Having best-in-class NetSuite accounting might be the #1 thing that will see your ROI on your NetSuite investment skyrocket. One of the most frequent pain points I hear when onboarding new clients who use NetSuite is that they can’t get the reporting they need from their sizeable ERP investment. Cue the panic, right?
Why is this so common you ask?
Because, too often, their NetSuite was not implemented by NetSuite or at least, in consultation with, NetSuite accountants.
What is NetSuite Accounting?
NetSuite accounting is the combination of bookkeeping and accounting in the NetSuite ERP. Accounting involves the reporting and analysis of your financial statements to give a bigger picture, provide forecasts and ultimately financial advice. If your NetSuite accounting is done right it means you can make better decisions for your business.
A NetSuite accountant will streamline bookkeeping using NetSuite’s accounting automations, simplifying the financial close process, and ensuring a smoother accounting cycle.
NetSuite accounting tasks include:
- Recording financial transactions
- Generating customer invoices
- Processing vendor bills
- Reconciling bank and credit card statements
- Asset tracking
- Payroll
- Analytics
- Budget and forecasting
Many of these tasks can eat up your time and when done manually, are prone to error.
The month end process in NetSuite
One of the most important things our clients want to know is how their financial insight will improve with NetSuite. This starts with the month end process.
- Weekly bookkeeping will keep your journal entries, accounts payable and accounts receivable on time.
- Weekly review for discrepancies
- Monthly review of inventory costs and accounting
- Lock and close month
- Report on balance sheet, P&L and statement of cash flows.
Benefits of NetSuite Accounting
There are definitely pros to switching from QuickBooks to NetSuite once you reach a certain size. Some of the real-life benefits we’ve witnessed with our clients include:
- Real-time access to account balances
- Better financial visibility (imagine truly knowing your most profitable sales channels)
- Improved accuracy in monthly financial statements
- Shortened month-end close process
- More cohesion in order-to-cash process
- GAAP compliance through improved data security and traceability
- Customized dashboards per user to iclude the most relevant NetSuite KPIs and cash data
Looking at the above dashboard, you can begin to understand why including a NetSuite accountant in your ERP implementation can hold value. If implementation and NetSuite confguration is done incorrectly or without considerations to your end-user reporting, it can significantly impact your ROI on NetSuite.
We truly believe if you can’t budget $5,000 per month to hire a NetSuite accountant in addition to your licensing fees and implementation costs, you probably aren’t ready for NetSuite. But, if you are, talk to us. Our NetSuite accountants can help you with licensing, implementation, NetSuite rescue and month-to-month accounting.
