The role of finance is going through a major evolution and transformation. Finance professionals are facing new risks and challenges, from managing a globally diversified business to mitigating new technology risks to keeping pace with the evolving regulations, for example the recent adoption of ASC 606 for revenue recognition. Today, modern day finance needs to be more than just a scorekeeper responsible for reporting the past. It should also actively manage the present, and be responsible for accurately predicting the future. The role of finance has therefore become ubiquitous throughout the organization and its influence is growing day-by-day.
Customers are now demanding better services, seamless experiences regardless of channel, and more value for their money. Likewise, regulators are also demanding more from the industry and have started to adopt new technologies that will revolutionize their ability to collect and analyze information. The promises of new developments in blockchain, artificial intelligence, machine learning, predictive analytics, and automation seem endless. Thereupon, innovations in the financial sector are much needed where they can employ models that are platform-based, data intensive, business enablers and capital light.
NetSuite is a leading Cloud Financial Management Solution, encompassing ERP/financials, PSA, CRM, HCM and ecommerce for over 40,000 organizations and subsidiaries. NetSuite cloud financial and accounting software helps the finance leaders to design, transform and streamline their processes and operations. A leading financial management solution seamlessly couples core financial and accounting functions with strong compliance management, which improves insight into business performance and expedites closing the books while reducing back-office costs. NetSuite Financial Management is a comprehensive financial suite that also includes billing and revenue management along with the financial planning. With real-time access to live financial data, users can quickly drill into details to answer important questions, resolve delays, and generate statements and disclosures that comply with multiple regulatory financial compliance requirements such as ASC 606, GAAP, SOX and others.
NetSuite OneWorld provides global business management for companies looking to grow their business beyond their usual markets. With support for over 190 currencies, over 24 languages, customer deployments in over 199 countries and territories, tax calculation and reporting in over 100 countries, supporting over 90 payment formats, NetSuite OneWorld accelerates financial processes with multi-currency consolidation and real-time roll-up across accounts receivable, accounts payable, payroll, inventory, billing, invoicing and order fulfillment, from local in country operations to the regional offices to global headquarters.
Key to a Successful Track Record
NetSuite provides the most comprehensive Cloud financial management solution in the industry. Everything that would be expected from a best of breed solution – from core accounting to advanced subscription billing, revenue management and revenue recognition to governance, risk and compliance, financial planning and budgeting to global accounting and consolidation and on-demand, real-time reporting capabilities, everything is available on a single system. With its OneWorld solution, customers get to drive Global expansion by transacting in nearly any currency, in any language, with any taxation so that they get local control, together with a consolidated, global view of their business in real-time.
From a technology perspective, the three key aspects that are important to any business using a cloud solution are Uptime, Security and Scalability. NetSuite offers certifications and SLA’s with guarantees for these key components and delivers a reliable service that allows business leaders to focus on business strategy and performance rather than managing infrastructure and security. Since NetSuite is delivered on a single platform, it is easy to customize when necessary with all customizations carrying forward to new releases seamlessly. NetSuite’s leading Cloud ERP platform also brings the best of modern technology to manage risk, drive growth for finance professionals and help them to embrace gray by driving business performance, impacting strategy and emerge as business leaders in a traditional black-and-white profession.
Leading by an Example
In today’s constantly transforming world, a businessperson or a start-up venturist has only two options; either to lead the charge and ensure that their organization has the right capabilities and architecture to be on the forefront, or to stand idly by and watch others take advantage of the generational shift. NetSuite is the vanguard of business and financial management solutions empowering businesses to capitalize on opportunities.
In 2017, the Cloud financial management solution provider launched the Oracle NetSuite Planning and Budgeting Cloud Service (PBCS) which gives the NetSuite customers, world-class financial planning and budgeting capabilities across varied lines of businesses. Extending on its commitment to helping businesses across the world to grow, scale and adapt to change, the team has localized product capabilities and customer support for businesses in Brazil, China, France, Germany, Japan and Mexico with more countries to follow.
The company has also launched new analytics capabilities, enabling business users with limited or no technical knowledge about record schemes and query language, to quickly and easily create complex searches and reports through actions such as drag and drop editing, rich formatting and visualizations of data. Additionally, NetSuite has recently announced an intelligent cloud suite, delivering the insight, predictability and automation which businesses require in order to grow. Furthermore, the company has also announced the availability of the Oracle Blockchain Cloud Service for its customers and partners, enabled by API exposure through NetSuite’s SuiteCloud Platform.