NetSuite Multi-Book Accounting Overview
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TAG | Southern California's Premier NetSuite Solution Provider | Learn the powerful capabilities of NetSuite Multi-Book Accounting. NetSuite Multi-Book complies with multiple sets of financial books in parallel and issues financial statements in accordance with whichever accounting standards are required.
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NetSuite Multi-Book Accounting Overview
- 1. TAGs team of NetSuite experts have experience in NetSuite implementation, training, development and NetSuite enhancements. TAG will be your NetSuite partner from initial project planning through go-live and beyond. NetSuite Multi-Book provides powerful capabilities that help companies achieve these benefits: Optimize the financial close process | Ongoing compliance | Real-time visibility | Effective financial management teamtag.net
- 2. NetSuite Multi-Book is the latest ERP solution to help finance departments comply with multiple accounting standards efficiently while running their businesses. teamtag.net
- 3. As small and mid-sized companies start selling abroad and as larger companies penetrate faster in emerging markets, investors, bankers, shareholders and others of financial statements will require reports issued in accordance with different accounting standards. NetSuite Multi-Book will enable accounting departments to manage multiple sets of books in parallel to issue financial statements in accordance with multiple accounting standards anywhere in the world. teamtag.net
- 4. Using a powerful rule-driven engine, a new transaction (such as a sales order) only needs to be entered once for NetSuite Multi-Book to post activity to all books. As a result, NetSuite Multi-Book optimizes your close process by eliminating data entry replication, reducing error-prone teamtag.net adjustments from managing multiple sets of books and providing real-time financials for any book, anytime. With a single cloud system, anyone can log in once from any browser and your data will always be there.
- 5. Upon implementation by professional services, NetSuite Multi-Book can be owned by finance professionals without requiring major IT support. For instance, revenue recognition schedules are book specific and can be tailored to comply with different country and industry-specific accounting rules, without having to do any programming. In this example after an invoice is created, NetSuite Multi-Book will automatically know when and how much revenue to recognize based on the accounting standard being followed. And whether its revenue or expense-related, create the transaction once and let NetSuite Multi-Book post the activity across your books automatically. teamtag.net
- 6. teamtag.net Unlike situations where reporting adjustments have to be made manually at period-end to produce financial statements in multiple accounting standards, a process requiring lots of time and effort, NetSuite Multi-Book eliminates that headache by delivering real-time financials on demand, quickly and easily for all of your books.
- 7. As accounting regulations change, new processes may need to be created and existing ones may need to be updated. Whether you need to add a new field on a form, create a new record or workflow, customize and automate your business processes using SuiteCloud so that your financial operations will help you remain in compliance with accounting regulations, especially as they change. teamtag.net
- 8. Thank you for your interest in NetSuite Multi-Book Accounting TAGs team of NetSuite experts have experience in NetSuite implementation, training, development and NetSuite enhancements. TAG will be your NetSuite partner from initial project planning through go-live and beyond. teamtag.net