures and resultant profits of a business.

4. Top-Drill Down Model

NetSuite uses a drill-down model which enables users to dig down reports to the impacted key line- item transactions which created the issue.

Thus, with NetSuite – we can ensure subsidiaries are in compliance with global tax requirements.

5. Deferred Tax Assets and Liabilities

NetSuite maintains a separate account for each of these, further facilitating quick overview of each account and its related transactions, thus supporting tax due diligence.

6. Audit Capabilities

NetSuite features its own auditing capabilities, with strict look into logins and logouts, streamlined transactions make sure tax calculations made per line are displayed with country-specific tax details applied and only authorized users can make overriding changes.

Plus, each change is auto captured by the system which cannot be deleted helping in further tax due diligence for the system.

Hence, NetSuite helps us track, calculate, and pay various types of taxes based on the sale or purchase of products and services and plays a major part in tax due diligence.

It has all the applicable features enabled to support this due diligence and result in a smooth transitional process.

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That’s where Oracle NetSuite ERP comes at rescue! NetSuite One World is this one-stop store filled with multiple accounting options.

One of its standout features is NetSuite Multi-Book, which allows companies to support multiple accounting versions in one instance. This feature helps businesses keep two sets of accounts without high costs.

When dealing with transactions across subsidiaries, businesses often face a choice: enable Multi-Book or opt for Adjustment-Only Books. Each approach offers unique features and advantages. Here’s a quick comparison to help you decide which is the right fit for your needs.

Continue reading for to learn more about Multi-Book Accounting and how it compares to Adjustment-Only Books.

Multi-Book vs Adjustment-Only Book Accounting

Thus, depending on actual real-time business requirements, companies can choose to have either or both instilled in their ERPs for a better accounting experience.

The post What is Multi-Book Accounting? appeared first on OdeBlog.

NetSuite Multi-Book allows companies to support multiple accounting versions in one instance. This feature helps businesses keep two sets of accounts without high costs.

Available to NetSuite One World users with just a few clicks, the multi-book feature allows a business unit to show two different faces under the same organization.

With this NetSuite accounting feature, businesses can show different accounting rules, currencies, and charts of accounts in each account book. The main principal book will be termed as Primary Book while another book will be called as Secondary Book.

And that brings us to what are the scenarios which require this multi-book accounting

Why is Multi-Book Accounting essential in upcoming business models?

Varying Statutory Reporting Requirements

Many times, organizations have to follow local reporting rules per country/state. These may differ from the main parent company accounting rules. Thus, organizations prefer to maintain books of accounts for each subsidiary to avoid statutory non-compliances.

Different Tax Filing Laws

This happens when the accounting period is taken differently for different entities as per their defined tax countries. Tax codes change from country to country and state to state. It becomes easier to maintain one set of books per company than to mix up data due to manual errors.

Avoid Currency Mix-Up

Countries have their own currency. Maintaining books as per parent’s base currency might hurt certain calculations and analysis in the long run. 

Whether it be tax filings or making bank payments, it is always handy to have figures in the local currency. Thus, making secondary books a must for most of the companies!

Upcoming Mergers and Acquisitions

Mergers and Acquisitions have a significant impact on financial transactions of an organization. Thus, the pre- and post-merger figures might make a drastic graph, which need to be reported in full. Keeping two sets of accounts helps both stakeholders and auditors. This creates fairness and ensures accurate reporting.

How to Enable Multi-Book Accounting in NetSuite?

Setup → Company → Enable Features → Accounting → Multi-Book Accounting → Full Multi-Book Accounting

Features of NetSuite Multi-Book Accounting 

Adjustment Only Books

This is not a complete multi-book feature. It allows for limited adjustments beyond the Primary Books. These adjustments use the same currency and accounting period as the primary books.

Full Multi-Book Accounting

Mult-books allows up to five accounting books. That way, you can manage your business with different currencies, accounting periods, chart of accounts, and tax structures.

Foreign Currency Management

Helps in managing foreign transactions across books.

Chart of Account Mapping

Allows different account values to be used across books.

Revenue and Expense Management

Recognize and amortize revenue and expenses per book.

Extended Accounting Period Close Process

Allows independent periods close to books.

Thus, gave wings to the accounting world. Multi-book accounting is a simple solution that ensures businesses are protected under one customized accounting system.

The post NetSuite Multi-Book Accounting Feature – What We Need to Know appeared first on OdeBlog.

This basic model of accounting software only suffices during the initial stages of organizational growth. As businesses grow, their needs for an accounting system change. This shows the need for a better ERP system in place to overcome the limits in features and customization in QuickBooks.

If your organization has outgrown QuickBooks, Migrating to a more comprehensive ERP like NetSuite can provide the scalability and advanced features necessary to support your expanding business needs.

