Ontdek onze Bank Connectivity-oplossing met Isabel en Ponto om volledig betrouwbaar bankafschriften in uw NetSuite-rekening te downloaden en betalingsbestanden met één klik naar uw banken te duwen.
We helpen je business vandaag nog te groeien dankzij NetSuite, ‘s werelds meest succesvolle ERP-software in de cloud
Als officiële NetSuite-partner met volledige dienstverlening ondersteunen we ruim 50 klanten in heel Europa, en dit door hun business-processen in de cloud te optimaliseren en te vereenvoudigen.Onze diensten
Eenvoudig, gebruiksvriendelijk, robuust en schaalbaar. Waarom is NetSuite volgens ons de beste business-software voor start-ups en kmo’s
Een ERP-systeem heeft voor ons maar nut als het je helpt om je business efficiënt te beheren. We zijn ervan overtuigd dat een goed ERP-systeem, zoals NetSuite, een sterke groei kan stimuleren door manuele taken te automatiseren, zodat je personeel zich kan bezighouden met wat echt telt, en tegelijk door je een perfect zicht op je volledige werking te bieden, wanneer jij dat wenst.Meer over NetSuite
De meest succesvolle ERP-oplossing in de cloud
+26.000 klanten wereldwijd
Top Cloud Business Solution (Gartner)
64% van de IPO-technologiebedrijven hebben er sinds 2011 voor gekozen
Ervaren NetSuite-gebruiker of niet, we zijn er om je te helpen
Elke Europese kmo moet volgens ons kunnen terugvallen op een betrouwbare en flexibele langetermijnpartner voor de optimalisatie van haar bedrijfsprocessen.
Ongeacht of je al ervaring met een ERP-pakket hebt, wij staan ter beschikking. Geïnteresseerd in NetSuite? Al NetSuite-klant? Ontdek ons aanbod.
Ontdek nu NetSuite
Op zoek naar een business-oplossing en wil je graag meer te weten over NetSuite en over de manier waarop Novutech implementaties uitvoert?
Hulp bij implementatie
We helpen je met plezier
Verliep de implementatie van NetSuite niet zoals verwacht? We bieden je ondersteuning om je te helpen met de implementatie van NetSuite.
Optimalisatie en ondersteuning
Open de NetSuite-engine
Heb je een succesvolle NetSuite-implementatie achter de rug en zoek je een langetermijnpartner die je noden regelmatig ondersteunt?
Heb je bijkomende behoeften die niet onder de standaard NetSuite-functies vallen? We zijn er voor jou om samen een oplossing te bedenken en te ontwikkelen, aangepast aan jouw business-doelstellingen dankzij maatwerk en integratie.
Boost je business
Onze oplossingen zijn onmiddellijk inzetbaar
Wist je dat deze ‘standaardfunctie’ deel uitmaakt van NetSuite? We beschikken over een hele reeks pakketten met vooraf geïnstalleerde oplossingen, gaande van uitgebreide lokalisatie per land of regio tot aanmaningen, btw-controles en gestructureerde mededelingen
Omdat we NetSuite-gebruikers graag slimmer en sneller laten werken
Alles begint bij een duidelijk beeld van de business van onze klanten. We hebben meer dan 40 jaar ervaring met consultancy en met NetSuite. Op basis hiervan ontwikkelden we gebruiksklare pakketten van NetSuite-oplossingen om jouw business sneller te laten groeien.Onze solutions
Ontdek ons op maat gemaakte, flexibele en gebruiksklare SuiteSolution Dunning Pack.
Ontdek ons SuiteSolution Belgium Localization Pack dat aanvullende oplossingen biedt om beter te voldoen aan de wettelijke en boekhoudkundige compliance voor Belgian GAAP-processen, naast wat NetSuite biedt in de standaardfunctionaliteiten en lokalisatiebundel.
Ontdek Suite Analytics NovuPack.
Ontdek ons SuiteSolution Frankrijk-lokalisatiepakket dat aanvullende oplossingen biedt om beter te voldoen aan de wettelijke en boekhoudkundige naleving voor Franse GAAP-processen, naast wat NetSuite biedt in de standaardfunctionaliteit en lokalisatiebundel.
Kies de juiste partner voor een optimaal gebruik van je NetSuite-oplossing
Voor de implementatie van een brede oplossing zoals NetSuite moet je ervoor zorgen dat je over de juiste skills op de juiste positie beschikt. Vandaar het belang om in zee te gaan met een partner als Novutech. Wij zijn meer dan een dienstverlener. We beschikken over lokale vaardigheden, technische expertise en kennis van jouw sector. Het DNA van een start-up gecombineerd met de kennis en de uitmuntende normen van een grote onderneming.
Onze werking wordt gestuurd door onze waarden op het vlak van samenwerking, innovatie, kennis en transparantie. Samen zorgen we er vandaag nog voor dat jouw business en digitale transformatie een succes worden.
Implementaties in België, Frankrijk, Denemarken en Luxemburg
Klantenkonden sinds 2019 rekenen op onze ondersteuning
Teamledenen twee kantoren,
in Brussel en Lyon
in Brussel en Lyon
Onze meest recente publicaties
Ontdek onze publicaties, nieuwsberichten en inzichten, gaande van klantengetuigenissen tot nieuwe functies.Ontdek onze meest recente publicaties
NetSuite X Fast Four
October 08 2021
At Novutech, we work hand-in-hand with Fast Four, now part of Zone & Co, a full service ERP Partner specialized in NetSuite. They provide many opportunities to extend some of the features of our ERP and there are two in particular that we like to work with. The first SuiteApp, Fast Four Bank Reconciliation, automatically reconciles with bank statements everything from Bills to Invoices as well as Payments, Expense Reports and many more, and relies on a download of a statement or a transaction stream directly from the bank. The second SuiteApp, Fast Four Scan & Capture, automates the entry of Vendor Bills both from PDF Invoices and E-Invoices but also the delivery of E-Invoices to Customers.
Let us find out more about them.
At Novutech, we are mainly working with two Fast Four SuiteApps, Bank Reconciliation and Scan & Capture, which we will introduce to you in the following article.
The Fast Four Bank Reconciliation SuiteApp allows users to automatically reconcile their bank accounts in minutes and to save hours of manual processing each day. This means less hassle, manual entry and errors. In other words, instead of users wasting hours entering and matching each line of their bank statement, this SuiteApp automatically creates and reconciles all transactions in one easy step. To do this, users simply download statements or set up a transaction flow directly from their bank to automatically create and reconcile transactions across multiple companies, bank accounts, cards, currencies and electronic payment providers. As a result, Bank Reconciliation by Fast Four provides greater control, visibility and focus on using the data rather than entering it.
After this short introduction, let us dive into the key highlights of this SuiteApp.
- Automate bank transaction entry and reconciliation
The Fast Four Bank Reconciliation SuiteApp imports bank statement files and performs an automatic reconciliation process in NetSuite. Cash received generates payment transactions on customer invoices, while payments made are linked to bills, journals and other expenses based on automatic matching rules. Suggested transactions for any unmatched line are visible in the bank reconciliation screen with one click. Almost any file format is supported, including CODA, Comp53, MT940, OFX, QFX, and many more, including various country-specific formats. In addition, if a format used by the customer is not supported as standard, the application can be configured as needed by importing a CSV with a Custom Field Mapping.
