NetSuite Financial close management explained.
NetSuite helps finance teams speed up the financial close by automating tasks like journal entries, reconciliations, and intercompany transactions. It centralizes all financial data, providing easy, permission-based access, reducing reliance on spreadsheets, and enabling faster, more accurate reporting and book closure.
Financial close Challenges
Lengthy, cumbersome close process. Eliminate mundane tasks and allow accounting staff to focus on finding and correcting errors.
Missing transactions. Frequent bank reconciliation helps ensure all transactions are captured in the accounting system and that the information is correct.
Insufficient controls. Maintain regulatory compliance and reduce the risk of financial fraud with automated approval workflows and embedded controls.
Reporting errors. Automating processes minimizes manual data entry and reduces reliance and spreadsheet-based calculations+.
Financial close features and application
Close process checklist: NetSuite offers a standardized close checklist to streamline the financial close, ensuring tasks are completed in order. It helps accounting staff understand the process and allows managers to track progress efficiently.
Bank Reconciliation: NetSuite’s bank reconciliation feature automates the import of bank statement data, matches transactions with existing records, creates journal entries for missing transactions, and flags discrepancies for review. This streamlines the reconciliation process, saving time and improving accuracy.
Transaction Matching: NetSuite automatically matches customer payments with open invoices, updating the general ledger to reduce errors and ensure accurate financial statements. This prevents delays and keeps receivables in check.
Financial Consolidation: NetSuite simplifies financial consolidation by automatically posting and consolidating subsidiary accounts, saving time and ensuring compliance with accounting standards.
Exception Detection: NetSuite’s AI-driven Financial Exception Management detects anomalies in real-time across transactions, providing actionable insights to resolve issues before period-end, improving accuracy and efficiency.
Why choose LinkedERP ?
- Relevant experience in bringing financial close time from 10 days to less than 1 day.
- Proven Track record in automating and streamlining critical business processes leading to real time and accurate data capture and eventually a faster financial close.
- 100% Successful ERP implementations track record.
- 100% Renewal rate.