As the holidays approach, many Finance and Accounting teams are preparing for — or thinking about — year-end closing of their books. For some companies, close happens in just several days. For others, it is a cumbersome process that can drag on for weeks or months.
A key to a faster close process is making sure upstream activities are efficient and accurate. In particular, companies that use an end-to-end system like NetSuite need to make sure processes that impact downstream transactions and G/L posting are performed efficiently and timely. Companies should also regularly monitor NetSuite data to ensure accurate and complete information is available at time of close. When upstream activities are timely and accurate, complete data is available in NetSuite and Finance spends less time resolving discrepancies during period close.
Another best practice for shortening the close cycle is to have timely period closings throughout the year. This ensures that instead of working with data from several months, Finance can focus on data from just the past several weeks or days leading to significant time savings.
To make sure Finance does not face time crunches at year-end or quarter-end, the team should conduct pre-close dry runs and communications. By using NetSuite sandbox environment, companies can do mock closing to make sure the actual closing will be quick and efficient. Additionally, all teams that impact close should be made aware of their impact on the process and that required activities have been performed before the books are closed.
For more tips and best practices, view this on-demand webinar with Paul McDonagh, VP of US Operations at Appficiency, and Carl Pezold, Director Channel Sales at Celigo. They share practical tips and best practices on how you can close your books faster – with a specific focus on NetSuite.
View the webinar now to get tips on closing faster!