NetClose is a NetSuite-embedded monthly-close product presented in a short overview video. The tool adds a NetClose tab inside NetSuite and exposes a Dashboard (using native reminders/graphs) and functionality to manage Tasks (Kanban board, comments, steps, links to journal entries), Reconciliations (attach support, Excel, safe searches, status tracking, match accruals and run adjustments), Accrual booking with journal entry runs, and built-in Amortization schedules (create from transactions, modify, write off). It also leverages NetSuite-specific features such as Flex explanations, top-side adjustments, and locking transactions/subsidiaries. The video positions NetClose as customizable and audit-compliance focused to reduce repetitive month-end work.
Questions this video answers
Adam Riches, CPA
February 23, 2023
Chapters
You. Delivering timely financials is the key to success for every accounting department. So we created NetClose, a powerful tool to streamline the monthly close process for your business. This product is fully embedded within NetSuite and designed to utilize the native NetSuite functionality. You can see how NetClose shows as an additional center tab in NetSuite. All of the functionality of NetClose is then accessed within this tab. To start, we have the Dashboard, which is the screen currently showing. Because our product is embedded, we are able to utilize native NetSuite functionality such as reminders and graphs on the dashboard. NetClose provides multiple functionalities required for a smooth close Tasks and reconciliations are two primary functions of our system. Tasks are meant to provide a trackable list of to dos. For the close process, we have a Kanban board showing all of the tasks and their current statuses and provide the ability to have comments and steps built into the task. Easily follow links or connect journal entries directly to the task to enable easy prep and approvals. Similarly, reconciliations will live directly within the system, which provide a place to track the status and support for completed reconciliations. Easily add support in a variety of ways, including individual items, attaching Excel sheets, or using NetSuite safe searches to pull and directly compare the reports you are already using for your monthly reconciliations. We also have the ability to book accruals within the system and run journal entries from the accrual records. Reconciliation pages allow us to match the accruals to transactions directly within NetSuite and then we can run adjustments. Amortization schedules are also built into NetClose and will provide amortization schedules with journal entries. We can create amortizations directly from transactions and then give you the freedom to modify and write off the amortizations as needed going forward. Finally, because we are embedded directly within NetSuite, we have additional NetSuite specific functionality. We can generate Flex explanations, create top side adjustments, and lock transactions and subsidiaries specific to your NetSuite account. For more detail, see our specific functionality videos for NetClose. NetClose is designed to provide an audit compliance system to track the pieces necessary to complete your month end processes. Netclose is fully customizable to your specific business processes, so once set up, monthly time is spent on the pieces that matter. Take the guesswork and repetition out of your month close process with Netclose.
