Do you need help to get the most out of your resources? If so, the solution may lie with NetSuite Resource Management—a powerful cloud-based resource and project management system. Whether you’re a small business owner or manager at a large corporation, this comprehensive software suite can help you optimize your staff and capital for both short-term projects and long-term objectives. In today’s blog post, we’ll explore some of the features that make this platform an invaluable tool for businesses everywhere.

What Is NetSuite Resource Management?

NetSuite Resource Management is an all-in-one resource and project management system that helps businesses maximize their resources, streamline operations, and gain greater visibility into their projects. This software suite provides users with the tools they need to plan, manage effectively, and track projects to optimize staff utilization. It also offers time tracking and expense management features, enabling businesses to better control costs associated with their projects.

What Can NetSuite Resource Management Do for You?

NetSuite Resource Management offers a variety of features that can help business owners and managers get the most out of their resources. These include:

• Project Planning & Scheduling: This feature allows you to plan and schedule projects in a single calendar view. You can assign tasks, monitor progress, and adjust as needed to keep your project on track.
• Resource Management: This feature helps you manage employees, contractors, and other resources by tracking availability and utilization. It also enables you to create templates that can be used when creating new projects and assignments.
• Time Tracking & Expense Management: With this feature, you can accurately track time spent on each project and associated expenses. This helps you better understand how resources are being used across your organization.
• Analytics & Reporting: NetSuite Resource Management provides real-time data and analytics that can help you gain greater insights into your projects. This information can be used to make more informed decisions and ensure that resources are used efficiently.

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Harness the Benefits of NetSuite Resource Management

Have you ever wondered how to make the most of your staff and resources? NetSuite resource management is an effective way to enhance project management, create an organized environment for your employees, and streamline processes. Here we will discuss the benefits of integrating NetSuite into your business.

Enhanced Project Management

NetSuite provides a unified platform that links various departments within an organization. By connecting different aspects of a business, managers can gain greater visibility into their projects and better understand the progress being made. This allows them to track real-time performance and quickly make necessary changes. Additionally, with resource planning integrated into NetSuite, managers can plan projects more efficiently by accurately forecasting resource availability, including labor costs and timeframes for completion. This helps to ensure that projects are completed on time and within budget.

Organized Environment for Employees

NetSuite can also help create an organized environment for employees by streamlining processes such as scheduling and tracking employee hours worked. This eliminates manual data entry tasks associated with payroll systems, freeing time for employees to focus on higher-value tasks. Furthermore, it enables managers to gain insight into employee performance through reports that track actual vs. estimated hours worked or compare productivity across teams or departments.

Lastly, with integrations like Google Calendar built into the platform, managers can easily coordinate meetings or assign tasks directly within the system without switching between applications or leaving important tasks unfinished until they’re back in the office later that day. This makes communication between teams much simpler while helping managers stay organized and productive in their day-to-day operations.

Streamlined Processes

NetSuite also provides businesses with access to streamlined processes such as automated invoicing and payment processing which helps reduce errors associated with manual data entry and simplify reconciliation activities at the month-end close. Plus, with its integration capabilities, businesses have access to third-party solutions enabling them to further customize their operations based on their specific needs – from managing inventory levels in real-time to tracking customer purchase history across multiple channels in one centralized location – providing users with actionable insights needed to drive bottom line results faster than ever before!

Final Thoughts:

NetSuite resource management is a powerful tool for businesses to help streamline their processes, create an organized environment for employees, and gain better project visibility. With features like analytics & reporting, time tracking, and automated invoicing & payment processing, NetSuite allows organizations to accurately track performance and utilize resources more efficiently, providing users with the insights needed to make more informed decisions. With the help of NetSuite, businesses can leverage real-time data and maximize their resources to drive bottom-line results faster than ever before! ​

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NetSuite – Impact: How is Amortization treated different to Depreciation in NetSuite?

Thus, both equally important in the world of accounting, each of these has its unique place while dealing with tangible and intangible assets.

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About Author

Shruti

CPA & Certified NetSuite Suite Foundation| Certified NetSuite Financial User I NetSuite-ARM Badge|Revenue Business Analyst| Speaker| Auditor| Freelance Writer| Revenue ASC 606

The post Depreciation? Or Amortization? – What should be used in Oracle NetSuite? appeared first on OdeBlog.

