NetSuite delivers many financial management capabilities required for growing businesses. And while NetSuite moves your business beyond traditional accounting practices, it’s not specifically built to streamline and automate the financial close.
That’s where BlackLine fits in.
BlackLine works with your ERP to integrate the entire record-to-report process. General ledger balances automatically flow out of NetSuite and into BlackLine using the Built for NetSuite Connector.
Here are three reasons fast-growing companies running NetSuite close with BlackLine.
Visibility & Accountability Across Finance & Accounting
BlackLine dashboards and reporting make it easy for the CFO and other stakeholders to instantly see their team’s progress at any time during the close. This includes both at a glance visuals and detailed information, how many reconciliations were prepared, reviewed, and approved, and how many haven’t yet been started.
In NetSuite, managers can only see whether a period has been closed or not. They don’t have visibility into the status of the close and which items have been completed versus which items are still open.
BlackLine integrates with NetSuite to provide full visibility and insight into close activities. Managers can view the close status at a high level and drill down into details and supporting items with ease.
Preparers and reviewers can also access their assignments from one platform and automatically notify the next person in the workflow when their task is complete. This ensures accountability across team members, as well as completeness and integrity for the financial statements.
Built-in Segregation of Duties & Strong Controls
Although NetSuite centralizes accounting and finance data, it does not provide the level of control that growing businesses need. If a user has access to the accounting functionality in NetSuite, they can view and manage everything else. There is no control over who has the authority to perform a certain task or approve a certain value.
Together with NetSuite, BlackLine enforces strong controls, including segregation of duties. With role-based access, administrators can lock down view and edit permissions.
BlackLine segregates preparer and approver tasks, and evidence of their activity is automatically documented within the system.
Complete Close Automation Capabilities
Overall, NetSuite includes basic functionality for the period-end close. By itself, it doesn’t offer workflow and linking of tasks to the actual accounting being performed, like drilling into an account reconciliation or booking a journal entry.
For enhanced speed, efficiency, and accuracy, look to BlackLine.
BlackLine absorbs information from NetSuite and provides end-to-end close automation. For example, if there’s a reconciling difference on an account, users can book a journal entry directly from the face of the reconciliation. Once the account is prepared, it’s automatically routed to the next person in the workflow for approval.
Workflows in BlackLine are easily customizable and allow for up to five levels of certification. After the account is approved and signed off on, the related task is automatically completed.
BlackLine’s Built for NetSuite Connector
Unlike other financial close solutions, BlackLine integrates seamlessly with NetSuite via the Built for NetSuite Connector, formatting and importing NetSuite data directly into Blackline without IT support. By automatically pulling in account balances, currency rates, and saved searches from NetSuite, Finance and Accounting can trust BlackLine as their single source of truth for all close processes.
BlackLine’s tight integration with NetSuite makes us the leading and preferred financial close solution for NetSuite users.
Register for part one of our BlackLine for NetSuite webinar series to learn more about how your organization can benefit from running NetSuite and closing with BlackLine.