The NetSuite Accountant

NetSuite | Net change journal entry import case study - Oncorus

Paul Giese Dec 11, 2019 5:15:00 AM
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Importing historical financial data is a critical component of the NetSuite implementation process. Generally, there are two approaches:

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NetSuite | Common biotech GL account structures

Paul Giese Dec 10, 2019 5:15:00 AM
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The general ledger (GL) account structure is an art, not a science. Every company has unique reporting requirements. The GL structure is a way to ease reporting requirements. There are good ways and bad ways to structure the GL. Here are a few tips and tricks that I've found after advising several biotech organizations on restructuring their GL during a NetSuite ERP implementation:

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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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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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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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1099 saved search in NetSuite

Paul Giese Jan 14, 2019 5:30:00 AM
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With the start of tax season comes the task of preparing and filing 1099s. In NetSuite, the combination of the vendor record and the GL account is how 1099 activity is tracked. Within the vendor record, users add the tax ID and enter if the vendor is 1099 eligible or not. Users enter the 1099 category on the GL account record.

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Five NetSuite Reports For A More Efficient Financial Close

Paul Giese Nov 12, 2018 5:30:00 AM
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Adding automation to your financial close increases efficiency and reduces the chance for error in your reporting process. When working on a tight SEC deadline for 10-Q and 10-K reporting, every hour saved helps. If using NetSuite as an ERP, below are five custom reports that can improve efficiency in the close process. This article assumes that companies are using the general ledger account, functional department, and class segments in NetSuite.

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Should I implement NetSuite before or after an IPO?

Paul Giese Jul 2, 2018 5:02:00 AM
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Almost all startups use QuickBooks as their initial accounting software. With good reason too. QuickBooks is an easy-to-use, affordable tool that works great for accounting teams of one or two people.

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