NetSuite is updating its capabilities with automated account reconciliation. The new solution aims to increase efficiency. However, it should still ensure the “completeness and accuracy” of a company’s financial statements at the same time.
This week Oracle NetSuite announced the addition of NetSuite Account Reconciliation to its popular ERP platform. The purpose of the new solution is to “help organizations streamline the complex process of reconciling balance sheet accounts”, the company says.
As part of NetSuite’s cloud ERP suite, NetSuite Account Reconciliation helps customers standardize and automate the reconciliation process. In addition, it aims to strengthen internal financial controls, produce more accurate financial statements, and drive a faster close.
Gary Wiessinger, senior vice president for NetSuite Application Development, explained the need for the new offering. “The general ledger reconciliation process can be one of the most complicated aspects of the financial close and a compliance risk”, he said. “Similar to how we are leveraging Oracle technology to deliver NetSuite Analytics Warehouse and NetSuite Planning and Budgeting, NetSuite Account Reconciliation brings enterprise-grade technology to our customers to simplify a critical process”, he explained.
Faster processing with improved accuracy
NetSuite Account Reconciliation is built on Oracle Fusion Cloud Enterprise Performance Management (EPM). The new solution automates the reconciliation process for accounts payable, accounts receivable, bank and credit card transactions, prepaid accounts, accruals and fixed assets accounts, intercompany transactions, and other balance sheet accounts. NetSuite Account Reconciliation helps organizations automate and standardize the reconciliation processes by streamlining the spreadsheet-heavy, manual close processes across all accounting and finance functions, according to Oracle.
The new feature also enhances internal controls and compliance. It does so by ensuring reconciliations are not missed or lost and that all the information is in the right place for global auditability.
Finally, Oracle claims that its new offering can improve the accuracy of financial statements and speed of close cycles. The new solution removes inconsistencies and risk from balance sheet substantiation for period close and quarterly and annual audit purposes. For example, organizations can use dashboards to see the real-time status of reconciliations and variance details.
Wiessinger summed up the benefits of NetSuite Account Reconciliation. “This solution extends the capabilities of our suite to help customers increase efficiency, ensure the completeness and accuracy of their financial statements, and gain more value from NetSuite”, he said.
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