Simplify and speed up the end-to-end financial close process

What is NetSuite Close Management and Consolidation?

NetSuite Close Management and Consolidation is designed to simplify the financial consolidation and close process from start to finish. The cloud application helps improve the accuracy, transparency, and timeliness of close processes and reduce the time spent on compliance and audits. It includes consolidation workflows, dimensions, calculations, reports, dashboards, and KPIs based best practices, and these can be easily tailored to your specific business needs. NetSuite Close Management and Consolidation automatically monitors various processes related to the close, facilitates approvals, and tracks your progress. It lets you manage your close process in one, central place that’s connected to NetSuite so journals can be posted directly to your general ledger.

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Reduce the time and effort required to close your books by automating key tasks and workflows.

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NetSuite Close Management and Consolidation Benefits

  • Data Accuracy and Consistency. Increase the accuracy and consistency of financial reports with a system that can automatically consolidate financial data from various sources.
  • Easier Intercompany Processing. Minimize the effort required to manage intercompany transactions by automatically eliminating intercompany balances during consolidation.
  • Reduced Compliance Risk. Meet reporting obligations and adhere to financial regulations more easily with a more controlled and auditable environment.

NetSuite Close Management and Consolidation Features

NetSuite Close Management and Consolidation covers close tasks from end to end to help businesses achieve a faster and more accurate close. Here are features to support global consolidation, compliance, and task management.

Global Consolidation

Intercompany Transactions. Automate intercompany eliminations and minimize manual work with standardized, user-configured rules and processes.

Minority Interest Calculations. Account for minority interest in entities not fully owned by the parent company during the intercompany consolidation process to provide accurate and compliant financial reporting for the entire ownership group.

KPI Management. Track financial KPIs across the organization, including preset metrics and other calculations specific to your business requirements.

Foreign Currency Translation. Increase the accuracy of financial consolidations by using standard or customizable currency translations.

Configurable Journal Entry Management. Set up customizable workflows to automatically create and manage journal entries, and post journals directly back to the NetSuite general ledger.

Multi-GAAP Reporting. Produce reports that comply with local GAAP and IFRS rules with standard, built-in functionality.

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Compliance and Transparency

Audit Compliance. Increase transparency and facilitate easier audits by implementing strict segregation of duties, tracking any changes to data and records, logging user activity, and showing the source data behind various figures.

Supplemental Data. Build comprehensive statement balances by collecting all supporting data, including transaction records, invoices, receipts, and bank statements. User-friendly templates facilitate faster approvals and validations and make it easier to trace numbers back to the source for adding footnotes, conducting statement analysis, and monitoring details.

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Task Management

Monitor and manage various accounting and finance tasks such as collecting and verifying financial data with role-based workflows and real-time dashboards so your staff can anticipate delays and prevent bottlenecks. Certifications, email notifications, and alerts help your team stay organized and remind staff to create, assign, communicate, and ultimately complete tasks ahead of deadlines.

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Challenges NetSuite Close Management and Consolidation Solves

  • Lengthy Close Process. Expedite routine tasks and let accounting staff focus primarily on handling exceptions.
  • Manual Financial Data Consolidation. Automate complex consolidation of information across entities and aggregate transactional data confidently with automatic transaction matching, data validation, and audit trails.
  • Audit and Compliance Risk. Boost transparency and audit compliance by enforcing segregation of duties, tracking data changes, showing visible calculations, and logging user activity.
  • Limited Reporting. Empower your organization with real-time dashboards, ad-hoc reporting, and data visualizations.

How Much Does NetSuite Close Management and Consolidation Cost?

Companies of every size, from prerevenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?

Users subscribe to NetSuite for an annual license fee. Your license is made up of three main components: core platform, optional modules, and number of users. There is also a one-time implementation fee for initial setup. As your business grows, you can easily activate new modules and add users—that’s the beauty of cloud software.

NetSuite Close Management and Consolidation is available as an add-on module to NetSuite.

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Data Sheets

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Product Demos

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Guides & Blogs

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