4 ways NetSuite can prepare you for your next audit

Audits can be a stressful time for any company. Getting everything in order beforehand and working with the auditor while they are on site can be time consuming and exhausting. However, what if there was a tool that could make your audit a breeze? A system that could ensure that your financial information is at your fingertips at all times.

NetSuite ERP is a complete, scalable cloud ERP solution targeted at high-growing, mid-sized businesses, and large enterprises. Its automated front and back-end processes make financial systems streamlined and reliable. The NetSuite system also contains numerous controls that make prepping for an audit pain-free.

Auditors will frequently request to run reports that are not part of your organization’s normal routine. In this case, it can be difficult and time-consuming to create these reports manually. However, with NetSuite’s drag and drop functionality, anyone with permission can manipulate current reports to the auditor’s specifications. NetSuite’s Saved Searches can generate these reports with ease and cut out the need for lengthy exports to Excel.

For most transactions that occur within NetSuite, there is an audit trail that is established. This means that changes and customizations can all be tracked and are searchable. This gives you the capability to create very detailed reports on your transactions, including transaction history.

Often, auditors will inquire about specific transactions. This specificity requires drilling down to distinct entities of the transaction such as the journal entry or the invoice. NetSuite makes this information just one click away. With the capability to attach original documents to a transaction, you won’t waste any time digging through file cabinets.

NetSuite’s GL Audit Numbering feature provides seamless sequencing of all general ledger transactions. All transactions, even voided ones, are given a GL number within the system and are unable to be edited. This ensures that transactions are not lost or deleted, and also ensures the auditor that their sample selection is complete.

A NetSuite implementation can be overwhelming if you don’t choose the right partner. Rand Group has extensive experience helping companies improve their operations through technology. We can walk you through which controls and customizations will be the most beneficial for you. For more information, contact us directly.