Multi-turnover companies have a complex financial structure that requires an accounting system capable of handling their financial operations efficiently. The NetSuite financial module can help such companies manage their financial transactions, automate their accounting processes, and provide real-time financial insights. The following are some of the ways the NetSuite financial module can be used in a multi-turnover company.
Multi-Currency Management:
Multi-turnover companies often deal with multiple currencies, which can make their financial operations complicated. The NetSuite financial module offers a multi-currency management feature that allows businesses to manage their financial transactions in multiple currencies. This feature enables businesses to easily convert transactions into their local currency, track currency fluctuations, and generate financial reports in the currency of their choice.
Multi-Entity Management:
Multi-turnover companies often have multiple legal entities that require separate financial statements. The NetSuite financial module offers a multi-entity management feature that enables businesses to manage their financial operations for multiple entities in a single system. This feature allows businesses to maintain separate financial records for each entity, consolidate financial statements, and automate intercompany transactions.
Automated Financial Workflows:
Multi-turnover companies often have complex financial workflows that require multiple approvals and sign-offs. The NetSuite financial module offers an automated financial workflow feature that enables businesses to streamline their financial operations. This feature allows businesses to create custom workflows for various financial transactions such as purchase orders, invoices, and expenses. The automated workflow feature ensures that all financial transactions follow the company’s policies and procedures, and eliminates the need for manual intervention.
Real-Time Financial Reporting:
Multi-turnover companies require real-time financial insights to make informed business decisions. The NetSuite financial module offers a real-time financial reporting feature that provides businesses with accurate and up-to-date financial data. This feature enables businesses to generate financial reports, including income statements, balance sheets, and cash flow statements, in real-time. It also allows businesses to customize their reports and dashboards, and drill down into transaction details to identify potential financial issues.