NetSuite arm certification is an excellent way to stand out from non-certified peers and progress your career. Plus, you’ll gain access to a private LinkedIn group as well as discounts on future training and certifications with NetSuite.
NetSuite is an ERP solution designed to automate key financial tasks and enhance business operations. With the new revenue recognition standards in effect, businesses must ensure they have a system in place which complies with all rules and regulations.
Certification Requirements
NetSuite arm certification is an invaluable way to deepen your understanding of the platform, as well as demonstrate to potential employers your skill and dedication. Certified users tend to get promoted more frequently, and many employers pay higher salaries for those with this certification.
Certificates are usually awarded by a third-party who evaluates the knowledge and skills required for a profession. Assessments may include education, audit or review of an individual, business or product.
In most cases, individuals or organizations undergoing assessment must meet predetermined and standardized criteria for knowledge and skills required in an occupation. In some instances, education alone serves as the sole qualification requirement; in others, certification is granted based on experience or a specific training program.
For instance, to maintain a NetSuite arm certification, administrators must take an online annual release quiz at the end of every financial year to stay abreast of any new software updates released that year. As an administrator, this process is relatively painless as it consists of multiple-choice questions based on that year’s release notes.
Study Materials
NetSuite is an advanced ERP solution, featuring unparalleled automation of key financial tasks and streamlining business operations. It simplifies vendor and inventory management to guarantee accurate records that can be translated into the general ledger (GL).
Advanced Revenue Management (ARM), the newest module from SAP, offers numerous advantages to businesses and is one of the most sought-after modules among business professionals. It addresses several pressing financial and accounting concerns that can be a burden for those using other ERP systems.
ARM also provides a stand-in process for recognising revenue other than billing and invoicing. This enables companies to implement one-time or repeated billing mechanisms for subscription-based services as well as maintenance contracts.
This module also offers pre-configured revenue recognition templates tailored to specific business niches and scenarios. These templates are easy to customize, leading to faster revenue recognition.
The ARM module is fully compliant with the ASC 606 revenue standard and allows for the comparison of estimated sales prices with actual prices for enhanced accuracy in revenue recognition.
Exams
To become a certified NetSuite arm professional, you must pass several exams. One such examination is the SuiteFoundation test which assesses your knowledge of the software’s setup and administration features.
Additionally, you must pass both Advanced Revenue Management (ARM) and Revenue Recognition (Classic) certifications. These tests assess the installation components and feature elements of the system’s revenue management module.
This ARM course covers all aspects of the system’s accounting and finance functionality, such as accounts, items, fair value formulas, revenue configuration and standard/custom record types setup.
Finally, you must understand how to customize NetSuite’s URL components, shipping items and payment methods. These are essential skills for users who want to ensure they can utilize their software efficiently.
To maintain your NetSuite arm qualification, you must take a follow-up test every three to four years. For more information, check out NetSuite’s website for their policy regarding this requirement.
Passing Score
NetSuite ARM is an integral component of the Suite platform that automates revenue forecasting, allocation, recognition, reclassification and auditing tasks. Compliant with ASC 606 revenue standard requirements, this module enables companies to meet global business management demands.
Netsuite ARM requires a passing score of 77 percent to pass, but you can achieve higher marks with hard work and study. To prepare, the company offers online courses and sample tests as part of their preparation program.
In addition to taking courses, it is necessary for candidates to possess at least three months’ experience administering NetSuite. This includes familiarizing oneself with the user interface, standard NetSuite process flows and SuiteAnalytics/maintenance tasks.
Certification is an invaluable achievement in your NetSuite career, and it can dramatically increase your earning potential as a professional. Furthermore, having this designation allows you to develop an invaluable network of industry peers.
