6 Ways NetSuite Streamlines the Audit Process

When the time comes for auditors to scrutinize a company's financial records, ensuring accuracy and up-to-dateness, it's a situation that can cause unease among CFOs, controllers, and accounting teams. Yet, audits are a crucial component of sustaining a successful business, whether conducted internally each year for precision or by external entities like the Internal Revenue Service.

Adopting a proactive stance is invariably the best strategy in facing these assessments. Instead of fearing audits or hoping they never occur, forward-thinking companies constantly stay in "audit-ready" mode. This proactive approach not only mitigates the shock of unforeseen findings but also transforms the audit into a tool for enhancing organizational quality control.

Audits bolster the credibility of financial statements, making them appear more reliable and trustworthy. They ensure adherence to accounting standards and regulations, pinpoint weaknesses in internal controls, and lessen the likelihood of facing penalties for non-compliance or legal issues.

Embrace Audit Assurance with NetSuite

Organizations reliant on outdated methods like spreadsheets and manual paperwork for their financial management are at a disadvantage when audits are imminent. NetSuite automates numerous financial tasks, drastically reducing human errors and discrepancies that could attract auditor scrutiny.

As an ERP solution, NetSuite offers exhaustive audit trails by documenting all modifications and transactions, complies with a variety of financial and data security standards, and features pre-designed reports to meet audit demands.

As a NetSuite Partner, CODEGUARDIAN has enabled numerous businesses to harness NetSuite's powerful audit-preparation features. Here are Six ways NetSuite can streamline your audit process:

1. Role-Based Access Control: NetSuite's role-based access system specifies user permissions, enhancing audit integrity by clearly defining who can see and do what within the system.

2. General Ledger Audit Numbering: NetSuite sequentially numbers all general ledger transactions, ensuring a complete and uneditable record for auditors.

3. Advanced Inventory Management: NetSuite's inventory tools not only improve operational efficiencies but also prepare your company for audits by offering a clear view of inventory movements.

4. Audit Trail Saved Searches: NetSuite allows for tracking and searching of financial transaction audit trails, enabling monitoring of any unusual activities.

5. Ease of Electronic Audits: Supporting various audit file formats, NetSuite provides a consistent audit trail, analytics, access logs, and workflow management for comprehensive compliance.

6. Third-Party Compliance Integration: Beyond its native capabilities, NetSuite allows integration with third-party compliance software, further enhancing audit readiness.

With NetSuite and CODEGUARDIAN, you're in a strong position to navigate your next audit successfully. NetSuite serves as a central repository for critical business data, ensuring your auditors have direct access to transparent internal controls and precise reporting.