A Guide to Better, Faster Decision Making with Continuous Accounting. Part 1

Overcoming Accounting Challenges with NetSuite Financial Planning

The standard accounting processes that most organisations still use today were developed centuries ago, long before modern business complexities and regulatory requirements. Back then, merchants relied on handwritten ledgers to track transactions. Despite the availability of advanced technology, many finance professionals remain tethered to these outdated methodologies, spending excessive time on repetitive, manual tasks rather than focusing on financial strategy and growth.

While accounting software has automated many of these tasks, finance leaders often hesitate to adopt new technology, favouring familiar yet inefficient systems. Unfortunately, this reluctance to modernise leads to higher operational costs, greater error risks, and delayed access to crucial financial data.

To improve financial decision-making, businesses could shift from the traditional record-to-report process to a more dynamic, NetSuite financial planning approach. This transformation enhances real-time visibility, optimises financial workflows, and empowers teams to deliver strategic insights more efficiently.

The Persistent Challenges of Traditional Accounting

Closing the books is one of the most time-consuming and stressful tasks for accounting teams. Whether done monthly or quarterly, the process involves tedious, repetitive tasks that can take days or even weeks to complete. This time-intensive workload limits the finance team’s ability to provide valuable insights that could improve an organisation’s overall financial health. Among the biggest challenges finance professionals face are:

1. Disconnected and Incomplete Data Accurate financial reporting requires up-to-date data from multiple sources, such as inventory levels, project milestones, and fixed asset status. However, in many organisations, this critical information is scattered across multiple departments, legacy systems, or even paper records. Manually collecting, consolidating, and verifying this data makes the closing process inefficient and prone to errors.

2. Lack of Collaboration Across Departments Finance teams often struggle to get the information they need from other departments in a timely manner. Common issues include:

• Waiting for updates from sales, procurement, or operations teams
• Limited visibility into recent transactions, pending contracts, or expenses
• Frequent last-minute data changes that require rework

This lack of collaboration slows down financial reporting, increases frustration, and delays access to key insights.

3. Compliance and Regulatory Burdens Staying compliant with financial reporting standards (e.g. AASB, IFRS) and tax regulations is an ongoing challenge. Organisations must ensure that:

• Accounting processes align with relevant standards and tax codes
• Reports are generated correctly and on time
• Tax obligations are met to avoid penalties and audits

Without a streamlined system, managing compliance manually adds complexity, increases the risk of errors, and exposes businesses to potential financial penalties.

4. Time-Consuming Manual Processes Traditional accounting teams spend countless hours on tasks such as:

• Reviewing transactions and identifying discrepancies
• Correcting journal entries and balancing accounts
• Calculating depreciation and accruals
• Manually recognising revenue and adjusting financial statements

Much of this work happens outside the core accounting system, often in spreadsheets, increasing the risk of errors and inefficiencies.

How NetSuite Financial Planning Transforms Accounting Efficiency

Modern finance teams need an integrated, automated solution to overcome these challenges. NetSuite financial planning provides a real-time, cloud-based platform that eliminates inefficiencies, enhances accuracy, and accelerates decision-making.

• Real-Time Financial Visibility With NetSuite financial planning, finance teams gain a centralised view of all financial data, updated in real time. This eliminates reliance on disconnected spreadsheets and manual data entry, reducing errors and ensuring more accurate reporting.
• Seamless Departmental Collaboration NetSuite’s unified platform ensures that financial data flows seamlessly across departments. Automated workflows improve communication between accounting, sales, operations, and HR teams, reducing bottlenecks and improving financial close times.
• Automated Compliance and Reporting NetSuite simplifies compliance by automating regulatory reporting and tax calculations. The system ensures that financial records adhere to local and international accounting standards, reducing the risk of audits and fines.
• Faster, More Accurate Financial Close By automating key accounting processes, NetSuite financial planning significantly reduces the time required to close the books. Features such as automated journal entries, real-time reconciliations, and AI-driven error detection streamline operations, allowing finance teams to focus on strategic analysis rather than manual corrections.
• Intelligent Forecasting and Budgeting One of the most powerful advantages of NetSuite financial planning is its ability to enhance financial forecasting. Advanced analytics and AI-driven insights allow businesses to: - Accurately project future revenues and expenses - Identify financial risks and opportunities - Make data-driven decisions to improve profitability

Unlock the Full Potential of Your Finance Team

By adopting NetSuite financial planning, businesses of all sizes can move beyond outdated accounting processes and embrace a more efficient, data-driven financial strategy. NetSuite enables finance teams to work smarter, collaborate more effectively, and deliver real-time insights that drive growth.

If you’re ready to transform your financial processes and gain greater control over your organisation’s performance, we’d love to help. Get in touch with Humony for a free, no-obligation chat about how we can optimise your accounting operations and help your business run better.