Meet our client Brett:
Our client owns a manufacturing business in California. They outgrew Quickbooks and migrated to NetSuite with the help of an off-shore NetSuite implementation team. Since the migration, they managed to complete their daily tasks and record transactions with ease. Their accounts were also reconciled within the accounting platform. The problem for this client began when they realized their NetSuite sales tax report was missing data; and as such, they had to build their own sales tax report manually. Other financial statements also didn’t seem to be lining up correctly.
The challenge for this particular client related to the fact that they weren’t equipped enough to navigate the software to ensure that they using it correctly. They also didn’t know if they were making use of the full basket of services the platform provides. They wanted to be sure they had everything set up correctly to better navigate the next tax season. Their anxieties quickly escalated when they realized that none of their staff, nor their local CPA were familiar with NetSuite.
How we helped them:
Fortunately, they scheduled a discovery call with our team of CPAs, who are fully trained on the NetSuite software.
As a first step, we conducted a complementary accounting diagnostic. Our diagnostic services aim to gain a thorough understanding of the accounting side of their business. Through our accounting diagnostics, we were able to assess whether our client’s accounting files need to be cleaned up, or whether more streamlined systems need to be put in place.
We looked into the type of accounting services the manufacturing industry requires and noted that they weren’t fully set up to record all their transactions within the version of the platform that had been set up for them. This explained why their sales reports were missing data and why their financial statements weren’t lining up. NetSuite is an extremely customizable software and doesn’t follow a one-size-fits-all approach. There are also several versions of the software, which each present a unique layout to meet the needs of different organizations and industry structures.
NetSuite financial reporting is a powerful tool that can solve severe economic challenges, and as such our team educated this client on how to use this functionality to their advantage.
Thanks to this our client is now also able to pull detailed reports within the platform to help them guage the financial position of their business and to see their tax obligations at a glance, they are now also able to look at the financial performance of their business at a granular level to be able to make more informed business decisions.
Or, are you experiencing the same or similar issues to that of our client outlined above? Do you simply need to consult on whether the software has been adequately set up for your business? We can help you decode it all and have the software set up to be simple enough for your team to use. Schedule a discovery call to get our inputs.
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.