A company’s general ledger (GL) forms the basis of all its reporting, as it is designed to keep a record of all transactions in a business in one place. This record is organized into assets, liabilities, revenues, expenses, and owner’s equity; which offers you a categorized view of how money moves in your business.
Benefits of the NetSuite General Ledger
NetSuite General Ledger is a fundamental feature of the Enterprise Resource Planning and accounting software solution system. NetSuite accounting’s comprehensive GL functionality is based on the double-entry accounting system. This means that every transaction must credit one account and debit another. Within NetSuite this process is automated. The software then also performs a trial balance to check for errors.
We take a look at 5 ways in which NetSuite’s General Ledger can benefit your business:
1. Simplified financial management
The GL holds a record of all transactions within one place. This makes it easier for businesses to gain a bird’s eye view of their financial position. Without this feature, it may be more laborious – having to pull various reports to pin point issues and see at a glance the areas that need improvement.
2. Financial accuracy
Because of the software’s automated double-entry accounting system, NetSuite’s GL ensures that the books balance. The trial balance feature that verifies transactions in the background, ensures that mistakes can be identified and corrected easily.
3. Informed decision making
With accurate data and a bird’s eye view of all transactions, it is easier to embark on a better, more informed business planning strategy that allows for calculated decisions to be taken in terms of inventory purchases, pricing, supplier changes, or areas of overspending, and more.
4. Smoother tax filing
Good bookkeeping plays an important role in ensuring accurate data is submitted as part of the tax filing process.
NetSuite GL goes the extra mile in making sure financial information is correct for accuracy. This not only minimizes the risk of tax penalties through its ability to provide detailed information needed for tax purposes.
5. Encourages scalability
With accurate data at your fingertips, a business can make more reliable financial projections that support its growth strategy.
NetSuite’s GL serves as the centralized financial backbone of a business, aiding you to better manage finances, operations, and growth plans. With NetSuite you can can make better decisions and stay compliant, while also developing a winning growth strategy.
We can help you set up your GL and budget strategy within NetSuite. Our Netsuite Outsourced Controllers are skilled at software integration and can offer your business the peace of mind it needs to run its accounting accurately and independently.
_______________________________________________________
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
