Netsuite: Technology Company Bookkeeping

The current business environment has produced unique opportunities for technology businesses — numerous explosions of tech startups and organizations that greatly exemplifies this fact. There are also a number of successful established tech companies that are experiencing tremendous growth. A growing technology company requires the best tools and people to help it reach its potential. NetSuite’s accounting software has several bookkeeping features ideal for the tech industry. To give you a glimpse of how NetSuite can help your tech company, we’ve listed some of its outstanding accounting features below.

The technology industry is super dynamic. A state-of-the-art invention today can be an obsolete gadget tomorrow. So, you need your general ledger to be just as dynamic as well. NetSuite accomplishes this by taking your general ledger and making it a one-size-fits-all tool that you can use to meet the unique needs of your business. The technology industry is dynamic, so you need your general ledger to work as a dynamic business asset. NetSuite accomplishes this by taking your general ledger and making it into a one-size-fits-all tool that you are able to use to meet the unique needs of your business. With Netsuite, your accounting becomes a lot more efficient because your tech firm’s CPA will have improved reporting functionality and visibility.

Some of the key capabilities of the software include:

  • The ability to add custom GL impact lines to invoices, vendor bills, and transactions. This will reduce the amount of time you spend doing account reconciliation.

  • Define unlimited custom GL segments. These could include the product line, profit center fund, program, and the standard class, location segments, and department. This saves time and improves accuracy, allowing your general ledger to follow double-entry accounting principles.

  • Multi-book technology company accounting gets rid of data entry replication and minimizes the requirement of manual adjustments to the accounting and reporting process.

Efficient Tax Management

NetSuite’s platform automates global and domestic tax compliance helping your technology company become competitive in the worldwide market. NetSuite’s configurable tax engine is an easy to use system that creates reports, analyzes transactions, and presents line item tax details in real-time. This feature helps streamline your technology firm’s tax planning. NetSuite’s tax management solution aims to streamline global tax compliance. It helps save time, reduce errors, and allow each department to process taxes in harmony with the country’s specific laws.

Some of the specific features you may appreciate include:

  • Support for tax calculations for more than 50 countries and multiple currencies

  • Cross-border sales and intrastate reporting through all European Union countries

  • The right tax rate is instantly applied to each transaction every time

  • The ability to enable third-party tax solutions and easily integrate them with NetSuite

Advanced Payment Management

NetSuite is designed to centralize, simplify, and streamline your technology company’s bookkeeping. With it, you can address all your payment needs directly from one screen. Whether your business accepts payment through self-checkouts, credit cards, or PayPal, you can trust NetSuite to have your back. Some of the key capabilities of these features include:

  • Suite payment API for payment gateway integration

  • Out-of-the-box controls for card-related verification, encryption, and more

  • Multi-currency and multi-site capabilities, giving you the ability to serve various geographical markets

As you can see, the NetSuite platform gives you everything that you need to manage your technology firm’s accounting and tax planning responsibilities. Our team of technology firm financial advisers is able to work with you to implement Netsuite’s accounting features to help you enhance and scale your business. Click the button below to schedule a complimentary discovery call today.

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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.