Here are top early signs to notice for a swift move from QuickBooks to NetSuite.

When to Move from QuickBooks to NetSuite 

1.Your Business Indulges in Dealing with Volumes of Data

QuickBooks is a good option for managing a defined set of financial data. But as the business expands, so do business processes. This makes it evident that there is a need for an ERP which will cover and govern all its processes at one glance.

As a cloud-based model, NetSuite can accommodate large volumes of data efficiently. It takes in new business processes and builds validation within the software. This makes it more reliable, secure, and trustworthy.

2. Brining-In Real Time Scalability Sounds a Tedious Process

Updating in patches is no longer preferred by businesses as it often leads to more confusion for the stakeholders.

NetSuite brings in time-bound and defined upgrades for its businesses which brings all the stakeholders on the same page, on the same day.

NetSuite also offers real-time reporting with simultaneous updates, providing a solution to the inflexible reporting framework of QuickBooks.

3.Cost Is Increasing Progressively

QuickBooks uses a subscription-based model and has its cost determined based on the access a user needs for its features and functions.

QuickBooks further charges a business for every add-on customization and add-on modules.

Whereas NetSuite eliminates upfront IT expenditure and delivers automatic upgrades to the entire system.

4. Reporting and Customizations Are Not as Per Set Expectations

QuickBooks does not actively support advanced reporting capabilities, customized statements and detailed search reports. It also brings a barrier in real-time reporting.

NetSuite, on the other hand, comes with its pre-built 300 reports. It can also be further customized, consolidated and derived based on the laws of each country where it operates. 

These reports can further be drilled down to its actual source transaction making businesses take informed decisions.

5. Manual Processes Are Ruining the Governance and Integrity of the System

QuickBooks involves a lot of manual intervention while it performs its accounting functions, data entry and reconciliations.

On the other hand, NetSuite can:  

• Accelerate the order-to-cash process by 50%
• Have workflows to automate processes as requested
• Bring in financial automation and security into the business with added 2 factor authentication for every user.

6. Integration Is Becoming Cumbersome

Every company has an IT landscape, and its main ERP has to integrate with these boundary applications. QuickBooks, however, does not possess this capability of offering this required connectivity with the boundary applications resulting in increased complexity for the business owners.

NetSuite here has its own Suite Connectors: SuiteTalk and SuiteScripts. These are used for integrations across various ERP platforms to bring in a smooth inflow of data and streamlines the entire back-end office into the ERP.

Takeaways

With NetSuite, businesses can streamline their processes and eliminate manual intervention while reducing costs and improving the overall efficiency as per changing market conditions!

Plus, bringing in up-to-the-minute data insights further improves our informed decisions taken at a longer-run.

The post 6 Signs Your Business Should Switch from QuickBooks to NetSuite appeared first on OdeBlog.

Thus, to ensure your organization is on the right track, consider these 4 essential ERP documents to drive the implementation success.

4 Key ERP Documents for Successful Implementation

1. Request For Proposal (RFP)

Request For Proposal (RFP) documents have all the content a buyer seeks from the ERP. It enlists the reasons for moving and planning to have or shift to an ERP.

RFP question answers and its related functionality documents the main core modules a business is looking out for. Having a read through this document brings in the base level understanding of why, how and what of an ERP Implementation.

2. Business Requirement Document and Functional Fit/Gaps

Once the ERP is selected, the next phase draws towards preparing the Kick-Off Meeting Deck. Following the Kick-Off – comes the preparation for drafting a formal Business Requirement Document mentioning the final pointers mutually decided to be included in the delivery scope.

A Fit-Gap Document mentioning what can and what cannot be achieved will be the second document to be prepared to get a clear picture on the implementation to be conducted over the ERP.

3. Work-Break-Down Structure (Project Plan)

A Work Breakdown Structure (WBS) is an important document to have before commencing the desired ERP Implementation for a client.

A WBS helps in aligning the requirements with the time constraints giving an overall overview of the time-based work deliverables to be implemented into the system.

This also highlights the resources allocated to the respective tasks and the status of each task as on the Start and the End Dates with a phased delivery against the project divided into – Initiate, Engage, Drive, Enable and Convert.

Thus, a WBS is nothing but the entire project execution plan at a glance.

4. Legal Documents for Implementation Partners and IT Support

Understanding the scope and duration of a project, it is beneficial to bring in Implementation Partners at an early stage, to share the business responsibilities – with an experienced partner who will bring in strategy and execution for the end-to-end project.

Alignment with the integration team, their fit-gaps to integrate systems is the key aspect to be focused before implementation to mitigate the possible implementation cycle delays and have a smooth start and end to the project.