Businesses must fulfill financial obligations while maintaining communication with customers who have outstanding debts. Despite the potential complexity for an accounting department, many companies divide these tasks into two segments, Accounts Payable Accounts Receivable.

Managing your company’s outstanding accounts, known as accounts payable (AP), involves organizing and paying financial obligations. This encompasses paying suppliers and human resources promptly. Effective account management is crucial for business operations, ensuring commitments are fulfilled and financial losses are avoided.

What are Accounts Payable (AP)?

Accounts payable encompasses the management, organization, and payment of your company’s outstanding accounts, representing all the financial obligations assumed. Timely payment to suppliers and human resources serves as an illustration.

For seamless business operations, interaction with service providers, suppliers, and various stakeholders is imperative to hire human resources and acquire services and products. Effective account management becomes indispensable for fulfilling commitments and preventing financial losses.

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When reading the concept of this strategy, it seems like a very simple process: just organize the slips, pay attention to the due date of each one and pay them on the correct date, right? This dynamic exists, but the accounts payable sector has an even greater responsibility.

In addition to having to align with an established financial plan, organizing accounts payable involves understanding the company’s financial health and its ability to invest and assume new debts/costs.

In this way, accounts payable is not just a strategy to settle a company’s debt every month. This is a process that helps an organization achieve the goals defined in its growth plan, such as expanding its business.

Classification of Accounts Payable (AP)

Accounts payable are classified according to the maturity time agreed with the creditor:

Short-term accounts payable: these correspond to current liabilities that must be paid within a year from the acquisition of the debt. There are even payments that are made monthly to daily.

Long-term accounts payable: These are also non-current liabilities; the payment is made in a period greater than one year.

For this, specific data must appear in the accounts payable:

• Name of the biller, the provider to whom the debt is owed
• Company account number
• Invoice number helps ensure accurate accounting
• Type of expense the nature of the good or service purchased
• Invoice receipt date
• The payment term allows that time delays and charges for it are not generated.
• Status if the invoice has been paid or is pending payment

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What Are the Accounts Payable of a Company?

Accounts payable can be very varied, such as:

• Payment to suppliers for merchandise or products purchased.
• Wages to pay
• Rent payment
• Services provided by third parties such as electricity, water, gas, heating, internet, etc.

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Accounts Payable Process Steps

• Receipt of the invoice: When goods or services are purchased, the company receives a physical or electronic invoice that contains information such as the name of the item, amounts, etc.
• Review of the detail of the invoice: In it, you will find data such as the name of the supplier, date, amounts, and number of items purchased, among others.
• Updating and validation of the records: These must be completed based on the values contained in the invoices received and may require approvals and consultations with internal systems. If they are physical invoices, they are stored in the corresponding place.
• Payment Made: All payments made to the provider within the established due date. A series of documentation is required, such as purchase orders, and bank account information, among others.

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Tips to Improve Accounts Payable Management

Here are some tips that may be useful to improve the administration of your company’s accounts payable:

Maintain a Balance Between Your Income and Expenses

From the outset, this point might sound quite obvious. However, it is important always to keep it in mind and ensure that the level of expenses equals the income the business receives. This is to be able to keep finances healthy and prevent too many debts from accumulating in the future to such an extent that the management of accounts payable gets out of hand, making it impossible to pay them and, therefore, other serious consequences such as the cessation of operations of the business.

Choose Your Suppliers Beyond Price

When choosing the suppliers with which a company wants to work, most of them can be carried away by the price factor. However, consider the different payment conditions offered by each one since having more flexible conditions can be more beneficial than having lower prices.

Take Advantage of the Payment Terms Offered by Suppliers

And organize the payment of your invoices based on the above so that you can prioritize those with a term closest to expiration.

Maintain Good Communication With Your Suppliers

On some occasions, when your company cannot adhere to the timely payment of an invoice, it is recommended to proactively notify the supplier, explaining the situation and initiating negotiations for an alternative payment date.

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Seek to Negotiate With Suppliers to Obtain Discounts for Early Payment

Paying early, when you have the possibility, not only contributes to a good relationship with suppliers but also gives you the opportunity to obtain early payment discounts, which can positively impact cash flow.