- Resolve complex scenarios with one click of a button
Foreign currency payments, consolidated or split payments, and payment differences can all be processed with the click of a button, greatly enhancing the standard NetSuite functionality and significantly reducing the time it takes for users to reconcile transactions. Ad hoc transactions such as card payments or bank interest earnings can also be easily created on the fly.
- Reconcile credit cards and payment gateways
Automated reconciliation is not limited to bank accounts. With out-of-the-box configuration options, it is possible to easily automate the reconciliation of all transitions in a company, including credit card providers or payment gateways.
- Cancel Direct Debit
In cases where direct debits are used to receive payments from customers, payments can sometimes be canceled. Fast Four's bank reconciliation application automatically matches direct debit cancellations and correctly posts them to the general ledger as a new transaction type called "Direct Debit Reversal". This process automatically reopens the original invoice and displays the reason for the cancellation, allowing standard NetSuite workflows to alert users, automatically request a new payment or follow up with the customer in person.
- Allow Multi-line Journal Entries
A bank payment can be easily attached to multiple GL accounts in NetSuite with only one click.
In addition to all these advantages, thanks to the Bank Reconciliation SuiteApp, plenty of operations can be managed such as Customer Payment, Unapplied Customer Payment, Vendor Payment (Bill Payment), Vendor Payment without Bill Applied (Prepayment), Expense Note Payment, Other Payment (other than AP or AR), Electronic Fund Transfer Payment, and Direct Debit Payment.
Scan & Capture
When it comes to the Fast Four Scan & Capture SuiteApp, it is a native Purchase-To-Pay (P2P) process automation solution for NetSuite. It automates the creation of invoices and supplier credits using OCR, without having to leave the NetSuite screen. It reduces manual accounts payable processing by 83%, eliminates risk, and enhances the existing NetSuite customizations, workflows, dashboards, and reports without worrying about integrations or external software. This application is easy to use and affordable, with remote installation and training requiring less than two hours of time.
Let us now move on to the most important features of this SuiteApp.
- OCR, Machine Learning and e-Invoice Capture
By using Optical Character Recognition (OCR), supplier invoices and credits received as PDF documents are automatically created at the line level in NetSuite. The application is trained to recognize factors such as vendor look and feel, transaction date, order reference and amount, which means users do not need to create transactions, fill in data or even leave their NetSuite screen. This reduces processing time by an average of 83% and eliminates manual errors. Electronic invoices are also easy to manage using XML imports, which means that this technology can be adopted immediately and in the future as its use becomes more widespread.
- Split Screen View and Transaction Dashboard
There is no need to leave the NetSuite screen or navigate to external software to view relevant transactions and documents. Users, approvers and auditors can quickly and easily view the NetSuite transaction and the actual document received from vendors on one screen with the split screen feature. The transaction dashboard also provides a simple overview of transactions by status to allow users to quickly progress and complete tasks and move on to the next task.
- Capture Additional Fields and Extend Existing Workflows and Customizations
As the application is native, everything that is captured is driven by the NetSuite configuration. Existing customizations, additional fields, or approval workflows can be used or enhanced with confidence without having to worry about external integrations or compatibility with third-party formats.
- Order Matching, Line Recognition and Automatic Vendor Processing
Three-way order matching can be automated by including multiple orders in a consolidated invoice. Line-level recognition means that costs can be correctly allocated at the line level, even across multiple pages, without the need for manual entry or allocation. For even greater efficiency, certain vendors can be flagged for "Automatic Processing", meaning their invoices are automatically forwarded for approval, without manual intervention.
- Support for Virtually any Language and Character Set
It is worth mentioning that OCR technology can recognize and process almost any language and character set as standard.
Through the Scan & Capture SuiteApp, whether managing thousands of supplier invoices, or just a few, this application is a faster, more efficient and more enjoyable way to process invoices.
At Novutech, we mainly work with the two Fast Four SuiteApps, Bank Reconciliation and Scan & Capture, which we regularly recommend to our customers. We are therefore accustomed to dealing with these applications and are able to provide expertise on their implementation and utilization.
Please feel free to reach out with any further information or query.
Creating projects from sales transactions
October 08 2021
When you sell a product together with consultancy / professional services, NetSuite allows to create a project from the sale transaction (sale order, opportunity or estimate) you have booked in the system.
That way the sale transaction and the newly created project are linked together and all billing operations will be done directly through the sale transaction.
In this article we will do an end to end flow starting from a sale order creation to the invoicing of the related project work.
The “Create Projects from Sales Transactions” is required to create projects from sales transactions (“Full” level available only):
To be able to create a project from a sale transaction, you need to have a least one item on the sale transaction that is configured correctly.
On the item record:
- The “Create Project” must be checked.
- You also have the ability to either select a default template to be used when creating a project for that item or either define the work breakdown structure of the project directly on the item.
Let’s consider a sale order where you sell a server (hardware) to your customer together with a few hours of professional services (estimate of 4 hours at a unit price of 100€ per hour) for the server installation and configuration:
Now a project should be created to manage the professional services part. For that you can use the “Create Projects from Sales Transactions” page. Go to Transactions > Customers > Create Projects from Sales Transactions.
There you will see all sales transactions (sales orders, opportunities and estimates) that are not in one of the following statuses: canceled, closed or pending approval.
First you need to select the sales transaction(s) you want to create a project for. Then you have the ability to:
- Modify the project name
- Refer a project template based on which the project will be created
- Refer a parent project if you want to establish a specific project hierarchy
- Select a project manager
Once you’re done you can click on “Submit”. You will then be redirected to the list of projects. The newly created project is the most recent one in the list. If you have created it using a template, you might see a yellow banner at the top of the project record alerting you that NetSuite is still busy building the project according to your template. You can click on “Reload” until the banner disappears.
On the Sales Order you can see the link with the newly created project:
Looking at the project record, I have one task where I have assigned a resource to perform the server configuration for a total planned work of 5 hours at a unit price of 120€/hour:
NetSuite automatically created a forecast charge for the assignment I have just made:
You now need to reflect that updated data on your sales order and link it to your forecast charge. To do that you need to edit the sales order and “Refresh Items from Project”:
When clicking that button, NetSuite will first remove all project items and then re-source them from the project to display the most up to date information:
On the forecast charge you can now see that it’s linked to the sales order:
Please be aware that you need to do that before actual charges are generated on your project. If you don’t, actual charges will not be linked to the sales order and you won’t be able to invoice them.
The resource has now finished the configuration and entered 5 hours in his timesheet. An actual charge (charge-based billing project) has thus been created and can be invoiced through the sales order by clicking the button “Next Bill”:
That will redirect you to an invoice record containing the server (hardware) and the charge related to the professional services. You can save the invoice and send it to your customer:
Note that the status of the sales order is now “Billed”:
Let’s now imagine that something was wrongly done during the initial configuration and that 2 additional hours of professional services is required to fix that. You have then updated the assignment to 7 hours of planned work, which updated the forecast charge automatically generated by NetSuite.
The resource has now performed the additional 2 hours and entered them in his timesheet, which resulted in a new actual charge. The Sales Order status is now back to “Pending Billing”:
However you can’t invoice the new actual charge since the button “Next Bill” is not available. That is because the 5 hours displayed on the sales order have already been invoiced, so NetSuite considers there is nothing more to be billed. You have to “Refresh Items from Project” once more to be able to invoice the new actual charge:
Creating Projects from Sales Transactions allows you to combine products delivery and professional services management in an efficient way and have your billing operations handled through one single record. There are still some manuals steps to perform in order to keep the sale transaction in synchronization with the project and allow for a proper invoicing but we can reasonably hope for future improvements of the functionality in the next NetSuite releases.
