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How NetSuite ERP eases the intense work effort of a Financial Controller

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How NetSuite ERP eases the huge work effort of a Financial Controller

NetSuite ERP has become a favoured choice for many businesses, as over the years the responsibilities of a Financial Controller keep branching out. However, some of the main work functions like maintaining Governance, Risk & Compliance (GRC) remain the same. One of the most important work aspects of a Financial Controller is the use of company financial data and statements to formulate valid Financial statements for the year. These statements keep the company in-line with their budget and spending’s which play a crucial role in the growth of the company.

A Financial Controller relies on AR/AP, expense reports, etc. to formulate these Financial statements. If data integrity is not preserved, chances are, duplicate data entry may affect the validity of these statements. To avoid such mishaps, every Financial Controller must have better control over the data they need, while all of it being readily available at their fingertips.

One of the most common & major concerns here is the lack of integrated systems that can make the job of a Financial Controller difficult. In our experience, we have seen companies use multiple software for each specific department. Not only does this increase IT maintenance costs, but it also hinders data integrity as no system is interconnected with each other. This can lead to misstatements, wrong data, and projections which can complicate tasks for management regarding the actual performance & YOY growth of a company. Process Automations also play a critical role in improving the levels of efficiency of a company’s financial close. Therefore, as the Financial Controller relies on information inputted by different departments, it becomes viable as to why an integrated system becomes the need of the hour.
Financial Controllers get ready to move forward with NetSuite ERP

Once this Financial Close report is handy, Managers & Authorities tend to see it as a roadmap to plan out the course of action, new developments, and more. This means that a Financial Controller has to spend vast amounts of time and labour to ensure the Financial Close is done as accurately as possible. Generally, companies without an integrated system often experience 3 – 4 weeks to complete the monthly financial close of the company, while companies using NetSuite often get the job done in about 5 – 7 days, due to streamlined operations & automation.

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Roadblocks for Financial Controllers without NetSuite ERP

  • Lack of data integrity leading to data duplication
  • Lack of integrated systems
  • Lack of process automation
  • Creating monthly financial close reports is a time & resource-consuming process.
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How does NetSuite ERP help financial controllers?

NetSuite’s robust financial management solution improves financial transactions and accelerates monthly financial close while maintaining compliance with the required standards. As NetSuite operates on the single cloud-based platform, it provides higher-ups with complete real-time visibility from a consolidated level down to the individual affairs and transactions. To address the concerns faced by the majority of financial controllers:
  1. NetSuite operates on a single unified database which ensures data is not duplicated at any time.
  2. NetSuite is a highly customizable software that will allow you to keep your Legacy system as well as every other business departments integrated via NetSuite. As an example, any WMS system, Accounting software like QuickBooks, or any eCommerce software like Shopify can easily be integrated with NetSuite, which will keep every department in sync with one another.
  3. NetSuite is known for its Process Automations. Tasks such as reporting can be easily automated whereas SuiteFlow will allow you to create, customize, and automate unique workflows such as custom approval routing, validations, sending emails, and more. These process automation end up saving the company crucial resources by saving time.

Deprecation of Reconcile Bank Statements and Reconcile Credit Card Statement Pages

NetSuite 2021.1 has now deprecated the Reconcile Bank Statements & Reconcile Credit Cards statement pages. These pages are still accessible in 2021.1 updates; however, they are scheduled to be removed in the upcoming updates.

Therefore, it’s now expected that companies promptly try and adopt the new bank reconciliation feature which is the Account Reconciliation. The Account Reconciliation feature includes the Match Bank Data & Reconcile Account Statement pages which now enable businesses to match & reconcile transactions while eliminating the need for Microsoft Excel or any other third-party application.

NetSuite – Financial Management solution that can help Financial Controllers

Finances & Accounting

Couple core accounting processes and improve AP/AR functionality with real-time financial visibility and insights.

Billing

Integrate Sales, Finances, and Order Fulfillment department to ease the billing process. NetSuite’s Billing automation improves accuracy and ends billing errors helping drive fulfilment accuracy & efficiency.

Revenue Recognition

Stay compliant with Global & National Accounting standards and review Financial reports at any required time.

Financial Reporting & Planning

NetSuite provides a real-time picture to aid decision making with its strong on-demand reporting tools. Whereas, NetSuite’s Financial Planning aids in shortening cycle times with its unique budgeting, planning & forecasting solution

GRC (Governance, Risk & Compliance)

NetSuite’s robust GRC functionality ensures issues such as corporate governance, risk management, and compliance are addressed.

Every Financial Controller is expected to provide key financial inputs to improve the profits of a business. Therefore, to remain efficient and productive, today’s Financial Controllers must have access to a robust management system like NetSuite that will provide effective forecasting & reporting data on-demand.