NetSuite solutions for 3 financial reporting challenges

Debbie Schmidt, Marinka Rohlffs
| 5/5/2023
NetSuite solutions for 3 financial reporting challenges

Whether from leadership, stockholders, or customers, companies are under increasing pressure to produce timely, reliable financial statements.

And those that continue to use pieced-together legacy systems might begin to recognize that their current way of financial reporting isn’t cutting it. Too much is at stake with financial planning to continue with the status quo. Switching to a tenured, cloud-based enterprise resource planning (ERP) system can help solve problems other systems create.

The NetSuite ERP system is an accounting solution that offers a complete view of a business’s financial performance. An ERP system provides the ability to gain real-time insights and confirm compliance with accounting standards, regulations, tax codes, and internal policies.

A NetSuite ERP platform allows users to control their data and processes on a level that can’t be achieved with basic accounting programs and spreadsheets.

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3 financial reporting challenges (and the solutions)

Unfortunately, many existing systems pose challenges for growing companies. Even the best teams can’t support multiple subsidiary organizations with basic technology. But NetSuite ERP helps make it possible to meet the demands of the market, leadership, and a company’s financial goals.

NetSuite ERP can help solve three of the biggest financial reporting challenges companies face when using disparate systems.

Challenge 1: Repetitive, manual data entry can lead to errors.

Repetition is great for optimizing a specific skill, but repetitive tasks can also lead to a lack of focus that can cause human error. As a company grows, the amount of data it handles grows exponentially. Manual data entry is time consuming, and if an error is made, it can be hard to determine how to remedy the problem.

The solution: Automate repetitive tasks.

Automation makes an employee’s job more efficient, and it saves on overhead costs by populating information uniformly across the system. Financial teams can then focus on transaction details or analyze trends – all with confidence in the accuracy of their real-time data.

Challenge 2: Closing the books takes too long.

Multiple systems (and people) trying to manage an ever-growing customer base with their own versions of financial reporting is too much. Data retrieval from several sources means taking the extra time to put information into a standard format and parse through data that doesn’t fit. The longer it takes to close the books, the longer it takes to get paid.

The solution: Consolidate into a unified system.

Simplified financial reporting and queries make it easy to find the information as needed. These process efficiencies help companies to accelerate the close process while verifying compliance.

Challenge 3: Poor visibility impedes good decision-making.

Pulling information from multiple sources and piecing it together for a complete picture isn’t always possible. Sometimes, information is missing or outdated. Other times, it’s simply hard to know where to look.

The solution: Customize dashboards with relevant information.

Configuring dashboards with the data that supports business goals helps decision-makers at every turn. Key data points, terminology, and even corporate branding make it easier to decipher information in an aesthetically pleasing way. The information can even be made available based on the roles and permissions of each user.

Save time and make better decisions with automation

A NetSuite ERP platform combines financial data and processes into a single source of truth. This streamlined approach allows finance and accounting teams to step away from time-consuming bookkeeping and focus on analyzing financials for growth. Implementing NetSuite ERP is an investment that takes time, but it makes sense when there’s a lot on the line. Employees, company leadership, stockholders, and customers all benefit from the system.

NetSuite consulting services

We can help you set up NetSuite specifically for wholesale distribution

Crowe has already developed several solutions within NetSuite to address the challenges and barriers to growth for our wholesale distributor clients. We can do it for you, too, in less time than you might expect.

NetSuite consulting services

Crowe specialists can help your business get the most out of NetSuite ERP

Crowe specialists have implemented NetSuite ERP platforms for hundreds of companies. The single system automates and customizes many business processes, improves efficiency, and allows for better decision-making. And as businesses grow, Crowe services evolve to help companies get the most out of their NetSuite ERP investment.

No matter your industry, NetSuite ERP could be the solution. Connect with Crowe consultant to learn more.

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Debbie Schmidt
Marinka Rohiffs
Marinka Rohlffs
Managing Director, Consulting