Introduction:
Most finance teams find it intimidating to deal with accounting procedures across various businesses. The necessity for efficiency and accuracy becomes essential in the hourly elements because of the difficulty of operating multiple subsidiaries, branches, or foreign operations. Luckily, NetSuite has come up with reliable and scalable solutions to simplify accounting processes for businesses with multiple entities.
In today’s blog, we will have a look at ways to get the most out of the accounting processes in the NetSuite environment that guarantees smooth operations and provides financial transparency for every other entity.
Entire Financial Management Centralization:
The primary issue with any other company’s exponential growth is that of a more complex financial management structure and requirements. Using spreadsheets and various other programs initially appears adequate, but, as complexity grows, these tools will face their limitations. Not having any centralized financial management through an ERP system, businesses will struggle to handle complex challenges effectively. This is the main reason why many companies eventually outgrow solutions like Tally or on-prem systems and transition to comprehensive platforms like Oracle NetSuite ERP and others.
How EmphoraSoft will help in implementing this NetSuite module:
- EmphoraSoft+NetSuite offers a comprehensive centralized platform that allows businesses to consolidate their financial data from multiple entities into a single system.
- This feature is most important for companies with multiple subsidiaries, divisions, or locations.
- EmphoraSoft+NetSuite will enable all the financial data to be stored and processed within one unified system.
This consolidation will streamline the processes, reduces data silos, and give an overall view of the organization’s financial health.
Increasing efficiency through process automation:
Process automation is a fundamental element in ERP systems as it streamlines cumbersome tasks thereby increasing efficiency and business productivity. Through automating many manual processes, such as data entry tasks and inventory management, organizations can now reduce errors and improve their speed, accuracy, and scale very quickly. Additionally, they can achieve cost savings via decreased labor expenses and focused resource allocation. The automation feature greatly helps in empowering scalability, allowing organizations to adapt to the growing demands without compromising on performance. Furthermore, process automation in ERP systems ensures decision-making capacities, compliance, and customer delight and drives business success.
- Utilizing the automation capabilities in NetSuite to streamline continuous and repetitive accounting tasks. For example: invoice processing, expense management-related tasks, reconciliations, etc.
- Defining any automated workflows to navigate approvals and notifications across different entities, and thereby reducing human manual intervention to improve efficiency and productivity.
- Implement scheduled batch jobs for data imports, updates, and generation of reports to make sure timely and right information flows between the business entities.
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Customization to meet the unique business needs:
Customization feature in ERP systems is nothing but the ability to tailor the software to meet the specific needs and requirements of the business. This feature allows organizations to change and modify various aspects of the ERP software, such as user interfaces, workflows and reports to align with their existing environment. This customization feature empowers businesses to work on any industry-specific challenges to accommodate unique business models and, to support functionalities that are not readily available in standard ERP solutions. Furthermore, any huge customization can increase implementation time, costs, and complexity, and that may require current ongoing maintenance and support afterward. So, organizations should be advised to carefully choose the benefits of customizations with the drawbacks to ensure that the ERP system effectively supports their business objectives.
- Customize NetSuite to resonate with your unique business needs and align with multi-entity organization structure.
- Configuring the role-based access permissions and access controls to restrict data visibility/usability to ensure compliance with regulatory policies across different entities.
- Scaling up your accounting processes tirelessly as your organization grows by benefitting NetSuite’s flexible technical architecture and scalability.
Analytics to enable effective reporting :
Effective and efficient reporting with analytics involves the use of data analysis tools and techniques to generate insights that drive informed decision-making capabilities and improve overall business performance. Therefore, by utilizing analytics within ERP reporting processes, organizations can uncover any trends and patterns in their data, making sure to add valuable inputs to various aspects of operations.
- Using NetSuite’s robust reporting and tools for analytics to gain trends from financial measurement and performance of both from a single entity and the entire organization’s perspective.
- Creating customized dashboards and KPIs to monitor the entity-specific metrics and measure progress toward the defined financial goals and objectives.
- Implementing real-time consolidation reporting to measure aggregated financial data across all the entities for a detailed analysis and thereby making an informed decision.
