What is ERP?
ERP stands for Enterprise Resource Planning, an integrated solution used to manage company's various resources. ERP enables businesses to store product planning, manufacturing, inventory, sales, marketing, accounting and other resources in a single database. The key features of ERP is the ability to see what is going on with your business as it happens.
Do I need ERP?
Here are the indications that you need ERP now:
- Failing to get accurate information for decision making
- Lost or corrupted data
- Using manual and multiple systems for same task
- Having to store same data into more than one system
What are the benefits of an ERP?
There are numerous benefits of incorporating ERP into organizational operations. Following are the top benefits:
- A single integrated system
- Improved data access and security
- Streamlined processes and workflows
- Improved reporting
- Reduced operation costs and complexity
- Improved decision making
What is the difference between Accrual Expense and Deferred Expense?
Accrual expense is a liability that represents an expense that has been recognized but not yet paid. A liability is set up on the balance sheet that will disappear once the expense has been paid.
Deferred expenses are the opposite of accrual expenses. A deferred expense is a payment of future expenses that have not yet been incurred. Deferred expense is an asset because the money has already been spent and there will be a benefit to company in the future
What is Revenue Recognition?
Revenue recognition is an accounting principle that refers to how revenue is recognized when it is realized or realizable and earned. Accrual basis of accounting is used in recognizing revenue. There are three major exceptions to the revenue recognition principle.
- Recognize revenue during the production process
- Recognize revenue after the manufacturing process but before the sale actually takes place.
What is NetSuite SuiteGL?
With breakthrough capabilities for the general ledger component of NetSuite cloud ERP, SuiteGL addresses the needs of finance teams. From small and mid-sized companies to Fortune 500 multinational organizations, SuiteGL gives finance departments more flexibility in their ERP accounting software. SuiteGL enables NetSuite customers and NetSuite Solution Provider to transform the general ledger from a static subsystem into a dynamic business asset. Specific business requirements and changing conditions make it more adaptable. SuiteGL help businesses refine their business processes, improve efficiency and enrich reporting.
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