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.

Problem

The client had a custom homegrown system that offered a lot of flexibility, resulting in various tables with promotional data scattered throughout. It wasn’t a relational database or a pre-existing ERP system. Built and configured nearly 20 years ago, the client had been adding to it over the years, which made it increasingly complex.

Additionally, the promotional data lacked a centralized location, making it difficult to find and apply all promotional attributes to transactions. Initially, the client considered NetSuite SuitePromotions to manage their discounts; however, they faced thousands of scenarios that varied based on customer, quantity purchased, mix-and-match discounts, buy X get 1 for $X offers, and unique discounts from historical pricing and government contracts.

The task involved consolidating their discount tables into one centralized database, thereby enabling a single system to accurately calculate discounts based on the unique criteria and metrics for each customer. At first, we attempted to use SuitePromotions for discount configuration, but we encountered significant limitations. SuitePromotions allowed a maximum of 30 promotions, while we needed to manage thousands. Moreover, using the SuitePromotions module heavily would lead to performance issues, prompting us to seek an alternative solution regardless.

The client wanted the discounts to apply automatically based on the specified criteria, as long as we could define it in the backend with some logic. However, the SuitePromotions UI proved technical and not user-friendly for setting up and managing ongoing discounts and promotions. Additionally, it did not support CSV imports, which heightened the client’s concerns. This situation underscored the need to develop a custom solution that they could manage with minimal technical interference.

Clients Requirements:

• Ability to import promotions by CSV in batch
• Enable unlimited auto application of promotions (SuitePromotions has a maximum of 30)
• Allow various item eligibility rules (individual item, user-defined custom grouping, product class, min/max quantity)
• Facilitate discount % AND/OR $
• Provide volume pricing with GL Impact discounts
• Implement contract pricing with GL Impact discounts
• Require GL Impact on every discount applied
• Ability to configure a Promotional Term if the sales order is eligible (ie. if you buy X product you get a better Term for payment)

Types of Client Promotions

Standard Program

Basic program 

Applies on Product groups

1 standard program per product group

Customer Program

Customer can belong to multiple Customer Programs (by Customer Group)

Priority based per Product

Customer Product Pricing

Specific amount discount by customer by product

SPA and Margin Enhancement same thing

Simplified Pricing

• 10 pieces +5%
• 25 pieces +7%
• 50 pieces +8%
• 100 pieces +9%
• Not combinable with bids and contracts
• Does not combine with Standard Program and Customer Program

Mix and Match

Any items on the list of items in the mix and match promotion will be eligible

Quantity required is based on total quantity of items on order matching the items on the promo list

Buy X get 1 for $

Applies individually by item

Not mixed and matched between list of items

Bids and Contracts (typically for government)

Organized by priority (lowest discount % applies)

Uses a contract $ (coupon code)

If used, not combinable with any other promotions

Bids and Contracts with Old Pricing (from contract)

Contract pricing can’t change

If price increases, we need to keep track of old agreed upon pricing 

Bids and Contracts with Warranty

If you buy X item with warranty Y years you get % discount

Demo Promotion

If you qualify with quantity by item, 1 item splits in separate line and get Demo DFI applied to that line

Terms Promo

For customers and date eligible, set the term on the SO

Solution: Custom Promotions in NetSuite

Solution Architecture:

• Two custom records were created – parent/child records.
• Parent custom record is for the promo header level data.
• Child custom record is the promo definition by item/item grouping.
• Scripts to manage data extract, define customer/sales order/item eligibility and apply discounts automatically.

A custom record holds all the data and criteria applicable for client promotions. Specifically, it tracks values like location, subsidiary, currency, items, and quantities. Once a sales order is created for a customer eligible for a promotion, the system saves the transaction. Upon saving, a user event script runs to review and evaluate the client’s eligibility for promotions and check if all criteria are met for specific discounts. If the criteria match, the system automatically applies those discounts to the sales order as additional lines, thereby reflecting the appropriate General Ledger impact and updating the discounted sales order. Conversely, if the criteria do not match, the sales order proceeds unchanged.

Additionally, the client has the ability to override promotions and discounts if necessary. This feature allows for error resolution if a discount is not applied correctly or if they need to manually update an order urgently without waiting for a technical solution. By clicking a simple checkbox, the client can control whether to override the automation, provided the user has the appropriate permissions.