Continuous ongoing training and support:
Continuous training and support in ERP are important in maximizing any user adoption and software effectiveness. Regular training sessions will make sure that the users stay up-to-date with system updates, best practices, and recent features allowing them to leverage the ERP system to utilize its maximum potential. Furthermore, the ongoing support also provides the users with troubleshooting guidance, and processes and assists them to overcome challenges and improve their proficiency with the ERP software.
- To Invest in the current ongoing training process and support for finance teams to ensure proficiency in utilizing NetSuite’s multi-entity accounting features.
- Getting access to a few educational resources, user guides, data sheets, and online training modules to strengthen users to utilize NetSuite effectively.
- Engaging with expert NetSuite consultants or partners for tailored guidance and help in optimizing multi-entity accounting processes.
Conclusion:
Streamlining the processes of accounting across multi-entity organizations in NetSuite predominantly needs strategic planning, implementation expertise and capabilities, and ongoing optimization support. By centralizing full financial management activity, automating maximum repetitive tasks, customizing configurations and set-ups, enhancing reporting abilities, and investing in continuous training and support, organizations can hugely benefit by achieving much greater scalability, efficiency, visibility, and accuracy in their finance and accounting operations. With the help of NetSuite’s comprehensive and all-in-one suite of tools and simple functionalities, multi-entity organizations can efficiently manage their financial heads and drive business growth with lots of confidence.
How EmphoraSoft helps in streamlining accounting processes across organizations:
EmphoraSoft is an authorized Oracle NetSuite Partner & Solution Provider based out of Hyderabad, India. Our expert NetSuite-certified team of consultants comes with over 15+ years of direct Oracle NetSuite experience. This is why we’re able to provide simple and cost-effective NetSuite’s multi-book accounting solutions to perform currency conversion on the set of predefined rules that identify the activities such as which units are used for reporting purposes in each country or region and for each subsidiary.
While, single transactions are posted in multiple currencies simultaneously using ongoing exchange rates, eliminating a massive requirement to perform the conversions manually as part of the close process. Just because this happens in real time, we also help in the GL impact viewing in various currencies right away. We also make sure that our customers experience more timely, more accurate reporting, and less stress on their finance and accounting personnel to maintain healthy relationships with key stakeholders.
Reach out to EmphoraSoft, an authorized Oracle NetSuite Partner & Solution Provider for more information on multi-entity accounting and how we can further help in maintaining different sets of accounting and financial records in parallel to support various reporting standards.
FAQs:
Yes. NetSuite can seamlessly streamline accounting processes for multi-entity companies by providing a centralized platform that consolidates financial data across multiple entities and by eliminating the need for manual data entry and reconciliation.
Yes. NetSuite provides many advanced features such as intercompany transactions, automatic eliminations, and customizable many of financial reporting templates to facilitate financial consolidation and reporting across multiple entities.
Yes. NetSuite automates intercompany transactions and reconciliations by seamlessly transferring data between multiple entities, ensuring accuracy and efficiency in accounting workflows.
NetSuite will have built-in compliance features that support various regulatory requirements for multi-entity companies, localization, and tax compliance features tailored to different regions.
NetSuite will allow the customization of accounting workflows, charts of accounts, and reporting structures to match the unique needs and complexities of multi-entity organizations.
NetSuite’s main feature of financial consolidation capabilities delivers a centralized oversight of accounting processes and reporting across various business units, and subsidiaries in a single and unified platform. This will allow unparalleled real-time visibility and consistent management throughout the organization.
NetSuite empowers companies with complex and multi-entity business structures to run and manage the overall organization on a single-unified platform that contains multiple business units and subsidiaries within a single software instance with multi-entity and multi-book accounting and inter-company accounting features.
NetSuite solves this problem by dual-posting transaction methods, taking various accounting books in to consideration, and automated data reporting to make financial consolidation bery much simpler and quicker.
NetSuite capabilities such as built-in governance, risk, and compliance (GRC), and the processes will help address the regulatory and operational compliance challenges.
Now the users have the opportunity to subscribe to NetSuite for an annual license fee. The license is made up of three main components: core platform, optional modules, and number of users. For the first-time setup, there is a one-time implementation fee. As an organization’s business grows, users can simply activate any new modules and add users which is the beauty of cloud software.
