Advanced Accounting Automation with Netgain's NetSuite SuiteApps

Netgain's NetSuite SuiteApps allows you to automate your accounting process and save time. With their advanced automation tools, NetSuite users can improve their accuracy and efficiency while reducing the amount of time spent on accounting tasks. In this blog post, we will discuss the benefits of using Netgain's SuiteApps for advanced accounting automation.

What is a SuiteApp?

A SuiteApp is an add-on application that extends the functionality of NetSuite. There are SuiteApps for a variety of different business needs, including accounting, CRM, eCommerce, and more. Netgain's SuiteApp's are focused on streamlining and automating complex accounting processes in the areas of Fixed Asset Management, Lease & Loan Management and Period Close management.

NetAsset: Comprehensive Automation for Fixed Asset Management

Netgain's NetAsset SuiteApp is a cloud-based fixed asset management solution that streamlines and automates the entire fixed asset lifecycle, from acquisition to disposal. With NetAsset, you can efficiently track and manage your assets in one centralised location, ensuring improved visibility, control, and compliance with accounting standards.

Here is an in-depth look at the key features of NetAsset for NetSuite:

Asset Acquisition

Automate the process of adding new assets to your system, including the capture of relevant information such as purchase date, cost, and vendor details. NetAsset also supports bulk import of asset data, making it easy to transition from your existing fixed asset management system.

Asset Tracking and Management

Centralise your fixed asset data, allowing for easy tracking of key information such as asset categories, depreciation methods, and useful life. NetAsset also supports the creation of custom fields, enabling you to tailor the system to your unique business requirements.

Compound Asset Management

Manage complex assets comprised of multiple components, with the ability to track and depreciate each component individually. This feature is particularly useful for assets such as machinery or equipment, which may have multiple parts with varying useful lives and replacement schedules.

Asset Component Management

Maintain an accurate record of individual asset components, including their condition, maintenance history, and replacement costs. This granular approach to asset management ensures better visibility and control over your assets, leading to improved decision-making and cost management.

Depreciation Calculation

Automate depreciation calculations for various depreciation methods, including straight-line, declining balance, and sum-of-the-years' digits. NetAsset also supports multiple depreciation books, allowing you to maintain separate calculations for tax, financial reporting, and other purposes.

Servicing Schedules

Create and manage servicing schedules for your assets, ensuring timely maintenance and reducing the risk of unexpected downtime or costly repairs. NetAsset's proactive alerts and notifications will keep you informed of upcoming servicing events, allowing you to plan and allocate resources effectively.

Asset Location Management

Keep track of the physical location of your assets, with the ability to assign assets to specific departments, sites, or geographical locations. This feature enables better asset utilisation, as well as improved tracking and monitoring of asset movements.

Asset Disposal Management

Streamline the process of retiring or disposing of assets, with automated calculation of gain or loss on disposal, as well as the ability to track disposal methods, dates, and reasons. NetAsset ensures accurate reporting and compliance with relevant accounting standards for asset disposals.

Reporting and Analytics

Generate customizable reports to analyse your fixed asset data, identify trends, and make informed decisions. NetAsset's advanced reporting and analytics tools enable you to assess asset performance, evaluate the effectiveness of your asset management strategy, and plan for future asset needs.

NetLease: Comprehensive Automation for Lease Management

Netgain's NetLease SuiteApp is a cloud-based lease management solution that streamlines and automates the entire lease lifecycle, from inception to termination. With NetLease, you can efficiently track and manage your equipment and property leases in one centralised location, ensuring improved visibility, control, and compliance with accounting standards.

Here is an in-depth look at the key features of NetLease for NetSuite:

Lease Origination

Simplify and automate the lease origination process, including capturing lessee information, evaluating creditworthiness, and generating lease terms and agreements. NetLease's customizable workflows allow you to tailor the origination process to your specific business requirements, ensuring consistency and efficiency.

Lease Contract Management

Centrally manage all aspects of your lease contracts, including lease terms, payment schedules, and renewal options. NetLease supports various lease types, such as operating leases, finance leases, and sale-leaseback arrangements, providing flexibility and adaptability for your organisation's needs.

Lease Payment Tracking

Streamline the tracking of lease payments, ensuring accurate and up-to-date records of payment history, outstanding balances, and future payment obligations. NetLease's automated payment reminders and notifications help reduce the risk of missed or late payments, enhancing your cash flow management.

Billing and Invoicing

Automate the generation and distribution of lease invoices, including recurring charges, variable payments, and one-time fees. NetLease's customizable invoice templates and flexible billing options ensure accurate and timely invoicing, improving customer satisfaction and reducing billing disputes.

Payment Processing

Simplify the processing of lease payments, with support for various payment methods and frequencies. NetLease's payment processing features integrate seamlessly with your accounting system, ensuring accurate and efficient recording of payment transactions.

GAAP Accounting Compliance

Ensure compliance with Generally Accepted Accounting Principles (GAAP) by automating lease accounting calculations, such as lease classification, right-of-use asset recognition, and lease liability calculations. NetLease also generates compliant financial statements and reports, simplifying the audit and regulatory reporting process.

Lease Portfolio Analytics and Reporting

Gain insights into your lease portfolio's performance with NetLease's powerful reporting and analytics tools. Customizable reports enable you to assess lease portfolio risk, monitor lease expirations and renewals, and evaluate the effectiveness of your lease management strategy.

Integration with NetSuite and Third-Party Systems

Seamlessly integrate NetLease with NetSuite's core financial modules and third-party systems, such as property management, asset tracking, and customer relationship management (CRM) applications. This integration ensures a unified and efficient workflow across all aspects of your lease management process.

