Financial management will steer every triumph and shortcoming.
It’s therefore imperative to express data, delegate tasks, and preserve vital compliance with equal distinction across your entire business.
However, with so much to contextualise, it’s often difficult to maintain coherent workflows, so, we’ve drilled down five essential processes, and explained how to get these under control inside your NetSuite accounting software, with particular focus on how Workiro can further enable this.
For maximum efficiency, consider forming a ‘single source of truth’, as this will ensure all data is collated and managed in one place, making this easier to obtain, and far likelier to comply with vital governance.
During inspections, finance teams can provide key data much quicker, and in turn, help relieve some of the stress around these crucial checks.
Using Workiro alongside NetSuite, it's now easier to formulate consistent audit trails, with every task, document, and piece of dialogue merged against your NetSuite records.
These hold consistent levels of accuracy, and helps ensure that everything is directed by the letter of the law - it’s a prevalent concern, as only last year, total audit fines across the UK rose to £46.5 million.
Prompt communication is vital for both yourself and customers.
For businesses, using Workiro’s live chat feature ensures they have permanently active dialogue established, which could prove crucial when seeking overdue invoices, or simply obtaining data they need to process a certain payment.
From the customer’s perspective, this feature may be necessary to engage with businesses instantly, should they dispute financial arrangements, or believe services have failed to reach the standards expected in relation to what they paid.
During these instances, finance teams can fire up their ‘single source of truth’ inside NetSuite, and easily navigate combined records to find the specific documents being contested.
For context, Zendesk suggest up to 75% of customers are willing to buy more from businesses if they provide ‘good customer experience’.
Legal compliance is the biggest concern here, along with maintaining this during a new hybrid approach to work.
With more than 30% of UK businesses adopting these arrangements last year, its likely for financial correspondence to now be completed digitally.
For this very reason, Workiro integrates e-signatures into your NetSuite space, adding legally compliant signing to important finance documents.
Electronic signatures have also become hugely beneficial for audits - Open/Span Insights suggest these can improve efficiency by up to 80%.
Internal control environments are crucial to the running of every department within your business.
That being the case, Workiro allows you to set recurring tasks, and document proof of oversight, giving you greater assurance that each control process is being consistently delegated, and completed effectively.
And, sometimes, changes are made to documents being used during these processes, which could halt proceedings as team members try to understand when and why these alterations were made.
In this case, Workiro’s fused records can be used to track a series of iterations made to documents, since people can instantly see whenever they were sent back and forth.
Timely dialogue is paramount, which could be obtaining concrete evidence that payments will be made to lenders on schedule, should they express concern over time-sensitive demands.
Slow dialogue among team members will hold up proceedings, so prompt people manually, or let Workiro’s catch-up feature establish proactive management on your behalf.
This feature places the most important tasks at the top of people’s pipeline, making them the very first thing they can see.
Stop making financial management more difficult than it has to be.
Plug our NetSuite integration into your existing NetSuite platform to add document management, file sharing, electronic signatures and communication, all through one, intuitive app.
Finance teams can now work with greater visibility, clarity, and control, using a ‘single source of truth’ to communicate year end reports, group on-going correspondence with vendors, and create fully compliant audit trails.
Got an upcoming audit?
Watch Workiro make audit processes much simpler in our Free Audit Webinar.