Simplify accounting for multi-entity businesses

What is NetSuite Financial Consolidation?

NetSuite’s financial consolidation capabilities deliver centralized oversight of accounting processes, data and reporting across multiple business units, subsidiaries and regions on a single platform. That allows for unparalleled real-time visibility and more consistent management across the organization. Accelerate the close process with automated consolidations while ensuring compliance with relevant accounting standards, tax codes and regulations — wherever you operate. NetSuite’s standardized policies and approval hierarchies save money, increase control and reduce the risk of financial fraud.


Compliance in the Cloud

Centralized governance, the ability to apply multiple accounting standards and tax rules to each transaction and increased operational visibility work together to improve compliance and reduce risk.


Easier Financial Consolidation

Automatically posting every transaction at subsidiary and parent levels simultaneously keeps financial data synchronized within a shared database for faster consolidation with less effort.

[NetSuite] allows us to allocate costs such as rent based on headcount across offices. This type of inter-company and multi-entity accounting is just something that QuickBooks doesn’t allow.

Kevin Moore
Controller, Brex

Learn How ERP Can Streamline Your Business

Free Product Tour

NetSuite Financial Consolidation Benefits

  • Deeper Data Insights. Access to financial data at both subsidiary and parent levels delivers deeper insight into organizational performance.
  • Greater Control. Implement standardized policies and procedures and track performance across the organization.
  • Reduced Risk. Continually monitor financial and operational systems and restrict access to sensitive data with role- and user-based access controls.
  • Increased Efficiency. Eliminate the cost and complexity of managing multiple accounting and ERP systems by operating the entire business on a single platform.

NetSuite Financial Consolidation Features

NetSuite enables companies with complex, multi-entity business structures to manage the entire organization on a unified platform that encompasses multiple business units and subsidiaries within a single software instance.

Consolidation

Multi-entity and multi-book accounting capabilities, combined with real-time data, make consolidating and reporting financial details extremely easy. NetSuite combines a shared dataset with the ability to create custom charts of accounts at the subsidiary level to ensure transactions recorded locally are also posted — simultaneously — to the correct parent account. This eliminates the need to normalize and match data and allows for more accurate and timely consolidated reporting.

Consolidation dashboard.

Multiple Tax and Accounting Standards

Support for U.S. and international accounting standards means companies can create multiple sets of books to accommodate accounting rules, tax codes or other requirements that may differ at parent and subsidiary levels. Multiple accounting treatments can be applied to a single transaction for reporting purposes.

Multiple Tax and Accounting Standards Dashboard

Intercompany Accounting

Automated intercompany accounting simplifies reconciliation and elimination of intercompany transactions, saving time and reducing the risk of errors. Tagging purchase requisitions and sales orders as intercompany transactions links them, enabling the system to automatically post elimination journal entries when orders are invoiced. NetSuite's intercompany netting feature allows accounting managers to combine mutual subsidiary balances and then automatically create settlements for select transactions.

Intercompany Accounting Dashboard.

Challenges NetSuite Financial Consolidation Solves

  • Producing Timely Financial Statements. Dual-posting transactions, multiple accounting books and automated reporting make financial consolidation simpler and faster.
  • Managing Intercompany Transactions. Easily identify and match intercompany transactions, automatically post elimination journal entries and quickly settle intercompany accounts.
  • Limited View of Business Performance. Centralized data allows headquarters staff to track and analyze performance in real time at parent and subsidiary levels.
  • Regulatory Compliance. Built-in governance, risk and compliance (GRC) capabilities and processes help address regulatory and operational compliance issues.

How Much Does NetSuite Financial Consolidation 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 the number of users. There is also a one-time implementation fee for the initial set up. As your business grows, you can easily activate new modules and add users — that’s the beauty of cloud software.

Financial consolidation capabilities are available with NetSuite OneWorld and Multi-Book modules.

Contact NetSuite Now

Resources

Data Sheets

Access specifications, features and benefits of NetSuite financial consolidation.

Product Demos

See NetSuite financial consolidation in action.

NetSuite Webinars

View our on-demand webinars, which deliver insights from NetSuite and industry experts.

Guides & Blogs

Go deep into topics around NetSuite Financial Consolidation.

Essential Learning

Discover best practices and learn more about financial consolidation from beginner to advanced levels.

Sales Chat

How is your business adapting to change?

Start chat