How To Create Flawless Audit Trails in NetSuite

Many businesses consider NetSuite the ‘single source of truth’.

That’s why it’s crucial to properly store your customer or company records in NetSuite. They directly impact your service, cash flow, and future business planning.  

But a lot of businesses don’t do this. They tend to keep historical files like financial transactions or contractual agreements separate from NetSuite. When the time comes to closely examine customer complaints, legal cases or anything else associated with NetSuite records? That’s when they get stuck.  

Searching through multiple systems to locate past conversations and dates of shared content is already a time-consuming process. And there’s no guarantee of finding the information you need.

In this article, we’re going to delve into the risks of disconnecting business activity from NetSuite records and explore ways to get rid of this bottleneck.

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‘Audit Inferno’ - Why Audit Trails Matter

We can’t overstate the importance of storing your records in NetSuite.

Don’t just take it from us: all private companies with an annual turnover over £10.2m or assets exceeding £5.1m must undergo mandatory financial auditing.

(Xeinadin Group)

‍Failure to establish clear historical accountability may lead to ISO 27001 penalties, including fines of up to €10 million or 2% of global annual turnover.

(Bulletproof.co.uk)

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‍An "immediate" response is deemed essential or very important by 90% of customers when they have a customer service question.

(Hubspot)

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Recipe for Customer Service Disaster

When your business depends on NetSuite for visibility, tracking data becomes a real challenge. Without proper records, it’s hard to know who accessed information, when it happened, and why.

This gap becomes a major issue during customer disputes especially. If a customer raises a concern, it’s crucial to identify who was involved and when. Their input can be key to resolving the situation quickly and effectively.

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Avoiding Gaps in Your Audit Trails

Is your business audited annually? Consolidating all your business activity in NetSuite is crucial.  

It’s already stressful to find missing information during financial record examinations. So imagine also trying to get input from hard-to-reach stakeholders.

If they're unresponsive during the audit, the process could grind to an immediate halt.

Or worse, their lack of cooperation might cause you to fail the audit. And with it could come financial penalties, reputational damage, and lower employee morale.

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Why Audit Gaps Lead to Poor Project Reviews

If you want to improve efficiency in the future, it might be necessary to conduct a project review. These typically involve an in-depth review of all completed projects to see what worked well and if they were compliant.  

But without a comprehensive audit trail that captures all activities from everyone involved, the analysis will likely be incomplete.  

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Audit-Proof Your Business with Workiro

Workiro’s NetSuite integration helps consolidate all business activity in one place, creating a reliable audit trail. It integrates with external stakeholders, documenting their actions directly in NetSuite.  

This boosts efficiency and keeps data organised, without sacrificing productivity.  

What you’ll get with Workiro:

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• Integrated with NetSuite and beyond: We integrate several business tools such as unlimited document storage, Microsoft co-editing and automatic email capture seamlessly into your NetSuite ecosystem.

• No more disconnected chats:‍ With Workiro, you keep all communication in one central place to avoid oversight and easily access past conversations when troubleshooting.

• One place for all stakeholders: You can ‍collaborate seamlessly with your team members, customers, and partners, all within the convenience of a single application. And it’s built directly into NetSuite.

• Everything gets stored against NetSuite records: ‍‍Every task completed in Workiro is directly stored with your NetSuite records, ensuring this remains the ‘single source of truth’ for your business.  

• Dive into our NetSuite power features: Workiro brings your business activities together and drives a 10x increase in operational efficiency.

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Want to learn more? Book a free demo.