10 Quick Tips for Making the Most Out of NetSuite Financial Reporting

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10 Tips for NetSuite Financial Reporting

NetSuite Financial Reporting helps businesses simplify and organize their financial data effectively. It’s a tool that saves time and helps companies make better decisions by presenting clear insights. This blog will guide you through understanding financial reports and how to get the best out of NetSuite’s features.

What are Financial Reports?

Financial reports are tools that show the financial activities and position of a business. They help businesses understand how money flows in and out. Reports like income statements, balance sheets, and cash flow statements are common examples.

With clear financial reporting and analysis, you can see what’s working and where changes might be needed. They make it easier to plan, manage spending, and focus on growing the business. Using NetSuite Financial Reporting, you can create these reports quickly and with fewer mistakes.

Knowing how to read and use these reports can make a big difference for any business owner.

How to Read Financial Report?

Reading a financial report may seem tricky, but it’s easier than you think. Start by looking at the income statement. This can show how much money your business made and spent during an exact time.

Next, check the balance sheet. It tells you what your business owns, owes, and the overall worth. The cash flow statement shows how money moves in and out, helping you track liquidity.

With NetSuite Financial Reporting, you can see these details in an easy-to-read format. Focus on trends and patterns, not just numbers. This will help you understand how your business is doing and where to improve.

Understanding NetSuite Financial Reporting

NetSuite Financial Reporting makes it easier to track and understand your business finances. It organizes all your financial data in one system, so you can quickly access the reports you need.

The platform offers tools to create income statements, balance sheets, and cash flow reports. These reports are clear and easy to follow, even if you’re not a finance expert.

What’s great about NetSuite Financial Reporting is its ability to update reports in real time. This helps you stay on top of changes and make informed decisions for your business. It’s a smarter way to handle your financial data.

Key Tips for NetSuite Financial Reporting You Should Know

Using NetSuite Financial Reporting effectively can save time and provide deeper insights into your business finances. Below are 10 practical tips to help you make the most of this powerful tool. Each tip includes a simple explanation to guide you in your daily work.

  • Save templates for common reports. Use saved templates to generate frequently used reports quickly without starting from scratch each time.
  • Schedule reports for automatic updates. Set up scheduled reports to run at regular intervals, so you always have fresh data ready.
  • Check your chart of accounts regularly. Ensure your accounts are organized properly, so your financial reports give you accurate and clear insights.
  • Use filters to refine data. Narrow down your reports to show specific departments, time periods, or transactions that matter most.
  • Leverage real-time updates. Keep track of financial trends and changes instantly, instead of relying on outdated numbers.
  • Export reports for advanced formatting. Move your reports to Excel if you need to customize the layout or share them externally.
  • Bookmark important reports. Save quick access links to your favorite or critical reports to reduce the time spent searching.
  • Add calculated fields when needed. Use custom formulas to highlight key metrics or calculations relevant to your business goals.
  • Customize dashboards for instant insights. Set up dashboards with visual metrics for a quick view of your most important financial data.
  • Train your team on NetSuite features. Ensure everyone knows how to use NetSuite Financial Reporting to minimize errors and maximize productivity.

These tips can help you work smarter and get better results from your NetSuite reports.

Hundred MS: Your Partner for NetSuite Financial Reporting Optimization

At Hundred MS, we understand how important accurate and clear financial reporting and control are for your business. Our team combines deep finance knowledge with NetSuite Consulting expertise to help you optimize your reporting process.

We specialize in NetSuite accounting to ensure your financial data is organized and easy to understand. Our services go beyond reporting to support your entire financial management system, making your processes smoother and more effective.

We work with you to make NetSuite Financial Reporting easier to use and more effective. Whether it’s setting up reports, troubleshooting issues, or training your team, we’re here to help.

With Hundred MS as your partner, you’ll save time and focus more on making smart business decisions. Let us help you turn your financial reports into powerful tools for success.

Solving Common Challenges in NetSuite Financial Reports

easy to solve. Here are some common problems and how you can handle them effectively.

  • Data not showing correctly in reports. Check if your accounts are mapped properly or if filters are incorrectly applied.
  • Reports taking too long to load. Try reducing the date range or removing unnecessary fields to speed things up.
  • Confusion with account categories. Review your chart of accounts to ensure all categories match your reporting needs.
  • Errors in report formulas. Double-check custom formulas and make sure the data fields are pulling the right information.
  • Difficulty finding specific reports. Use NetSuite’s search bar or bookmarks feature to locate your most-used reports faster.
  • Trouble exporting reports. Ensure the export settings are correct and the file format matches what you need.
  • Inconsistent real-time data. Refresh your reports or verify your data entry processes to keep everything up to date.

NetSuite accounting tools are designed to simplify these tasks, and with a little practice, they become easier. If you face recurring issues, our team at Hundred MS can guide you through troubleshooting and setup, saving you time and effort.

Conclusion

NetSuite Financial Reporting is a powerful tool that can transform how you manage and understand your finances. By learning how to create, read, and optimize financial reports, you can make smarter decisions and focus on growing your business.

With tips and solutions shared in this blog, you now have a guide to handle reports more confidently. And if you need extra help, Hundred MS is here to support you every step of the way. Whether it’s setting up reports, solving issues, or training your team, we ensure your NetSuite experience is smooth and effective.

Start using these insights today and see how better financial reporting can lead to better business results.

If you’re ready to optimize your NetSuite Financial Reporting or need assistance, contact us at Hundred MS today—we’re here to help!

