The high-tech space is a rapidly growing industry, with specific accounting and operational needs. Supporting high-tech organizations is a complex process that requires the ability to keep up with competitors, leverage opportunities for expansion, and integrate various systems for success.
Record to Report
- Journal Entries
Procure to Pay.
- Requisition and Purchase Order Management
- PO Receiving
- Vendor Management
- Vendor Bill Management
- Expense Reporting
Order to Cash.
- Inbound Revenue from CRM (e.g. Salesforce), Proprietary Platform or Payment Gateways (e.g. Stripe, PayPal, etc.)
- Order Entry
- Accounts Receivable
- Product / Service Fulfillment
- Cash Management
- Revenue Recognition / Deferred Revenue Management
Financial Operations. Financial Reporting.
- Banking / Treasury Management
- Financial Planning and Analysis
- Financial Reporting
- Real Time Dashboards
Our High-Tech SuiteBundle is built directly into NetSuite to supplement the functionality needed to run a software business.
Implementation of this SuiteBundle can occur during or post NetSuite base implementation.
- Revenue Management – Subscription, Usage-Based, Renewal, Device-Based Revenue
- Inventory Management – Inventory Management, Location Tracking, Lease or Asset Management
- Collections Management – Invoice Payment Reminders
- Procurement – Purchase Requisitions, Orders, Approvals, and AP
- Financial Reporting – Real-Time Dashboards, Business Visibility
SuiteBundle Setup & Configuration
Caravel’s NetSuite SuiteBundle for Tech Companies is included in your implementation and is easily configured by our experienced consulting team. Here are some examples of the setup and configuration which is relevant to the medical industry. Click on each picture below to see the full image.
When working with Hi-Tech companies, there are really 4 main flows around revenue management. It is likely that Hi-Tech companies are managing 1-2 of the below flows — subscription, usage-based, renewal-based or device-based.
From a procurement standpoint, regardless of if a Hi-Tech company orders and tracks physical inventory or manages procurement from a non-inventory / expense standpoint, the purchase requisition and purchase order process can be leveraged. If there is no need for purchase orders, the procurement process will begin with a standalone vendor bill.
Chart of Accounts
The chart of accounts structure for Hi-Tech companies will likely include segments in addition to department, class, and location (which NetSuite provides out of the box). We work with our Hi-Tech customers to define appropriate segments for reporting and budgeting visibility.