Although implementing NetSuite for your business is game-changing, we understand it can be challenging at first, which is why we’ve recommended NetSuite consulting services to truly leverage the powerful tools of this platform. However, as we understand that’s not always a possibility at first, we’re here to help!
As has been noted, using ERP (Enterprise Resource Planning) software can reduce administrative costs by 23% on average. How? ERP platforms help simplify administrative tasks by automating a part of the work that employees do, therefore leaving more time for employees to do other tasks, and reducing potential errors.
Today, we’ll dive into one of NetSuite’s famous solutions, NetSuite Accounting: from initial setup to leveraging its powerful features to optimize your financial operations. Let’s get to it!
What is NetSuite Accounting?
First things first: NetSuite Accounting is a cloud-based financial management solution designed to cater to businesses’ accounting needs. It’s part of the larger NetSuite ERP suite, and it offers a wide range of functionalities to automate certain financial tasks. It also provides key benefits such as scalability, real-time insights, and integrations with other business systems to make it more efficient.
Getting Started with NetSuite Accounting: Step-by-Step Guide
1. Initial Setup
- Define Your Chart of Accounts: Start by defining your chart of accounts, which will be the foundation of your reporting. NetSuite provides a flexible structure so you can tailor it to your business needs.
- Set Up Tax Codes: Configure tax codes based on your geographic location and regulatory requirements. This will ensure accurate tax calculation and compliance.
- Configure Fiscal Periods: Establish your fiscal calendar, including fiscal periods and years, to ensure accurate financial reporting and period-end close processes.
2. Importing Data
- Data Migration: Import existing financial data into NetSuite through CSV files for bulk data import (historical transactions, customer and vendor information, beginning balances, etc.)
- Verify Data Accuracy: Ensure all imported data is accurate and aligns with your financial records to avoid potential future issues.
3. Tailoring the Tool
- User Roles: Assign user roles and permissions based on job functions. This feature helps maintain security and ensures that users have appropriate access to the information and functionalities they need for their tasks.
- Customize Dashboards: Create and customize data dashboards for different users, providing updated insights and key performance indicators (KPIs) relevant to their roles.
4. Leveraging NetSuite’s Features
- Automating Workflows: Utilize NetSuite’s SuiteFlow to automate routine tasks such as invoice processing, approvals, and notifications. Automation helps reduce errors and increases efficiency, leaving your employees more time for other tasks.
- Financial Reporting and Analysis: Get creative with your dashboards and regularly analyze data trends to provide data-based insights and make informed decisions for every business process.
- Continuous Learning and Support: Invest in continuous learning through training resources and NetSuite consulting services. Staying informed about new features and best practices ensures you keep maximizing the value of your investment.
NetSuite Accounting is a powerful tool that will transform your financial management processes: Make the most out of it by maintaining data integrity, leveraging its many support resources, and staying updated with new features. However, if you need extra help, there are specific NetSuite Accounting services and tools on the market, for example:
- Avalara makes tax compliance faster, easier, more accurate, and more reliable in over 90 countries.
- Accordion is a financial and technology consulting firm, that works at the intersection of sponsors and management teams to maximize value.
- NetGain empowers accounting teams to eliminate broken and inefficient operations and reclaim valuable time with modern technology and automation.