One of the departments with the highest error margins in a company is the financial and accounting department. And an error in this area can have serious consequences in any business. To avoid inconveniences, it is best to have solutions that automate most of the processes, such as, for example, the Oracle Netsuite Advanced Revenue Recognition module. We will explain why.
How does the Oracle Netsuite Advanced Revenue Recognition module help?
The NetSuite Advanced Revenue Recognition module is a tool that allows you to identify revenue as well as automate the allocation, forecasting, reclassification, and auditing of revenue through a rules-based event management framework. Implementing this solution can bring many benefits to your company. For example:
Ensures compliance with accounting standards
This module complies with revenue recognition rules such as AICPA, FASB, and SEC regulations. The Netsuite tool supports requirements such as EITF-0021, EITF 09-03, EIRF 08-01, SAB 101, and SOP 81-1. In addition, it is able to recognize the revenue of each order line automatically taking into account the appropriate method.
Report financial results
The success of any business depends on the ability to have an overview of activities and especially their results. With Oracle Netsuite’s revenue recognition module, you will be able to know in real-time all the information related to this topic in order to follow up and be able to identify and correct problems if necessary. In addition, it allows you to generate reports with specific data to comprehensively understand what is happening in the organization and make better decisions based on accurate information
Integrates with other tools
This module also stands out for its ability to integrate with other tools such as Oracle, SAP, and Microsoft. This is important since these systems generally do not keep pace with regulatory changes. However, by integrating with this revenue recognition module you will be able to import both invoices and orders from the ERP system with the security and peace of mind that you are working with the latest rules for calculating and reporting revenue.
Thanks to the use of this tool you not only comply with revenue recognition standards and the corresponding regulations, but you will also be able to obtain accurate reports and achieve an improvement in the company’s productivity. If you want to implement the Oracle Netsuite advanced revenue recognition module, Fusionworks can help you. We are at your service.