The NetSuite Accountant

NetSuite saved search for accounts payable review

Paul Giese Aug 26, 2019 5:15:00 AM
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When managing accounts payable (AP), team members are often asked about the status of an invoice, payment date, the coding for a specific invoice, and other questions about AP activity. Utilizing a NetSuite saved search is a perfect use case for helping answer these vendor questions quickly. Saved Searches are one of my favorite features of NetSuite. Today, I am going to walk through a transaction saved search for getting answers to questions about vendor activity.

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August 2019 Boston NetSuite Meet Up Recap

Paul Giese Aug 19, 2019 5:15:00 AM
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I recently attended the Boston NetSuite Meet Up. The event is an opportunity to hear about new product features and network with other NetSuite users. Here are some highlights:

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Five observations from implementing Jaggaer's procurement solution

Paul Giese Aug 12, 2019 5:15:00 AM
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I recently led the implementation of Jaggaer’s eProcurement solution for a publicly-traded biotech organization with NetSuite as their ERP. RiseNow served as the implementation team. As of the writing of this blog post, the company has been live for about twelve weeks. Overall, I’ve been impressed with Jaggaer’s functionality. Here are five observations for a biotech company considering Jaggaer as their procurement solution:

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Four ways a procurement system can automate the AP process

Paul Giese Jul 22, 2019 5:15:00 AM
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Accounts payable is the foundation of a biotech’s financial statements. This role is often filled by entry-level staff with high turnover. This can cause problems for financial reporting. Thankfully, an advanced procurement system, if configured properly, can automate parts of the accounts payable function, ensuring that disruptions have a smaller impact on financial reporting. Here are four configurations that can automate accounts payable:

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Three challenges to prepare for during a procurement implementation

Paul Giese Jul 15, 2019 5:15:00 AM
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I recently led the implementation of a procurement system at one of my clients. Overall, the project went well, but, like all system implementations, there were some unanticipated challenges. Teams implementing a new purchasing system should plan and anticipate for these three challenges:

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Using SUMIFS and NetSuite saved searches to automate reconciliations

Paul Giese Jul 8, 2019 5:15:00 AM
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The SUMIFS formula is a powerful formula that every biotech accountant should be able to use. Today, I am going to walk through how to use this formula with a NetSuite saved search to automate an accrual monthly reconciliation. This setup has worked well for preparing preclinical, clinical and CMC accruals.

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Four Questions to Answer When Preparing for a NetSuite Implementation

Paul Giese Jun 24, 2019 5:25:00 AM
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Once a biotech organization has decided to move forward with NetSuite as its enterprise resource planning (ERP) solution, there are several questions that you should consider. Here are four critical issues accounting teams should be able to answer when preparing for the implementation:

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Introducing intheBlk's Black-Scholes calculator

Paul Giese Jun 12, 2019 7:09:00 AM
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Over the past few months, intheBlk has been working on building a Black-Scholes calculator to assist accountants with their stock-based compensation expense. Our calculator allows users to enter the six inputs and have the Black-Scholes valuation automatically calculated. The two challenging inputs are the peer-group volatility and risk-free interest rate. Typically, users calculate these inputs in Excel by downloading historical data from Yahoo Finance and the US Treasury. intheBlk's calculator takes this burden away and automates the whole process. 

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Budgeting Biotech Headcount

Paul Giese Mar 11, 2019 5:30:00 AM
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Headcount is often the most expensive component of an early-stage biotech’s budget. Planning for new hires is more complicated than just including a salary and bonus percentage. Here are five other considerations to layer into headcount budget:

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Chart of Account change report | NetSuite

Paul Giese Mar 4, 2019 5:30:00 AM
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Once a biotech company is public, controls are put into place to ensure compliance with financial regulations. System controls are a big feature why an mid-sized ERP, like NetSuite, is used by publicly-traded companies. An example automated control that should be in place is a report showing all changes to a company's chart of accounts. With NetSuite, this can be built using the Saved Search functionality. In this blog post, I will take you step-by-step on how to build this.

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