NetSuite Advanced Financials

Enterprise-Grade Solution to Manage Your Business’ Financials

You require a scalable financial management solution capable of handling global business complexity across multiple subsidiaries and entities. NetSuite Advanced Financials is built for your needs.

It goes beyond standard financial management to provide the advanced customization, automation, and enterprise scalability you need to manage global consolidations, intercompany transactions, revenue recognition, global taxes, flexible billing, cash flow modeling, FP&A, and robust financial reporting across currencies and accounting standards.

Why Choose NetSuite Advanced Financials?

  • Consolidate financial data from all entities and subsidiaries into unified reports and analytics for global visibility into financial performance.
  • Make revenue recognition, billing rules, multi-book accounting, and other financial workflows to match your unique business model and operational needs.
  • Support high transaction volumes, multiple business verticals, and global expansion with enterprise-grade financial process automation.
  • Eliminate time-consuming manual work for managing global financials so your finance staff can focus on high-value analysis and planning.
  • Maintain compliance across global subsidiary finance operations with automated, auditable financial controls and reporting.

NetSuite Advanced Financials is purpose-built for global enterprises managing multifaceted finance operations across numerous subsidiaries, legal entities, currencies, taxation standards, and accounting principles. It enhances baseline NetSuite financial functionality with advanced customization and process automation tailored to your organization’s distinct business model and operational scale.

Key Features and Functionality of NetSuite Advanced Financials

Advanced Budgeting and Forecasting

  • Flexible budget modeling across multiple subsidiaries, lines of business
  • Driver-based forecasting with revenue, cost, and headcount assumptions
  • Top-down and bottom-up budget allocation options
  • Customized budget workflows and routing for approvals
  • Audit trail tracking of all adjustments and comments

Multi-Currency Management

  • Automated currency conversion engine for 100+ currencies
  • Real-time currency rate updates integrated to leading financial data sources
  • Customizable currency usage rules per transaction, subsidiary
  • Location-specific currency and taxation configuration
  • Detailed reporting on realized/unrealized currency exchange gains/losses

Revenue Recognition

  • Supports custom revenue allocation rules, terms and events
  • Flexible subscription/milestones-based revenue automation and recognition
  • Robust revenue analytics across products, periods, and corporate entities
  • Streamlines billing and invoicing workflows globally
  • Tight ERP integration for order-to-cash processing

Consolidation and Reporting

  • Automates consolidation process across multiple ledgers and subsidiaries
  • Supports complex consolidation account mappings
  • Adjustment handling for intercompany eliminations and currency translations
  • Multi-book accounting across GAAP, IFRS, and other standards
  • Flexible multi-dimensional consolidation reporting and analytics

Customization and Integration of NetSuite Advanced Financials

Customization Options

  • GUI and process customization via SuiteFlow and SuiteScript
  • Custom subsidiaries, ledgers, and books tailored to corporate policies
  • Add custom records, fields, and validations for unique data needs
  • Build custom reports, searches, KPIs, and analysis
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Integration with Other Modules

  • Tight integration with NetSuite Sales, Billing, Inventory
  • Real-time order-to-cash automation
  • Inventory costing, valuation across subsidiaries
  • Synced customer, item, and vendor records
  • Shared workflows across modules
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Third-Party Integrations

  • Pre-built connectors for leading banking and payment systems
  • Accounting system integration adapters
  • Custom integrations via APIs, EDI, and connectors
  • Integrated analytics to BI tools like Tableau
  • Single sign-on integration with identity systems

