NetSuite is an accounting software typically used by medium to large enterprises. NetSuite’s accounting features include accounts payable, accounts receivable as well as financial reporting. It also offers multi-currency conversions, tax management, and a number of advanced accounting functions that allow businesses to manage their financial operations more efficiently. But, in some instances, businesses may make use of specific software applications such as online payment tracking or expense management software, to monitor bespoke functions within their business. Integrating these software applications with your NetSuite accounting software will offer your business a more efficient financial tracking experience.
Not only does software integration give you better financial visibility, but it also reduces the risk of errors to aid more credible accounting management within your business. We take a look at some of the NetSuite integrations that aid in making accounting processes more efficient.
Salesforce: This client relationship management software helps businesses better handle sales and marketing. Having Salesforce integrated with your NetSuite software will mean that your financial reports can be updated as sales take place within your business. This reduces the risk of errors that might creep in with manually updating these entries.
Expensify: Expensify and NetSuite integrations work to simplify accounting processes as it automates income and expense data to your financial records via the integration. Have your expenses automatically categorized with your NetSuite expense categories, customers, projects, departments, classes, locations, and more! This integration allows for your financial reporting to be updated as in-app expenses happen within your business.
PayPal and Stripe: Do you make use of PayPal or Stripe for online payment processing? PayPal or Stripe integrations with NetSuite not only mean easy, secure and complete online payment processing but also automatically having your ledger updated with these transactions. This will aid businesses to get a more up-to-date idea of cash flow within their business, while also getting oversight of bad debts.
Bill.com: With Bill.com you can create and pay bills and send invoices. This not only helps to manage your accounts payable and accounts receivable, it also integrates with NetSuite to ensure that your accounting books and ledgers are updated as soon as you make payments to vendors or creditors, or when you receive settlement on accounts outstanding within your business.
Sales Tax Software: Sales tax software helps businesses manage sales tax compliance processes. Examples of software that perform these functions include Avalara, Vertex, and Tax Jar. Having these software integrated with NetSuite can help businesses to calculate, collect, and remit sales taxes more efficiently.
Microsoft Power BI: Power BI is focused on business intelligence and empowers businesses by using data to help you understand your business better. You can have your NetSuite data integrated into Power BI, which will allow you real-time data synchronization that enables deeper insights into financial and operational data. You can also use the integration to identify patterns within your data and empower you to make decisions based on intelligent data.
How NetSuite software integrations promote financial well-being
You may not understand the full value of implementing reliable software integrations, but the right integrations ensure accuracy, compliance and stability within a business.
Accurate financial reporting ensures that financial blind spots can be identified swiftly within your business, while giving your business a firm foundation to submit accurate and reliable data to the IRS when filing your taxes.
If time is an issue for you, then the automation that software integration provides, will help you operate more efficiently as software frees business owners and accounting teams from tedious manual data entries that may lead to errors in accounting records too.
Finally, having your software integrated gives you a holistic view of your finances from different angles, which allows you the confidence to scale your business safely as the integrated data will empower you to make informed decisions that’ll take your business to the next level.
At Fusion CPA, our experts strive to help businesses remain compliant in managing their financial records. We understand that software not only streamlines processes but also aids in more accurate tax planning for your business. We provide a free accounting diagnostic assessment of your business and help with software integrations that can benefit your business. Schedule a discovery call to learn more about NetSuite integrations that may benefit your business.
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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