Nare Khachatryan

Nare Khachatryan

Business Analyst at Hundred MS

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Narek Abgaryan
Narek is the CEO and co-founder of Hundred MS. With a dynamic career that spans investment firms, asset management, risk management, and corporate finance, Narek has demonstrated a profound ability to navigate and innovate within the financial sector. His work across various countries and in diverse financial domains reflects a global perspective and an adaptable, forward-thinking approach. He Brings a wealth of knowledge and experience from the worlds of finance and technology. As a distinguished graduate of the University of Oxford and Hult International Business School, Narek has earned a reputation for excellence in the financial domain. His credentials, including the esteemed CFA and FRM certifications, are a testament to his deep understanding and expertise.
CFA, FRM
Narek Abgaryan
CFA, FRM, Fund Manager & CEO
Narek is the CEO of Hundred CJSC. Before embarking upon this position, he accumulated 7+ years of multinational experience including the positions of CEO, Head of Research and Member of the Board at various licensed and regulated investment companies. Narek is a graduate of Hult International Business School, Armenian State University of Economics and is currently pursuing his education at Saïd Business School of the University of Oxford. Narek is a CFA charter holder and a certified FRM.
Our Mission
Our mission is to extend our partner-based, specialized and cost-effective cooperation to our clients to enable them to focus on their long-term strategy and leverage their core competencies around value-creating activities, thereby boosting Armenia’s economic development.
Our Vision
We have a deep conviction that the financial system is the pillar of our civilizations. Economies that are exploding with growth are the ones that adopted modern finance. We aim to reach a reality where access to unconventional finance technics should be within reach of every economic unit. This shall empower everyone to allocate their human and financial capital more purposefully and innovatively for the benefit of a secure, wealthy, and responsible society.
Objectives
In "Hundred" CJSC, we are structuring our goals to revolve around the best interests of our investors and business partners. The basis we build our strategy on is satisfaction of expectations of our Clients, by bringing substantial profits to them through ethical management of investments, assets and portfolios. In the path of achieving the set tasks, we target new financial products adapted to the Client’s needs and offer variety combinations of interdisciplinary innovations. Following our set of values, we see our short-term goal in becoming one of the leading players in the domestic market, pursuing the long-term ambitious goal of integration into regional and global financial markets.
Corporate Values
We believe that earning the trust of each Client cements the next layer of the foundation of the Company’s reputation. Financial relations are built on trust; thus, our reputation is the heart of our business. Our allocentric approach to dealing with clients ensures that we always put their interests first. We do our utmost to make sure that our decisions are utterly disconnected from the greed when it comes to rendering our services. Promulgating ethics and adhering to the highest professional standards are the bedrocks of our corporate values.
  • Are your financial records more puzzling than they should be?
  • Has the audit process become a recurring nightmare for your firm?
  • Do important financial decisions stall due to unclear or absent financial reports?
  • Are high operational costs without clear returns keeping you awake at night?
  • Is hiring and maintaining a full-fledged financial team putting a strain on your resources?
  • Are you in the dark about your company's true valuation and need clarity?
  • Is the challenge of cleaning up your accounting books holding your business back?
  • Are outdated systems causing inefficiencies, prompting the need for an ERP implementation?
  • Have you identified the need for a robust risk management strategy but don't know where to start?
  • Are you looking for a one-stop firm that can handle everything from corporate strategy to asset management?
Are You Ready to Transform Your Businesses’ Financial Landscape?
Are You Ready to Transform Your Businesses’ Financial Landscape?
  • Are your financial records more puzzling than they should be?
  • Has the audit process become a recurring nightmare for your firm?
  • Do important financial decisions stall due to unclear or absent financial reports?
  • Are high operational costs without clear returns keeping you awake at night?
  • Is hiring and maintaining a full-fledged financial team putting a strain on your resources?
  • Are you in the dark about your company's true valuation and need clarity?
  • Is the challenge of cleaning up your accounting books holding your business back?
  • Are outdated systems causing inefficiencies, prompting the need for an ERP implementation?
  • Have you identified the need for a robust risk management strategy but don't know where to start?
  • Are you looking for a one-stop firm that can handle everything from corporate strategy to asset management?
Levon Garibyan
Levon, the co-founder and Business Development Director of Hundred MS, brings over a decade of international experience to his role. His career spans managing private firms with diverse business profiles across the UK, UAE, and Russian Federation. Levon has not only excelled in steering these companies towards growth but has also specialized in business development strategy and fundraising. His expertise in these areas has significantly contributed to the expansion and success of these firms. Levon's academic background is equally impressive, having studied at Cranfield University School of Management and Moscow State University of International Affairs (MGIMO), where he honed his skills in business management and international affairs.
Levon Garibyan
Levon is the Business Development Director and Strategy Specialist of the company. He acquired international experience of more than 10 years, managing private firms with various business profiles in UK, UAE and Russian Federation. Levon studied in Cranfield University School of Management and Moscow State University of International Affairs (MGIMO).
Business Development, Strategy & Fundraising
David Tarkhanyan
David is the co-founder of Hundred MS and the CEO of Hundred MS GmbH. His track record in delivering innovative financial solutions and driving performance improvement initiatives showcases his ability to lead complex projects and navigate the intricate world of finance. David's breadth of experience has equipped him with the unique ability to understand and address the multifaceted challenges businesses face today. His exceptional qualifications, marked by the CFA and FRM certifications, reflect his deep commitment to financial mastery and strategic insight. David's career is characterized by a wide-ranging experience in investment banking, performance management, controlling, and reporting, among other critical financial domains.
David Tarkhanyan
David Tarkhanyan
David Tarkhanyan
Financial Controlling Investment Banking
David is the co-founder of Hundred MS. He is a Banking specialist with a focus on Financial Controlling, Planning, and Performance Management. His experience extends more than 10 years in various investment banks in Vienna and Frankfurt. David studied Physics at Bauman University and Industrial Engineering at the American University of Armenia.