Ultimately, the final result is a solution that the client truly appreciates. It not only outperforms their legacy disparate systems, which lacked controls, but also enables them to create promotions without needing IT resources. This represents a significant improvement that the finance team greatly values.

The post How OdeCloud Transformed Custom Promotions in NetSuite appeared first on OdeBlog.

With NetSuite SuiteBilling in picture, NetSuite brings in a powerful native billing tool to automate billing and maintain sanity of billing operations with reduced manual efforts and interference.

Following Billing Models are covered in Oracle NetSuite – SuiteBilling.

7 NetSuite Billing Options 

1. Recurring NetSuite Billing Models

NetSuite Billing models which have a recurring schedule of per day, month, year and all recurring schedules with fixed intervals can be accommodated in NetSuite SuiteBilling.

Examples of each billing can be – Training and learning via LMS Subscriptions, Newsletters, Insurance Premiums, Commercial Rents

2. One-Time Fees

One-time payments without further ties to abide by the contract can also be covered by SuiteBilling. There is immediate recognition of revenue based on the date given for billing this service.

Examples of such can be Implementation Projects, License Purchase

3. Pay as You Go

This is also termed as Volume Based Billing Model. Thus, this model refers to the concept of usage.

For every quantity increased, the price may increase/decrease. The more the consumption, the more the bill or vice-versa.

There is no fixed amount attached to this model. The amount of the bill differs from consumption made.

Example – Cloud Storage rented by a company.

4. Tiered Usage

Tiered Usage is nothing but slab wise rating according to every specific range mentioned.

A regular and best example for this could be the Internet Connection utilized by the organization which is based on slab-based unit consumption.

Another example of this billing cycle is used by the Electricity and Telecommunication industries.

5. Evergreen Contracts

Evergreen contracts are contracts which remain the same over a period for their pricing and billing schedules.

Contracts which never have an end date defined as considered here. However, when no end date is defined, SuiteBilling considers 3 years as the default term which can later be further extended to next 3yrs and so.

Example of such an evergreen model can be the 999 year commercial lease.

Another nearest one could be life insurance premium amount.

6. Subscription Boxes

Subscription Industry is the most famous to use different billing structures. SuiteBilling is an epitome for this. OTT Subscription plans, AWS, Aggregator Platforms are all regular examples of these.

7. Prepaid Billing

SuiteBilling gives us an option to choose a bill in advance or to bill in arrears. This option is usually allowed for fixed recurring schedules attached as variable billing does not predict the consumption and usage in advance.

Thus, SuiteBilling is one such magic box which caters to a variety of businesses. Put in quantity, rate, amount, and we are done!

The billing cycle will auto-play as per your scheduled billing runs configured in the system!

The post NetSuite Billing Models Supported by SuiteBilling appeared first on OdeBlog.

IAS 16 – referred to International Accounting Standard 16, outlines the accounting methodologies to be used governing Property, Plant and Equipment.

This standard covers all the ifs and buts to be considered for cost, disposal, depreciation, and revaluation of any asset falling under the criteria of Property, Plant and Equipment other than the ones covered by the later accounting standards specifically belonging to the respective assets.

Eg – IAS 41 covers biological assets used for Agriculture and the same will not be considered under IAS 16

Accounting Models Used in IAS 16

Cost Model

The asset is carried at cost less depreciation and impairment.

It adheres to the original asset cost till the end of life of the asset.

Revaluation Model

The asset is carried at revalued amounts. Fair Value at the date of revaluation – Depreciation and Impairment.

The Value of asset is dependent on market factors impacting the pricing.

Are these Models covered By Oracle NetSuite?

Yes. Both Cost and Revaluation Models have been added in Oracle NetSuite Fixed Assets Management Module.

Principles of recognition and accounting for Plant, Property and Equipment can be thoroughly followed using the NetSuite ERP System.

Fixed Asset Management in Oracle NetSuite

Fixed Asset Management in NetSuite provides automated management of asset’s acquisition, depreciation, revaluation, retirement as well as maintenance schedules and insurance.

FAM also covers mid-life assets which can be imported in NetSuite too.

A fixed asset in NetSuite can be created from Purchases, Expenses, and Inventory Transfers.

