Netsuite Accounting & Bookkeeping Services

Some of the benefits of outsourcing NetSuite accounting and bookkeeping for businesses are:

1. Enhanced Focus on Core Activities: Managing accounting internally can divert valuable resources and attention away from critical business functions such as product development, customer engagement, and strategic planning. This can hinder the company’s ability to innovate and compete effectively.
   
   By delegating accounting tasks to an experienced NetSuite BPO partner, businesses can free up internal teams to focus on their core business activities and long-term objectives. This strategic shift allows for a more efficient allocation of resources, leading to enhanced productivity, improved customer satisfaction, and accelerated growth.‍
2. Cost Savings: Maintaining an in-house accounting team can be costly due to expenses such as salaries, benefits, ongoing training, and high employee turnover. These factors contribute to substantial operational costs and require significant management effort.
   
   Outsourcing NetSuite accounting services can alleviate these challenges by providing a cost-effective solution. With outsourcing, you only pay for the services you use, avoiding the overhead associated with a full-time staff. This will help you reduce operational expenses and the financial burden of in-house management.‍
3. Access to Specialized Expertise: Many businesses struggle to find and retain accounting professionals with specialized knowledge in NetSuite finance and accounting. The need for expertise in both the software and regulatory standards adds complexity to the hiring process.
   
   External partners offer a solution for this challenge by providing access to professionals with extensive experience in NetSuite accounting projects. They bring specialized knowledge and skills, ensuring that all your financial processes are managed efficiently and remain compliant with current standards. ‍
4. Scalable Solutions: As businesses grow, their accounting needs often change rapidly, making it challenging for in-house teams to adapt. Scaling internal resources to meet evolving requirements can be complex and resource-intensive.
   
   NetSuite bookkeeping services provide a flexible solution, allowing companies to scale their accounting support according to their changing needs. These services enable businesses to seamlessly adjust their accounting functions, whether scaling up during periods of growth or scaling down during quieter times.‍
5. Advanced Technology Access: Investing in the latest accounting technology often involves significant costs and complexity, including purchasing software, implementing updates, and training staff. These expenses can strain budgets and require substantial time and effort.
   
   The outsourced NetSuite BPO team offers access to advanced NetSuite features and functionalities. This allows businesses to access cutting-edge technology without bearing the high costs of software acquisition and training. By outsourcing to NetSuite bookkeepers, companies can access NetSuite accounting while avoiding direct investments.‍
6. Improved Compliance and Risk Management: Navigating complex financial regulations and ensuring compliance can be daunting for internal teams. The ever-evolving regulatory landscape requires constant attention and expertise, which can be overwhelming and error-prone.
   
   Outsourcing NetSuite accounting services addresses these challenges by utilizing the expertise of providers skilled in managing compliance and implementing robust internal controls. Thus, outsourcing helps businesses minimize the chances of errors and legal issues as specialized professionals handle regulatory requirements and maintain up-to-date knowledge of financial regulations.

Some of the latest trends of Oracle NetSuite platform based on press releases 2024.1 and 2024.2 are:

1. Enhanced Decision-Making: According to NetSuite Release 1, NetSuite Enterprise Performance Management (EPM) combines NetSuite Planning and Budgeting with Intelligent Performance Management (IPM). Using data science and machine learning, IPM monitors and analyzes data to uncover trends and anomalies, enabling finance teams to take swift, data-driven actions.
2. Improved Reporting Capabilities: The current NetSuite EPM also includes Profitability and Cost Management Reporting, offering insights into the profitability of customers, products, and business segments. Integrating data from the general ledger and other financial systems helps finance leaders identify profit drivers and optimize resource allocation.
3. Better Task Management: NetSuite Account Reconciliation module automates the reconciliation of various accounts, including accounts payable and receivable, bank transactions, and intercompany accounts. The 2024.1 update introduces a task management feature, streamlining task assignments and customization from the close checklist, enhancing efficiency and accuracy.
4. Enhanced Data Integrity: NetSuite Close Management and Consolidation is a new solution in the Netsuite 2024.1 release that ensures compliance with regulatory and internal standards by centralizing the financial close and consolidation process. It automates data collection, validation, and consolidation from multiple sources, maintaining data integrity throughout the process.
5. Comprehensive Tax Reporting: NetSuite Corporate Tax Reporting is a new solution to automate tax reporting processes and ensure compliance with new OECD country-by-country reporting (CbCR) obligations. This solution streamlines workflow and task management, improving the speed and accuracy of tax reporting for multinational organizations.
6. Advanced Financial Statements: NetSuite Narrative Reporting feature offers contextualized financial data by integrating narrative writing with financial statements in one report. This feature enhances stakeholder understanding and provides a centralized environment for finance teams to collaborate on both internal and external reporting.
7. Enhanced Transaction Distribution: The NetSuite environment 2024.1 release enhances the Transaction Line Distribution SuiteApp, now supporting expense distributions for purchase orders, expense reports, credit card transactions, and checks. This update extends beyond vendor bills and credits, enabling more comprehensive distribution across subsidiaries or segments of the business.
8. Comprehensive KPI Metrics: NetSuite Benchmark 360, launched in 2024.1, enables organizations to assess key operational and financial metrics against industry peers. It tracks days cash on hand, days sales outstanding, days payable outstanding, employee turnover rate, and revenue per full-time employee, offering insights into performance and competitive standing.
9. Expanded Bank Connectivity: NetSuite 2024.2 expands bank connectivity, integrating with over 14,000 financial institutions in the US and Canada through a new financial aggregator. It offers OAuth connections to 700+ banks, ensuring secure, stable access with less frequent re-authentication. Businesses benefit from automated reconciliation and real-time financial data via Bank Feeds SuiteApp.
10. Enhanced Subscription Management: NetSuite cloud accounting software 2024.2 introduces prepay functionality in SuiteBilling, enabling advance charges and automatic replenishment of credit balances. Integration with NetSuite configure, price, and quote (CPQ) solution streamlines the inclusion of subscription items in configurations, enhancing efficiency and expanding configurable solutions for products and services.
11. Advanced Billing Options: The 2024.1 NetSuite Bill Capture update introduces additional fields—PO number, memo, posting period, discount date, and custom segments—on the Review Bill page. These enhancements improve accuracy by reducing bill creation errors and the need for post-creation edits. The update also adds filters for vendor, upload source, and email source. The 2024.2 Netsuite system update offers AI-powered features for better matching technology, alerts for variances, and more.