Discover our Customer, Yoga Room
October 08 2021
Who is Yoga Room?
“Yoga Room” is a company offering a wide range of Yoga lessons through a large variety of subscription options, either onsite or online. They manage several yoga studios, including stores selling Yoga equipment, in Belgium, France and Portugal.
They have recently acquired a new subsidiary in France and just finished a successful fundraising campaign despite their studios having been closed for more than 200 days because of the Covid-19 pandemic.
The reason for change
With 7 studios in Belgium, France, and Portugal, and no real comprehensive management software, Yoga Room needed a tool able to centralise their accounting and business processes, as well as supporting their ambitious international growth. NetSuite OneWorld’s set of functionalities seemed to be a perfect fit for this mission.
One year later, Yoga Room already acquired two additional subsidiaries and opened 3 new locations, confirming they made the right decision.
Why choosing NetSuite?
Yoga Room selected NetSuite as their ERP solution for the following reasons:
- A cloud-based ERP system implemented and deployed globally across all entities.
- A unified and integrated platform to run all business processes to replace the current legacy systems.
- Scales with the projected exponential growth of business and its needs.
- Reduces the use of Excel and manually intensive processes within the business.
- One source of truth.
- NetSuite offers a full suite of financial modules including multi-taxation, multi-country or powerful financial reporting.
- Third-party systems integration capabilities.
About the NetSuite implementation
NetSuite was sold to Yoga Room as an out-of-the-box solution, with a fast-track implementation of standard core finance, procurement, and sales capabilities. In addition to that, some effort was dedicated to the integration of the wellness services-focused management software Mindbody.
The implementation required the implementation partner, Novutech, to be flexible in order to adapt their project management approach to effectively run a sprint Out of the Box implementation.
The specificities of the project meant that the focus needed to be given to key user training and fast adoption by Yoga Room’s accounting team, which was successfully accomplished as Yoga Room were able to quickly take ownership of their NetSuite environment.
"NetSuite fit perfectly for our group because this ERP simplifies the centralization and the processing of accounting and financial data for multiple companies in differents countries, while being compliant with local legislation. In the end, we get a single and clear reporting that includes data from each point of sale in a single, standardized dashboard, regardless of its location and the company ."
Benjamin, Head of Finance & Administration
"Novutech has enabled us to implement the software quickly and reliably and make the necessary customizations. Novutech also advises us on the most optimal way to use the software or on functions that are useful to our business. They are always available and very reactive, especially for urgent topics. Their team is also friendly and attentive, which makes the working relationship very pleasant and constructive.
Benjamin, Head of Finance & Administration
Do you want to know more about our expertise and how we run NetSuite implementations? Contact us!
NetSuite Release 2022.1 Overview
October 08 2021
We are already in the middle of March, and shortly all NetSuite customers will be upgraded to the 2022.1 version and will be enjoying some fresh enhancements and new functionalities within their NetSuite environment.
As part of their goal to consistently optimise their customers’ business operations and further automate their financial processes, NetSuite left nothing to chance and carried out a wide variety of improvements ranging from core accounting activities to banking, inventory management or within SuiteAnalytics.
Whether you have already familiarised yourselves with the enhanced functionalities in a Release Preview account or not, the following features selection will give you some insight into NetSuite’s upgraded possibilities and how they will help your company grow.
We tested NetSuite’s 2022.1 new or enhanced features and picked a couple of them that we found interesting for you to discover:
- CSV Import “Imported Employee Expense”
Do your employees use a corporate credit card and you would like to have these expenses imported in NetSuite as an Employee Expense Report/Claim? From now on you can import these expenses into NetSuite via a simple CSV Import, add them to an Employee Expense report and let your employee categorise or just review them before they get posted to the employees corporate credit card and the relevant expense accounts.
This feature supports multi-currency receipts from different source types (Visa, Master Card,...)
- Electronic Bank Payment SuiteApp Enhancements
This release also brings us some updates to the Electronic Bank Payment SuiteApp, the most important ones:
- Process Payments for Vendors from Primary and Secondary Banks:
A new Entity Bank dropdown field has been added on the EFT subtab for the following transaction types: Bills, Bill Credit, Commission, Expense Report.
This gives the user the flexibility to select the correct Bank account details on the bill,
some of your vendors might have multiple bank accounts and depending on the invoice or subsidiary they might need to be paid to a different bank account.
- Auto Process Payment File Administration (PFA) Stuck in Queue
Gone are the days that your payment batches are stuck in the processing queue!
A new scheduled script, Auto Process Queued PFA, will process PFA records stuck in a payment queue. When the script runs, it sets the status of the stuck PFA to failed and automatically processes the next PFA in the queue.
- New 360 Dashboards
NetSuite has promised us some exciting new dashboards on SuiteWorld 2021. It looks like we will be seeing the Cash 360 Dashboard and Project 360 Dashboard in this New Release.
It is currently unclear when these dashboards will become available but we will make sure to keep you posted!
- Monitor Vendor Performance
Because every transaction is tracked, analysed and included in a vendor scorecard, NetSuite users can easily monitor key performance indicators such as defect rate, on-time deliveries and cost.
You can easily access these performance scores when you are creating a new purchase order or directly on the Item Record on the Vendors subtab.
- Support for Project Intercompany Cross Charge Request
In this release NetSuite is reintroducing the Project Intercompany Cross Charge Request feature. This feature provides you the ability to cross- charge amounts between subsidiaries linked to a specific project and is fully integrated in the period-end process.It enables you to set amounts in a currency that you can use for intercompany cross-charges reflected in the Intercompany Cross Charges list.
First you create a “Project Intercompany Cross Charge Request” record where you specify the Project, To Subsidiary, Amount, Currency and a Trigger on when this should get cross charged (For example: Project completion).
As part of the period-end process you can access the “Cross Charge Workbench” to generate/post the pending Cross-Charge Journals:
Once generated, you can find these postings in a separate transaction type called
“Cross Charge Journal”:
- SuiteAnalytics enhancements: Dataset Linking in the Workbook UI
As part of the previous release (2021.2) NetSuite announced the all new “Dataset Linking” feature that gave us the option to connect two datasets with common data (Budget and Actual for example). The major downside of this new feature was that this could only be done via SuiteScript.
Building on the previous release NetSuite is now making this feature a lot more accessible/useful by giving the user the option to link these Datasets in the Workbook UI with this below simple screen:
Are you and your team interested in learning a bit more about SuiteAnalytics and see how you could use this feature in your Business?
Ask us about our “Analytics Workbooks Package” that will provide training about different functionalities of the Analytics Workbook (Pivoting, Charting, Dashboard Portlets,...)
Novutech is there to assist you during every new release cycle
If these features tickled your interest, have a look at the more detailed release notes to learn more about the exciting new updates offered in the new release.
As your preferred NetSuite partner, we would like you to stay updated with the latest available features coming in every new release.
You would like to know the full impact that this New Release will have on your NetSuite Account? We have put together a “New Release Pack” that will prepare you fully for this New Release and help you get the most out of the new features NetSuite has to offer.
Interested in other accelerators and optimization packages like Belgium or France Localization, Banking integration with Isabel, Electronic Payments with Structural Reference or simply another way of managing dunning in NetSuite? Discover our packages today, and get a quote on it rapidly and in full transparency, in order to upscale your NetSuite experience tomorrow!