Cost Model in Oracle NetSuite

Cost Model as in Oracle NetSuite = Initial Asset Cost + Installation Cost Incurred- Accumulated Depreciation as per attached schedule

Treatment in Income Statement and Balance Sheet

– Initial Asset Cost and Installation Services = Asset

– Depreciation on the Asset for the Year = Expense

– Accumulated Depreciation Calculated over a period of years = Liabilities

– Disposal of Asset = Income

– Gain/Loss is further a result of Cost – Disposal = Income/Expense

Revaluation Model in Oracle NetSuite

Rest all concepts same as Cost Model, Revaluation in Oracle NetSuite takes its effect from IAS 16.

Where normally, the asset cost decreases over a period, however under the Revaluation Model, the asset price will go up if the market suggests.

Revaluation Model in Oracle NetSuite = Fair Value as updated in NetSuite – Accumulated Depreciation as per the attached schedule.

Treatment in Income Statement and Balance Sheet – Initial Asset Cost and Installation Services = Asset

– Depreciation on the Asset for the Year = Expense

– Accumulated Depreciation Calculated over a period of years = Liabilities

– Disposal of Asset = Income

– Gain/Loss is further a result of Cost – Disposal = Income/Expense

– Gain/Loss from Revaluation = Income/Expense

Disclosures

IAS 16 mentions reporting and disclosure requirements which can again be tackled by NetSuite customized reports and saved searches.

Disclosure Notes can be further added using NetSuite Saved Searches covering all the mandate disclosures to be made to reflect the IAS 16 statutes.

Thus, rest everything remaining the same, accounting models used in Oracle NetSuite are in sync with the International Accounting Standards making things relatable to the global standards.

The post Does NetSuite Fixed Asset Module Run on IAS 16 Specified Models? appeared first on OdeBlog.

Key performance indicators (KPIs) display the operational and financial health of an organization and its sustainability in upcoming years to go.

Financial KPIs measure a company’s key business objective against its decided goals and targets. However, tracking metrics like revenue, expenses and income is a challenging task using excel spreadsheets; and it is becoming extremely important to have a software in check to measure and monitor these.

Oracle NetSuite supports KPIs and has a varied pre-configured one on its Analytics dashboard. We can further, create KPIs based on custom reports and saved searches to create KPIs as per the business needs.

Here are a few most needed Financial KPIs to look for a growing startup industry

6 Essential Financial KPIs for Startups 

1. Gross Profit and Net Profit Margins

These ratios are a mirror to the actual profit earned by a business over a period of time.

Calculating these not only guarantees business having its expenses in check but also pinpoints to the most expensive expense to reduce them substantially.

Gross Profit = (Net Sales – COGS)/Net Sales *100

Net Profit = (Gross Profit/Revenue) * 100

2. Working Capital Ratio

Current ratio pictures the real assets available to pay off the liabilities in case of business shutdown. A ratio from 1.5-2 is considered safe. Anything below 1 is not a good sign.

Working Capital Ratio = Current Assets/Current Liabilities

3. Days Payable and Receivable Outstanding

These two financial KPIs show whether business is getting payments within decided due dates and whether business is paying suppliers with due time. Any lag in either of these shows a bad financial position of the company.

Days Sales Outstanding = Total Receivables/ Total Sales * No of Days

Days Purchases Outstanding = Total Payables/ COGS * No of Days

4. Cost per Unit

Yet another impactful analysis, cost per unit helps generate the exact cost one must recover while making sales. It helps set the profit percentage to overload on the cost.

Cost per unit = (Total fixed cost + Total variable cost)/Number of units produced

5. Cash Conversion Cycle

This again shows how much time is required by the business to convert its sales into real cash to be deposited in the bank.

This monitors the actual cash flow and identifies the red flags in this process.

Cash Conversion Cycle = Days Sales Outstanding + Days of inventory outstanding – Days payable outstanding

6. Sell Through Rate

When it comes to Inventory Management, Sell Through Rate shows Inventory sold versus inventory produced. This exactly helps in to stop wastage of funds and raw material and generate only required inventory as per the demand season.

Sell Through rate = (Number of Units sold / Number of units produced) *100

Takeaways

Thus, all these ratios judge and guide a business to sail through. Generating effective reports and saved searches will further help NetSuite generate formulas and KPI graphs and reports based on custom requirements and data put in and present it on NetSuite Dashboards.

The post Financial KPIs for a Growing Startup Company appeared first on OdeBlog.

Explore the unique ways NetSuite ERP features can be tailored to meet the specific needs of different sectors.

