Financials First

What is Financials First?

‘Financials First’ is an approach or strategy in business software implementation where the financial management modules of an enterprise resource planning (ERP) system, like NetSuite, are implemented and prioritized before other modules or functionalities. This approach focuses on establishing a strong foundation for financial management and accounting processes within an organization before expanding to other areas such as operations, sales, or human resources.

Related terms

Customer Acquisition Cost (CAC)

Customer Acquisition Cost (CAC) is the total amount of money a company spends to gain a new customer.

Customer Lifetime Value (CLV)

Customer lifetime value (CLV or CLTV) is a metric that estimates the total revenue a business can reasonably expect from a single customer account throughout the business relationship.

Daily and Weekly Aged Debtor Analysis

Accounts receivable aging is the process of calculating and comparing the debts your company is owed based on how long it takes creditors to pay them. This number is typically expressed in days or weeks.

Data Mining

Data mining is the process of uncovering patterns and extracting valuable information from large sets of data. It's like sifting through a gold mine of information to find hidden gems of insights.

Days Inventory Outstanding (DIO)

Days Inventory Outstanding (DIO) is a working capital management metric that measures the average number of days a company holds onto its inventory before selling it. In other words, it tells you how long it typically takes for your inventory to be converted into cash through sales.

Days Sales Outstanding (DSO)

Days Sales Outstanding (DSO) is a financial metric used to measure the average number of days it takes a company to collect cash from its customers after a sale is made on credit. In simpler terms, it tells you how long, on average, it takes for your company to convert credit sales into actual cash.