Set up standard budget and Expense Commitments and Budget Validation on Netsuite
October 08 2021
In order to save significant amounts of income and expense, you can use budgets for financial planning purposes. In NetSuite, each budget covers a year and permits the entry of an amount per account for each accounting period in the year. Budgets provide information for reports and can also be used to control transactions using saved searches.
In this article we will show you how the budget works on NetSuite. How to import a budget and finally how to activate the new release Expense Commitments and Budget Validation that helps users of NetSuite to control the transactions.
Set up Budget
The budget in NetSuite covers a fiscal year. You can enter an amount, per account, for each period. You need to use GL accounts, which is the lowest level, which is sometimes seen as a limitation by quite some customers (contact us if you are facing this challenge, and let’s find a better solution together!). In NetSuite OneWorld, budgets are specific to a subsidiary and fiscal year. If the Multi-Book Accounting feature is enabled, each budget is for an accounting book and subsidiary pair for a year.
Specific budgets can be created for Customers or Projects, items, classes, departments and locations.
You can set up your budget by choosing the subsidiary and the year. Thereafter, it is necessary to determine a budget category which groups the budget (example: Budget 2022, Forecast 3+9 2022). The budget category is the key that helps you create a budget by department for example.
The next step to create a budget is to choose a Budget category type. The first budget category type you can choose is global. That means that the budget will be in the currency of the parent company. The second budget category type is local. That means the budget will be in the currency of the subsidiary.
NetSuite also offers the possibility to import a budget using a CSV file. All you must do is fill the template that you can find in transaction > Financial > Set Up Budget > Import
After scanning and importing your budget. You should do the mapping between your file’s fields and NetSuite’s Fields.
After running the import of the file, it’s necessary to check that the import is complete and that there are no errors.
Actual vs Budget Report
By importing your budget on Netsuite, you will have access to a lot of reports. One of them is the Budget vs. Actual Report. This report allows you to compare between what was budgeted and what was achieved :
Companies can also use Analytics to compare between consumed amonts (Actual+Commited) and the budget using different views (Table, Pivot and Charts).
Expense Commitments and Budget Validation
Organizations must be able to budget and report expenses by accounts and segments. After budget approval, all expenses must be validated with the budget to avoid overspending. The Expense Commitments and Budget Validation SuiteApp allows users to:
- Create budgets for specific account, segment, and period combinations.
- Validate purchase orders, purchase requisition and supplier invoices with the budget.
This new release of NetSuite put together two saved searches to control the expenses of the company. The first one brings up the budget of the Budget Category chosen in the budget preferences. The second one brings up the consumed amount (Open Purchase Orders and Bills). The comparison of these two saved searches is called the Budget Control.
Budget control :
If you want to set up the Budget Control, go to : Budget >Set up> Budget Control
Budget control helps you customize the controls to be done when recording a transaction. On this page you will find all the messages that will appear to the user when saving a transaction, but also parameters that allow you to save or not save a transaction when the budget is exceeded or does not exist.
Budget Control Action: This field helps you select the action when you exceed the budget. You have two options : Warn Only (Get a warning message on saving a transaction) or Prevent save ( Get an error message and the application prevents from saving the transaction)
Enable Threshold Warning: a warning appears on the transaction line when the budget remaining meets the threshold set using the % Threshold Warning field.
You can also choose the warning message for each situation like in the following screenshot:
For example, if the amount of a transaction exceeds budget, this popup window will appear after clicking on save on the Purchase Order or Vendor Bill Transaction:
In this page, you can set up the preferences you want to apply. Enabling the Budget Validation is the first thing to do to apply control over your transactions. You can also choose the Budget Category that will be applied to the expense validation and choose the budget control for validation. It’s also important to choose the applicable segments.
Budget Management is one of NetSuite's most practical features. Not only does it allow you to track sales and expenses, but also thanks to the new release, precise budget control is now possible. Companies can also use Custom Budget in order to use custom segments which is a limitation when using a standard budget. As of today, it is not yet possible to carry over the unused budget to a later month. This reforecasting is a recurring request from several companies that use the expense commitment and budget validation.
Thanks to the budget features, companies can create budgets for specific customers or projects, items, departments, classes, locations, subsidiaries or any combination of these criteria. They can also create interactive reports using Budget Reports and SuiteAnalytics and also control their expenses using The Expense Commitments and Budget Validation.
Interested in improving your Budget Management ? Novutech will be more than happy to advise you and help you optimise your use of NetSuite.
October 08 2021
My journey started when I was 7, I left my native country Djibouti to Belgium. I had to face a new culture, environment and language. Thanks to my adaptation abilities, I managed to learn French quickly which allowed me to integrate Belgian culture and have a classic educational trajectory.
Finishing secondary school, I decided to pursue a career in the economic sector. Therefore, I started a bachelor degree in business administration at HEFF (Haute Ecole Francisco Ferrer).
This first experience made me learn financial basics, new economical skills and comprehension such as in the micro and macroeconomics, economic conditions.
I also reinforced my knowledge in the analysis in the financial statements which helped me to improve my critical mindset, my attention to details and also to figure out what’s behind everything I was working on. At this point, I already had an overview of what was the work as an auditor which would be my following step in my student career.
Before ending my bachelor, I had the opportunity to take part in an entrepreneurial project. Indeed, with the help of four other students we raised funds and school furniture in order to help a non-profit organisation based in Morocco whose purpose is to take care of single mothers and orphans. We had the chance to visit their facilities located in Morocco and meet all different people that we were trying to help. On one hand, it brought me entrepreneurial skills, organisation skills, social skills but on the other the most important is that this experience made me grow as a person and understand how lucky I am.
After my bachelor graduation, I decided to join ICHEC (Institut Catholique des Hautes Etudes Commerciales) and start a master’s degree. I had to make a choice between multiple areas of learning and my heart made me go for a master’s degree with the option of chartered accountancy and auditing.
During these two years at ICHEC, I extended and deepened knowledge that I already had acquired while I was in Francisco Ferrer. Throughout this academic journey, I had a lot of practical work to provide that taught me to collaborate with teammates, to respect deadlines, to defend my opinions but most of all to listen to others and accept that people may have different ideas than me.
I assume that all this learning was made to get me ready for the working environment and the different types of work I would be in charge of.
In order to complete my academic career successfully, I had the possibility to pursue a professional internship in auditing.
During this internship, I got the chance to put into practice all the knowledge that I acquired in the past. It was at this moment that I understood that there was a gap between the professional world and the world of studies.
As a matter of fact, even if I had a strong economic background thanks to the classes I took, I had to confront the theoretical part of my learning with the practical aspect of the work.
It was thus quite naturally that I adapted to this new environment. It seems to me that is this way that I developed new skills that I couldn’t have learned at school such as; to think out of the box, time management, to multitask and be able to manage several files at the same time, and I think one of the most important is the customer relationship.
Indeed, the reason why I think the customer relationship is one of the most important qualities in the business world is because we interact on a daily basis with them. We need to be aware that they expect a lot of us, they count on our experience to provide an optimal service but also to suit their expectations.
In the light of these factors, being aware of all responsibilities that are required, I gave my best to fulfil the customer needs. In order to achieve my goal, I improved my accountancy knowledge, I became familiar with financial analysis tools that I needed to use and finally I worked on my communication skills aiming to make it easier to understand the issues they could face within their businesses.
After my internship and my graduation, I had the chance to keep working in the same audit company for one year and a half. Actually the length of the internship was not enough, that is the reason why I immediately accepted the offer to continue working. Obviously I was thirsty for learning but it was also the work environment I had and especially the trust and the respect I earned from my superior.
