Close the Books Faster in NetSuite with NetClose by Netgain

Henry Sack • March 8, 2024

The month-end close process in NetSuite can be slow, frustrating, and rife with errors. Spreadsheets, manual tasks, and limited visibility into close progress add complexity and stress, putting the accuracy of your financial statements at risk. NetClose by Netgain transforms your NetSuite month-end close process, empowering you to close the books faster, more efficiently, and with greater confidence.


The Challenges of a Manual NetSuite Financial Close

A manual month-end close in NetSuite is often a recipe for frustration and delays. With tasks like reconciliations, journal entries, and finalising financial reporting, the workload can quickly become overwhelming, especially for organisations with complex financial structures.

The manual and often fragmented nature of the process also increases the risk of errors, omissions, and inconsistencies. This can have serious consequences, such as incorrect financial reports, missed deadlines, and potential compliance issues. Additionally, a prolonged close can impede timely decision-making, hinder financial planning, and create bottlenecks for other departments relying on this information.


Time-Consuming Reconciliations

Manually reconciling bank statements and individual account balances within NetSuite is a painstaking process. Sifting through transactions, identifying discrepancies, and ensuring adjustments are made correctly consumes valuable hours and can easily introduce errors. The repetitive nature of this task is both tedious and a drain on your accounting team's productivity.

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A manual month-end close in NetSuite is often a recipe for frustration and delays. With tasks like reconciliations, journal entries, and finalizing financial reporting, the workload can quickly become overwhelming, especially for organizations with complex financial structures.

The Manual Process and Its Challenges

The manual and often fragmented nature of the process also increases the risk of errors, omissions, and inconsistencies. This can have serious consequences, such as incorrect financial reports, missed deadlines, and potential compliance issues. Additionally, a prolonged close can impede timely decision-making, hinder financial planning, and create bottlenecks for other departments relying on this information.

Time-Consuming Reconciliations

Manually reconciling bank statements and individual account balances within NetSuite is a painstaking process. Sifting through transactions, identifying discrepancies, and ensuring adjustments are made correctly consumes valuable hours and can easily introduce errors. The repetitive nature of this task is both tedious and a drain on your accounting team's productivity.

Error-Prone Spreadsheets


When checklists, calculations, and tracking are relegated to spreadsheets, the risk of mistakes skyrockets. Complex formulas, accidental data overwrites, or even simple typos can have far-reaching implications for the accuracy of your financial statements. Spreadsheets also lack version control and clear change histories, making it difficult to pinpoint the source of errors when they inevitably occur.

NetClose

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Close the Books Faster in NetSuite with NetClose by Netgain

NetClose

Short on time? Download this article to read later or share with a colleague.

Close the Books Faster in NetSuite with NetClose by Netgain

Limited Visibility



Without a centralised view of your close process, it's nearly impossible to stay on track. Identifying where tasks are stuck, who's running behind, and which areas pose the highest risk of delay is a guessing game. This lack of real-time visibility leads to reactive decision-making, last-minute scrambling, and a high-stress environment for your accounting team.

Audit Stress


Manual close processes often lack robust audit trails and documentation. Generating the reports needed for a smooth audit becomes another time-consuming task in itself. The inability to easily provide supporting evidence for transactions or explain changes creates additional delays and can even undermine confidence in the accuracy of your financial records.


How NetClose Streamlines Your Financial Close

NetClose addresses the core challenges of a manual NetSuite close by providing intuitive tools and automation within your existing system. Here's how it transforms the process:


Automated Reconciliations


NetClose drastically reduces reconciliation time and effort by automating the matching of bank statements and account balances. Its intelligent logic identifies potential discrepancies and flags them for review, minimising the risk of errors slipping through the cracks. This automation frees up your staff to focus on exceptions and high-value analysis rather than tedious manual tasks.


Customisable Task Management


NetClose helps you organise your entire month-end close process, create customised checklists with clear task definitions, assign deadlines, and track progress in real-time.  This structured approach ensures accountability, improves communication, and helps eliminate surprises as the close deadline approaches.


Two Columns Layout

NetClose: Revolutionizing NetSuite Closures

NetClose addresses the core challenges of a manual NetSuite close by providing intuitive tools and automation within your existing system. Here's how it transforms the process:

Automated Reconciliations

NetClose drastically reduces reconciliation time and effort by automating the matching of bank statements and account balances. Its intelligent logic identifies potential discrepancies and flags them for review, minimizing the risk of errors slipping through the cracks. This automation frees up your staff to focus on exceptions and high-value analysis rather than tedious manual tasks.

Customizable Task Management

NetClose helps you organize your entire month-end close process, create customized checklists with clear task definitions, assign deadlines, and track progress in real-time. This structured approach ensures accountability, improves communication, and helps eliminate surprises as the close deadline approaches.

Real-Time Progress Tracking


NetClose's centralised dashboards provide a bird's-eye view of the close status of every ledger, location and subsidiary. With NetClose your team will be able to easily monitor task completion, outstanding items, and flag potential bottlenecks. This real-time visibility allows you to proactively address issues, allocate resources effectively, and make informed decisions that keep you close on track.


Audit-Ready Documentation


NetClose takes the stress out of audits by maintaining detailed audit trails and effortless report generation. Easily track changes, access historical data, and provide supporting documentation to internal or external auditors with just a few clicks. This simplifies the audit process and gives you the confidence that your records are always in order.



Experience the Difference with NetClose



If you're ready to say goodbye to stressful month-end closes, streamline workflows, and ensure the accuracy of your financial statements, NetClose is the solution you've been looking for. Simplify your NetSuite close and gain peace of mind. Contact TeamBlueSky for more on NetClose.

Henry Sack Team Blue Sky

Henry Sack

General Manager

Team Blue Sky Logo

With over 12 years of experience as a NetSuite implementation consultant, Henry Sack leads TeamBlueSky’s team of NetSuite and accounting experts in his role of General Manager.


TeamBlueSky is a leading Australian NetSuite Alliance Partner whose mission is to provide critical NetSuite BPO and Payroll services to NetSuite clients who are wanting to simplify their back office processes and partner with a leading NetSuite administration expert. 


TeamBlueSky have also partnered with global Suite Developer Network partners to offer local solutioning, implementation and support services for global NetSuite SuiteApps. 


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