ERP - Financial and Accounting

Comprehensive financials including accounting, budgeting, financial reporting, and more

Since 2011, Liberate IT has provided customers with successful ERP systems and accounting software solutions through NetSuite’s cloud-based platform. Organizations today demand financial management solutions that are flexible enough to accommodate dynamically changing business needs. NetSuite ERP helps organizations increase efficiency, improve visibility and set the foundation for good governance. NetSuite ERP enables organizations to manage IT costs, optimize accounting efficiency, streamline order management and procurement processes, eliminate manually-intensive spreadsheet-based reporting, and improve employee productivity.

 

Key Benefits

  • NetSuite ERP provides powerful capabilities that help companies achieve these benefits:
  • Improved financial operations efficiency and productivity with a single, integrated system to handle all core processes for users anywhere in the world.
  • Timely financial close centralizing management of all period-end close activities to reduce time and resources spent investigating and resolving errors.
  • Ongoing compliance with revenue recognition, tax requirements and financial reporting in accordance with various accounting standards and government regulations.
  • Real-time visibility to see consolidated financial results for any part of the business at a summary level, and all the way down to the underlying transactional details.

 

Solution Highlights

Comprehensive Accounting and Finance
NetSuite ERP provides you with everything you need to establish efficient processes and gain transparency into business operations. In addition to standard general ledger functionality, flexible workflow tools to customize your processes and multi-currency support.
NetSuite also delivers:

  • End-to-end visibility into your receivables and payables with integrated order-to-cash (i.e. sales order, billing, collection) and procure-to-pay (i.e. requisition, purchase order, invoice) transaction management.
  • Inventory fulfillment and costing from factory-to-store with supply chain management capabilities.
  • Complete fixed asset lifecycle tracking and reporting from acquisition to depreciation to retirement.
  • Support for project accounting and reporting on project financials and profitability.
  • Automatic revenue recognition in accordance with accounting standards using flexible scheduling and sophisticated allocations.
  • Full-service payroll processing, including support for time tracking, incentive compensation and expense reimbursement.
  • Integrated budgeting and forecasting tools to manage financial projections against actuals.

Financial Close Management
NetSuite ERP helps organizations streamline the close process with capabilities to manage period-end activities, and to detect and respond to problems before they escalate or occur. NetSuite optimizes the financial close by delivering:

  • Period locking to prevent incorrect postings to future periods.
  • Period close checklist of tasks to be completed sequentially.
  • Financial adjustments for intercompany transactions, foreign currency revaluation and inventory.

Effective Compliance and Controls

NetSuite ERP helps ensure compliance with various accounting standards and practices, and government regulations efficiently. NetSuite enables accounting compliance by delivering:

  • A powerful rule-driven engine to produce financial reporting in accordance with multiple accounting standards (e.g. GAAP, IFRS)
    using multi-book accounting capabilities.
  • Pre-built tax filing and reporting tools that are country-specific.Customizable roles with permissions that support segregation of duties.
  • Audit trail visibility into detailed transaction history, reports and saved searches.

Real-Time Reporting and Analytics at the Office or Away
NetSuite ERP is one system that renders a single source of truth all the time. Any business user can create meaningful reports with easy-to-use
tools, monitor the latest results as part of everyday activities, identify root causes of problems and take corrective action. NetSuite delivers
real-time information with:w

  • Personalized dashboards to monitor the KPIs important to any role, from the executive to staff.Pre-built accounting reports and an easy-to-use report builder for customizing ad-hoc reports.
  • Consolidated financial reporting for multiple subsidiaries and currencies.
  • Access to information on-the-go with a mobile device.

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