An ERP is a wonderful thing. But even today, they have their limitations. Most were not designed with accounting in mind as the main function. As a result, accountants rely on lots of tools outside of the ERP to get the job done, be that a standalone solution, an integrated solution or precious, precious spreadsheets.
Third-party solutions require full integration to take advantage of ERP features. However, full integration is a difficult process. Current stand-alone close management solutions get around integration by maintaining a separate database outside of your core financial system. Not only does this introduce the possibility of upload error, the additional (sometimes duplicative) databases don’t have the level of version control that your core financials do. Hello, unnecessary audit risk!
How to close books in NetSuite
If your organization uses NetSuite for financial operations, you don’t need to integrate a third-party solution. NetClose, an embedded app for NetSuite, allows you to automate most of the closing process and manage the rest of it inside NetSuite.
By using an embedded app, you eliminate the need for separate databases, upload and integration. Now you can perform all the processes related to close, and close the books, without bringing data into or out of your core financial system.
Benefits of embedded close management
By using an app embedded in NetSuite, you can apply NetSuite functionality to your close management solution. Here’s what I mean:
- Use existing roles, permissions and workflows
- No need to maintain a separate user structure. NetClose uses your NetSuite permissions.
- Simplify the tasks of closing
- NetClose creates a closing checklist inside NetSuite that links users to the relevant screen in NetSuite with a single click.
- Streamlines the workflow of all tasks that can’t be completely automated.
- Automate reconciliations
- With some implementation, reconciliations can be handled entirely within NetSuite using data NetSuite already tracks.
- Eliminates need to export your trial balance and import into another system
- Close the right books at the right times
- Lock your GL by any subsidiary, account, or segment independently.
- Institute a key control within NetSuite for businesses with several books to close independently.
- Unlock the full power of flux analysis
- Learn more from flux analysis with complete details at your fingertips.
- Go from big-picture analysis to the individual transactions within your core financial system.
- Bring amortizations and accruals into NetSuite
- Establish an easily reviewable subledger within your ERP for all accruals and amortizations.
- Automate amortizations and accruals so they never leave NetSuite and are automatically posted to the GL.
Bottom line: The answer to how to integrate a stand-alone solution is: don’t! An embedded solution makes the close process cleaner, easier and less risky. If you use NetSuite, NetClose is the embedded solution you need.