Industry-Specific Solutions

Software/SaaS

  • Recurring billing plans

  • Multi-element revenue recognition

  • Commission calculations and reporting

  • Metrics on MRR, ARR, LTV, churn

Retail

  • Omnichannel sales integration

  • Matrix items, pricing, promotions

  • Automated franchise expense allocations

  • Inventory replenishment algorithms

Healthcare

  • Patient billing and claims processing

  • Custom bundles and pricing 

  • Healthcare analytics and reporting

  • Inventory counts for medical devices

Manufacturing

  • Standard costing with LIFO/FIFO options

  • Overhead allocation and variance analysis

  • Intercompany drop-shipments

  • Global price lists and cost tables

Media and Publishing

  • Title royalty management

  • Advertising sales tracking

  • Subscription/circulation based billing

Nonprofit

  • Fund accounting and tracking

  • Grant management

  • Donor and volunteer management

  • Campaign budgeting and reporting

Wholesale Distribution

  • Purchase order workflow automation

  • Landed cost management

  • Reseller portal and reporting

  • Warehouse/bin management

Professional Services

  • Employee utilization tracking

  • Project budgeting

  • Milestones-based invoicing

  • Revenue recognition rules

Get Finance Done Right

Connect with a SuiteRep specialist to discuss how NetSuite Advanced Financials streamlines complex finance functions from global consolidations to automated revenue recognition. Whether aiming to replace legacy systems or consolidate across entities and subsidiaries, we can map a structured path to the future.

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FAQs

How does advanced financials handle automated revenue recognition?

Advanced Financials supports sophisticated revenue recognition tailored to business models including recurring/subscription, usage/consumption-based, project milestone, and multi-element arrangements. Rules can automate complex revenue deferral, amortization, and analysis by revenue type.

What global consolidation capabilities are included?

Perform real-time consolidation of financial data across 100+ currencies, subsidiaries, and accounting standards with automated currency conversion and minority interest calculations. Enables unified reports on consolidated financial position and results.

How does the budgeting and planning process work?

FP&A tools support collaborative budget building using flexible templates, allocations, what-if modeling, approval workflows and version control. After budget lock, automate variance analysis by integrating budgets with actuals reporting.

Can advanced financials automate intercompany transactions?

Comprehensive automation of intercompany transaction logging, transfer, and elimination delivers a unified view while maintaining local transaction integrity across business units.

What options are available for standard and actual costing?

Robust standard costing features LIFO, FIFO, average, and actual costing methods. Easily build out comprehensive standard cost records including material, labor, and overhead treatment. Analyze variances down to granular components.

How is reporting and dashboard customization handled?

An intuitive drag-and-drop report builder allows end users to create and customize reports. Role-based dashboards combine multiple configurable widgets for personalized KPI insights.

What options exist for master data management of charts, lists, etc.?

Centrally define, manage, and attach segmentation rules to key master data elements like Accounts, Customers, Items, etc. Maintain governance while enabling flexibility across books, subsidiaries, etc.

How are workflows for transaction approvals configured?

Map hierarchical rules and limits driven by role and organizational thresholds to route invoices, expenses, and journal entries through automated approval chains ensuring compliance.

How can invoices be customized?

Make custom invoice templates using merge fields, sophisticated layouts, multiple languages, and output to paper, PDF, email in high volumes. 

What payment management flexibility exists?

Accept payments in 100+ currencies through 100+ integrated gateways and bank transfers. Automate reconciliation while dynamically adapting payment options and terms localization.

How quickly can advanced financials be implemented?

The timeline to implement NetSuite Advanced Financials can range anywhere from 3 months to 12 months depending on several key factors:

Scope and Complexity: The broader the scope across financial processes and the more complex the requirements, the longer the implementation. Going beyond core GL, AR, and AP to automate revenue recognition, global consolidation, etc. adds duration.

Customization and Integration: If significant amounts of workflow customization, complex integrations to legacy systems, custom fields/objects, etc. need to be built, implementations take longer. Out-of-box configuration is faster.

Organizational Readiness: Companies with existing advanced financial practices transition quicker than those needing standardization of policies, data, and reporting first before software implementation.

Deployment Approach: Taking a “big bang” approach increases risk and timeline. Phased roll-outs by country, subsidiary, or function can shorten implementation.