With the deadline for S-Corp and partnership tax returns upon us, it’s likely your company’s financial team is facing its own kind of March Madness. Whether it’s Form 2553 or Form 1120S or the countless other pieces of financial data that needs to be collected, analyzed, and organized before the March 15 deadline, playing the year-end reporting game takes extraordinary hustle.
The good news is, you’re not alone. When Thomson Reuters asked tax professionals what their top challenges were, reporting and compliance topped the list (with data management not far behind). These are common struggles with companies of all kinds trying to find solutions to keep things running as smoothly as possible.
But once the clock has run down and the final buzzer has sounded, it's always tempting to quickly move on to the next pressing issue. But a Championship Team knows that if they scrambled through filing this year, now is the time to “review the tapes,” recollect, organize your thoughts, and see where you have room for upping your financials and reporting game in the new fiscal year.
For some companies, the struggle of financial reporting is compounded by the need to jump between multiple applications for all of the necessary data. But even for those using a single system like NetSuite, using the technology to your greatest advantage can take time, resources, and experience that small and mid-sized businesses just don’t have.
Here are a few “key plays” to consider during your post-game analysis to help ensure you’re getting the most out of your NetSuite investment and that next year’s March is a little less “mad.”
With NetSuite, your finance team gets real-time financial analysis and modeling across every dimension of your business for detailed insights into corporate performance and improved business decision making. If that sounds like a lot, it is. That’s why narrowing that data to be the most useful and relevant for your team is so important. Taking the time to streamline reports to include exactly what you need and eliminate the extra noise saves time and frustration down the road.
NetSuite offers audit-ready solutions to support and empower your company’s governance, risk and compliance (GRC) programs including capabilities and processes to handle increasingly complex regulatory, operational and compliance challenges. An Championship Team makes it a priority to customize these features for their company’s specific needs for smooth sailing through tax season and beyond.
Make Your Permissions Precise
Most challenges in reporting come down to human error. Defined roles can significantly minimize the risk. The top way to avoid this is audit your permissions. Make sure you have opened access for team members who need it and (more importantly) restricted access for those who don’t to eliminate the risk of inadvertent mistakes in your reporting. Surprisingly, this step often gets overlooked once the initial setup phase is over. Being consistently particular with your permissions can save you missteps and “fouls” down the road.
Reassess Your Team and Potentially Trade-Up
The reality is that no two organizations have the same financial reporting needs, during tax season or any other time of the year. So no matter what finance tools you’re using, optimization and personalization are key. Having the right team members to manage your business-critical technology is imperative. Unfortunately, many companies don’t have the time or team members to fully cover their technology needs.
Some companies without “deep benches” to turn to opt to bring a managed service provider (MSP) onto their team as a secret weapon. A strong MSP partnership means having a whole team of experts focused on optimizing your NetSuite solution for you specific business needs. Having these ringers on your side means your in-house IT can focus on more strategic, game-winning endeavors.
Get a closer look at all of your NetSuite support options in this complimentary ebook “The Definitive Guide to Supporting NetSuite.”
We’d love to learn more about your financials team and how we can help you boost your game plan with strong NetSuite management. Get started with a free 15-minute consultation today.