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Streamlining Account Reconciliation With NetSuite

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Are you leveraging the full potential of NetSuite for seamless account reconciliation? Let’s dive into this essential financial process and unlock the benefits of using NetSuite to transform this strenuous procedure into a walk in the park.

What is Account Reconciliation?

Account reconciliation is the cornerstone of financial management, ensuring accuracy and integrity in your company’s financial records. In NetSuite, this process involves comparing transactions recorded in your accounting system with external statements (such as bank statements or credit card statements) to ensure they align. Account reconciliation is the primary way to maintain your accuracy in the company’s general ledger (GL) and detect fraud. Bank reconciliation is the most common type of account reconciliation, but all GL accounts can benefit, especially assets, liabilities, and equity accounts.

Now that you know what account reconciliation is, we’ll share the 6 main causes of account reconciliation discrepancies:

1. Human Errors: Transposing digits, data entry errors, or incorrect calculations.

2. Omissions: Transactions that were not included in the GL balance. This could be due to oversight or because they were unknown.

3. Duplicate Entries: Transactions added more than once, usually due to miscommunication or human error.

4. Timing: Different credit timings and pay periods can cause issues for account reconciliation.

5. Miscoding: Transactions that are miscoded and included in the wrong account will skew a balance.

6. Fraud: Unauthorized transactions can come to light during account reconciliation.

How does NetSuite help you with these issues? Find out below with the key benefits of NetSuite account reconciliation:

Efficiency

¤ Automate repetitive tasks and accelerate the reconciliation process

Accuracy

¤ Minimize errors with automated matching and reconciliation algorithms

Insights

¤ Gain real-time visibility into your financial position for informed decision-making

Compliance

¤ Stay compliant with industry standards and regulations, reducing audit risks

Scalability

¤ Scale your reconciliation processes as your business grows, without complexity

Account reconciliation is an extremely important part of the business process and it’s too easy for errors to occur. By using NetSuite and taking advantage of its automations, your business can mitigate risk and make sure the books are balanced every time. Are you ready to optimize your account reconciliation process with NetSuite? Let’s streamline your reconciliation and take your financial management to the next level with NetSuite. Check out our website to set up your free consultation!
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June 11, 2024
Top 5 Excel Functions to Make You and Your Business More Efficient
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If you’re not exactly sure how to utilize software for your business, it can seem like a better idea to go back to pencils, paper, and the old school ways of getting things done. Excel can be overwhelming, but luckily, we’ve narrowed down the top five functions anyone can do to improve efficiency and save money.

1. VLookup: used to help find data automatically in a large field of data instead of trying to find it manually
- - First, identify a column of cells you’d like to fill with new data.
    
    Then select “Function” (the FX button) and type “=VLOOKUP” and insert this formula into your highlighted cell.
    
    Enter the lookup value for which you want to retrieve new data.
    
    You can enter the table array of the spreadsheet where your desired data is located.
    
    Enter the column number of the data you want Excel to return.
    
    Enter your range lookup to find an exact or approximate match of your lookup value.
    
    Click “Done” (or “Enter”) and fill in your new column.
2. Remove duplicates: with large amounts of data, you’re bound to have some duplicates happen. This function makes it a breeze to remove them.
- - Select the data you’re looking to remove the duplicates of.
    
    Click “Data” in the top menu of the Excel window to open the Data menu.
    
    Click the “Remove Duplicates” button.
    
    A window will pop up. If your column includes a header, make sure the box next to “My list has headers” is checked.
    
    A window will pop up telling you how many duplicates were removed and how many remain. Click “Enter” to get rid of the window.
    
    Excel will only remove exact duplicates**
3. Sum function: This does exactly what you think. It adds values. You can add individual cells, cell references, or range…or all three!
- - Type “=SUM” in a cell, followed by an opening bracket “(“.
    
    To enter the first formula range, which is called an argument(a piece of data the formula needs to run), select the numbers you need. For example, if the numbers you’re adding up are between A2:A4 select cell A2 and drag through cell A4.
    
    Type a comma “,” to separate the first argument from the next.
    
    Type the second argument in, for example, C2.
    
    Finally, type a closing bracket “)”, and then press “Enter”.
4. Average function: This will allow you to find the average (in this case the mean).
- - Select the cell where you’d like the formula results to be displayed.
    
    Go to the Home tab and hit the “FX button”. Then, select the AutoSum drop-down arrow.
    
    Select AVERAGE in the list to enter the AVERAGE function into the cell you’ve chosen for results to be displayed.
    
    Highlight the cells which contain the numbers you want to find the average of to enter these references as arguments for the function.
    
    Press “Enter” on the keyboard.
    
    The number that appears in the cell you selected will be the average of the numbers you selected.
5. Trim function: If you copy and paste data directly to Excel, there can be pesky spaces before, after, and in between your data. This function trims the fat and leaves you with just the data you need.
- - Select the cell/cells where you want to delete spaces. For example, select cell A1. In this cell, type ” Pitman” (without the quotations). Be sure to add a space or two before “Pitman” like we’ve done above so you can see the TRIM function in action!
    
    Now click cell B1 – this is the cell next to A1.
    
    Click the “FX button” and then select the AutoSum drop-down arrow.
    
    Select “TRIM”.
    
    Select cell A1. Now, cell B1 should contain the following formula: =TRIM(A1)
    
    Click “Enter”. B1 should now have “Pitman” written in it without any additional spaces.
This should give you a great starting point to understand and utilize Excel for your business. After all, technology is supposed to make our lives easier. NetSuite is a cloud based ERP system that does just that, but it can be overwhelming at times. Please reach out to Palladium Consulting Solutions for your NetSuite consultation.

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May 21, 2024
Top Five Modules for Netsuite
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NetSuite offers a complete ERP system for tracking your business progress. The system includes a wide variety of modules and customizations for your particular business. Let’s take a look at the top five modules NetSuite offers.
1. Supply Chain: NetSuite SCM provides full visibility from conception and manufacturing, to final delivery. With mobile access capabilities and intelligent inventory management, this is one of the best modules you can have. This module conforms to international standards in over 150 countries.
2. CRM: Customer relationship management is one of the most important modules needed for most companies. This NetSuite module will help you achieve your sales goal while also delivering exceptional customer service.
3. Financials: A favorite of CFOs and accountants, this module allows you to take full control of your day to day financials. The use of AI has allowed this module to make more accurate future forecasts as well.
4. Electronic Invoicing: NetSuite covers over 100 companies in terms of localization and taxes. This module excels and automates invoices, payment orders, tax compliance, and more.
5. Business Intelligence: Using valuable information regarding the market and competitors, customized data reports that cover various parts of the business are created. This is a top tier analytic and business intelligence module.
Whether your company is in construction, manufacturing, non-profit, the scientific field, or anything else, these top NetSuite modules will ensure your company is streamlined and efficient. If you’re looking to implement NetSuite, contact Palladium Consulting Solutions for your free consultation today!

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April 30, 2024