NetSuite ERP Features 

FinOps

NetSuite has its own designed and built auto processes to streamline inputs to their desired outputs in financial statements. NetSuite’s Accounts Receivable and Accounts Payable Automation features integrate all financial information that is internally mapped to its end output in a seamless manner. They have their default and add tax engines and fixed asset management to facilitate further processing of relevant information.

Managers have real time access to data entered and create customized reports using SuiteAnalytics and NetSuite Dashboards.

Thus, NetSuite’s FinOps are the best for all industry solutions.

Advance Revenue Recognition

NetSuite’s compliance with ASC 606 is itself a boon for creating accurate revenue recognition plans for its products and services. This revenue recognition enables us to schedule, calculate and report revenue as per the legal statutes and maintains compliance for audit purposes.

Planning and Budgets

NetSuite has its own budgeting functions in the system to plan for the future income and expenses. This helps in forecasting report generation and taking relevant effective decisions for the long run.

Global Accounts Management with Segmental Reporting

NetSuite operates on real time multi-currency conversion features which can be enabled in the ERP. It promotes shared multi-customer relationships amongst its subsidiaries running its entire business on global standards. NetSuite also facilitates subsidiary consolidation thus, providing for segmental reporting as per the accounting standards.

Audit Compliances

NetSuite complies 100% with regulatory requirements such as ASC 606, GAAP and SOX. It complies with change management and is always Audit ready with its governance and risk compliant policies which have a log of all its input data and transactions.

Integrations

NetSuite has the power to integrate with leading business software providers like Workday and offer open APIs for new integrations. NetSuite also has a special implementation team to develop additional integrations as required.

Inventory Audits and Management

Inventory in NetSuite is a huge affair. From services to inventory and non-inventory with its ability to convert non-inventory to inventory, NetSuite offers inventory auditing features by cataloging products in product matrixes and product specifications with their reorder levels, costing and add-on pricing.

Billing Management

NetSuite has its own billing structure called SuiteBilling to cover its customers. Billing cycles can be set per each customer. Billing cycles are scheduled to further bulk bill customers than having a manual hold on billing processes. This gives control and flexibility over the billing process for the transactions entered, subscriptions run, and project jobs created to focus on supervised automated billing. 

Thus, all these accounting functions in NetSuite integrate to weave a solid workflow of business processes resulting in overall financial sanity for its stakeholders and business reporting.

The post NetSuite ERP Features: An All-in-One Business Solution! appeared first on OdeBlog.

Here is why Oracle NetSuite in 2024 will be very much relevant!

1. Modular Pricing Model

NetSuite houses heaps of industry wise SuiteBilling pricing models which are responsible to run the business show.

However, it charges customers on the modules they are choosing; unlike making models forceful for billing purposes. This instills trust in the ERP for the customer.

For example, IT customers will not pay for Manufacturing modules of NetSuite.

2.Scalability

NetSuite is a great choice for mid-scale customers growing large; who want to start their journey of ERP without a bumpy road of complex ERPs. Today NetSuite is a powerhouse ERP for more than 35000 businesses across the globe.

3.Third Party Integrations

Effortless third-party integrations are a plus for NetSuite which connects several systems via SuiteTalk and SuiteScripts.

4.Bank Payments

NetSuite supports automatic invoicing and number of payments via the ERP.

5.Global Reach

NetSuite has its own planning, budgeting, billing functions with multi-currency support.

They have their in-built tax engines for a number of countries and have custom engines for preparing a tax suite for countries not covered.

This makes NetSuite a global ERP indeed.

6.Powerful Inbuilt Tools

NetSuite brings its own army of tools for multiple usages. SuiteBilling for subscription billing. NetSuite CPQ for sales pricing and quoting and a pool of tools that make it a unique experience for users across different industries.

7. Real Time Cloud Management

NetSuite updates itself real-time. This proves a super benefit for managers who have access to real time stories and updates happening in the system without a waiting time for approval chains and workflows in work in the system.

Oracle NetSuite thus, demonstrates a power-packed show for growing businesses for a one stop shop for all the business needs covered and tackled as per statues and compliances with an easy-to-use dashboard for its users!

What’s to Come with NetSuite 2024.2

Looking ahead to 2024, NetSuite 2024 Release 2 promises to deliver enhanced features and improvements that will further streamline business processes and improve user experience.

This includes: 

• More visibility into cash flow processes
• More functionality in subscription management
• Enhanced visibility into talent costs
• More close task management capabilities
• Improvements to invoice processing & payments

The post Oracle NetSuite in 2024: Will It Still Be Relevant? appeared first on OdeBlog.

