Generating financial statements is a routine part of the close process, but standard financial reports cannot always provide sufficient explanations for the numbers. Getting that information can be difficult or even impossible. Often, the problem is in the chart of accounts, which provides a framework for organizing financial data in the general ledger (GL).
Problems arise when the chart of accounts structure expands beyond the natural accounts, requiring complex account codes. As a result, the GL becomes difficult to use, leading to errors and delays. Multidimensional accounting eliminates the need for complex account codes, including relevant details as dimensional values.
NetSuite combines multidimensional accounting with powerful reporting and analytics to give managers the information they need to make informed decisions, identify opportunities for improvement, and better understand the link between day-to-day activities and financial outcomes.
Read more from this NetSuite blog post or watch a recent webinar to learn more about NetSuite’s multidimensional accounting and reporting capabilities.
Contact the GYF ERP Solutions Group to find out more about the NetSuite products.
