1. Enhanced Forecasting with Real-Time Insights

The number one lesson we have heard from CFOs who use NetSuite is being able to get real-time insights into their financials to help with their financial forecasting. CFOs have voiced how important real-time data is in their financial reporting, and luckily NetSuite has an extensive collection of financial reporting tools and dashboards for attaining real-time data.

Why have CFOs found this lesson imperative in their day-to-day tasks? They get a real-time view of key performance indicators (KPIs) and financial metrics so they can make more informed decision-making based on the most up-to-date financial data available. By using the latest, most up-to-date financial data, they have enhanced monitoring of their company’s current performance and forecasting of trends for the future.  This also helps with more proactive decision-making on a day-to-day basis.

These real-time insights replace periodic data to help CFOs track critical data through fully customizable dashboards, including:

• The real-time cash position of the company
• The budget versus real-time actuals
• Cash flow matrices
• Forecast variances
• Profitability by either customer or product
• Revenue by business unit or by region
• Days Sales Outstanding (DSO)

This “instant visibility” has helped CFOs monitor both the financial and operational performance of their businesses. Not only that, but these real-time performance numbers have also been linked directly to financial strategies to help business stay ahead of any market shifts in the future.

2. Using Integrated Financial Modules

Since NetSuite integrates with numerous financial systems, including Enterprise Resource Planning (ERP), Customer Relationship Management (CRP), inventory, procurement, and eCommerce platforms, CFOs have a more consolidated financial outlook of their company. Why have CFOs found this lesson to be important? This integration guarantees up-to-date and accurate financial data across all systems.

Not only that, but integration ensures that operations, accounting, and analytics are connected in one single platform for faster decision-making (because solos are eliminated, which stifle both insight and efficiency) since everyone is working with the same financial information. And, the CFO becomes the natural integration officer since they now have a role in every part of the business!

This is an important lesson learned, as CFOs are essentially the architects and administrators of this financial data transformation and technology shift within the company. Many CFOs have found that one of the main benefits to cloud ERPs like NetSuite is that they unify data across all departments for one centralized financial database (we will further explain how these departments collaborate below!).

3. Taking Advantage of Automated Workflows

How do automated workflows help CFOs make the most out of NetSuite? They significantly reduce the need for manual accounting efforts, such as reconciliations, invoicing, accounts payable and receivable, and expense approvals. This automated workflow eliminates manual financial errors while freeing up this important time so that CFOs and their financial team can focus on more important tasks like financial forecasting, strategizing, and planning.

Since Critical Connexion has a global presence, we asked CFOs who have a global focus what lesson they learned, and they mentioned three important aspects they have saved from automated workflows:

1. Time-consuming manual processes
2. Currency conversion errors
3. Manual intercompany eliminations

On a global scale, CFOs can stay compliant in every area of the world they operate in, close their books faster, and eliminate accounting errors. Yet, this lesson was even found to be beneficial to small- and medium-sized companies with a national focus. In fact, CFOs at this national level still found that automating their financial processes cut down on many costly mistakes while increasing the visibility of their reporting due to having more frequent, real-time numbers on a daily basis.

4. Compliance, Regulation, and Audit Management

With the ever-changing world of compliance and regulation crippling accounting departments, making the most out of NetSuite’s regulatory compliance and industry-specific features have been key to CFOs corporate responsibilities.

NetSuite has built-in compliance reports, audit trail capabilities, and financial controls that manage and monitor compliance and ensure that companies are in adherence with their specific industry standards. Since NetSuite tracks everything automatically and keeps detailed logs of all your company’s financial transactions and changes, your regulatory compliance and audit readiness are considerably easier for CFOs and their team.

For example, CFOs have voiced the importance of using both standard compliance reports, such as SOX compliance checklists, tax audit files, and revenue recognition schedule, along with more advanced guidance when major regulatory changes occur.

Whether you are preparing for an external audit or a report to your Board of Directors and Executive Committee, NetSuite can help you preserve internal controls with the following:

• Prebuilt compliance reports tailored to your industry
• Automated journal approvals
• Transparent audit trails for each and every transaction within the company
• Role-based access controls so that logins are approved on an as-needed basis

Not only that, but all your financial data is traceable and accessible when regulations change, compliance needs to be proven, or an audit is triggered.

5. Cross-Functional Collaboration

Since NetSuite is the single source for financial information, CFOs have found they have better cross-functional collaboration between their financial team and other departments because everyone is using the same platform. This collaboration ensures that everyone can access real-time, accurate data and are all aligned with their planning, strategizing, and forecasting.

This cross-functional collaboration not only reduces the time and energy needed to accurately budget with real-time numbers but also helps every department have a hand in forecasting, strategic analysis, and creating new opportunities for the future.

For example, we spoke to one CFO who said they now partner with their IT department on system implementation, with their sales and operations departments on efficiency and sales proposals, and with their Human Resource Department on workforce planning. This CFO strongly recommends that other financial professionals encourage their teams across every department – IT, sales, operations, HR – to use NetSuite as the collective source of financial data.

When everyone works on the same NetSuite system, there is a greater opportunity for teamwork and a greater sense of transparency throughout the entire organization.

How Can You Make the Most Out of NetSuite?

These are just five lessons learned from CFOs we have spoken with over our decades of experience. NetSuite provides a wealth of opportunities to companies all over the world and in nearly every industry. Real-time financial data is crucial for CFOs so that they can make accurate and timely strategic decisions, while NetSuite’s unified platform integrates all of the core financial processes. And since financial compliance and regulation requirements are ever-changing, CFOs no longer need to research these changes – NetSuite’s built-in compliance tools help manage regulatory requirements and industry standards.