Most CFOs recognize NetSuite as a robust Enterprise Resource Planning (ERP) platform. It streamlines financial processes, enhances reporting, and supports strategic decision-making. But are you leveraging its full potential? Many of NetSuite's features remain untapped, even by seasoned finance professionals. These overlooked tools can transform your financial operations, saving time, improving accuracy, and uncovering insights you might otherwise miss.
Below, we spotlight the top five underutilized NetSuite features that every CFO should be using, along with actionable tips to implement them effectively.
What It Does:
Reconciliation is one of the most time-consuming tasks for finance teams. NetSuite's automated bank reconciliation feature simplifies this process by syncing directly with your bank accounts. It automatically matches transactions from your bank statement with those in your ERP.
Why CFOs Should Use It:
Manual reconciliation increases the risk of errors and eats up valuable resources. Automation streamlines the process, ensuring accuracy and significantly reducing the time required for month-end close.
How to Get Started:
Using this feature means fewer late nights during close cycles and more time for strategic planning.
What It Does:
With the SuiteAnalytics Workbook, you can create advanced, real-time reports, charts, and dashboards—no coding required. It’s a data visualization tool tailored for finance professionals looking to identify trends and gain actionable insights.
Why CFOs Should Use It:
Spreadsheet-based reporting is outdated and prone to errors. SuiteAnalytics allows you to visualize complex data with a few clicks, helping you make informed decisions based on real-time information.
How to Get Started:
SuiteAnalytics puts a wealth of information at your fingertips, empowering you to be a data-driven leader.3. AI-Driven Cash Flow Management
What It Does:
NetSuite’s cash flow management feature uses AI to forecast cash inflows and outflows. It considers invoices, payables, loans, and even historical payment trends to provide a comprehensive view of your predicted cash position.
Why CFOs Should Use It:
Effective cash flow management is critical for keeping your organization solvent and capitalizing on growth opportunities. Many organizations rely on static projections, but AI-powered forecasting tools offer a more dynamic and accurate alternative.
How to Get Started:
By leveraging AI, you can maintain tighter control over liquidity and proactively address challenges before they escalate.
What It Does:
This feature helps finance teams adhere to ASC 606/IFRS 15, the revenue recognition standard. The system automates and simplifies the recognition process for complex revenue streams, including subscription billing and milestone-based contracts.
Why CFOs Should Use It:
Manually managing revenue recognition, compliance issues, and errors. The advanced revenue recognition feature ensures that your organization remains audit-ready and compliant while giving you deeper insights into revenue trends.
How to Get Started:
With this tool, you can manage revenue complexities with precision and ease, while staying fully compliant.
What It Does:
For multinational organizations, NetSuite offers a multi-subidiary and multi-currency feature that centralizes financial data while accounting for the nuances of global operations. It enables real-time consolidation, intercompany transactions, and currency translation.
Why CFOs Should Use It:
Managing global operations manually can lead to fragmentation, inaccuracies, and wasted time. This feature streamlines everything into one consistent framework, giving you immediate insights at both the local and consolidated levels.
How to Get Started:
By leveraging this functionality, CFOs gain better visibility into their global operations, ensuring more accurate reporting and compliance.
NetSuite offers much more than basic accounting and ERP capabilities. Leveraging its advanced features can save time, enhance accuracy, and provide insights that drive business growth. Yet, these tools often remain unused, sitting under the digital hood of your ERP.
By adopting features like automated bank reconciliation, SuiteAnalytics, AI-driven cash flow forecasting, advanced revenue recognition, and multi-currency management, CFOs can transform their financial operations from reactive to proactive.
Don’t leave these powerful tools untapped. Take a closer look at your NetSuite setup and start exploring these features today. Your finance team—and your bottom line—will thank you for it.
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