Automating Financial Workflows with NetSuite

As finance teams scale to handle growing business complexity, disjointed workflows between billing, collections, reconciliations, reporting, and period-end close lead to inefficiency. Too many late nights and weekends result fixing gaps between separate systems while chasing down status updates.

NetSuite provides native automation across interconnected financial processes using flexible workflow engine. Templatized activities hand off seamlessly between functions ensuring continuity, visibility, and scalability without adding headcount.

These capabilities optimize workflows so finance focuses on high-value analysis versus mundane, repetitive tasks. Workdays end at 5pm sharp even during month-end close. Here we review major areas to drive productivity leveraging purpose-built automation features inside NetSuite:

Self-Generating Invoices & Revenue Recognition

Invoicing often demands manually intensive effort assembling complex elements involving pricing schedules, custom project calculations, milestone-based terms, and multi-dimensional item configurations. Automated invoice generation in NetSuite lets finance configure rules mapping all needed elements right within system data for real-time calculation.

As deals get booked, service milestones reached, or shipments fulfilled – accurate automated invoices output immediately with revenue recognized following intricate deferred policy treatment all while updating accounting, receivables, reporting and rev rec ledger simultaneously without manual intervention.

Scalable Account Reconciliation

Verifying every transaction posting between subledgers and corporate ledgers necessary to ensure balances remain in synch avoids nasty quarterly surprises. But inefficient manual workflows stall agility. NetSuite lets accounting define automated matching rules between order/billing transactions and corresponding settlement transactions.

Ongoing daily reconciliation identifies gaps for research while also posting elimination journal entries to tie out balances between AR/AP submodules automatically. Month-end reconciliations complete rapidly without 100-hour close headaches.

Streamlined Expense Report Approvals

Processing expense reports expenses payments drags productivity badly requiring countless emails, spreadsheets reports and invoice attachments. NetSuite creates flexible multi-tier routing rules matching type of expenses. 

Company card charges route to immediate managers while advertised event costs route through marketing and executive spending through VP levels if exceeding certain limits. All assembled documentation automatically pre-packages for reviewers pending electronic approval.

Conditional Dunning & Collections Workflows

Chasing down delinquent accounts requires carefully timed dunning escalation combining notifications, transaction holds, finance charges, and eligibility handoffs to collections agencies. Structuring these interlocked steps between billing and support staffs using manual methods rarely goes smoothly.

NetSuite lets accounting define conditional rules mapping out the entire overdue process in one automated flow. Emails get triggered automatically based on aging thresholds while invoicing and support system alerts update in synch isolating severely late accounts restricting business.

Automated Period Close Checklists

Racing the clock each period-end to validate financial accuracy means limited rest for the finance team between long audits and championing daily disputes. NetSuite provides pre-built close task lists by role configurable to any cadence of procedures and controls needed to securely wrap reporting.

As various managers and analysts complete assigned validations, automated alerts inform next reviewers immediately keeping pace on-track. Dashboards assure all close tasks fully finished before locking down final ledger access.

Why Choose SuitRep for NetSuite Implementation? 

While NetSuite provides exceptionally robust capabilities automating workflows inherently, mapping software functionality into an organization’s unique landscape of legacy processes and role responsibilities poses non-trivial challenges. Too often gaps get missed dragging down adoption and underutilizing licensed capacity.

Over many years guiding financial process modernization engagements into complex environments exclusively using NetSuite, SuitRep has cultivated specific specialization supporting customer success in this domain through 3 key pillars:

Methodical Workflow Understanding

Having held many Controller, Director of FP&A, Cost Accounting and Billing Ops positions themselves over careers, our consultants intrinsically empathize with real-world financial procedures context beyond textbook templates. This hands-on perspective ensures we architect solutions directly fitted to each customer’s existing needs.

Single Industry Focus Promoting Mastery

Unlike generalist firms dabbling lightly across software products and verticals, SuitRep strictly focuses on becoming experts optimizing NetSuite finance function transformations leveraging NetSuite capabilities specifically. There exists no financial process solution too obscure or niche for us to map ingeniously given single-subject specialization. 

Alignment Incenting Lasting Value

Too commonly consultant incentives motivate partial resolutions to win project sales rather than driving lasting customer health. As salaried employees, SuitRep focuses solely on applying expertise to comprehensively solve financial bottlenecks for a fixed fee – not pursuing ulterior provider partner motives. We relish interesting complexity and shifts ending on-time.

Through specialized experience, narrow purposeful dedication, and sincere alignment incenting complete problem resolution, SuitRep delivers the deepest lasting impact from NetSuite Finance Process Automation engagements. We serve the crucial glue binding together customer’s existing technology landscape with future objectives for efficiency.