Armed with this first successful experience in the audit field, I was ready for a new professional challenge. That was the moment that I discovered Novutech and I recognized myself in their values and their vision. As new technologies represent a massive part of this business, I always wanted to combine my economics’ skills with them.
That is why I decided to join Novutech as a business analyst.
My journey at Novutech started on August 2021, the 9th. I was surprised by the warm welcome that the company reserved me. I was immediately put at ease by all the collaborators that were already warned from my coming. Everything was made to make me comfortable so I could take my bearings quickly. My greatest astonishment was to know that a team building was planned a month after my arrival so that the new members of the team could get to know the old collaborators better.
My first two weeks were dedicated to external and internal training which allowed me to get a first overview of the NetSuite ERP and a lot of its functionalities. Besides the fact that they provided me with numerous support for my acclimatisation, they made themselves available to answer my questions.
My arrival coincided with the one of a new customer for which we had to implement the NetSuite ERP and this project was assigned to me. This gave me the opportunity to follow all the steps from scratch to the final product. What better way to get into my new position? Currently I am still working on this project.
Aside from this project, I am also involved with other clients on optimization and support topics. It consists in providing solutions to questions that could arise from the use of the system. This aspect of my function allows me to be confronted to special cases and thus to increase my NetSuite knowledge.
What I appreciate the most in my job is the contact with the client, the fact of being able to meet their needs by trying to simplify as much as possible their understanding of the tool that we are using.
I recognize myself in the values of Novutech such as transparency, team spirit, excellence. In my opinion these are the prerequisites for the exercise of my function.
At first, I aspire to become as quickly as possible autonomous in order to provide an irreproachable service and especially to be able to advise the customer as well as possible. Once this objective is achieved, I would be ready to perform new functions requiring greater responsibilities. Finally, in the medium-short term, I aspire to evolve within the organization.
Modify parent company and subsidiary hierarchy in NetSuite
October 08 2021
In NetSuite, the subsidiary hierarchy of a company is a particularly important principle since it represents the basic structure of an environment.
The subsidiary hierarchy is determined at the creation of a NetSuite environment. The possibility to modify the parent company (and therefore the subsidiary hierarchy) is possible but not straightforward. In this article, we will see how to perform this modification.
A company might have several reasons to change the subsidiary hierarchy such as:
- A company was acquired and a new parent company should be established.
- The parent company must be changed to another subsidiary in the hierarchy. For example, subsidiary number two becomes the parent subsidiary.
- You want to elevate a subsidiary in the hierarchy.
For example, subsidiary number three becomes a regional subsidiary rather than a local subsidiary.
Note that a subsidiary hierarchy change requires specific features to be activated and might have important impacts on a NetSuite environment. Please carefully read the Potential impacts of modifying a subsidiary hierarchy in NetSuite section to know more about those impacts.
Impacts and functionalities
Potential impacts of modifying a subsidiary hierarchy in NetSuite
In NetSuite, the subsidiary configuration is one of the most important notions and involves relationships all over the environment.
If you wish to change your parent company, you should operate with caution and be aware of the impacts (https://netsuite.custhelp.com/app/answers/detail/a_id/91150) that it might imply. Therefore, please read the potential impacts (license agreement) that this change can entail :
- Modifying entries in the Subsidiary Hierarchy can have significant legal and financial consequences. Please be certain you are authorized to make such changes and consult with the appropriate stakeholders in your business before proceeding.
- At a minimum, Oracle recommends that you read the official documentation and review and download all documents that may be relevant to these modifications, including but not limited to Financial Statements such as the Balance Sheet, Income Statement, Trial Balance, and audited reports from prior periods on both Consolidated and Subsidiary Levels, as well as Consolidated Exchange Rates.
- To ensure modifications are implemented correctly, make the modifications first in a Sandbox Environment and then thoroughly review all Financial Statements and Consolidated Exchange Rates to ensure the modifications had the anticipated consequences before deploying the modifications in a Production Environment.
- The consequences of implemented modifications are outside the scope of any support made available to your organization by Oracle, and your organization is solely responsible for the effect of such modifications on your organization’s use of the product and for any costs or expenses arising from or related to such modifications, including but not limited to the cost of any required data fixes.
- Areas of the product that may be affected by such modifications include but are not limited to the following
- Existing financial statements may be lost with no possibility of recovery
- Subsidiaries may get inactivated
- Consolidated/Budget Exchange Rates may be irreversibly recalculated
- Elimination Subsidiaries may get different parent Subsidiary
- Auto-Elimination Journals may post to the incorrect Elimination Subsidiary
- The Include Children (Subsidiaries) option may include a different set of Subsidiaries than before
- Granted restrictions on roles may change
- Reporting may not provide correct results if crossing Subsidiary Hierarchy Modification change date
- Customization and scripts utilizing Subsidiary may begin to fail
If you have questions before making such modifications, you may contact us or open a support ticket to request assistance from Oracle.
Required features and permissions
Creating a new parent company is not as straightforward as adding a new child subsidiary. In order to be able to add a new parent company, the “Allow Subsidiary Hierarchy to be Modified” option should be activated. To do so, go to Setup > Company > General Preferences (https://netsuite.custhelp.com/app/answers/detail/a_id/91458) with the administrator role. Then, click on the calendar icon to set the last day of the modification period.
Note: The “Allow Subsidiary Hierarchy to be Modified” general preference is a date field. Use this field to specify the last day of the subsidiary hierarchy modification period. The modification period can be a maximum of 30 days long. After the specified day, you can no longer modify your subsidiary hierarchy. However, you can set the preference again.
If you are not using the administrator role, a set of permissions is needed to enable the “Allow Subsidiary Hierarchy to be Modified” general preference. Those permissions are the following:
- On the Lists subtab of your role, you must enable the Subsidiaries permission with an edit or full level. You must also have access to all subsidiaries.
- On the Setup subtab, you need to have a full level Set Up Company permission to set the “Allow Subsidiary to be Modified” general preference. You should also have full level Subsidiary Hierarchy Modification permission to modify the subsidiary hierarchy structure. Besides, you should have access to all subsidiaries.
Once you have entered a modification period in the “Allow Subsidiary to be Modified” preference field, you can modify the subsidiary hierarchy and change the parent company (https://netsuite.custhelp.com/app/answers/detail/a_id/91459/kw/subsidiary%20hierarchy%20change).
- Go to Setup > Company > Classifications > Subsidiaries (Administrator).
- Click Edit next to the subsidiary you wish to move in the hierarchy.
Note: You cannot set a new parent directly on a new record. If you want to create a new record as a new parent, you must first save the record. Then, in edit mode, position the new parent within the hierarchy. You cannot make an elimination subsidiary the parent subsidiary
- In the “Parent Subsidiary” list, move the subsidiary to the new place in the hierarchy. To set the subsidiary as the parent company, select the blank line above the parent company.
- Read the license agreement (see Potential impacts section above) that includes impacts associated with subsidiary hierarchy modification.
- Click Save.
Note: Depending on the amount of data NetSuite has to process, saving the hierarchy change may take up to 30 minutes.
- Click List in the top right corner of the page.
- View the updated subsidiary hierarchy on the Subsidiaries list page.
If you wish to add a brand-new parent company, you should first create a new subsidiary, save it, and then repeat the steps mentioned above. To add a new subsidiary, go to Setup > Company > Subsidiaries > New.
