With companies transitioning to NetSuite ASC 606/IFRS 15 accounting software standards, NetSuite will have to accommodate both standards in the system.
Payments made to non-employees/independent contractors in excess of $600 within a calendar year must be reported to the IRS. This is done by filing a 1099-MISC form.
Large public companies, most notably Verizon and Workday, have been preparing for one of the most historic accounting changes to hit the market in decades (Forbes), NetSuite ASC 606/IFRS 15.
Just as with any other aspect of a business, it is important to have good practices in how you manage renewable contracts. This is the dream but in reality, it can be a total nightmare.
If implementing ERP software is like building a new house, the general ledger is the pillar of your new home. What’s the point of building if it’s not going to stand on a stronger foundation?
If time entries are billable to the customers, some organizations choose to have an approval process as an additional step, and as users, we prefer that this system to be as friendly as possible.
It is very common to invoice on a billing schedule for customers placing large orders, which might result in different amounts being recognized as accounting revenue within a given period.
t’s less costly to properly maintain the ERP system that you have than to get to a point where you have to start again. One thing to focus on right after the implementation is user adoption.
The scope is well defined, the statement of work is signed off, and the teams are all set – congratulations! Your organization is about to embark on an exciting new journey!
If dealing with an annual audit feels like inviting an unwanted relative to your Thanksgiving dinner, then these simple NetSuite practices will help you keep your auditors satisfied.