At Centium, we specialize in helping businesses leverage the power of NetSuite to streamline financial operations and drive growth. As a leading NetSuite Solution Provider, we understand the challenges organizations face in managing complex financial processes.
With businesses navigating economic uncertainty—rising interest rates, tighter financial regulations, and ongoing supply chain disruptions—having real-time financial visibility and automation has never been more critical. From the SEC’s increased scrutiny on financial compliance to the global impact of currency fluctuations, companies need robust financial management tools to stay ahead.
NetSuite Financial Management offers a comprehensive, cloud-based solution that integrates automation, compliance, and real-time insights to enhance financial efficiency. In this article, we explore ten key features that make NetSuite an industry-leading financial management platform—and how they help businesses tackle today’s financial challenges.
NetSuite provides real-time visibility into financial performance through customizable dashboards and reports. Users can track key financial metrics such as revenue, expenses, cash flow, and profitability, with the ability to drill down into specific transactions. SuiteAnalytics enables businesses to create dynamic reports without relying on IT or external tools, facilitating faster decision-making.
➡️ In today’s volatile financial landscape, where interest rates fluctuate and cost control is critical, real-time analytics empower CFOs to make informed decisions quickly. With 66% of companies reporting improved operational efficiency from ERP systems (NetSuite, 2024), leveraging real-time data is a competitive advantage.
NetSuite automates revenue recognition in compliance with ASC 606 and IFRS 15 standards, eliminating the complexities of managing multi-element contracts, subscription billing, and milestone-based revenue models. By applying predefined recognition rules, the system ensures accurate financial reporting and audit readiness while reducing manual errors and compliance risks.
➡️ With the SEC ramping up enforcement actions against companies misreporting revenues, automation is no longer optional—it’s a necessity. NetSuite’s built-in compliance features help companies avoid costly penalties and financial restatements.
Designed for international businesses, NetSuite supports over 190 currencies with automated exchange rate updates. Companies operating in multiple countries can consolidate financials in different currencies while adhering to local accounting regulations. Although exchange rates update daily rather than in real time, NetSuite’s automation reduces currency conversion errors and streamlines cross-border financial processes.
➡️ As the global ERP market is expected to reach $96 billion by 2032 (NetSuite, 2024), businesses expanding internationally increasingly rely on ERP solutions to manage financial complexities and currency fluctuations.
NetSuite simplifies global transactions by automating invoice processing, payments, and reconciliation across multiple currencies. It integrates with major payment gateways and banks, ensuring accurate multi-currency accounting. The platform also supports localized tax compliance, making it easier to manage international financial operations.
➡️ With an increasing number of businesses expanding overseas, ensuring smooth cross-border payments is crucial. NetSuite helps companies minimize transaction delays and improve cash flow efficiency when dealing with multiple markets.
For businesses with recurring revenue models, NetSuite offers automated subscription billing with flexible pricing structures, including usage-based, tiered, and hybrid billing models. It integrates seamlessly with automated revenue recognition, ensuring accurate invoicing and compliance with financial regulations. Companies looking for more advanced billing analytics may need third-party integrations like Chargebee or Zuora.
➡️ As the subscription economy continues to grow, businesses need automated solutions that scale. NetSuite’s built-in capabilities make it easier to manage predictable revenue streams without manual intervention.
NetSuite enables multi-entity businesses to consolidate financial data across subsidiaries, business units, or locations while automating intercompany eliminations. While this reduces manual adjustments, complex eliminations may still require customization. The system provides a centralized view of financial performance across the organization, supporting multi-book accounting for businesses following different GAAP, IFRS, or tax reporting requirements.
➡️ With new global tax regulations, such as the OECD’s push for a minimum corporate tax rate, financial consolidation tools are essential. NetSuite simplifies multi-entity reporting and compliance, reducing the risk of costly tax miscalculations.
NetSuite helps organizations comply with financial regulations through built-in audit trails, role-based access controls, and automated risk assessment protocols. The system continuously monitors compliance risks, generates real-time reports, and ensures adherence to Sarbanes-Oxley (SOX), GAAP, and IFRS standards. However, businesses with highly specialized regulatory needs may need additional GRC tools.
➡️ As the SEC increases oversight and fines for internal control failures, companies need ERP systems that provide real-time compliance monitoring. NetSuite’s GRC automation helps businesses stay audit-ready and avoid regulatory pitfalls.
NetSuite’s financial reporting engine allows businesses to create custom reports with real-time data access. SuiteAnalytics supports KPI tracking, variance analysis, and forecasting without requiring coding expertise. Users can generate balance sheets, profit & loss statements, and cash flow reports tailored to industry-specific financial reporting standards.
➡️ With inflation impacting cost structures, businesses need more than static reports—they need actionable insights. NetSuite’s customizable financial reporting provides a real-time view of financial health, helping companies adjust strategies on the fly.
NetSuite automates tax calculation and reporting across multiple jurisdictions, supporting VAT, GST, and sales tax compliance. It integrates with tax engines like Avalara for more advanced compliance needs. Businesses operating in multiple tax environments benefit from real-time tax tracking, reducing manual efforts in tax filing and audits.
➡️ With new digital tax regulations and increasing scrutiny on tax compliance, businesses need automation to stay compliant. NetSuite simplifies tax management, helping companies avoid penalties and maintain accurate records.
NetSuite streamlines financial management by automating both accounts payable (AP) processes and budgeting workflows. The system eliminates manual invoice processing by automating scanning, approval workflows, and vendor payments, ensuring compliance with spending policies and reducing human error.
Beyond AP, NetSuite Planning and Budgeting (NSPB) extends forecasting capabilities, allowing businesses to develop data-driven budgets, track performance, and adjust financial plans dynamically. By integrating AP automation with budgeting, companies gain real-time visibility into expenses, improve cash flow management, and enhance overall financial efficiency.
➡️ With borrowing costs rising due to Federal Reserve rate hikes, businesses need robust budgeting tools to optimize cash flow. NetSuite’s automation ensures companies can control spending and allocate resources efficiently.
With economic uncertainty, regulatory changes, and global financial volatility, businesses need a reliable financial management system more than ever. NetSuite Financial Management provides an automated, scalable solution to streamline operations, reduce compliance risks, and enhance financial decision-making. At Centium, we specialize in tailoring NetSuite implementations to meet your organization’s unique needs. Contact us today to discover how NetSuite can help your business stay ahead in today’s dynamic financial landscape.