Today we will talk about NetSuite SuiteSuccess, a financial and accounting management solution for Brazilian startups and companies that are proliferating and require a technology that can be implemented at the speed needed for the business. Precisely this last point is the differential of SuiteSuccess: in just 90 days, you have concrete results for the business. That is, process automation, established workflows, and real-time visibility of indicators.
In addition, SuiteSucces integrates Oracle localizations for Brazil natively, such as electronic invoicing, legal reporting and tax calculation.
Speed of implementation and end-to-end business management
SuiteSuccess is a pre-configured solution designed to manage all aspects of a business in a single system. With SuiteSuccess designed for Brazil, organizations can become more efficient with pre-defined workflows, KPIs, dashboards, and localized financial reports that facilitate compliance with local tax laws.
These new solutions will help organizations in Brazil gain the visibility needed to make more informed decisions and the agility and control required to adapt their operations and thrive in today’s business environment.
Here are some of the key benefits:
- Ready to use from day one after implementation. The preconfigured solution offers a unique set of processes, activities and functionalities specially designed for service-based businesses.
- Continuous engagement. Ensures success through a consultative approach, from sales to activation to support and beyond.
- Rapid implementation. The solution uses an activation approach that enables customers to optimize resources based on business needs, resulting in improved ROI and faster time to value.
- Visibility and data-driven decisions. By unifying the front and back office, NetSuite provides a complete view of customers, projects and transactions, all in real time, combining data with visual analytics to generate meaningful and actionable insights.
SuiteSuccess is compatible with Oracle localizations
In addition to local language and currency support, NetSuite is introducing the following new localization capabilities that have been natively incorporated into all SuiteSuccess solutions for Brazil:
E-invoicing: Helps organizations reduce manual processes, eliminate errors, improve billing efficiency and increase cash flow by processing payments in compliance with the requirements of all state capitals and more than 500 municipalities in Brazil.
Reporting: Enables organizations to save time, make strategic decisions faster, and meet Brazil’s requirements for tax assessment, billing and legal reporting, using reports and dashboards developed from actual usage and understanding of local business needs.
Enhanced Tax Engine: Helps organizations ensure compliance with local laws and regulations, automate manual tasks, and improve the accuracy of tax calculations by providing preconfigured tax calculation rules.
Financial, accounting, purchasing, project, accounting and more functionalities
MultiBooking
MultiBooking is a tool that will help you automate the creation of accounting entries in multiple fiscal or accounting books for each subsidiary of the organization.
Accounting areas must duplicate or triple efforts when keeping multiple ledgers. For example, organizations manage a corporate ledger (following US GAAP or IFRS standards) and also have to map or use a fiscal ledger following a local or country chart of accounts.
This is where Oracle NetSuite ERP multi-booking solves all your problems. Every time you enter a transaction in the system, NetSuite creates a parallel entry in the local ledger and at the same time in the corporate ledger. In addition, it is multi-currency because you can select the currency in which you want to keep the record of each ledger, such as dollar or local currency (peso or sol).
Multi-company financial consolidation and with analysis segments.
This ERP offers online templates to generate each of the financial statements (Balance Sheet, Income Statement, Cash Flow). However, its most outstanding feature is its financial consolidation capability.
The company will have the possibility to consolidate the financial statements online of its subsidiaries located in multiple countries. In the system, a structure of subsidiaries can be set up following the company’s accounting structure in the required currency. In this way, the organization can consolidate reports globally, by region or by country.
Oracle NetSuite’s accounting segments are those filters that will help you analyze and break down the financial statements online that I mentioned before. They are located at the bottom of the reports (image below). You can filter by segments such as subsidiary, period, business unit (class), cost center (department), as well as create custom segments.
Bank Reconciliation
To streamline account reconciliation, you can use the Bank Data Linking tool. This function compares the bank statement with the transactions recorded in your company to identify matches. It relies on factors such as date, amount of the amount or transaction number to find possible matches. Transactions that are not automatically linked can be searched manually.
The system allows you to upload the bank statement in CSV, OFX or QFX formats. In addition, in case the bank does not provide the statement in any of these formats, Oracle NetSuite offers a downloadable template to convert it to CSV before uploading.
On-line quotations
With NetSuite you will be able to manage and edit budgets online, so the whole team will be able to follow up and work on the same file. As throughout the year you never generate a single budget version, but different ones that vary according to scenarios, this ERP allows you to upload these other versions and compare them with each other. You can see it in the image below.
Item Management
The use of item records allows for more efficient processing of transactions, reducing the likelihood of data entry errors. Item records contain accounting, pricing and allocation information for all the goods and services you buy and sell to your customers, as well as the parts and raw materials you buy from suppliers. Item records are used to track information about the items you have in stock.
Marketing and sales management
Simplify your sales process while giving your organization complete visibility without duplicating efforts. All processes are connected, from lead creation to opportunity conversion and quote generation. Once the quote is approved, simply generate the sales order from the quote to ensure an accurate audit.
Purchasing Management
Simplify your purchasing process, providing visibility, efficiency and effective purchasing controls across your organization. Create and track purchase orders. Invoices are compared against purchase orders and receiving statements to avoid overpayments, duplicate payments or other errors. Maintain detailed records of all suppliers, including contacts, addresses, bank information, purchase orders, payment history and credit notes. Create supplier credits and issue refunds when necessary.
Project Management
Manage projects from start to finish within NetSuite. Create a new project from a template, including phases, tasks and milestones with estimated hours. Track and resolve issues with real-time visibility of the entire project team. Allocate resources and measure time spent on each project and related task.
Expenses are linked to the project, allowing tracking of costs for each project and billing of billable expenses. Automate project billing using various rules, including charges based on time and expense, by fixed date, milestone or percentage of project completion.
Why implement SuiteSuccess with LatamReady?
LatamReady is the official Oracle NetSuite partner in Latin America that takes care of the ERP implementation and ensures that companies comply with all the legal requirements of each country in the region. With more than 500 projects implemented in the region and other Latin American countries, our clients endorse our work with 95% of 5-star reviews. In addition, we are nominated annually by NetSuite for the best solution provider award for Latin America.
Why LatamReady?
We are Latin America’s #1 Oracle NetSuite partner for implementation and localizations. The best ERP worldwide will help you adapt to changes and grow your business. Our technical support is one of the best in the region: 95% of our reviews in NetSuite are 5-star reviews.