Considering and abiding all these ERP Implementation documents, delivers a perfect and successful project completion. Thus, bringing-in transformative benefits to the organization at large!

The post Key ERP Documents for a Successful ERP Implementation appeared first on OdeBlog.

NetSuite Cash 360 is a cash management solution that provides an automated embedded solution of all the cash data entered and stored in NetSuite.

Giving a real-time insight into your company’s cash position and generating accurate forecasts for the period to come, NetSuite Cash 360 is an amazing place to secure your cash transactions!

NetSuite Cash 360 Key Features

Key features of Cash 360 include: 

• Trend graphs and charts to demonstrate the real-time cash ups and downs.
• View Payables and Receivable Balances at one click
• View Summary Data of your transactions
• Classification of cash projections based on individual as well as consolidated subsidiaries.
• Export data and information using CSV files.

However, the main feature of using NetSuite Cash 360 is its flexible forecasting features. We can see flexible cash flow forecasts –by days, weeks, months at both child and parent level.

This helps the business for its liquidity analysis.

Availability of NetSuite Cash 360

Cash 360 is exclusively available for NetSuite Classic and NetSuite Accounting Centers. It’s available in all languages supported on NetSuite.

Pre-requisites of Cash 360

1. Ensure there are no access restrictions on subsidiaries
2. Set Report by Period user preference to accurately display values in the Cash 360 tiles
3. Enable Multiple Currencies
4. Check Invoice Approval Routing preference box under Accounting Preferences
5. Set the Aging Report Use preference as Due Date

Exclusive User Dashboard Experience

With Cash 360, the users have their own Dashboard Experience.

This gives them exclusive access to a dashboard with cash forecasts, receivables, payables, and available bank balance for the organization.

Users can also have links to access transactions, records, and reports with an aging pie chart for analysis.

However, the default display on Cash 360 dashboard is always based on the currently logged in user’s subsidiary. To display data on the dashboard for another subsidiary, we need to select the subsidiary on the upper right corner of the page.

Limitations

Each Suite App comes with its own limitations. NetSuite Cash 360 is no different.

1. It has a limit of 1000 Chart of Accounts for a single category
2. Displays only 100 transactions at a time on screen for the forecasted Accounts Receivable and Payable
3. The CSV Export has a limit of 40,000 rows and a maximum file size of 10MB
4. The navigation menu available for NetSuite 360 is only English
5. A few transactions from tax editions of UK, US, Japan, Australia and International are not yet available to use this feature
6. This does not support Memorized Transactions

The most important of all is that the Cash 360 Suite App is accessible only if your subsidiary is active. If the subsidiary is inactive, we cannot access Cash 360.

Thus, Net Balance is calculated as total forecast inflow amount – Total forecast outflow amount.

The post NetSuite Cash 360 – Should We Install This SuiteApp? appeared first on OdeBlog.

But with evolving market dynamics, economic shifts, and external challenges, how can you ensure your ERP system keeps up? Legacy on premise ERPs, especially those plagued by outdated versions, technical glitches, or storage limitations, often fall short. They can hinder growth instead of supporting it.

That’s why businesses are turning to modern cloud-based SaaS solutions like NetSuite ERP. These models go beyond fixed, patched, and disconnected on-prem ERP systems!

Here are the top 6 reasons why upgrading to a cloud-based ERP like NetSuite is the smarter choice for your business.

6 Reasons to Move to NetSuite from An On-Premise Legacy ERP

1. Greater Business Agility

A cloud-based ERP like Oracle NetSuite will provide accelerated time to value with continuous regulatory alignment. It can be assessed world-wide, anyplace, and anywhere, empowering mobile networking amongst the buyers and suppliers on forefront.

2. Quicker Version Updates

There remains no version locking! Every user can access the latest version update, switching to technology at a faster rate. This in-turn drives NetSuite users to be updated with industry wide latest upgrades and features.

3. Quicker Implementation and Deployment

With integrated data support, customizations become more accessible and operate in real-time. Thanks to its cloud-based architecture, NetSuite offers quicker implementation solutions that can be completed in days. This trumps the traditional on-premise models that often require months or even years to go live with a project.

4. Imbibed Latest Industry Solutions

NetSuite offers continuous version upgrades with just a click, ensuring your ERP is always up-to-date. Its user-friendly interface and resources like the SuiteAnswers and Help Section empower users with real-time solutions to industry challenges. This proactive approach gives businesses a competitive edge over outdated, on premise ERP systems.

5. Cost Effective

Cloud ERPs like NetSuite significantly reduce IT expenses by eliminating the need for extensive infrastructure, dedicated IT staff, and costly hardware setups. With a self-service model, businesses can streamline operations while cutting down on large upfront investments.

