NetSuite Tips for Closing Your Books Faster – Part 2

  • Close your books faster in NetSuite

NetSuite Tips for Closing Your Books Faster – Part 2

Product Marketing Manager

As part of a three-part series on leveraging NetSuite to make closing of the books faster, this second article addresses role segregation, approval process, and audit process. The first article highlighted tips on optimizing operational efficiencies for faster closing.

This article is based on a recent webinar in which Celigo teamed up with Appficiency, a NetSuite Alliance and SDN Partner, to discuss NetSuite tips and tricks for faster close.

Role Segregation

Segregation of duties is one of the key standards that auditors and financial regulators observe. Use NetSuite to help enforce role segregation for your organization with these tips.

Role Analysis

  • Use NetSuite’s role-based report to view all roles and corresponding permissions that are in use, and to identify all users by roles.
  • Create a search to list all users who have administrator or other “super-user” access to ensure only appropriate users have these types of roles.

Scheduled Billing and CSV Access

  • Automatically invoice customers using NetSuite’s Billing Scheduler for not just faster processing times but also reducing the chance of fraud or errors based on manual processes.
  • Periodically search for users with the ability to import CSV files and remove anyone not requiring this type of access to protect data integrity and visibility.

Role Segregation

  • Transaction data that is sent to third-party systems (e.g., sending NetSuite sales order to a 3PL warehouse management system) should be locked so the data cannot be changed. Define an override process if there is a need to unlock such transactions.
  • To make sure transactions are approved or overridden quickly, create roles that give approval and override rights to department leads as appropriate.

Approval Process

During close, the most time is spent on journal entries. To help reduce time spent in this area, NetSuite saved searches can help provide visibility into anything that is missing or unresolved before close, such as:

  • Automatic alerts to approvers whenever approval is required
  • Automatic alerts that corrections are needed whenever a journal entry is rejected

Audit Process

Some auditors require a complete trial balance export from NetSuite. However, the trial balance detail report in NetSuite maxes out at a certain number of transactions. If this happens, alternatives include:

  • Creating saved search that provides the same information as the trial balance report
  • Using NetSuite’s “Persist Search” option to create large CSV files that can be given to auditors

For more details on how you can close your books faster, view the webinar, Closing Your Books Faster for NetSuite Users


View Webinar Now

Product Marketing Manager
By | 2018-04-02T23:13:36+00:00 January 26th, 2018|Categories: NetSuite, Tips & Tricks, Finance/Accounting|

Leave A Comment