What is NetSuite Financial Close Management?
By choosing NetSuite, finance teams can shorten financial close by automating manual work like account reconciliations, journal entries, intercompany transactions and variance analysis, all while reducing dependencies on spreadsheets – meaning financial statements are always accurate and timely. NetSuite Financial Close Management brings financial data into a single system, with secure, role-based access for your accounting team. Access to information is faster, reporting is timely and teams improve efficiency, helping you close the books faster with even more accuracy.
Close the books faster with greater accuracy
Continuous close support
Adopt a continuous or rolling close with automation and real-time financial insight. This means accounting teams have data for daily account updates and up to-date figures throughout the monthly reporting cycle, improving control and transparency.
NetSuite Financial Close Management features
By embedding and standardising controls across period-end close activities and reconciliations, organisations can remove manual tasks that add little value. NetSuite streamlines fragmented workflows that extend cycle times, reduces the chance of control failure and better protects financial statement integrity. These capabilities support compliance with UK regulations and guidance from bodies such as the Financial Reporting Council and HMRC.
Period close checklist
NetSuite offers a structured close checklist to help ensure the process runs smoothly and closing tasks are completed in the correct order. Finance teams gain a better understanding of the close cycle, and leaders can track progress more efficiently and address bottlenecks quickly.
Bank reconciliation
NetSuite’s bank connectivity and account reconciliation features work together to save time and improve the accuracy of financial records. Bank statement data is imported automatically, completed transactions are matched to ledger records, missing items trigger journal entries and discrepancies are flagged for review by authorised staff.
Bank transaction matching
Delays in reconciling bank transactions can affect financial accuracy and cash flow visibility. NetSuite automates the bank transaction matching process by identifying and pairing bank transactions with the appropriate general ledger entries. Generative AI is used to extract richer transaction data and enhance the auto-match engine. This increases successful auto-matches, reduces manual effort, and speeds up reconciliation.
Financial consolidation
Companies with subsidiaries will know just how difficult producing consolidated accounts can be – often one of the hardest steps in the close. NetSuite automates subsidiary postings and consolidations, including eliminations, improving speed and consistency with IFRS and UK GAAP reporting requirements.
Exception management
NetSuite Exception Management uses AI to monitor financial data, including invoices, payments, journal entries, sales orders and purchase orders, to continuously detect exceptions automatically. It highlights transactions that fall outside normal data patterns and provides actionable insights to resolve issues ahead of period and time crunch where pressure builds.
Learn how AI Cloud ERP can streamline your business
Free Product Tour(opens in a new tab)
If anyone wants business data or insights, they go to NetSuite, not another system or someone’s spreadsheet. It's the source of truth for everything we do.
Benefits of NetSuite Financial Close Management
See How NetSuite Can Help You With Your Role
Challenges NetSuite Financial Close Management solves
How much does NetSuite Financial Close Management 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 initial setup. As your business grows, you can easily activate new modules and add users – that’s the beauty of cloud software.
NetSuite financial close management capabilities are included with the NetSuite platform licence.
Resources
Guides & Blogs
Go deep into topics around the NetSuite close management process.
Essential Learning
Discover best practices and learn more about close management from beginner to advanced levels.