Using a cloud platform will make the close process less stressful and more efficient. Teams can access documents more quickly while working on documents simultaneously. This will create a level of transparency while eliminating the age-old problem of not being able to access a document when its owner is out of the office or leaves the organization.
Get started is as easy as creating a shared Microsoft Excel checklist in SharePoint or OneDrive, and rolling it forward each month. Even better than relying on Excel alone, which has limitations when it comes to workflow, is to use a close management software solution to track all checklist items, reconciliations, and review notes. RevLocal, a digital marketing company serving the U.S. and Canada, used to rely on an antiquated binder system and desktop-based Excel spreadsheets to manage the month-end close. When they switched to FloQast, they incorporated their Excel spreadsheets into our close management software, which keeps them in the cloud and always up-to-date.
When thinking about the close process, there is no debate around the efficiencies NetSuite can bring to processes like Revenue Recognition, Accounts Receivable, Accounts Payable, and Bank Reconciliations. Still, the accounting team will need a place to track workflow, organize their folder structure, perform trial balance tie-outs, store supporting documentation, and track KPI’s around close performance to significantly reduce the time it takes to close the books.