Risk Revolution Blog

To summarize the last couple of articles I posted on revenue recognition in NetSuite, revenue arrangements and revenue elements are essential components in NetSuite’s approach to revenue management, especially for businesses adhering to standards like ASC 606. In essence, revenue arrangements are records that capture customer obligations, while revenue elements represent individual line items or […]

Revenue arrangements, as defined by NetSuite, are “non-posting transactions that record the details of customer performance obligations for purposes of revenue allocation and recognition.” NetSuite automatically creates these arrangements when transaction records, such as sales orders, invoices (not created from sales orders), and cash sales, are created.  Let’s say you have a streaming service where […]

When it comes to managing customer invoices in NetSuite, enabling invoice approval routing is an important step in maintaining control over the billing process. First, navigate to the Accounting Preferences page in NetSuite and select the Approval Routing tab. Here, you can activate invoice approval routing, which enables organizations to build a customized workflow process […]

When it comes to access management in NetSuite, global permissions serve as a strategic tool for fine-tuning access on an individual level. This offers administrators a way to tailor user access beyond the limitations of role-based assignments. Rather than adhering strictly to roles, global permissions enable administrators to assign specific access rights directly to users. […]

Key Stakeholders, Controls, and Risks  Designing a manual AR invoicing workflow in NetSuite requires more than following a standard template. It demands a thoughtful approach to ensure operational resiliency and strong financial controls. Involving key stakeholders, such as sales management, IT, and compliance, is essential. This collaboration helps create a process aligned with financial policies […]

In NetSuite, permissions grant access to specific functions, defining exactly what users can see and do within the system. These fall into four main types: Transactions, Setup, Lists, and Reports. Each plays a unique role in shaping user access and safeguarding sensitive data. Understanding these categories is key to creating roles that not only fit […]

Managing identity has become one of the most critical elements of enterprise security in today’s complex digital environment

Passwords serve as the first line of defense against unauthorized access to a NetSuite environment and are a key IT general control.

Restricting integration accounts from having User Interface (UI) access in NetSuite is a critical security measure.