Check That Your Suppliers Meet Their Commitments

You must confirm that each supplier is complying on time with the previously agreed commitments. If non-compliant, make the corresponding return or claim.

Set Payment Alerts or Reminders

This helps you remember the dates on which you must carry out the corresponding transactions of the various invoices. These do not have to be physical, but some technological tools give you the opportunity to have them digitally and automatically.

Automates and Standardizes the Management of Accounts Payable

It keeps track of cost and expense invoices under a standardized form. It is also advisable to manage these invoices by cost centers and projects for greater ease.

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Accounts Payable and NetSuite ERP

NetSuite ERP (Enterprise Resource Planning) is a cloud-based business management software that contains all the processes for managing accounts payable, from invoicing and tracking to payment processing.

NetSuite’s Accounts Payable module helps automate invoice approval workflow, eliminate manual data entry errors, gain visibility into vendor balances and payment status, and handle purchase orders and expenses.

NetSuite helps reduce the time spent on administrative tasks related to accounts payable, maintain control over the company’s cash flow and have greater certainty of what has been paid or will have to be paid in the future.

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Benefits of Automating Accounts Payable Process

Undoubtedly, including technology in the day-to-day of companies allows greater productivity and efficiency when managing accounts payable and digital expenses.

We will tell you about the benefits of automating the AP process and their importance for companies.

Connection Between Documents or Departments

Automating processes through a system creates the potential for more effective traceability of all documents. This allows for a comprehensive understanding of elements related to accounts payable, including invoices, credit notes, debit items, dispatch guides, payments, expiration dates, and credits, among others.

In addition, today’s solutions allow all members of accounts payable management or those in charge of this area to view all the information on the same platform in real time. Thus, they can perform their tasks more efficiently.

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Availability of a Portal for Suppliers

There are specific software or systems that allow providers to access their platforms to find out the payment status of an invoice or any other information generated around it by their own means, improving customer service times. And it reduces the work of those in charge of finances to answer calls, questions or claims to take advantage of it in developing strategies and actions that improve the accounts payable processes.

This way, the provider will always have information about their pending account, remaining collections, or any generated payments.

Error Reduction

Automating the billing and document reception processes facilitates the approval of payments to suppliers since the information can be verified quickly and simply if the data is correct.

This allows a more accurate recording and monitoring of invoices and, consequently, the reduction of possible errors such as the payment of double invoices, the disregard of credit notes, the verification of errors in amounts or amounts issued by the supplier and the fraudulent income invoices, inaccurate figures, among other actions.

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Similarly, when conducting expense audits, the likelihood of detecting errors reduces. Centralizing and storing all information in a single platform simplifies this procedure, enhancing data accuracy.

On the other hand, the solution reduces employees’ workload when carrying out this type of management.

Execution of Punctual Payments

Automating control for accounts payable significantly reduces the likelihood of payment delays caused by oversight, lack of awareness, or document misplacement. The system meticulously registers each invoice, aligning it with automated payment reminders based on its expiration date.

These platforms or software not only streamline processes but also provide functionalities for authorizing and approving payments. Furthermore, they automate the process of sending payments, ensuring suppliers receive remuneration on the specified date. In essence, this automated process simplifies and expedites the overall transaction flow.

Prepare Financial Reports in Seconds

Clicking just a few times on the Accounts Payable Automation enables the generation of reports, offering timely information to facilitate better decision-making when needed.

Thanks to the elaboration of these reports, it is possible to obtain data referring to the economic situation of a company, the total accumulated debts, the documents pending payment, the movement of cash flow, or any other element of expenses in general.

In this way, it is also possible to determine if a business has sufficient resources to meet pending obligations. On the contrary, it needs to search for and obtain other alternatives as potential sources of financing, which facilitates more effective cash flow management.

What Are Accounts Receivable (AR)?

Accounts receivable serve as the prevalent payment method in transactions, be it for services or goods. In the economic system, the focus is often on the receivable amount rather than the immediate availability of liquidity or cash during the payment. This payment mechanism is referred to as Accounts Receivable.

As per Financial Information Standards, an account receivable is defined as a justifiable entitlement of an entity to collect consideration for a transaction, reflecting the fulfillment of an obligation through the provision of services or the sale of goods.

