Flex Your Closing Quads: Four Ways to Close the Books Faster, Smarter, & More Accurately with NetSuite
Aug 06, 2018 | By Blake Oliver
No doubt it takes some muscle — some real accounting powerlifting — to successfully close the books month in and month out on time. Maybe you’ve chosen Oracle’s NetSuite ERP as your workout partner of choice to help you complete all of the associated tasks. But is NetSuite alone all you might need to close the books in the most expeditious, inclusive, and user-friendly way?
At FloQast, we recognize NetSuite to be a market leader in cloud-based ERP software, with valuable close functionality and features designed specifically to ease the chaos of the month-end close. But as many of our customers have come to discover, there are other critical components to a comprehensive close process that deserve closer consideration and subsequent action.
We divide the close into four distinct areas: People, Process, Documents and Reconciliation. Each of these pose significant questions for your organization, as well as for NetSuite experts and FloQast users alike:
- People — How do you hire and retain the right finance and accounting staff necessary to address your growing needs and the demands of an evolving workforce?
- Process — What NetSuite capabilities are best for ensuring everything on the close checklist is both articulated and completed, and for streamlining time consuming tasks such as journal entries?
- Documents — Given the variety of your underlying support documents, how do you logically organize and store them to meet the access requirements of a variety of users?
- Reconciliations — When is it best to do reconciliations in NetSuite vs. Excel and how do you leverage NetSuite to optimize the entire reconciliation process?
FloQast recently teamed with NetSuite implementation experts FMT Consultants and FloQast customer Newport Group to get answers to all of these questions — and many more — in a web event entitled Best Practices for the Month End Close on Oracle NetSuite. Spend an hour with this practical tutorial and you could shave days off your close process, all with a lot less heavy lifting.