NetSuite offers the possibility to modify the parent company and therefore change the subsidiary hierarchy. To do so, a few features and steps are required. Moreover, a license agreement should be accepted before performing the modification since it might represent important risks to your NetSuite environment. After reading and accepting the license agreement, you will be able to change the subsidiary hierarchy.
- Possibility to modify the parent company and the subsidiary hierarchy.
- Carefully read the license agreement and evaluate the potential impacts
- Tip: make the modification in a Sandbox environment first.
NetSuite Certification & Training Programs at Novutech - Benefits for NetSuite customers
October 08 2021
Novutech provides a wide range of training sessions adapted to each position level. The provided learning paths cover several areas and includes Products training, Technical training, Industry training and Skills training. These enable each consultant to develop its skills and technical knowledge that will help him to grow professionally, add value to our company and support our customer’s success.
Novutech mainly aligns on NetSuite learning program but also develops a lot of training for new joiners like business analysts, and advanced NetSuite users from Architects to Financial experts. In fact, this program is designed to prepare professionals to showcase, implement and deploy the NetSuite environment into the most complex customer’s environments.
The aim of this article is to give to readers an overview of training and certifications provided by Novutech, the outcomes of these trainings in the short and in the long term for Novutech itself and its employees, and finally the benefits the customer will obtain from these trainings.
NetSuite provides several educational resources on its own platform. This enables Novutech to get a basis to develop its own educational resources. Indeed, those resources include various functions like Administrators, Technical consultants, Functional consultants, and Finance/Accounting consultants and these cover several industries as financial services, food & beverage, retail, non-profit, healthcare, and many other industries.
NetSuite defines a path for partners based on four phases:
- The Foundation Phase consists of a new joiner completing a training related, on one hand, to implementation (optimizing NetSuite for user’s business needs) and, on the other hand, to administrator tasks and responsibilities (to tailor, maintain, and optimize NetSuite for the users’ business needs). After the first 8 weeks, the training session is complete, the new joiner learning path continues with additional product training topics.
- The Establish Phase is built on the previous training. Between the 9th and the 24th week, the new joiner starts a vertical and/or industry-specific training. Indeed, he takes additional responsibilities in terms of implementation and product training. During this phase, the new joiner should take the SuiteFoundation Certification.
- The Proficient Phase continues the learning path. After one and a half years, the employee should have already taken the SuiteFoundation Certification and prepared for the ERP and/or Administrator Certification. He also starts advanced product training and continues the vertical and/or industry training.
- The Growth Phase includes additional certifications and ongoing experienced consultant training. After 2 years working in the NetSuite environment, the ERP/Administrator Consultant follows additional training and webinars related to new releases to become experts in their respective areas.
For this purpose, NetSuite sets up various tools to boost productivity, empower users and maximize the use of NetSuite: on demand courses, online webinars as mentioned previously, lab environments, educational success advising, etc.
Internally, Novutech developed a specific learning path for new joiners and experienced consultants based on three pillars:
- Knowledge & Expertise:
The first pillar is based on Knowledge and Expertise. This includes NetSuite & Industry knowledge and expertise, Business Processes knowledge and Accounting & Finance knowledge.
During the first three months, the new joiners follow training provided by NetSuite and accessible via the Learning Center, and they also follow training sessions conducted by internal collaborators. Meanwhile, they also develop themselves via fieldwork practices.
Moreover, to share the knowledge between colleagues, Novutech sets up two elements: first, knowledge sessions. Every two weeks, employees who have learnt new features within NetSuite can share it during these knowledge sessions. Last but not least, Confluence is a platform where employees can document their searches and findings.
- Consulting Skills:
Knowledge is not everything. Hence, to deliver a qualitative service to our customers, Novutech also emphasizes the consulting skills.
For this purpose, Novutech helps its employees to develop their communication, presentation, and demonstration of best practices skills, to improve their productivity and time management. Finally, Novutech is investing in helping its employees and giving them access to all the tools they need to achieve their objectives effectively and efficiently.
- Leadership Skills:
Furthermore, Novutech enables its employees to develop their leadership skills in two ways.
First, training provided internally enables Novutech employees to understand NetSuite Project Methodology and at the end of the day apprehend project management.
Second, employees are quickly and significantly empowered via teams and customer management. Indeed, Novutech pushes them, in good time, to practice on the fieldwork.
NetSuite Certification Program at Novutech
At Novutech, we align on the NetSuite certifications. Therefore, we propose two kinds of certifications: administrator certification and user certification.
Firstly, in terms of Administration Certification, Novutech proposes four different certifications: SuiteFoundation Certification, Administrator Certification, ERP Consultant Certification and SuiteCloud Developer Certification.
- SuiteFoundation certification: new joiners should take the SuiteFoundation Certification exam after 6 months NetSuite experience. During these 6 months, they should have a basic understanding of the product features and concepts. Concretely, knowledge that should be acquired to complete this exam is related to a company's preferences, the uses and functioning of roles and permissions, the customization options, dashboards, searches, etc.
- Administrator certification: After one year of experience configuring and managing NetSuite implementation, the analysts could consider taking the Administrator Certification Exam. In this case, they should, in addition to the knowledge acquired to complete the SuiteFoundation exam, acquire knowledge related to reports and searches (SuiteAnalytics), to customizations (SuiteBuilder), to workflows, bundles, and scripts (SuiteCloud Platform) and, finally, to general setup and administration.
- ERP Consultant Certification: To take the ERP Consultant Certification, functional analysts should have at least 2 years’ worth of NetSuite implementation experience. They should, therefore, get a knowledge base related to accounting and business processes (Record to Report, Order to Cash, Design to Build and Procure to Pay) and extensive knowledge related to customization, reports and searches (SuiteAnalytics), workflows fundamentals (SuiteFlow), data strategy and data security.
- SuiteCloud Developer II Certification: Technical analysts need one to two years of experience working with a range of SuiteCloud Technologies to take the SuiteCloud Developer II Certification. To do so, they need to gain experience in various subjects such as scripts (SuiteScript), customization (SuiteBuilder), workflows (Suiteflow), web services (SuiteTalk), reports and searches (SuiteAnalytics), and general design fundamentals.
To maintain our certifications at Novutech, each year, our consultants and business analysts retake the exams in the form of a quiz named “New Release Quiz ''. This quiz validates awareness of new NetSuite features released in the previous year.
- SuiteAnalytics User: After 6-month experience in searches and reports, this certification would enable users to get a solid understanding of NetSuite data structure by using reports, financial reports, and searches.
- Financial User: After 3-months experience in an accounting or finance role, this certification would enable users to get an extensive understanding of NetSuite accounting and finance functionality.
Why get NetSuite Certified?
More and more companies are looking for professionals who have acquired NetSuite certification. Indeed, companies that have certified their employees see more effective deployment and greater return on their investment. But not only. In fact, this represents numerous benefits for NetSuite customers as well.
First, we could distinguish many benefits at the individual level:
- Being certified enables individuals to become part of an elite NetSuite professional network and access a closed LinkedIn community of other NetSuite Certified individuals for networking.
- Certification enables you to distinguish yourself from non-certified peers to accelerate your career and increase your professional opportunities.
Second, there are also many benefits for NetSuite Customers
- Working with certified partners means working with the most qualified individuals, the highest skill level individuals with a complete understanding of NetSuite that will help you to obtain greater ROI from your NetSuite investment.
- It also means an increase of productivity, a high quality of NetSuite implementation and ongoing support.