The savings can then be reinvested to improve customer experiences, enhance employee satisfaction, and drive overall business growth.

6. Best to Mitigate Security Breaches

On-premises ERPs often face security threats and need additional software to protect data and information. However, Oracle NetSuite has its own inbuilt 2 factor authentication mechanism to keep hackers at bay, mitigating security breaches and providing a secure environment to its stakeholders.

Takeaways

Thus, to avoid disruptive software version locks and escape the high-cost IT infrastructures, it is best to choose cloud based SAAS like NetSuite and overcome the On-Prem ERP challenges altogether!

The post Why Move to NetSuite ERP from an On Premise ERP System appeared first on OdeBlog.

Before you make this critical decision, here are the top factors to consider to ensure the ERP you select is the best fit for your business.

6 Factors to Check for Choosing the Right ERP 

1. Business Model and ERP Requirements

Why do you need an ERP? What modules should the targeted ERP cover? Will this be an ERP or even a CRM will be sufficient for your business based on your model? What is the return on investment you are seeking from this ERP? And a lot more.

Clarity on what, when, how, and why questions will get you to the exact requirements your company is looking for here in the search of ERP.

2.Size of your organization

Size and volume of transactions in your organization define the structure of your ERP. While majority ERPs take care of the volume portion of transactions, it is always suggested to keep a volume check of transactions and not choose an expensive and bulky ERP when your organization is at a nascent stage.

3.Budget

Figure out the intended budget spend on ERP. Consider an inclusive budget covering licenses, implementation, potential customizations, and ERP support services. Calculate the expected return on the ERP implementation by reduced manual work hours and increased effectiveness in completing tasks on time.

4.Cost Compare Each Searched ERP

Create a search of ERP based on pointers 1 and 2 and filter them in respect to price.

Match your budgeted requirements with the offerings given in the ERP cost list.

Analyze each offering given by the suggested ERP in detail. Explore the reviews and comments posted by users for the ERP services offered.

5.Walk Through the Systems

Understand the complexity of the short-listed systems. Go in for user demos to understand the user friendliness of the user interface. Discovery calls to make sure your business requirements are in alignment with the ERP offerings.

6.Assess the Implementation Process

Understand what count of teams will be required here to streamline the transit. What will be ground level training required on our user front? Will there be the assistance provided post ERP Implementation? How do they plan for Data Migration activities post the implementation?

By carefully evaluating such factors and ensuring an ERP aligns with your business requirements, you can make an informed choice that will support your organization’s growth and efficiency. 

NetSuite ERP stands out as a robust option. It offers a comprehensive features that adapts to diverse business needs while providing reliable scalability, financial control, and process automation. Choosing NetSuite can help your business streamline operations, enhance decision-making, and stay agile in a competitive market.

The post Essential Checks Before Choosing the Right ERP for Your Business appeared first on OdeBlog.

Companies handle various types of intercompany transactions, including: 

1. Upstream Transactions: the subsidiary sells to parent
2. Downstream Transactions: parents fund the subsidiary 
3. Lateral Transactions: two or more sister companies collaborate on joint projects

With solutions tailored to handle these complex transactions, organizations can unlock substantial savings, streamline operations, and realize impactful gains.

Let’s dive deeper into intercompany netting and the various benefits it holds across going concerns. 

6 Benefits of Intercompany Netting

1. Transaction Efficiency

Netting reduces the number of intercompany payments directly impacting the downfall of bank fees. Fewer transactions mean less time spent on payment processing and lower forex costs associated with it.

2. Quicker Monthly Closures

Netting reduces the complexity of tracking and reconciliation of bulk intercompany transactions; thus, shifting the focus to few leading to faster month-end closes and cleaner financial statements.

3. Cost Effective

Netting not only reduces bank charges and the related forex conversions; but also, overall administrative charges of maintaining their books of account, saving time as well as cost.

4. Time Effective

Reduced discrepancies and fewer potential adjustments ultimately saving time and resources during the closing process.

5. Reduced Taxation

Reduced transaction mapping results in reduced cashflow between the two entities resulting in lower amounts open to taxation and cross boundary tariff rates.

6. Better Compliance

Netting ensures companies are following all legal and statutory compliances with accounting standards, transfer pricing regulations and accurate financial consolidation.

A Unified approach of following intercompany netting is a blessing in disguise for organizations running in cross-border sister concerns. It not only supports time saving but also improves a company’s financial standing in the long-run!

By leveraging NetSuite for intercompany accounting, businesses can optimize cash flow, reduce reconciliation time, and focus on strategic growth rather than transactional management.

The post Benefits of Using Intercompany Netting Across Going Concerns appeared first on OdeBlog.