Financial closing is an arduous process that finance and accounting professionals dread.
Tracking information from other departments, ensuring that all transactions have been recorded, identifying and correcting errors are time-consuming tasks that often require long periods of work and even overtime from the team.
The pressure to finalize all financial statements and ensure they are delivered on time, combined with the need for accuracy and intense focus on compliance, only increases the stress.
When we use an integrated management system (ERP) in this closing process, we achieve the best results with reduced errors and less strain on the team due to operational processes.
By using Oracle NetSuite ERP, it's possible to accelerate all processes by automating manual tasks, thus reducing reliance on spreadsheets and improving the flow of information throughout the organization.
The intelligent automation provided by Oracle NetSuite supports more frequent account reconciliation using real-time bank data. By combining rule-based analysis with machine learning, Oracle NetSuite compares bank transactions with internal records, automatically creating daily entries for missing transactions and flagging potential errors. This allows the finance team to focus on exceptions more efficiently, instead of spending hours sifting through numerous transactions.
With Oracle NetSuite, the accounting team will no longer rely on spreadsheets to perform complex calculations, such as revenue recognition.
Oracle NetSuite manages the complex needs of multinational corporations and groups with multiple companies. You can adjust for currency differences and comply with the legislation of each country. The system is multi-book, multi-company, multi-currency, and capable of performing all financial consolidation in real time. Managing these processes within a single accounting system, instead of using different tools, saves time and reduces the risk of errors.
The Oracle NetSuite enterprise management system integrates all departments, such as accounting, sales, shipping, and others, providing a single data source that eliminates the obstacles of information previously stored in each department. Combined, these features give companies the tools to accelerate the workflow, helping to ensure tasks are completed accurately and on time.
In addition to all these benefits, by using Oracle NetSuite your company has real-time access to drill-down reports, business indicators, and KPIs on your mobile device or wherever you prefer. More than 400 reports and indicators are already ready for you to use and better manage your business.
Want to know more about how using business management software can help with the financial closing process?
Contact Active Cloud Solutions, the largest Oracle NetSuite consulting firm in South America, and request a demo today.
