Part one of a three blog series on how to close your books faster.

How To Close Your Books Faster — Close your books efficiently in 3-5 days; not 3-5 weeks

When we ask companies how long it takes them to close their books each month, we usually get similar answers: three to five weeks. When we ask them WHY it takes so long, the answer is also usually the same: because it just does.

Timely Financial Closings

Centralize management of all period-end close activities to reduce time and resources spent investigating and resolving errors. Detect and respond to problems before they escalate or occur. Oracle | NetSuite optimizes the financial close by delivering:

  • Period locking to prevent incorrect postings to future periods.
  • Period close checklist of tasks to be completed sequentially.
  • Financial adjustments for intercompany transactions, foreign currency revaluation and inventory.

Real-Time Reporting and Analytics Anywhere

Create meaningful reports with easy-to-use tools, monitor the latest results as part of everyday activities, identify root causes of problems and take corrective action. Oracle | NetSuite delivers real-time information with:

  • Personalized dashboards to monitor the KPIs important to any role, from the executive to staff.
  • Pre-built accounting reports and an easy-to-use report builder for customizing ad-hoc reports.
  • Consolidated financial reporting for multiple subsidiaries and currencies.
  • Access to information on-the-go with a mobile device.

Next week: How To Close Your Books Faster — Improved Efficiency and Productivity

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