Close faster by automating account reconciliations and transaction matching

What is NetSuite Account Reconciliation Software?

NetSuite Account Reconciliation software automates general ledger account reconciliations, including bank reconciliations, credit card matching, intercompany transactions, account receivables and payables, and invoice-to-PO matching, all in one centralized workspace. With NetSuite Account Reconciliation, errors and manual ticking and tying are removed so accounting teams can focus on exceptions, high-risk reconciliations, and other strategic work.

What is NetSuite Account Reconciliation? (Video)

NetSuite Account Reconciliation dashboard

Automate and Standardize Your Reconciliation Process

Eliminate time spent downloading data from source systems, aggregating details in spreadsheets, manually reviewing account balances, and using complex formulas to match and reconcile.

Enhance Control and Visibility

View the status of all reconciliations in one place. Real-time dashboards and purpose-built reports provide visibility into the reconciliation status of each account, showing preparers, reviewers, and sign-off dates.

Enhance Control and Visibility dashboard

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With NetSuite Account Reconciliation, we will no longer have to do manual balance sheet recons in Excel which often cause delays, errors and headaches in our close process.

Stephanie Hunt
Corporate Controller, Rayburn Country Electric Cooperative, Inc.

NetSuite Account Reconciliation Software Benefits

  • Close Faster. Standardize and automate account reconciliations and transaction matching.
  • Speed Transaction Matching. Fully automate time-consuming, repetitive reconciliations, such as zero-balance, low-value, or low-risk reconciliations, based on rules you set.
  • Strengthen Internal Controls and SOX Compliance. Easily access archived electronic copies of supporting documentation at the account level.
  • Financial Statement Accuracy. Reconciling GL accounts ensures any discrepancies or omissions in financial records are caught, reducing the risk of financial misstatements.
  • Single Solution. Manage and view the status and details of each account with balance comparisons, preparers, reviewers, and sign-off dates.

NetSuite Account Reconciliation Software Features

Work directly with NetSuite general ledger (GL) entries to automatically match transactions and reconcile line items, ensuring data integrity, accuracy, and accessibility.

Reconciliation Compliance

Ensure accounts are properly reconciled using the correct format, with complete justification and logic behind any adjusting entries. Keep the entire team on track with an approval workflow that captures evidence of signoffs and email notifications.

  • Automate reconciliations. Direct integration with NetSuite transactions allows you to further automate reconciliations for bank accounts, credit card transactions, intercompany transactions, accounts payable, accounts receivable, and similar accounts. The ability to drill back to NetSuite allows accountants to easily address any reconciling items.
  • Flexible formats and templates. Get started quickly using prebuilt formats based on best practices or create custom formats to address your unique requirements.
  • Audit support and compliance. A secure document repository that ensures reconciliations are not altered or lost provides global auditability. Evidence for reconciliations is audited and logged in the application to meet your compliance needs.
  • Flux analysis. Provides an explanation for balance changes over a given time period, whether it’s a month-over-month, quarter-over-quarter, or year-over-year comparison.
Reconciliation Compliance dashboard

Transaction Matching

Automate transaction matching to support balance comparison reconciliation processes, including intercompany, subledger, credit card, and bank reconciliations. Operational and compliance dashboards show which reconciliations are complete, open, or late and list the responsible party as well as variance details and commentary.

  • High-volume transactional reconciliations. The auto-match engine matches millions of transactions in minutes and directly integrates with period-end reconciliations.
  • Auto-suggested matching. The intelligent auto-match feature speeds up the transaction-matching process by suggesting matches that you can accept or discard.
  • Matching rules. Create flexible matching rules for individual transactions or groups of transactions, such as one-to-one, many-to-one, and many-to-many matches.
  • Complex reconciliations. Unlimited data sources and unlimited attributes per data source can be defined to support the most complex reconciliations.
Transaction Matching dashboard

Challenges NetSuite Account Reconciliation Software Solves

  • Manual Processes. Automate, centralize, and standardize your account reconciliation processes for a faster, more efficient and accurate close.
  • Matching Large Numbers of Transactions. The auto-match engine matches millions of transactions in minutes, providing period-end reconciliation support as it goes.
  • Lack of Control and Compliance. The secure document repository ensures reconciliations are fully documented providing auditability.
  • Poor Visibility. See all reconciliations in one place along with supporting materials and explanations of variance resolutions.

How Much Does NetSuite Account Reconciliation Cost?

Companies of every size, from pre-revenue 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 Account Reconciliation software is available as an add-on module.

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