Netsuite: Marketing Firm Accounting
Your accounting department has the responsibility to monitor your company’s financial performance. It is also responsible for communicating this information to others through reports known as financial statements. Their role is very crucial to the success of marketing firms like yours. The nature of your business requires you to interact with customers from around the world who pay in different currencies, who are under unique tax regulations, and who have unique pay schedules. NetSuite accounting software has been designed to provide you with a solution for these challenges your firm may face and more.
Dynamic General Ledgers
Marketing businesses need to adapt quickly to the ever-changing needs of their clients. NetSuite offers a dynamic general ledger that can help increase the flexibility of your advertising business. It has a powerful all-in-one tool that allows you to customize your general ledger depending on the needs of your marketing business, allowing you to consider changes in customers, pricing, and forms of payment.
NetSuite’s key features and benefits include:
Option to add custom journal entries, including vendor bills, invoices, and other transactions automatically. This eliminates the need for manual journal entries
Improve accuracy and save time by allowing finance teams to define custom general ledger segments
Eliminate data entry replication and minimize error-prone manual adjustments during the accounting process using NetSuite’s multi-book accounting, making the work easier for your marketing firm accountant
Optimize Receivables and Accelerate Cash Flow
NetSuite’s Accounts Receivable solution can help you shorten your credit to cash cycles, increase the liquidity of your funds, and identify new investment opportunities. It does this by helping you better manage and control your receivables and cash flows.
Some of the key features of this tool include:
Automatic generation of recurring invoices for subscriptions
Offer customers self-service access to real-time information on services or products that they purchased
Instantly post order transactions to general ledgers as well as AR ledgers. This will simplify your marketing firm tax planning as each invoice will have accurate tax calculations for automated tax processing
Create fiscal and corporate discipline by automating the retrieval and presentation of billing information from unique sources
Streamlining Domestic and Global Tax Law Compliance
Your marketing firm will interact with clients around the world. Because of this, you must comply with both domestic and global tax laws. NetSuite offers a tax management solution to streamline your tax compliance process, helping you save time, minimize errors, and reduce costs.
Some of the features include:
Support for tax calculations at multiple global levels
Works based on tax laws of more than 50 countries using multiple currencies
Applies correct and updated tax rates for all transactions
A flexible tax engine that enables the automatic calculation of Mexican IVA, Canadian HST, Philippines VAT, and more
Our knowledgeable team of CPAs specialize in marketing firm bookkeeping and tax planning for growing and established firms. We can help you get the most out of your NetSuite’s accounting software to improve the financial standing of your business. To speak with one of our marketing firm financial advisers click the button below to schedule a complimentary discovery call today!
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.