NetSuite’s financial consolidation capabilities deliver centralized oversight of accounting processes, data and reporting across multiple business units, subsidiaries and regions on a single platform. That allows for unparalleled real-time visibility and more consistent management across the organization. Accelerate the close process with automated consolidations while ensuring compliance with relevant accounting standards, tax codes and regulations — wherever you operate. NetSuite’s standardized policies and approval hierarchies save money, increase control and reduce the risk of financial fraud.
Features
Consolidation: Multi-entity and multi-book accounting capabilities, combined with real-time data, make consolidating and reporting financial details extremely easy. NetSuite combines a shared dataset with the ability to create custom charts of accounts at the subsidiary level to ensure transactions recorded locally are also posted — simultaneously — to the correct parent account. This eliminates the need to normalize and match data and allows for more accurate and timely consolidated reporting.
Multiple Tax and Accounting Standards: Support for U.S. and international accounting standards means companies can create multiple sets of books to accommodate accounting rules, tax codes or other requirements that may differ at parent and subsidiary levels. Multiple accounting treatments can be applied to a single transaction for reporting purposes.
Intercompany Accounting: Automated intercompany accounting simplifies reconciliation and elimination of intercompany transactions, saving time and reducing the risk of errors. Tagging purchase requisitions and sales orders as intercompany transactions links them, enabling the system to automatically post elimination journal entries when orders are invoiced. NetSuite's intercompany netting feature allows accounting managers to combine mutual subsidiary balances and then automatically create settlements for select transactions.
What does it solve ?
- Producing Timely Financial Statements. Dual-posting transactions, multiple accounting books and automated reporting make financial consolidation simpler and faster.
- Managing Intercompany Transactions. Easily identify and match intercompany transactions, automatically post elimination journal entries and quickly settle intercompany accounts.
- Limited View of Business Performance. Centralized data allows headquarters staff to track and analyze performance in real time at parent and subsidiary levels.
- Regulatory Compliance. Built-in governance, risk and compliance (GRC) capabilities and processes help address regulatory and operational compliance issues.
Why choose LinkedERP ?
- Relevant experience in implementing NetSuite for customers having multi-level subsidiaries with complex ownership structure
- 30% faster implementation than industry standards
- Tailored solutions for diverse industries 95%+ client satisfaction with direct industry references
- Dedicated post-implementation support for continuous improvement