Novutech offers a wide and extensive range of training for both junior and senior consultants, equally functional as technical analysts.
Novutech provides customized and continuous development to its consultants, whether in terms of knowledge and expertise, consulting or leadership skills.
To maintain its brand awareness and strengths, Novutech requires each of its employees to obtain Netsuite Certification. This has consequent benefits on its own customers like working with experienced partners with strong expertise and delivering highly qualitative implementation and services.
Saved Searches tips & tricks
October 08 2021
As reporting is an important subject in any ERP project, NetSuite offers what is called saved searches.
These saved searches allow, thanks to a rather intuitive graphical interface, to consult all the data of the ERP.
Although the tool is intuitive, as soon as you have to set up a complex layout or conditions, it can be more difficult.
That's why we present you with some tips and tricks that we have used to best meet the needs of our customers.
TIPS & TRICKS
Tip 1 : Use double pipes to concatenate “||”
This will allow you to combine data from multiple columns into a single one.
You can concatenate whatever you want, text or column from NetSuite, and you can include html code as well.
Tip 2 : Use “Main Line”, “Shipping Line”, and “Tax Line”
In a saved search, you can decide on which level you want to see the data.
For this you have three criteria in the criteria section of your saved search.
You have the criteria “Main Line” which is used to determine whether you want to see only the header level of your record/transaction or not.
Just set it to “no” to see only the line level.
The same logic applies to the tax lines and shipping lines with the “Tax Line” and “Shipping Line” criteria.
Tip 3 : Column not found
The formulas in the saved search are very useful and allow you to push back the limits of this reporting tool.
For example if you do not find the field you want to display in the available options of the results list, it is possible to pull the desired data via a text formula by using the ID of the field and display it in a specific formula column.
To find the ID of a field, enable “show internal IDs” in your personal preferences and click on the field’s label to open the help window, which will include said ID. You can also use the Netsuite record browser for standard fields.
Tip 4: SQL Formulas
Still with regards to formula columns, you can use helpful SQL functions like "CASE" or numerous others in your criteria or in your result columns.
So in this example I display a text in the column depending on the amount of my transaction.
Tip 5: Highlighting
The line highlighting feature can be very useful in order to make the important data pop right out when you review the search results.
To do this, you simply need to go to the highlighting subtab and define the desired condition, then, according to your needs, you can choose an image, put the text in color, change the background, or put the text in bold.
In our example I will use the same function as the one I created earlier to condition the background color of the rows in my saved search.
With all these tips you will be able to generate more precise and dynamic saved searches to display what you really want (and need!). As we know, reporting is crucial to any efficient and flexible strategic decision-making; and any small tip that allows companies to make fast and well-informed choices is a most valued one, which we are glad to share with you!
NetSuite Certifications, Accreditations and Local Credibility for Audit purposes
October 08 2021
NetSuite as a professional software delivering high qualified certifications
As the leading integrated cloud business software suite, NetSuite requires the users to have quite solid basics to be proficient. The NetSuite training platform provides a variety of training modules covering all the different topics the software is handling. It provides fundamentals training to begin with NetSuite setups and it dives deep down into very specialised concepts such as advanced workflows and scripting to optimise and customise a company’s NetSuite framework.
Eventually, you can obtain different types of certifications based on your profile. For instance, the first certification is called “Suite Foundation Certification” which is a guarantee that someone masters the basics of NetSuite. Furthermore, there are three possibilities to complete the certification program: Administrator, ERP Consultant and SuiteCloud Developer.
The NetSuite Certification exams cost around two hundred dollars and can be passed several times in case of failure. Every process and validation system is managed by the NetSuite organism. But like for any exams, there is always an underlying question of legislation, veracity and legitimity. This is where national instances come into play.
The role of the AFNOR as a certification institute in France
These interrogations are also raised in the case of NetSuite Certifications. Are these certifications accredited according to the French accountability requirements? Could it be considered as a certified accountant tool? Which organism is providing a correct framework and credibility to NetSuite certification? When it comes to data protection and global security, does NetSuite provide a proper environment to avoid any leaks of information? What about the mandatory audits?
First and foremost, NetSuite is accredited by AFNOR Certification. Afnor Certification is a company that delivers on audit or on evaluation, signs of confidence in the voluntary field as well as in the regulatory field. At the European level, Afnor Certification is notified for several European directives to deliver the CE marking, which attests the conformity of products to European regulatory requirements. It is one of the main organisms in France which provide a certain level of confidence to certifications. The referential value for NetSuite certification is known as the NF203, and it is considered as an accounting software. So far, the accreditation has been renewed which is a proof of the importance of NetSuite in the accounting sector in France. AFNOR is not only providing certification, the group is also working with companies to normalise their processes to match the expectations at a French scale level but also at the European level.
AFNOR is working closely with INFOCERT to create and develop the NF brand, which brings to every software company (there exist multiple certifications for various domains as well) a genuine sustainable competitive advantage and a worldwide recognition. Indeed, that shows a desire from the software editor to be in conformity with the requirements and reglementation of a specific country. The NF mark is a guarantee of quality, safety and confidence which provides credibility to the editors but also security to the customers.
A simple system to audit thanks to numerous features set up by NetSuite
Moreover, NetSuite is providing governance, risk, and compliance features, to authorise the proper authorities to audit companies using the software. It also provides a proper framework to protect the customer data and privacy to avoid any leak of information. Furthermore, NetSuite provides system notes that track most of the data and configuration changes. In most cases, you can determine whether a record, or a group of configuration settings, supports system notes based on whether a System Notes subtab is available on its NetSuite page. You can use NetSuite’s search capabilities to access system notes for auditing purposes. When it comes to privacy, NetSuite has created the PI removal feature, which enables users with the proper permissions to remove private information from NetSuite Fields, records and audit logs. The main aim of this feature is to help customers to regulate their privacy and to secure their data.
Furthermore, NetSuite provides four ways to prepare your company to be audited. The first one is all about the Saved searches. Auditors will often request to run reports that are not necessarily part of your organization’s normal routine. However, NetSuite’s Saved Searches can generate these reports with ease and prevent the company from making long excel reports. The second one is Audit Trails: every transaction within the NetSuite system can be traced. This basically means that every modification, customization or simple change can be tracked. The third one involves Drill Down capabilities. Quite often the auditors are looking for specific transactions which means that one company must dive into distinct entities. But thanks to this feature, NetSuite permits to attach original documents to a transaction. Last but not least, GL Audit Numbering. It provides seamless sequencing of all general ledger transactions. That ensures transactions are not deleted or lost and that the sample selection is complete.
In short, AFNOR is providing a secured framework and a proper certificate to guarantee the authenticity of the NetSuite Certifications. Thanks to the numerous companies and users using NetSuite, it gives the software a proper credibility. Likewise, it allows NetSuite’s certification to be renewed. Moreover, the software editor provides several bundles to protect the data and the privacy of the information while making the audit processes easier for external companies. Here I described four main processes that ease the audit process but also provide proper security.
Privacy, Audit, Saved searches, Audit trails, AFNOR, Drill Down Capabilities, GL Audit numbering, data security.
Build Financial Statement
October 08 2021
NetSuite provides a wide variety of standard reports, including various financial statements.
The main ones are Profit and Loss and Balance Sheet.
Aside from those two, you will also have pre-configured statements comparing Budget vs Actuals or statements displayed by accounting books.
The standard statements are highly customizable to meet your internal management requirements.
Multidimensional analysis allows you to evaluate financial performance at a more granular level in comparison with what is possible with standard reporting techniques.
