Many businesses need help tracking financial data and understanding the complexities of accounting. NetSuite General Ledger is a powerful tool that can help simplify the process and provide real-time visibility into your financial data. In this blog post, we’ll discuss a general ledger, how it works, and why businesses need to utilize one.
What Is NetSuite General Ledger?
NetSuite’s General Ledger streamlines financial tracking, ensuring real-time transaction recording for enhanced business insight. It supports multiple currencies, offers multi-company consolidation, budgeting, and forecasting. Additionally, it integrates seamlessly with other NetSuite modules like Accounts Payable, Accounts Receivable, and Inventory.
How Does NetSuite General Ledger Work?
NetSuite’s General Ledger stores all your transaction data in one place, so you can easily access it anytime. It provides real-time visibility into your finances so you can make informed decisions about managing your money. The software also includes features like budgeting tools and customizable reports that you can use to analyze your data more deeply. Additionally, the system integrates seamlessly with other applications, such as payroll systems and inventory management software so that you can keep track of everything in one place.
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Features of General Ledger
Managing your finances is an essential part of running a successful business. For this reason, it’s important to have the right tools and processes to track and manage your financial data. NetSuite’s General Ledger (GL) is an innovative solution that allows you to do just that. Let’s look at some of the features and benefits of this powerful tool.
Automation
NetSuite General Ledger efficiently manages company financials with standout automation capabilities. It enables effortless journal entry, global consolidation, and streamlined account reconciliation. This simplifies year-end closing and audits, providing ultimate convenience and enhanced productivity.
Chart of Accounts
NetSuite General Ledger features a simplified chart of accounts structure which assists in organizing financial and statistical data for more efficient reporting. This feature removes the need for traditional challenging tracking codes so users can easily locate the necessary financial information quickly and effectively, saving time and energy with every job without sacrificing accuracy.
Budget Tracking
NetSuite’s General Ledger offers a great tool for budget tracking to help businesses stay on top of revenue and expenses. It allows you to take control of financial data by providing real-time visibility into the performance of money coming in and going out. Furthermore, users can create budgets with NetSuite Planning & Budgeting or import files as .csv formats for an even more comprehensive view. Reducing time spent manually entering data also makes it easy for companies to plan ahead and set realistic goals based on financial reports generated within the system.
Segments
NetSuite General Ledger provides organizational flexibility with users’ ability to define unlimited custom GL segments. Beyond the traditional subsidiary, class, department, and location segments, NetSuite allows for creativity when setting up a chart of accounts by providing options such as profit center, fund, program, and product line. NetSuite General Ledger proves to be a good solution for businesses seeking extensive versatility and precision tracking in their accounting software.
Banking Integration
NetSuite General Ledger is a powerful tool that offers integrated banking services. With this technology, businesses can gain deeper insights into their cash flow by connecting to global financial institutions. Moreover, NetSuite simplifies the importation of bank and credit card details directly into its system and enables the effortless reconciliation of statements with general ledger accounts.
Multiple Books
NetSuite’s General Ledger capabilities eliminate data entry replication, ensuring accurate accounting processes. Multi-book accounting organizes entries without duplication, reducing errors and maintaining reporting accuracy. This improves financial performance and saves time in everyday operations.
Multiple Currencies & Tax Structures
The NetSuite General Ledger system allows companies to stay up-to-date with ever-changing tax regulations in multiple countries. With the ability to record transactions in both a local currency and their company’s base currency, businesses can ensure that all of their tax records are accurate and compliant. This flexibility ensures reliance on a quality software system that can keep up with vast international business activities.
Reporting
NetSuite General Ledger offers a wide array of features, such as custom reporting segments that enable in-depth financial and operational data analysis. These reports can be created with multiple accounting standards, and businesses can easily consolidate subsidiary financials. Time-consuming number crunching is eliminated as users can schedule reports to be generated daily, weekly or monthly and sent automatically via email.
Benefits of General Ledger
The NetSuite General Ledger system offers businesses a variety of features that can help streamline their financial operations. Here are some of the main benefits that come with using NetSuite General
Make Better Decisions
The main benefit of using NetSuite’s GL system is that it gives you access to real-time data to make more informed decisions about your finances. This data includes up-to-date information about all your accounts and allows you to track changes in cash flow over time. With this comprehensive view of your finances, you can spot trends and develop strategies for improving profitability and efficiency.
Improved Accuracy
NetSuite’s GL system also helps improve accuracy by automating certain processes like journal entry creation, account coding, and reconciliation. By eliminating manual processes and reducing errors, this system ensures that all data entered into the ledger is accurate and up-to-date, resulting in more reliable financial reports. Additionally, automated workflows ensure that all entries are properly audited and monitored for compliance with internal policies and external regulations.
Better Reconciliation
NetSuite’s GL system also helps improve reconciliation accuracy. This is done by matching transactions against pre-defined criteria and automatically marking them as reconciled once the criteria are met. This ensures that all entries are properly accounted for, making it easier for businesses to reconcile their accounts when needed.
Improved Visibility
It provides you with better visibility into your finances. With this improved visibility, you can easily drill down to specific accounts and transactions to gain more insights. This allows you to identify potential issues or areas of improvement to make better decisions. Additionally, you can access financial statements in real-time, which helps speed up decision-making.
Conclusion:
NetSuite’s General Ledger offers businesses a reliable software solution for enhanced accuracy, efficiency, and financial visibility. With features like multiple currencies, custom reporting, and automated workflows, data integrity is assured. This empowers informed decision-making and long-term profitability
