Your business is growing, which means you may be expanding into new markets, adding subsidiaries, dealing with multiple currencies, adding product lines or opening new facilities.
With that growth comes complexity, especially when it comes to financial close and consolidation. If you’re relying on manual processes, the increasing volume of transactions, multiple reporting requirements and other complexities that come with growth make it harder to close the books quickly and accurately.
Many finance and accounting teams find themselves stuck with time-consuming reconciliations, fragmented financial systems and outdated consolidation methods, leading to errors, inefficiencies and compliance risks.
To keep up, finance leaders need a solution that scales with their business. NetSuite Close Management and Consolidation automates reconciliations, intercompany eliminations and alternate reporting hierarchies, helping teams close faster, reduce risk and provide leadership with timely, accurate financial reports and insights for confident decision-making.
Financial consolidation is the process of combining financial data from multiple entities, currencies and regulatory frameworks into a single, unified report. It is a cornerstone of accurate financial reporting, compliance and strategic decision-making. When done well, financial consolidation delivers three key benefits:
Many organizations face delays in their financial close due to manual reconciliations, inconsistent processes among departments and subsidiaries, and fragmented financial data spread across different systems and entities. Without automation, finance teams also spend excessive time gathering, validating and consolidating financial data, leading to inefficiencies and increased risk of errors.
NetSuite automates account reconciliations and intercompany eliminations, reducing manual effort and improving accuracy. With built-in task management, finance teams can track close progress, assign responsibilities and deliver timely completion.
Auto-certification capabilities allow for automated account reconciliations based on predefined criteria, reducing the workload for finance teams and accelerating the close process. Additionally, audit trails provide visibility into adjustments, approvals and changes to efficiently meet compliance requirements and be ready for financial audits.
As businesses expand globally, they must consolidate financials across multiple entities, geographies and currencies. Without a single, dedicated consolidation solution, finance teams rely on spreadsheets and manual processes, leading to discrepancies, manual currency translation adjustments and time-consuming intercompany eliminations.
NetSuite automates multi-entity consolidations, handling currency translations, intercompany eliminations and adjustments in real time. Built-in rules guide automatic eliminations, reducing the risk of errors. NetSuite also supports GAAP, IFRS and local statutory reporting, supporting efficient compliance with various financial regulations. Additionally, finance teams can perform real-time consolidations, eliminating the need for lengthy end-of-period adjustments and improving financial reporting accuracy.
Many finance teams struggle with delayed and inaccurate financial reporting due to disconnected data sources and manual reporting processes. Without a centralized and reliable financial data system, decision-makers lack timely insights into revenue, expenses and profitability, which can lead to compliance risks and poor strategic decisions.
NetSuite Close Management and Consolidation is designed to simplify the financial consolidation and close process from start to finish. The cloud application helps improve the accuracy, transparency and timeliness of close processes and reduces the time spent on compliance and audits.
It includes consolidation workflows, dimensions, calculations, reports, dashboards and KPI-based best practices, and these can be easily tailored to your specific business needs. NetSuite Close Management and Consolidation automatically monitors various processes related to the close, facilitates approvals and tracks your progress. It lets you manage your close process in one, central place that’s connected to NetSuite so journals can be posted directly to your general ledger.
Effective financial close management and consolidation processes are essential for businesses looking to improve accuracy, compliance and efficiency in their financial management and reporting processes. Without automation, finance teams struggle with lengthy close cycles, complex multi-entity consolidations and a lack of real-time financial visibility. These challenges can lead to costly errors, compliance risks and missed opportunities.
NetSuite Close Management and Consolidation provides finance teams with a robust, automated solution that streamlines reconciliations, intercompany eliminations and financial consolidations.
By reducing manual effort, improving data accuracy and enhancing real-time reporting, NetSuite can help you close your books faster, improve efficiency of compliance with global regulations and provide leadership with the insights needed for strategic decision-making.
With NetSuite, your finance team can move beyond outdated, fragmented processes and gain a centralized, scalable solution that supports business growth, whether expanding into new markets, managing acquisitions or optimizing financial operations. By automating key close processes, businesses not only save time and reduce risk but also build a stronger foundation for financial success.
If you need assistance with financial consolidation and want to learn how NetSuite can help, contact us here or call 410.685.5512.