NetSuite Advanced Revenue Recognition Module
NetSuite is a cloud based software solution that allows you to bring together all of your key business processes such as your accounts, customer management, eCommerce and stock management into one, easy to use piece of software.
NetSuite Advanced Revenue Recognition automates your processes and updates itself to reflect the latest rule changes in the sector.
Stay On Top Of Their Revenue Recognition
NetSuite Advanced Revenue Recognition helps businesses stay on top of their revenue recognition, which can be a major challenge due to the fast-changing rules that complicate the area. However, with this module, you can improve productivity while making sure you’re compliant with all relevant standards.
The module is easy to add to your NetSuite solution and allows you to integrate directly with existing ERP solutions from Oracle, SAP and Microsoft. It also offers support for all key revenue recognition rules.
Key Area Functionality
NetSuite Advanced Revenue Recognition allows businesses to ensure they always remain compliant with the latest AICPA, FASB and SEC regulations. Among the requirements it supports are SOP 81-1, SAB 101, EITF-0021, EITF 08-01 and EITF 09-03. The solution enables you to automatically recognise revenue for each line item according to the appropriate method.
Being able to have a full overview of your activities is crucial to the success of your business. NetSuite’s dashboards offer real-time visibility into all aspects of revenue recognition, while continuous monitoring can identify and correct issues. Users can easily generate key reports and filter their data using a series of metrics to gain a full understanding of what is going on within their organisation.
You can easily integrate NetSuite with other solutions from forms such as SAP, Oracle and Microsoft. These systems often aren’t able to keep pace with the speed of regulatory changes, but by linking these with NetSuite, you can be confident you’re working to the latest rules. Orders and invoices an be easily imported from your existing ERP system for revenue recognition calculation and reporting, while journal entries can be exported from NetSuite to your ERP’s ledger.