Document Management and Storage

Centrally store and manage lease-related documents, such as contracts, amendments, and correspondence. NetLease's secure document storage and access control features ensure that your sensitive lease information remains confidential and accessible only to authorised users.

NetLoan: Comprehensive Automation for Loan Management

Netgain's NetLoan SuiteApp is a cloud-based loan management solution that streamlines and automates the entire loan lifecycle, from origination to repayment. With NetLoan, you can efficiently track and manage your loans in one centralised location, ensuring improved visibility, control, and compliance with accounting standards.

Here is an in-depth look at the key features of NetLoan for NetSuite:

Loan Origination

Automate the loan origination process, including capturing borrower information, evaluating creditworthiness, and generating loan terms and agreements. NetLoan's customizable workflows allow you to tailor the origination process to your specific business requirements, ensuring consistency and efficiency.

Loan Management

Centrally manage all aspects of your loan portfolio, including loan balances, interest rates, and repayment schedules. NetLoan also supports multiple loan types, such as term loans, lines of credit, and mortgages, providing flexibility and adaptability for your organisation's needs.

Loan Servicing

Streamline loan servicing tasks, such as interest calculations, payment processing, and account reconciliation. NetLoan's automation capabilities ensure accurate and timely servicing, reducing the risk of errors and enhancing customer satisfaction.

Payment Processing

Automate the processing of loan payments, including the application of funds to principal, interest, and fees. NetLoan supports various payment methods and frequencies, providing a seamless and convenient experience for borrowers.

Collections Management

Improve the efficiency and effectiveness of your collections efforts with NetLoan's automated collections management tools. Features include customizable collection workflows, automated reminders, and escalation procedures, helping you to reduce delinquencies and minimise the risk of loan defaults.

GAAP Accounting Compliance

Ensure compliance with Generally Accepted Accounting Principles (GAAP) by automating loan accounting calculations, such as loan loss provisions, interest income recognition, and fair value adjustments. NetLoan also generates compliant financial statements and reports, simplifying the audit and regulatory reporting process.

Integration with NetSuite and Third-Party Systems

Seamlessly integrate NetLoan with NetSuite's core financial modules and third-party systems, such as credit bureaus, payment gateways, and customer relationship management (CRM) applications. This integration ensures a unified and efficient workflow across all aspects of your business.

Customizable Reporting and Analytics

Leverage powerful reporting and analytics tools to gain insights into your loan portfolio's performance, identify trends, and make data-driven decisions. NetLoan's customizable reports enable you to assess loan portfolio risk, monitor delinquencies, and evaluate the effectiveness of your loan management strategy.

NetClose: Automation for NetSuite Period Close Management

Netgain's NetClose SuiteApp is a cloud-based period close management solution that automates the entire process from data entry to journal entry posting. With NetClose, you can streamline your period close process, improve accuracy and efficiency and ensure compliance with GAAP standards.

Here is an in-depth look at the key features of NetClose for NetSuite:

Data Entry Automation

Streamline the data entry process by automating the import and validation of financial data from various sources, such as bank statements, invoices, and receipts. NetClose's intelligent data mapping and error-checking features help minimise manual intervention and reduce the risk of errors.

Journal Entry Posting

Automate the creation and posting of journal entries, including adjustments, accruals, and allocations. NetClose supports customisable posting rules and templates, allowing you to tailor the system to your organisation's specific accounting policies and procedures.

Financial Statement Preparation

Simplify the preparation of financial statements, such as balance sheets, income statements, and cash flow statements, by automating the aggregation and consolidation of financial data. NetClose's flexible reporting capabilities enable you to generate financial statements that adhere to GAAP standards, as well as custom formats tailored to your organisation's needs.

GAAP Compliance Reporting

Ensure compliance with Generally Accepted Accounting Principles (GAAP) by automating the generation of required reports, disclosures, and supporting documentation. NetClose's compliance reporting features help you maintain accurate records and streamline the audit process.

Reconciliation and Matching

Automate the reconciliation process by matching transactions from various sources, such as bank accounts, credit cards, and accounts receivable/payable. NetClose's powerful matching engine identifies discrepancies, enabling you to resolve issues quickly and maintain accurate financial records.

Period Close Process Management

Monitor and manage your period close process with NetClose's comprehensive workflow and task management features. Assign tasks to team members, track progress, and receive real-time status updates, ensuring a smooth and efficient period close process.

Collaboration and Communication

Enhance collaboration and communication among your finance team with NetClose's built-in communication tools, such as comments, notes, and file attachments. This feature enables your team to share information, discuss issues, and resolve problems more effectively.

Security and Access Control

Protect your sensitive financial data with NetClose's robust security features, including role-based access control, data encryption, and secure data storage. This ensures that your financial information is accessible only to authorised users and remains confidential and secure.

Integration with NetSuite and Other Systems

Seamlessly integrate NetClose with NetSuite's core financial modules and other systems, such as payroll, accounts receivable, and accounts payable applications. This integration ensures a unified and efficient workflow across all aspects of your organisation's financial management process.

Why Use Netgain's SuiteApps for Advanced Accounting Automation?

Netgain's SuiteApps offer a number of benefits for businesses looking to automate their accounting processes. With their advanced automation tools, NetSuite users can improve their accuracy and efficiency while reducing the amount of time spent on accounting tasks.

TeamBlueSky's Partnership with Netgain Explained

TeamBlueSky has been working with Netgain since 2019 to offer local implementation, training and support services for their SuiteApps. We are proud to be a Netgain Partner and help businesses in Australia and New Zealand streamline their accounting processes with Netgain's powerful SuiteApps.

If you would like to learn more about how TeamBlueSky can help you automate your accounting processes with Netgain's SuiteApps, contact us today.