NetSuite Financial Management is Solving Potential Challenges for the Fintech Industry

Summary: This write-up talks about core capabilities of NetSuite Financial Management that help solve the potential challenges of the fintech industry. It explains complex navigation and the ways NetSuite Financial Management eliminates these mission-critical issues and helps fintech thrive in the evolving business landscape.  

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FinTech are relying on NetSuite Financial Management to Overcome Mission-critical Issues 

Notably, FinTech or financial services firms or ‘FinServ’ include insurance companies, mortgage businesses, financial institutions, credit unions, and other finance-centric business companies.

For the most part, these business organizations often find difficulties in accessing data, acquiring and retaining customers, keeping sensitive or confidential information secure, complying with governmental regulations, securing funding, and steering advantage from next-generation technology for extensive business opportunities. 

In most cases, on-premises, homegrown technology systems, basic or legacy accounting solutions like QuickBooks are some of the unsustainable approaches.

Growing financial services businesses are stuck at a point where they seek innovation and scalability while using legacy accounting systems or financial management solutions. More often, disintegrated or disparate solutions for every operation instill more manual intervention, eventually causing errors and delays. 

Challenges for the Fintech Industry 

Undeniably, FinTech is turning to automation to solve the key challenges, complexities, and critical business issues of their evolving industry.

Chiefly, the deployment of NetSuite Financial Management is proving beneficial for fintech to better meet their customers’ evolving demands. In addition, it assists them in securing the ability to innovate and hiring and retaining talent to drive business benefits like never before.

Elimination of Manual Intervention

Connecting to an accredited NetSuite Solution Provider, you can make the best of NetSuite Financial Management. Given these points, acclaimed NetSuite Consultants understand that lack of automation, inefficient business processes, challenges with legacy systems, spreadsheets for data security and sharing, and issues with running a growing company on disparate, unintegrated systems.

Undeniably, automation and innovation with NetSuite Financial Management saves substantial business hours and lets the in-house team members have time to do business-driven activities.

Explicitly, it is a key win for fintech companies seeking growth and scalability to meet customer needs. For the most part, those demands may include invoice, receipt, bank reconciliation, lender payoff, bill payments, bills for additional services, payments to title companies, and much more. 

Multi-subsidiary Management

In general, NetSuite Financial Management is specifically orchestrated and structured to help FinTech with multiple legal entities under their corporate umbrella. Particularly, business owners can leverage this ERP to manage intercompany transactions, accounting entries, and to meet other financial management needs as well.  

Here, connecting to accredited NetSuite Consultants can help you further extend the ERP’s capabilities by driving automation across those transactions according to your customers’ business type, operations, size, and requirements. 

Data Security and Securing Funding 

Chiefly, business owners can centralize the core operations and manage high volumes of sensitive data by leveraging the core capabilities of NetSuite Financial Management. In addition, they can comply with regulatory requirements—both local and global and ascertain data security expectations within NetSuite. 

Moreover, automatic update twice a year within NetSuite ERP helps fintech businesses stay on top of constantly changing and evolving global regulatory and compliance changes. 

Features: NetSuite Financial Management

For the most part, FinTech can enhance and improve Finance and Accounting by leveraging NetSuite Financial Management along with solving the potential challenges of the fintech industry.  

• Data security, compliance support, and audit trail visibility. 
• Tracking, management, and reporting of the book value.  
• Depreciation of a business organization’s fixed assets. 
• 360-degreee visibility into integrated financials. 
• Configuration and monitoring of workflows. 
• Prebuilt, accounting-intelligent capabilities. 
• Quick and accurate reporting of financials. 
• Secure and reliable E-payments processing. 
• Financial closure with confidence.

Budgeting and Forecasting

Notably, businesses in the fintech industry can model and evaluate unlimited “what if” scenarios between actuals and projections and update forecasts as and when required. 

• Consolidation of driver-based plans with customizable data entry sheets and allocation methods. 
• 12-month forecasts and analysis of variance between actuals vs. project results. 
• Easy-to-use, self-service reporting capabilities across the entire organization 

Revenue Management

NetSuite Financial Management helps report Revenue with Confidence and Accuracy. 

• Automatic creation and dispatch of invoices at recurring intervals. 
• Reporting results according to accounting standards. 
• Financial Business Intelligence capabilities. 
• Scheduled and automatic renewals. 
• Automated revenue recognition. 

At NetSuite Expert, you can connect to skilled and acclaimed NetSuite Consultants and solve fintech challenges by leveraging the core capabilities of NetSuite Financial Management. For the most part, you can make the best of their expertise and experience for securing the ability to innovate and solve potential challenges of the fintech industry.

In addition, you can connect with our subject-matter experts to Big Data and AI Integration, Blockchain Integration, and many more across AI-powered capabilities to plan and perform ahead of your fellow businesses.  

For more details, write to us at info@netsuiteexpert.in Or Schedule A Demo