What services can NetSuite accountants provide for companies?

1. General Ledger
2. Accounts Receivable & Payable
3. Tax Management
4. Cash Management
5. Fixed Assets Management
6. Payment Management

With the help of a trusted NetSuite accountant from Atticus Solutions, your business can simplify your entire accounting process. Their experience combined with their proficiency in NetSuite allows them to use the software’s accounting module to the fullest. Interested? In this article, we tackle the various services that your NetSuite accountants can provide for your business. With real-time access to cloud accounting software, they can manage accounts, analyze big data, and produce reports efficiently. Keep reading to learn more!

General Ledger

Both in traditional and cloud accounting, general ledgers are account numbers that categorize different financial transactions. These mostly consist of expenses, transfers, and revenues. Accountants provide their clients with a chart filled with listings on all accounts in their system. With the help of NetSuite, professionals can automate many of the core processes since the software can adapt to the needs of the organization. They are now able to customize various account types and reporting segments to meet the goals of your business. With the NetSuite General Ledger, accountants do not need to rely on manual data since the software incorporates real-time bank integration, automatic posting of journal entries, and transaction matching. They are provided with the tools they need to provide clients with detailed reports and accurate records. Most importantly, they would be able to close books in time thanks to the automation and accuracy of the software.  

Accounts Receivable & Payable

In any business, revenues and expenditures should be managed — staying on top of your cash flow ensures you have enough funds to handle obligations, after all. Accountants can track both Accounts Receivable (AR) and Accounts Payable (AP) using NetSuite’s accounting module. Here, they can automate and optimize the entire balancing process, from creating invoices to managing collections. When the AP and AR process is properly facilitated, they can increase their efficiency while also reducing errors.

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Tax Management

Accountants can also help companies manage their taxes. Here, they are expected to promptly file returns, audit accounts, and deduct tax at source. By doing so, accountants help businesses avoid paying interest and penalties. Through NetSuite, accountants can manage both local and global taxes on the software. The software allows them to generate reports and easily analyze transactions in real-time. They are also able to set tax schedules for local taxes across their subsidiaries.

Cash Management

When accountants help you with cash management, they track both the inflow and outflow of cash in your business. This is done to prepare cash budgets and balance the liquidity and profitability of the company. Just like other accounting processes, NetSuite also helps accountants automate their cash management workflows. On the software, they are provided real-time access to a company’s bank and credit card data. This helps to speed up the reconciliation process. With NetSuite, accountants provide the company with accurate daily balances. This helps them avoid financial crises since it eliminates inefficient manual processes and provides accountants with more control over their resources.

Fixed Assets Management

When dealing with fixed assets management, accountants track and maintain a company’s physical assets and equipment. This includes the various tools they have in the office including the furniture and computer tools used by employees. Experienced NetSuite accountants eliminate the need for manual spreadsheets. With software, they can track these assets across the different facilities of a company from the moment it was acquired all the way to its disposal.

Payment Management

Accountants are also asked to track payments of their customers whether it be through their credit cards or on point of sales. With the help of NetSuite, payment collection will become much easier. The software equips them with the necessary tools to improve their collection rate, by providing them with real-time insights to keep them on top of tracking.

Key Takeaway

NetSuite accountants provide their clients with various services from cash management to accounts receivable and payable. These are tasks also done with traditional accounting. However, they have the NetSuite software to help them improve efficiency and productivity through various tools, features, and real-time access. Looking for a NetSuite accountant? Contact us here at Atticus Solutions, and we can help provide the right person for your company. Our remote staffing services are ready to help fill your ranks with talented Filipino accountants. With our roster of mid and senior-level accountants with both NetSuite and Big Four experience, these professionals are the cream of the crop — and more than ready to handle the work that needs to be done!