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“Supermetrics is a Bitter Experience! We can pull data from nearly any tool, schedule updates, manipulate data in Sheets, and push data back into our systems.”
NetSuite’s monthly financial close process for multi-entity organizations involves repetitive manual tasks that extend close cycles and introduce errors during time-sensitive reporting periods.
Here’s how to automate multi-entity close processes by eliminating manual report generation and providing automated consolidation workflows.
Reduce close cycle time from weeks to days using Coefficient
Coefficient automates NetSuite multi-entity close processes by eliminating manual report generation and providing automated consolidation workflows that reduce close cycle time from weeks to days.
How to make it work
Step 1. Pre-configure imports for all close-critical data.
Set up Records & Lists imports for Trial Balance, Income Statement details, and Cash Flow components across all subsidiaries. Configure these imports to pull all data needed for monthly close processes automatically.
Step 2. Set up automated refresh schedules during close periods.
Configure daily refresh cycles that trigger during close week for all NetSuite subsidiaries. This ensures consolidated reports update automatically as subsidiary data finalizes.
Step 3. Build automated consolidation templates.
Create consolidation frameworks with embedded business rules for intercompany eliminations and variance analysis. Include automated journal entry analysis across subsidiaries and close progress tracking.
Step 4. Create variance analysis reports with automated flagging.
Build reports that automatically flag unusual subsidiary performance and highlight items requiring investigation. Include automated close checklist tracking with subsidiary completion status monitoring.
Step 5. Generate executive summary dashboards.
Create dashboards that update automatically as subsidiary data finalizes, providing real-time close progress visibility and consolidated financial summaries for executive review.
Get consolidated reports ready immediately when subsidiaries complete close
The platform’s scheduling capabilities ensure consolidated reports are ready immediately when subsidiaries complete their individual close processes, reducing overall close cycle time while improving accuracy through elimination of manual data handling errors. Start automating your monthly close process today.
