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Global Financial Services

Over 60% of global financial institutions will increase their investment in compliance initiatives within the next two years.  The ability to navigate a constantly shifting regulatory landscape, manage multi-currency transactions, and make informed strategic decisions in a complex global marketplace are now prerequisites for success in the financial services industry. NetSuite’s cloud-based enterprise resource planning (ERP) solution offers a powerful toolkit to meet these challenges head-on, providing the visibility, automation, and flexibility needed to thrive.

Navigating Diverse Accounting Frameworks

Navigating global financial operations means juggling international accounting standards like IFRS, GAAP, and potentially others. These standards often have subtle but significant differences in how revenue is recognised, assets are valued, and expenses are treated. Attempting to handle these nuances manually, especially at scale, creates a breeding ground for errors. Seemingly small inaccuracies can snowball into major discrepancies throughout your financial statements, potentially leading to costly audits, fines, or reputation damage.  NetSuite eliminates this risk by providing pre-configured processes that adhere to various accounting standards. You can customise NetSuite’s rulesets to reflect the specific jurisdictional requirements for each subsidiary or division, and the system seamlessly applies the correct standards wherever they’re needed.

Real-Time Currency Management

Financial institutions grapple with fluctuating exchange rates that make maintaining consistent records a formidable challenge. Errors stemming from incorrect conversions impact pricing calculations, profit margins, and financial statements. When multiple currencies are in play, managing this via spreadsheets or manual updates becomes error-prone and a huge time sink. NetSuite’s solution lies in its real-time, always-updated currency exchange rate tables. The system automates conversions using accurate rates of your choice (spot, average, historical) across transactions, reports, and consolidations. NetSuite offers peace of mind, ensuring that currency fluctuations won’t throw your financial reporting into disarray.

Ensuring Data Integrity with Reconciliation

Maintaining data integrity when operating across different locations, entities, and currencies is a significant concern for all financial services firms. Even within a single system, reconciliation discrepancies can sometimes occur. NetSuite provides sophisticated tools to help uncover and rectify these issues swiftly. Matching engines can be configured to automate much of the process, and anomalies are promptly flagged for attention. Extensive audit trails help trace back specific transactions and provide the tools to understand the source of any issue. Robust reconciliation provides the firm foundation you need to confidently issue regulatory reports and trust your consolidated financial data.

Ensuring Data Integrity with Reconciliation

Maintaining data integrity when operating across different locations, entities, and currencies is a significant concern for all financial services firms. Even within a single system, reconciliation discrepancies can sometimes occur. NetSuite provides sophisticated tools to help uncover and rectify these issues swiftly. Matching engines can be configured to automate much of the process, and anomalies are promptly flagged for attention. Extensive audit trails help trace back specific transactions and provide the tools to understand the source of any issue. Robust reconciliation provides the firm foundation you need to confidently issue regulatory reports and trust your consolidated financial data.

Data Unification for Enhanced Visibility

Global financial institutions often contend with fragmented data scattered across departments. Spreadsheets for budgeting, separate customer records in sales, and disparate systems for managing expenses leave organisations without a cohesive understanding of their financial performance. With NetSuite, that changes. This cloud-based ERP breaks down barriers, combining financial data from sales, procurement, accounting, and every other touchpoint into a single platform. Now, real-time data provides the critical visibility businesses need to see how decisions in one area impact the financial health of the entire global structure.

Dashboards and Reporting That Drive Results

The right data is pointless if it’s not easily utilised. While traditional spreadsheets and static reports limit action, NetSuite offers custom dashboards that make information digestible and actionable. CFOs, financial controllers, and even regional managers can create personalised views showing critical key performance indicators (KPIs) pertinent to their areas of responsibility. Whether it’s tracking a key sales metric, monitoring regional costs, or forecasting cash flow, the flexible dashboards provide users with a dynamic, adaptable tool. No more digging through disorganised data – now there’s an accurate, visual pulse of financial performance with the capability to drill deeper when needed.

Proactive Risk Identification: Beyond the Spreadsheet

Static spreadsheets can’t adapt to the ever-shifting landscape of global finance. Their inability to accommodate complex projections creates the potential for unforeseen risk. NetSuite’s forecasting and scenario modelling tools enable users to proactively identify potential pain points based on multiple variables. Users can see how decisions about investments, staffing, or even pricing adjustments can create a ripple effect throughout the company. Furthermore, with all financial data in one system, evaluating potential risks is simplified. Analysing customer credit or supplier performance becomes easy, providing a robust tool for managing potential problems before they arise.

Streamlining Cross-Border Compliance

Navigating local tax regulations, reporting requirements, and compliance frameworks across multiple countries can become a logistical nightmare. Even seemingly minor inconsistencies can create major headaches, including costly audits or even penalties.

NetSuite offers a sophisticated suite of pre-built compliance features tailored to diverse regions and currencies. Localised tax calculation engines, built-in compliance controls for tax filings, and support for diverse regulatory mandates keep your operations in line with changing regional requirements. Additionally, NetSuite helps ensure consistent international trade compliance, keeping your transactions flowing smoothly and reducing risk.

Streamlining Cross-Border Compliance

Navigating local tax regulations, reporting requirements, and compliance frameworks across multiple countries can become a logistical nightmare. Even seemingly minor inconsistencies can create major headaches, including costly audits or even penalties.

