NetSuite ERP Revenue Recognition Management
Report Revenue with Confidence and Accuracy
NetSuite's revenue recognition management solution helps companies comply with accounting standards and report financial results in a timely manner. Whether your business conducts sales transactions that consist of products or services, or both, and, whether these transactions occur at a single point in time or across different milestones, NetSuite's revenue recognition solution will help you schedule, calculate and present revenue on your financial statements accurately. Automate revenue recognition with financially intelligent capabilities to report results in accordance with accounting standards.
Benefits
Comprehensive Revenue Recognition Management:
- NetSuite helps companies adhere to accounting standards and accurately report financial results.
- It caters to various types of sales transactions, whether they involve products, services, or both, and whether they occur at a single point in time or across different milestones.
Automation and Accuracy
- The solution automates revenue recognition processes, ensuring accuracy and compliance with accounting standards.
- By drilling down to the sales order level, businesses can understand the impact of transactions on their financials.
Confidence in Financial Close
- NetSuite enables businesses to accelerate the financial close process while ensuring compliance with relevant accounting standards.
- This instills confidence in the accuracy and completeness of financial reporting.
Streamlined Operations
- By seamlessly integrating order-to-cash processing, NetSuite helps eliminate errors and streamline back-office operations.
Timely Insights
- Real-time access to revenue-related ending balances and recognized revenue allows for informed decision-making and improved business performance.
Features
Flexible Revenue Recognition Scheduling
- Businesses can define recognition schedules tailored to their specific revenue and billing requirements.
Revenue Arrangements with Multiple Deliverables
- Automation of revenue recognition for transactions with multiple elements ensures compliance with relevant accounting standards.
Percentage-of-Completion Accounting
- NetSuite supports automated revenue recognition for projects, aligning with SOP 81-1 guidelines.
Software and Service Contracts
- Automation of revenue recognition for software and service contracts, compliant with SOP 97-2 guidelines.
Overall, NetSuite's ERP Revenue Recognition Management offers a comprehensive suite of features and benefits to help businesses manage revenue recognition processes efficiently, ensuring compliance, accuracy, and timely reporting.
