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In a world historically grounded in the trusted expertise of accountants, an alarming trend emerges: a growing exodus from the traditional pillars of finance. Over the last two years, the U.S. has seen a 17% reduction in accountants and auditors, with over 300,000 professionals departing from their roles. A shift not only influenced by retiring…
In recent years, the Environmental, Social, and Governance (ESG) movement has evolved from a niche concern into a central pillar of modern business strategy. It has captured the attention of investors, businesses, and regulators alike. Multiple sources and credible financial reporting organizations have shed light on the complexities and controversies surrounding ESG, and we will…
Hey there, NetSuite newbies! Can you believe it’s already July? The year is halfway gone, and now’s a perfect time to review your accounts receivable. Whether you have a few stragglers or a mountain of overdue invoices, dunning letters might be just the tool you need to get those payments rolling in. Dunning letters are…
What is Revenue Recognition (Rev Rec)? Revenue Recognition, often abbreviated as Rev Rec, is a fundamental accounting principle that dictates when and how revenue should be recorded. In the context of NetSuite, Rev Rec goes beyond just a simple accounting rule; it is a powerful and automated feature that ensures your revenue is recognized in…
Understanding Material Requirements Planning (MRP) Material Requirements Planning (MRP) is a systematic approach to production planning and inventory management. Originating in the manufacturing sector, MRP helps businesses calculate the materials and components needed to manufacture a product. The primary objectives of MRP are to ensure that materials are available for production, products are available for…
Intelligent Automation is at the heart of Salora ERP’s approach to streamlining operations and enhancing productivity. This concept leverages advanced scripts, tools, and programs that evolve to meet users’ needs within NetSuite. By automating routine tasks, synchronizing data across platforms, and simplifying complex processes, Intelligent Automation makes NetSuite easier and more efficient to use. Salora…
Nobody starts a business without a plan. And those who do, either end up going through hell and high water just to get the wheels turning or giving up on the endeavor entirely. So why would you treat implementing a new software any different? NetSuite is a powerful tool that over 38,000 companies trust with…
Remember the Last Time You Faced a Payment Reconciliation Nightmare? We’ve all been there: It’s the end of the month, and you’re knee-deep in spreadsheets, trying to track down missing transactions and fix errors. The hours tick by, and the frustration mounts as you attempt to reconcile payments and close your books. It’s a draining,…
Hey there, NetSuite Newbies! Today we’re diving into the world of financial planning and analysis with a spotlight on NetSuite Planning and Budgeting (NSPB). If you’re looking to take your financial management to the next level, buckle up and get ready for a ride through the essentials of NSPB, the new features launched in November…
Companies with multiple subsidiaries often need to handle transactions between these entities. For instance, a subsidiary in Canada may need to supply inventory to its U.S. counterpart. These intercompany transactions can become complex and expensive, particularly for companies experiencing growth through acquisitions. Newly acquired subsidiaries may have different invoicing systems, payment methods, and accounting processes….
