Month-end close is one of the most critical, and most time-consuming, activities for finance teams. For many NetSuite users, it's also one of the last frontiers of manual work in an otherwise streamlined ERP. If your team is still relying on spreadsheets, emails, and disconnected tools to reconcile accounts, now is the time to explore automation.
According to Ventana Research, nearly 70% of companies still use spreadsheets to support their financial close, despite widespread ERP adoption. And Deloitte reports that companies with high automation adoption reduce their days to close by up to 30%.
In this article, we’ll break down five reasons your organization should consider automating account reconciliation, and why NetSuite Account Reconciliation may be the ideal next step.
1. Close the Books Faster and With Greater Confidence
Manual reconciliation processes slow down the financial close. Every unmatched transaction, missing document, or unclear owner adds time and friction.
With automation, reconciliation tasks are executed in parallel, not in sequence. NetSuite Account Reconciliation allows teams to define rule-based matching, automate assignments, and track progress - all in real time. Automating time-consuming reconciliation tasks can streamline balance sheet reconciliations and drive faster month-end close.
Finance teams using automation reduce time-to-close by an average of 3.3 days (Gartner, 2023).
2. Improve Accuracy and Strengthen Financial Controls
Manual processes invite risk; duplicate entries, version control issues, and missed reconciliations can lead to financial misstatements and audit findings. An automated reconciliation tool ensures every account is certified, every exception is documented, and every approval is tracked.
NetSuite Account Reconciliation includes:
- Preparer and reviewer roles
- Rule-based workflows
- Built-in audit trails
- Exception alerts and escalation tools
Strengthening controls to support audit readiness is crucial, and NetSuite Account Reconciliation includes built-in audit trails and exception alerts.
Organizations that automate reconciliation reduce financial statement errors by up to 60% (EY Global Finance Study, 2022).
3. Unlock Time for Strategic Finance Work
When your team spends less time chasing down backup documents or manually comparing reports, they can spend more time delivering insights.
NetSuite’s solution streamlines reconciliation across bank accounts, credit cards, intercompany balances, AP/AR, and more. Freeing up your finance team to focus on forecasting, performance management, and business partnerships.
Finance teams spend 30–50% of close time on reconciliations alone (The Hackett Group, 2023).
4. Gain Real-Time Visibility into the Close Process
One of the most frustrating parts of a manual close? Lack of visibility. Who owns what? What’s left to reconcile? Where are the bottlenecks?
NetSuite Account Reconciliation includes real-time dashboards and status tracking for each task, account, and assignee - giving controllers, accounting managers, and CFOs the insights they need without spreadsheets or status calls. Gaining real-time visibility into your reconciliation progress is essential for a smooth close process.
Companies with high financial visibility are 2x more likely to achieve forecast accuracy goals (PwC Finance Benchmarking Report, 2022).
5. Scale With Growth, Not Complexity
Growth often brings more complexity: additional bank accounts, new entities, intercompany balances, and increased transaction volume. Manual reconciliations just don’t scale.
NetSuite Account Reconciliation is built to handle:
- High-volume, multi-entity reconciliations
- Complex intercompany matching
- Flux analysis across time periods
- Centralized documentation for audit readiness
80% of finance leaders cite automation as essential to scaling operations (McKinsey, 2023).
Ready to Explore What’s Possible?
As a NetSuite user, you’re in the perfect position to take the next step with automation. NetSuite Account Reconciliation is natively integrated - no third-party software, no complicated integrations.
At Luxent, we don’t just help our customers implement NetSuite, we help them maximize it. Whether you're looking to reduce your month-end workload, improve financial accuracy, or simply streamline your reconciliation process, our team is here to help you get more from your investment.
Want to see NetSuite Account Reconciliation in action?
Reach out to the Luxent team to schedule a personalized demo or register for our upcoming webinar to learn how finance teams are transforming their close with automation.