Accounts receivable can be extremely daunting for any business owner, large or small. Keeping track of what clients owe your company and getting them to pay on time is crucial to keeping any business healthy and successful. That’s why NetSuite Accounts Receivable is so important; it provides businesses with streamlined tools and advanced automation to help keep their accounts receivable processes organized and efficient. By automating routine tasks such as billing creation, invoicing reminders, customer account management, collections tracking, cash visibility forecasting, and much more, NetSuite makes staying on top of your accounts receivable easier. Let’s take a closer look at some key features that make up this powerful tool.

What Are NetSuite Accounts Receivable?

NetSuite Accounts Receivable is an integrated system designed to help businesses streamline their billing, payment collection, and customer account management processes. Whether you are dealing with a single customer or multiple customers with complex invoicing arrangements, the built-in financial tools in NetSuite can automate most of your accounts receivable tasks. This includes tracking customer payments, preparing invoices and reminders, collecting overdue balances, forecasting cash flow visibility, and more.

Features of NetSuite Accounts Receivable

NetSuite Accounts Receivable (AR) is an essential tool for businesses that need to manage their customer accounts. With its comprehensive suite of features and tools, NetSuite AR makes it easy to handle the daily demands of managing customer records, invoices, payments, and collections in one place. Let’s take a closer look at what makes NetSuite AR so good.

Accounts Receivable Dashboard

The Accounts Receivable Dashboard gives you an intuitive overview of all your financial data in one place. This includes current receivables, credit limits, billing and payment history, and what customers owe. The dashboard allows users to search for customers by name or invoice number easily. This feature provides a great way for businesses to stay on top of their finances and ensure that they receive the payments they are due from customers promptly.

Customer Records

NetSuite AR helps you keep track of your customer base with detailed profiles and contact information for each customer. This feature makes it easy to quickly access important details such as account balances or payment terms without searching multiple databases or files. You can also set up automated notifications when payments are due, or customers exceed their credit limit.

Automated Invoicing

NetSuite AR simplifies the invoicing process with automated invoicing capabilities that allow you to create custom invoices quickly and easily. You can also define custom invoice formats according to your business’s specific needs. And with its built-in analytics capabilities, you can track which invoices have been sent out and when they were paid in real-time.

Invoice Consolidation

NetSuite AR allows you to consolidate multiple invoices into a single invoice for customers who have outstanding balances on multiple accounts. This feature makes it easier for customers who are paying multiple bills at once by allowing them to make one payment instead of several separate ones. It also helps streamline the accounts receivable process by reducing paperwork and eliminating redundant data entry tasks associated with multiple invoices being issued separately.

Payment Management

Payment management is made easier with NetSuite AR’s integrated payment processing system, allowing you to accept payments via credit card, ACH transfer, or check directly from within the platform. You can also set up automated reminders for overdue accounts to ensure that all of your payments are processed on time every month without having to track down each customer’s payment status individually manually.

Dunning & Collections

No matter how well you manage your accounts receivable process, there will inevitably be some customers who fall behind on their payments or become delinquent on their debts altogether—and this is where dunning & collections come in handy! With NetSuite AR’s dunning & collections feature, you can customize automated notices that will be sent out automatically whenever a customer falls behind on their payments so that you don’t have to track down each delinquent account individually every month manually!

Reporting

Last but not least is reporting—perhaps one of the most powerful features of NetSuite AR! You can generate detailed reports about everything from individual customer accounts to overall trends in your business’ accounts receivable performance over time—allowing you to see exactly where potential problems may occur before they become too large an issue!

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Benefits of NetSuite Accounts Receivable

As a business owner, you understand the importance of having a reliable accounts receivable system. An effective accounts receivable process is essential for streamlining customer account management, increasing efficiency and accuracy, and ensuring compliance with applicable regulations. Many businesses are turning to NetSuite Accounts Receivable (AR) to help them manage their finances more efficiently and accurately. Let’s look at some of the key benefits that NetSuite AR can offer your business.

Automated Billing and Invoicing Processes

NetSuite AR automates billing and invoice processes so that you don’t have to worry about manual entry mistakes or delays in sending out invoices. This ensures that customers receive their bills on time and that they are accurate, which boosts customer satisfaction while reducing the amount of time it takes to get paid.

