You will learn:
Reconciling accounts is a labor-intensive task that consumes valuable time and resources. Utilizing spreadsheets in this process can introduce costly errors, impede the timely completion of financial tasks, and contribute to an increased workload for the accounting team. NetSuite Account Reconciliation offers a solution by automating the compliance and transaction matching aspects of reconciliation. It provides a centralized platform for managing and monitoring the status and details of each account, including balance comparisons, preparers, reviewers, and sign-off dates.
With NetSuite Account Reconciliation, organizations can effortlessly compare the general ledger, bank records, and other data sources to investigate any discrepancies. The outcome is a quicker financial close, a reduction in compliance risks, strengthened internal controls, and the generation of timely and accurate financial statements.