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Financial Close in NetSuite: How to Save Time and Money
Every financial system is unique, as are every business's financial processes. When it comes to NetSuite, you have an opportunity to streamline your financial close and reduce closing time/effort with real-time automation and a "continuous close" process.
Continually Closing is not a Continuous Close. The term “financial close process” implies that closing the books has a defined beginning, middle, and end. It doesn’t. Frankly, the financial close process had to be defined this way as businesses were pigeon-holed by technology that couldn’t efficiently and accurately close the books. That is, until the advent of the cloud and the emergence of the best-of-breed modern day financial management solutions, like NetSuite. Organizations are now turning to modern solutions to help them deliver a more efficient financial close. Consider this—why let the financial close process end? Why not always be closing the books, never stopping—the continuous close? Closing the books is a resource-intensive task requiring business acumen and a concerted effort not only by the finance team, but across all functional segments in the company. If you are at a company with disparate systems, on different platforms, with middleware and integrations, think carefully about efficiently, accurately, and cost effectively closing the books. It's possible to redesign your processes, remove inefficient activities, and achieve a reduction in effort and spend with the help of a modern ERP.
Real-Time NetSuite Financial Dashboard
How to Transform Your Finance Department with a Continuous Close: Taking a continuous close approach to closing the books has many benefits. In the current business environment, it is imperative that companies gain faster access to the financial and non-financial information that is at the heart of decision-making. The mindset around taking a continuous close orientation to closing the books should not solely focus on doing it faster; the objective is two-fold:
1. Design a process for continually monitoring critical business information.
2. Be able to deliver critical business information on a real-time basis.
The role that technology plays in both objectives of a continuous financial close (or any close for that matter) cannot be overstated. Efficient close requires the ability to generate and compile a huge volume of financial and non-financial information quickly and efficiently in order to provide that information to the company’s key stakeholders. Leveraging market-leading financial solutions allows for all information from the front office to the back office to reside on one platform. The ability to push that data to decision makers and stakeholders via dashboards and automated reporting is a must. There is no need to have middleware pulling from several databases, parsing, merging, compiling data— the information simply falls out of the process if properly configured in your modern-day ERP.
Why NetSuite? When you need to get the information that is important to the internal and external stakeholders of a business when and where they want it, you have to involve everyone in the company. Doing this with traditional methods can prove to be costly. NetSuite enables any company to engage each and every employee at the individual level, while delivering functionality appropriate to their individual responsibilities in a consistent, effective and efficient manner through Roles. Each role in NetSuite is tied to a center, which is a set of tabbed pages that display as the user interface. The tabs are tailored to the business needs of users in a specific functional area, such as sales, accounting, warehouse, or customer. This is a simple yet critical piece that enables any company to engage all employees in the continuous close process—simply by providing access to their role-based dashboard.
With ERP solutions like NetSuite, you'll always have a real-time visibility into your financial performance anytime you log in. To learn more, download the full PDF below or give us a call at 949.583.9500 to speak with a NetSuite expert.
As a 5-star NetSuite partner, Blytheco is here to help you determine if NetSuite could be the right fit for your business. To see a demo of NetSuite or to speak with our team, call 949.583.9500 today!