Typically appearing as a debit balance on a company’s balance sheets, accounts receivable constitute a range of entitlements favoring the company against other parties. These arise from the company’s regular economic operations involving the provision of services or the sale of goods.

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How Do Accounts Receivable Affect the Business?

Accounts Receivable, as previously explained, represent future income derived from installment or deferred payments.

Hence, effective financial planning must prioritize this account, ensuring optimal organization.

Accounts receivable profoundly impact decision-making; they shape investment choices and commitment to expenses by anticipating funds in the future, not the present.

Certain financial instruments, such as working capital loans, may acknowledge accounts receivable as a viable guarantee.

Any business finding itself in such a scenario often reflects inadequate planning.

Therefore, maintaining control over the timing of future payments is imperative for the company to assess and manage its commitments proactively.

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Accounts Receivable and Decision-Making

In making financial decisions for the company, understanding accounts receivable becomes crucial. It provides insights into future guarantees and potential commitments. With the widespread use of credit cards, businesses must anticipate and strategize to synchronize cost and expense payments with incoming capital. This proactive approach ensures financial preparedness and effective management in the current financial landscape.

In addition, there are many other advantages, such as:

• Identify good and bad payers;
• Make payment management more efficient;
• Offer a cash estimate for subsequent months;

All these analyses are extremely important for the decision to be the most appropriate for the company’s scenario, avoiding unpleasant surprises in the future, which can often lead the enterprise to fragile situations.

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Characteristics of Accounts Receivable

These accounts act as a kind of credit or loan to a client. Defined in the invoice:

• Expiration date or collection period
• account amount
• Payment method
• Client data

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Types of Accounts Receivable

Accounts receivable should be part of a business’ accounting from a business and accounting standpoint. The collection term is essential since it defines the type of account receivable. Thus, accounts can be classified into two types:

• Short-term accounts payable: Current liabilities due within a year.
• Long-term accounts payable: Non-current liabilities payable in over a year.

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Managing Your Accounts Receivable

Efficient control of accounts payable and receivable requires constant monitoring and pragmatism. Key practices include:

• Establish Effective Billing Processes
• Keep Your Customer Database Updated
• Define Credit Approval Processes
• Perfect Your Payment Application Process
• Optimize Your Collection Processes
• Invest in Technology

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Accounts Receivable and NetSuite

NetSuite ERP is an ideal tool for managing accounts receivable. This solution automates one system’s billing, credit review, collections, and customer service processes. 

NetSuite centralized database helps reduce errors and improve your teams’ workflow. Optimizing receipts and collection processes can make a massive difference in cash flow and customer relationships. 

Investing in technology like NetSuite can also optimize your processes and make financial operations easier. With a good Accounts Receivable management strategy, any business will have a greater chance of success.

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Accounts Payable vs Accounts Receivable

The distinction between these two types of accounts lies in their purpose: Accounts payable exist to reduce debt, while accounts receivable exist to increase sales.

The accounts payable vs accounts receivable difference also lies in their relationship. Accounts payable describes the amount of money that you owe, while accounts receivable reflects the amount that customers owe your business. 

This means that when a customer pays for goods and services provided, it will show up as an increase in accounts receivable and a decrease in accounts payable. On the other hand, when you make payments to suppliers for goods and services, it will show up as an increase in accounts payable and a decrease in accounts receivable.

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Conclusion

Accounts payable (AP) and accounts receivable (AR) are two important aspects of any business. In this guide, we’ve outlined the basics of each process and what you need to know in order to effectively manage your company’s finances. 

Contact us at OdeCloud today if you’re looking for more information or thinking of optimizing your AP/AR with NetSuite ERP. Let us assist with the tech so you can focus on running your business. Thanks for reading!

The post Mastering Financial Health: A Comprehensive Guide to Accounts Payable and Accounts Receivable appeared first on OdeBlog.

Here are all the steps OdeCloud uses when setting up NetSuite Billing Schedules for your business

If you’re using NetSuite to manage your billing, you’ll want to have OdeCloud set up a billing schedule. This will allow your business to automate the billing process and save time.

In this blog post, we will talk about how to create a billing schedule in NetSuite. Let’s get started!

What Is a Billing Schedule?

