4 Ways NetSuite Can Prepare You For Your Next Audit

Jun 13, 2019 4:59:04 PM

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.

Here are four ways NetSuite can prepare for your next audit:

1. Saved Searches

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.

2. Audit Trails

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.

3. Drill Down Capabilities

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.

4. GL Audit Numbering

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.

Choose the Right Partner to Prepare your Audit

A NetSuite implementation can be overwhelming if you don’t choose the right partner. Rand Group has been helping companies prepare for their audits for over 15 years. We can walk you through which controls and customizations will be the most beneficial for you. For more information, contact us directly. 

 

William Wu

Written by William Wu

William Wu is an Executive Vice President with over 16 years’ experience consulting for and performing ERP software implementations in the energy, technology, telecommunications, and service industries. With a background in both accounting and business and extensive certifications in ERP systems, William possesses both the drive and skill to move a company from where it is, to where it needs to be. Having dedicated more than 4,000 man hours of his own time to several individual projects over the course of his career, William is more than skilled – he’s a dedicated professional.

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