The Financial Reports are based on customizable Layouts allowing greater control over how the information is organized.
A main concern of every company is to have a tailor-made Income Statement reflecting the business organization.
The standard Income Statement provides a basic layout.
You can use the Financial Report Builder to customize NetSuite financial statements, including their columns, filters, sorting, and audience.
The Financial Report Builder's most significant feature is the Edit Layout page.
The Edit Layout page provides you with fine-grained control of your customized financial statements.
In addition to report-level and column-level customizations, you can make edits per section or row.
Sections are subsets of financial data, where you define the title and the contents of this section):
In this example,we created a section named Marketing and Promotion, where we want to display the cost of 2 departments.
We obtain the following result :
You can define Formula Row and Text Row
You will be able to collapse and expand sections, to display figures in thousands, to format figures, etc.
A key benefit of the financial statement is the ability to define dimension columns for data, including subsidiaries, class, department, custom segments, time period.
Another benefit is the Period Selector, which offers a wide range of chronological ranges.
As these financial report always contain sensitive information, you can define the permission to access the financial statements to defined roles.
Or you can define the audience on the financial statement itself.
Some important considerations and tips:
- Building a custom financial statement can take some preparation time that should not be underestimated;
- It’s recommended to design the expected layout result;
- It is also important to reflect correctly in advance of the financial segmentations
- Include check formula in order to avoid missing figures and inconsistencies
Customizing Financial Statements offers you : tailor-made reporting, save time, real time reporting, reporting in multiple formats for management and legal purposes.
Novutech can help you to design and build customized Financial Statements.
We have consultants with extensive NetSuite and business backgrounds.
Novutech can also provide you with dedicated training sessions.
A Journey of Internal Operations Manager
October 08 2021
Hello! I am Pauline, Internal Operations Manager at Novutech since July 21. Before running into my daily routine, I will share with you my background.
Before starting my professional career, I finished a Master of Communication at the Ihecs (Institut des Hautes Etudes des Communications). During these 5 years of study, I had to build up strategic, executional and communication skills. A Master of Communication prepares students for many different types of careers. Still, I did not really know what I wanted to do after graduating.
When I found out what my dream job would look like, I saw a vacant sales position in a large IT organisation. That was actually quite far from what I learned during my studies but close to my interests. Indeed, I have always been curious about sales and all the more in IT. That is why I decided to apply for the job and I finally got it. More than a professional experience, this first job has been a human adventure during which I developed myself surrounded by talented, generous, kind and open-minded people. After 5 years in this company, I decided to start on a new challenge – a role that was more focused on human, marketing and communication. I wanted to explore and learn.
I realised that I had new ambitions and I was strongly looking for a career project in which I would be able to elevate myself and take actions.
I was focused on developing my full potential and identifying aspirations to better meet my goals. That is exactly what the role at Novutech gave me.
Other than the job itself, what really attracted me to Novutech was the chance to work for a growing start-up with incredibly talented people and in an environment where I could grow professionally.
As from July 2021, my role in the business is unique and covers four key areas: (i) the marketing plan, (ii) employee relations, (iii) assistance in sales and (iv) office manager, a role to make our office the most pleasant workplace possible.
This also means that I am kept very busy and that my ‘day-to-day’ routine is difficult to describe but I really appreciate working across such a diverse range of tasks.
From a marketing perspective, I am responsible for a vast spectrum of duties within the business –going from the promotion of our services to the setting of our growth strategy.
My role at Novutech includes activities such as website management, social media management, content management, data analytics, PR and corporate communications.
What I really appreciate is that each employee, even if their business as usual is not immediately linked to marketing, can participate in the development of our marketing strategies by sharing their ideas, suggest ways to improve processes.
I strongly believe that including employees in the mission of the company and providing them autonomy helps them to feel empowered and motivated, increases their connection to Novutech and thus enables common achievements for the corporate goals.
As Novutech has been growing fast, people management has become crucial and strategic. Upon my arrival, I directly had to play an important role in the success of our company in several ways, ranging from participating in the global recruitment strategy and ensuring the compliance of its policies and programmes with labour laws to giving a help to build a company culture that is in line with the organisation’s values and objectives.
Dealing with human resources was totally new to me but I had already acquired a lot of new skills by just closely working with the team. I also discovered how it is important to have a strong company culture for employee engagement, happiness and business performance. It is not just the values plastered on the walls, nor is it the office fruit bowls, sofa or darts game. It is how a company cultivates business growth by offering each employee a chance to express themselves, while encouraging healthy day-to-day attitudes, behaviours and work ethics.
My role at the office also plays a big part in building up this company culture. I tried to make Novutech the best place to work by understanding the needs of my team and bringing it into the office environment. I am responsible for overseeing administrative tasks in the workplace. These tasks might include the organisation and coordination of office administration and procedures, in order to ensure organisational effectiveness, efficiency and safety.
My favourite task is to organise team building events. These events are really important to ensure that everybody gets to know each other and, more than ever, they can be a powerful way to develop engagement and excitement for employees who are then happy to come to work.
I am also responsible for managing the purchasing and making sure that each employee has all what he/she needs for the good execution of his/her job.
There is no doubt that organisation is crucial for the good accomplishment of my work. To make sure everything is under control, I need systems to track all information flowing through the office.
As I mentioned, Novutech truly is a place where culture is prioritised. The fact that people who work here genuinely care about each other brings extra value to the company. We appreciate spending our free time, during lunch or in the evenings after work - together. We are all encouraged to organise (social event) activities such as virtual quiz, monthly drinks, running time, diner time, trips, …
What keeps me motivated to go into work every day?
At Novutech, I aspire to follow the same direction that I have taken into my personal life: that is, having projects, continuing to develop myself and bringing positivity and energy to my team. I will ensure that they can count on me for each professional step.
Today, I have the opportunity to evolve in an environment with real collaborators and team players who work closely to support each other, with strong core values that include “client first approach”, “entrepreneurship spirit”, “openness”, “sharing” and “recognition in what we do''.
I totally agree with the central mindset of Novutech: delivering professionalism in an organisation where everyone is respected and can express their unique talents.
At the end of the day, I would like to thank the Novutechos for welcoming me and for giving me a place in this awesome team. I admire the work and the positive energy that each collaborator puts into Novutech every single day.
Wat onze klanten over ons zeggen
Lees wat onze klanten te zeggen hebben over hun samenwerking met ons!Meer klantengetuigenissen
“NetSuite is een echt intuïtieve, flexibele en schaalbare oplossing, die Templafy in staat stelt om op wereldwijde schaal te groeien en zich aan te passen.
We zijn zeer tevreden over de diensten van Novutech, die ons echt geholpen hebben om tot een snelle en volledige implementatie van NetSuite te komen. Vanuit mijn standpunt zijn zij niet alleen consultants, maar ook een belangrijke partner die, indien nodig, tijdens en na de implementatiefase advies geeft.”
Niels Simonsen, CFOOntdek klantgetuigenis
“NetSuite is een echt intuïtieve, flexibele en schaalbare oplossing, waarmee Templafy wereldwijd kan groeien en schalen.We zijn erg blij met de dienstverlening van Novutech, die ons echt heeft geholpen om een snelle en gedegen implementatie van NetSuite te maken. In mijn ogen zijn zij niet alleen implementatieadviseurs, maar ook een belangrijke sparringpartner, die zowel tijdens als na de implementatiefase advies geven, indien nodig.”
Niels Simonsen, Head of Finance