The Billing Schedule in NetSuite provides a streamlined way to manage your billing operations. It allows you to create, view, and edit invoices and bills in one central location.

You can also use the Billing Schedule to process payments and track customer payments.

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In addition, the Billing Schedule provides a number of features that make it easy to manage your billing operations. 

For example, you can set up recurring invoices and bills, track customer payments, and process credit card payments.

Create a Billing Schedule in NetSuite

In NetSuite, you can create different billing schedules for different kinds of customers. This can be helpful if you have customers who you bill regularly, such as every month or every quarter.

To create a new billing schedule, you need to navigate to Lists > Accounting > Billing Schedules > New.

From there, you will be prompted to enter the name of the billing schedule and the frequency with which invoices will be generated.

You can also specify the due date and terms for the invoices. Once you have entered all of the relevant information, click Save & Close to create the new billing schedule.

Name: In this field, Enter a name for your scheduled billing. The same name will be displayed on the sales order. This is a required field.

Initial Amount: This is the amount that will show up on the first invoice created by this billing schedule. This is a required field.

Initial Payment Terms: These terms will be applied to the first invoice created by this billing schedule. This is a required field. The options available in the drop-down menu will depend on the terms you have set up in NetSuite.

Recurrence Frequency: This field determines how often invoices will be generated. The options available in the drop-down menu will depend on your company’s billing needs. This is a required field.

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Recurrence Count: The recurrence count is the number of payments you want to split the amount into. The recurrence count can be any number between 2 and 36.

In Arrears: This option will cause the first invoice to be generated on the day after the bill date, rather than on the bill date itself. This can be helpful if you want to give your customers a grace period before their first invoice is due.

Recurrence Payment Terms: These terms will be applied to all invoices generated by this billing schedule. This is a required field. The options available in the drop-down menu will depend on the terms you have set up in NetSuite.

Apply for Sales Order

You can apply a billing schedule to a sales order. You can use the invoicing schedule for any item on the sales order line and apply it to the entire order.

This is helpful if you have many items on an order and want to keep track of when each item will be billed.

Viewing the Billing Schedule

The overall recurring billing schedule can be viewed under the Billing> Schedule subtab.

The schedule tab will show the entire recurring billing schedule that has been created. From here you can see the next charge date, the last charge date, the status of the schedule, the total amount to be charged, and the frequency of the charges.

If any changes need to be made to the schedule, they can be made from here as well. Simply click on the “Edit” button next to the schedule you wish to change.

You will then be able to make any necessary changes and save them. This is a great way to keep track of your recurring billing and make sure that everything is going according to plan.

NetSuite Billing Schedules to Manage Recurring Revenue

Managing recurring revenue can be a challenge.

There are so many moving parts, and it’s easy for something to slip through the cracks. That’s where I believe NetSuite billing schedules can benefit businesses the most.

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By automating your billing process and creating a central repository for all your recurring revenue data in NetSuite, I’m able to simplify many my clients’ usual business processes.

Let’s take a closer look at how NetSuite billing schedules can benefit your business.

NetSuite Billing Schedules Save Time

The biggest benefit of using NetSuite billing schedules is that they can save you time.

With a respective client’s recurring revenue data in one place, I’m able to save time that would have been spent digging through spreadsheets or email chains to find the information I need.

And because the process is automated, we can set it and forget it, knowing that everything will be taken care of without any manual intervention.

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NetSuite Billing Schedules Increase Accuracy

Another big benefit of using NetSuite billing schedules is that they increase accuracy.

By having OdeCloud consultants like myself automate the process and centralize the data in one location, you can be confident that invoices will always be generated correctly and on time.

This reduces errors and ensures that your customers are always billed correctly, which can help build trust and improves customer satisfaction.

NetSuite Billing Schedules Improve Cash Flow

Finally, NetSuite billing schedules can improve cash flow by giving you more visibility into your customer’s payment history.

By consolidating data in one place, it becomes much easier to see which customers are behind on their payments, allowing you to take swift action to collect outstanding invoices.

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This improved visibility also allows you to proactively manage your cash flow and make decisions about how to best invest your resources.

If you’re not using NetSuite billing schedules to manage your recurring revenue, contact OdeCloud today and get started with one of our consultants.

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