Too many manual workarounds, inaccessible data, inaccuracies and poor compliance are just some of the challenges that finance teams face when they use spreadsheets, basic accounting systems and point software solutions to manage corporate finances and taxes. These challenges inevitably lead to productivity losses, inefficiencies and team members that are too tied up in the daily minutia to be able to work on more strategic, value-added projects.
Technology can be a great enabler in these situations, but many companies are lagging behind when it comes to investing in and implementing the solutions that their finance, tax and/or accounting teams need to be able to work better, smarter and faster. One recent survey found that 68% of accounting and finance leaders lack the technology they need to be able to work efficiently and keep up with increasing business demands.
“Data shows that many accounting teams, already slowed by the industry talent shortage, feel they can’t keep up with the pace of their workflows,” CFO Dive reports. The survey also found that 74% of respondents feel their teams need to focus more on analytics, but say that a lack of automation is holding them back.
Using NetSuite as the technology underpinning, ScaleNorth helps companies work through these roadblocks and streamline their finance and tax workflows in a leading, cloud-based enterprise resource planning (ERP) system.
No matter how big or small your organization is—or what industry it operates in—you’re going to reach a point at which finance, accounting and tax workflows become too unwieldy to manage on spreadsheets and disparate solutions. Tracking, analyzing and managing financial and tax activities can be cumbersome, and as companies grow those complexities will increase exponentially.
For help, more companies are turning to comprehensive ERP solutions that seamlessly automate, integrate and streamline financial management and tax workflows. The software not only helps simplify tasks and eliminate unnecessary “steps” in the process, it also frees up accounting and tax team members to work on more strategic projects.
NetSuite’s financial management module seamlessly integrates with additional business applications — including order management, inventory, CRM and commerce — so you can run your entire business with a single solution. From bank reconciliation and assets management to receivables, payables, revenue management and more, NetSuite helps you automate complex financial processes.
For example, NetSuite’s finance and tax management workflows automate tasks that would otherwise have to be managed manually. The accounting team will be alerted to take action on certain steps (e.g., month-end closing), thus ensuring a smooth workflow and management by exception (versus every single process needing manual oversight and intervention).
NetSuite’s robust suite of automated workflows for finance and tax management also help companies improve accuracy and boost efficiency. These workflows include (but aren’t limited to) core functionalities like:
Tax regulations change constantly and can be extremely difficult to manage without a centralized ERP to do the heavy lifting for you. There are different rates, rules and deadlines to consider and many different types of tax deductions, credits and filing requirements to consider. Manual systems or disconnected point solutions that don’t share data with one another will only make the situation more challenging, time consuming and error prone.
NetSuite solves these problems with a tax compliance workflow that manages the end-to-end process. Tax calculations and filings are automatically generated based on real-time transaction data, effectively reducing the risk of errors and penalties. NetSuite’s tax workflows also eliminate the need for manual data entry, ensure better data consistency and help your company adhere to those ever-changing financial and tax regulations.
For example, SuiteTax is a configurable tax engine that delivers end-to-end global tax management. NetSuite’s built-in tax logic automates determinations of taxability and calculations on every transaction, right down to the individual item level. Finance teams can generate detailed reports, analyzing transactions down to line-item tax details in real-time. SuiteTax also simplifies global tax compliance, saving time, reducing costs and eliminating manual calculations. Your accounting team can be further empowered by the implementation and integration of Avalara, a leading tax automation software that integrates seamlessly with NetSuite.
NetSuite's automated workflows for finance and tax management provide a powerful solution for any organization that wants to improve efficiency, save time, improve accuracy and ensure high levels of compliance.
As a premier NetSuite Solutions Provider, ScaleNorth helps companies automate and streamline their general ledger, accounts receivable, accounts payable, tax management, fixed assets management and other important financial processes utilizing the NetSuite platform. In return, organizations get the real-time visibility, business insights and reporting that they need to be able to build even more profitable, sustainable businesses.
Whether you’re looking to get started with NetSuite, or need help optimizing your financial processes, the ScaleNorth team is here to help.
