NetSuite automates the consolidation of subsidiaries
People in finance departments are rarely keen to get started with financial consolidations – it’s repetitive work, often running the risk of small mistakes, which then require lots of investigative effort to rectify. That’s why it’s better to leave these kinds of tasks to your financial software, such as our much-loved NetSuite.
NetSuite’s automated consolidation capabilities deliver a centralised overview of accounting and financial data across multiple subsidiaries, bundled into regions if required. Real-time visibility results in more consistent management for the entire organisation, partly thanks to the reporting across multiple business units.
NetSuite accelerates the closing process and ensures compliance with all the relevant accounting standards, tax codes and regulations – wherever you operate. This centralised governance, together with the approval workflows, cuts costs, increases control and reduces the risk of financial fraud.
Automatically posting every transaction at subsidiary and parent levels simultaneously keeps financial data synchronised within a shared database. Transactions that are recorded locally are also posted simultaneously to the correct parent account, eliminating the need to normalise or match data.
Main benefits
- Insights: access to financial data at both subsidiary and parent level delivers deeper insights into organisational performance.
- Control: you can implement standardised procedures across all subsidiaries.
- Reduced risk: access to sensitive data is centralised with role- and user-based permissions.
- Efficiency: the cost and complexity of managing multiple accounting and ERP systems is eliminated by operating the entire business with the same software.
- Fewer errors: tagging makes it easier to identify intercompany transactions, match them with each other, and book them to elimination posts; networking is also provided.
- For all subsidiaries: departments that aren’t yet working with NetSuite can still submit their data for consolidation through NetSuite manually or semi-automatically.
Dynappco provides customised and fast implementation
NetSuite is renowned for its fast implementation, which is also reflected in its financial consolidation. We can set everything up across all national or international subsidiaries in under 100 days.
The NetSuite software ensures that subsidiaries depend entirely on the parent company as standard. But we customise adjustments for companies with partial- or cross-shareholdings between different entities or subsidiaries – to ensure the account is always optimised, however your business is structured.