NetSuite offers a sophisticated suite of pre-built compliance features tailored to diverse regions and currencies. Localised tax calculation engines, built-in compliance controls for tax filings, and support for diverse regulatory mandates keep your operations in line with changing regional requirements. Additionally, NetSuite helps ensure consistent international trade compliance, keeping your transactions flowing smoothly and reducing risk.

Boosting Financial Agility and Data-Driven Decision-Making

Financial institutions operate in an ever-shifting landscape where market dynamics, risk factors, and customer demands change quickly. Capitalising on new opportunities and mitigating potential liabilities requires an agile response built on reliable data.

NetSuite empowers you to leverage deep cross-organisation insights across diverse segments and business lines. Granular reporting features offer a clear picture of financial performance, providing you with the foundation for sound forecasting and data-driven strategic decision-making. This translates into more targeted product development, increased profitability, and greater shareholder value for your organisation.

Automating Tedious Financial Processes

Financial operations often rely on time-consuming manual processes like invoice generation, vendor payments, financial reconciliation, and closing the books. This eats into employee productivity and exposes your organisation to the risk of human error.

NetSuite addresses these pain points with powerful automation tools. Customisable workflows enable streamlined approvals, electronic payments, and real-time tracking – significantly reducing manual work. Automation also extends to complex financial processes such as revenue recognition and financial consolidations. This liberates your workforce from mundane tasks, allowing them to focus on strategic analysis and value-adding activities.

Enhancing Security and Minimising Risk

Security remains an ongoing concern in the financial services industry. Data breaches and fraud can have devastating consequences, costing you not only financially but also damaging your reputation.

NetSuite delivers a multi-layered security approach designed to protect your sensitive financial data. Role-based access controls give you fine-grained control over who can view and edit information. Encryption and secure data centres safeguard against unauthorised access, while a robust audit trail and version history help monitor user activity. Regular software updates and compliance with industry standards like SOC 1 and PCI DSS provide an extra layer of security assurance for your operations.

The Wrap Up

The evolving challenges of global finance demand adaptability and a comprehensive understanding of your organisation’s financial performance. NetSuite’s cloud-based ERP offers a solution that’s as robust as it is flexible. From streamlining complex accounting and compliance demands to unlocking strategic insights through real-time visibility, NetSuite’s capabilities allow financial institutions to anticipate risks and seize opportunities in a competitive market.

Ready to harness the power of NetSuite for your global financial institution?  Don’t just streamline processes – embrace innovation that can set your company apart. Contact a NetSuite specialist today to create a plan that tackles your unique challenges and drives sustainable growth.

FAQs About NetSuite Financials

Can NetSuite handle our company's complex multi-currency and multi-entity structure?

Absolutely! NetSuite excels at streamlining complexities for multinational organisations. Its multi-currency engine handles an unlimited number of currencies, applying real-time, updated exchange rates for accurate financial reporting. The multi-subsidiary structure supports the handling of complex ownership and consolidation situations. NetSuite allows you to maintain accounting rulesets based on location, automatically applying the right standards (IFRS, GAAP, etc.).  Reporting in a parent company’s currency,  local currencies, or consolidated global formats provides flexibility and eliminates manual efforts. These powerful features are specifically designed to simplify compliance challenges while minimising errors in your company’s global financial processes.

Our current finance system is heavily customised. Will we still see gains with NetSuite?

NetSuite offers significant capabilities out-of-the-box, often reducing or eliminating the need for heavily customised, in-house solutions. It accommodates standard workflows common to the finance industry, yet possesses robust flexibility. This customizability is key. Experienced NetSuite consultants carefully consider your unique needs and workflows, configuring the platform to align seamlessly with your processes.  This translates to increased efficiency, decreased manual errors, and enhanced visibility – while preserving what makes your organisation unique.  NetSuite strikes a valuable balance between standardisation and bespoke functionality.

Is NetSuite's reporting robust enough for in-depth financial analysis?

Yes! NetSuite’s reporting goes beyond static data sets and basic accounting metrics. Dashboards with visualisations deliver at-a-glance views tailored to specific roles and responsibilities. Its drill-down features expose the granular details required for informed decisions. Robust built-in reporting tools provide slicing and dicing across subsidiaries, departments, and business units. NetSuite enables the tracking of critical KPIs relevant to your organisation’s success. The platform helps drive actionable insights and assists in the vital task of proactively responding to the dynamic trends affecting global markets.

Tiernan OConnor

Tiernan O'Connor is an accomplished Sales Director and NetSuite expert at DWR Consulting, a top-tier NetSuite Solution Provider and Implementation Partner. With over 25 years of experience in Sales, Marketing, Cloud ERP and technology, Tiernan has become a trusted authority in the NetSuite Partner community, helping businesses of all sizes streamline their operations and achieve success. Tiernan's in-depth understanding of NetSuite's capabilities and his extensive experience in implementing cloud-based ERP solutions have positioned him as a thought leader in the industry. He is known for his ability to identify and execute tailored strategies that meet each client's unique needs, ensuring they unlock the full potential of NetSuite's powerful features. Connect with Tiernan on LinkedIn

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