Netsuite Accounting System Assignment
Added on 2020-04-21
20 Pages4230 Words32 Views
Finance
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NETSUITE ACCOUNTING SYSTEM 1NETSUITE ACCOUNTING SYSTEMBy (Student’s Name)CourseProfessor’s nameInstitutionDate
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NETSUITE ACCOUNTING SYSTEM 2Table of ContentsReview of the current situation with regard to the benefits of the new system...............................5Involvement of the right people.......................................................................................................6Users of the System.........................................................................................................................7System Managers.............................................................................................................................7System customers............................................................................................................................8System Signoffs...............................................................................................................................8Definition of challenge....................................................................................................................8Forecasting and cash flow control.............................................................................................11Asset management.....................................................................................................................11Flexibility...................................................................................................................................12Choosing of a consultant...............................................................................................................12Evaluation Performance of the Software.......................................................................................12Ease of Implementation.................................................................................................................13Review of the program..................................................................................................................13E- Business....................................................................................................................................13Globalization..................................................................................................................................14Reporting capability.......................................................................................................................14Data Validation..............................................................................................................................14Software vendor.............................................................................................................................15System Implementation.................................................................................................................152
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NETSUITE ACCOUNTING SYSTEM 4Introduction Accounting software is an important software application that is used to record andprocess accounting transactions within the organizational units such as receivable accounts,payroll, general ledgers and trial balance. Accounting software can be developed within theorganization for use or may be purchased from another organization depending on the featuresthat suit the organization using it. The best accounting software is on-line based that can beaccessed and used conveniently from anywhere on any internet enabled device.Accounting software consists of various modules including but not limited to; accountreceivables where an organization records the monies received, general ledgers where theorganization maintains and keeps its financial books, inventory where the company keeps controlof its stocks, accounts payable where the company records its bills and pays out its arrears to theparties owed, sales order accounts where the company keeps the orders for supplies to thecustomers etc.Implementation of accounting software largely depends on the cost of its installation andconfiguration in the organization. Many midmarket and bigger applications are sold completelythrough the help of resellers and developers who pass on license fee to the software vendor andthen charge the customer the installation, customization and other support services. Accountingto Jones, D. and Jones, M. (2016), software has several benefits to the users such as speeding upthe process of information retrieval, faster bank reconciliation, automation in preparation ofvalue added tax and also provides real-time position of the company’s financial position. Forexample NetSuite accounting system. This system is a multi-facet business solution designed tomake accounting lighter than before. The organization is, therefore able to capitalize on theproduction efforts. PricewaterhouseCoopers uses the benefit of its hands-on experience to4
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