It’s important to have a tool that keeps you up to date with your industry's latest standards and principles. NetSuite’s revenue recognition software offers the tools you need to avoid using multiple spreadsheets, which can lead to errors and noncompliance.
Your revenue recognition software should also include the ability to forecast revenue based on business events like project completion, project updates, and planned revenue. Additionally, it is important that your revenue recognition software allows you to recognize multiple types of revenue – for instance, revenue recognized at fixed intervals versus revenue recognized at different intervals. With NetSuite’s revenue recognition software, you can recognize multiple deliverables, percentage-of-completion accounting, event-driven revenue plans, and multicurrency transactions.
Crowe can easily integrate NetSuite’s revenue recognition software with your existing ERP system, allowing you to import orders and invoices for revenue recognition and export journal entries to the general ledger in your ERP.