Streamlined Customer Account Management

NetSuite AR allows you to manage customer accounts from one centralized location easily. You can quickly access customer data such as payment history, contact information, credit limits, discounts, and more. This makes it easier for you to make informed decisions about each customer’s account status and determine how best to proceed with any outstanding payments or disputes.

Cash Visibility Forecasting

NetSuite AR also provides cash visibility forecasting to gain insights into your company’s cash flow over time. This helps you anticipate future cash needs and better plan for upcoming expenses. It also allows you to identify any discrepancies or irregularities in customer payments sooner rather than later to address them before they become major problems.

Collections Tracking

With NetSuite AR, tracking collections is easy! You can easily view all outstanding payments due from customers at any given time, as well as track receipts by payment method or customer account type. Up-to-date collection information enables faster resolution of disagreements or discrepancies between customers and your business while helping you stay on top of overdue payments with timely follow-ups when needed.

Easier Compliance

NetSuite AR helps ensure compliance with applicable industry regulations thanks to its extensive validation checks for each transaction entered into the system. This reduces the risk of errors or noncompliance issues that could put your business at risk in an audit situation. Plus, all transactions are stored securely in a cloud-based environment to be accessible whenever you need them without taking up valuable storage space on-premise servers or physical hard drives.

Conclusion

NetSuite AR is a powerful accounts receivable system that can help you manage customer accounts, streamline invoicing and billing processes, track collections, and ensure compliance with applicable regulations. Its automated features make it easier for you to stay on top of your company’s finances while providing valuable insights into cash flow forecasting and customer account management. With NetSuite AR, you can be sure that your business is running as smoothly and efficiently as possible.

The post NetSuite Accounts Receivable: Automate Your Invoicing, Billing, and Collections appeared first on OdeBlog.

With ongoing services, there is a need for regular billing to handle daily sales. 

As people around the world use these easy-to-access mobile and desktop apps, NetSuite helps manage these transactions. It generates invoices based on the subscription agreements, all thanks to SuiteBilling!

What is SuiteBilling? 

NetSuite SuiteBilling is a comprehensive billing platform to bill recurring subscriptions.

This billing could be for any type of contract a company is entering into using the NetSuite Subscription Billing model.

SuiteBilling offers three pricing models—Flat, Volume, and Tiered—for non-inventory and service items, which can limit flexibility for leading industries in various sectors.

NetSuite Subscription Billing for Top Industries

1. Computer Software and IT Industries

The most prominently used SaaS concept, software companies are selling their valuable services like user training, license subscription, warranty and renewal cycles, change management and much more which is backed by the NetSuite SuiteBilling model for software and computer industries.

2. Internet and Mobile Services

The industry having products selling data plans along time and volume timelines, have a place with SuiteBilling Volume and Tiered Based pricing.

Regular mobile carrier changes with call plans too have a start and end date which is easily tapped in SuiteBilling.

3. Financial Services

Financial services like subscriptions to financial newsletters, share market trading apps, subscriptions to financial and banking apps for using the platform services are supported by SuiteBilling.

4. Transportation Services

These come handy while providing discounted rates to their loyal customers. Presenting a unique rate of travel – based on the seat numbers available, the volume of tickets booked in a particular period, SuiteBilling can be flash used here with enabling its Usage and Volume based billing.

5. Hospital, Healthcare Industries

Providing online consultations at flat prices, delivering medicines at doorstep, hospitals and health care are not far back from subscription listing for their patients.

This can be supported by SuiteBilling too.

6. Accounting Firms

Several companies today offer to provide tax filing and regular accounts maintenance cost for per day transactions. These companies follow volume-based pricing for their customers which can be tracked by SuiteBilling to regularize the income and avoid revenue leakage in manual processes.

7. Telecommunications and Entertainment Platforms

Apps like Spotify, Netflix and Prime are few to count on hand which have a subscription start and end date to provide valuable binge services on their platform. Similarly all telecommunications applications can be accommodated on the SuiteBilling Platform making billing easier.

Thus, SuiteBilling which comprises of Subscriptions and Subscription Plans is a great boost to existing Oracle NetSuite functionalities, giving its users a chance to subscribe to this billing model, which not only overcomes the problems of manual billing but guarantees smooth revenue recognition throughout the subscription tenure with its flexible pricing plans.

The post How to Use NetSuite Subscription Billing for Key Industries appeared first on OdeBlog.