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- Published: June 13, 2025
- Last Updated: June 13, 2025
Key Takeaways
- NetSuite accountants automate and customise financial processes to suit business needs.
- Their skills and proficiency help you stay compliant with evolving UK tax laws and reporting standards.
- Real-time reporting supports accurate budgeting, forecasting, and decision-making.
- Outsourcing to a skilled NetSuite accountant reduces manual errors and saves costs.
- Industry-specific knowledge ensures your accountant aligns with your operational goals.
With automation, real-time data, and strong compliance support, NetSuite simplifies daily accounting tasks and improves accuracy. But to make the most of the platform, you need someone who knows how to use it well. This is why you need a NetSuite accountant who can help you make the most of this robust platform. In this blog, we explore, what are specialized NetSuite accounting services, and how a NetSuite accountant can prove to be a great value to your business
What are NetSuite Accounting Services?
NetSuite Accounting Services refers to the use of Oracle NetSuite, a comprehensive cloud-based software, to manage and streamline accounting operations. These services help businesses automate financial management tasks, including general ledger, accounts payable/receivable, and financial reporting.
Moreover, with real-time data access, businesses can enhance decision-making, maintain regulatory compliance, and improve operational efficiency. NetSuite Accounting Services provide tailored solutions for businesses of all sizes, ensuring scalability and integration with other enterprise functions like sales, inventory, and procurement.
Who is a NetSuite Accountant?
A NetSuite accountant specialises in managing financial transactions, accounts, and reporting within NetSuite, ensuring accuracy and compliance with industry standards. Their responsibilities include configuring the system for specific business needs, performing reconciliations, generating financial reports, and assisting with tax preparation.
Moreover, NetSuite accountants are key in leveraging accounting automation within the platform to streamline workflows, improve data integrity, and support decision-making processes. This makes them invaluable for businesses that rely on NetSuite for their financial operations.
What does a NetSuite Accountant do?
A NetSuite accountant’s role is not just confined to bookkeeping. Their key responsibilities include managing ledgers, handling payments, generating reports, and keeping your finances accurate and audit ready. In this section, we delve deeper into how these professional make accounting bookkeeping easier and more efficient.
General Ledger Management
A Netsuite Accountant is responsible for keeping the General Ledger (GL) accurate and up to date. With NetSuite, the accountant automates journal entries, accruals, and adjustments, which makes the process faster and less prone to errors. They ensure all transactions are recorded correctly, following UK GAAP or IFRS standards.
Accounts Payable and Receivable
Managing Accounts Payable (AP) and Accounts Receivable (AR) is another important task for a Netsuite Accountant. NetSuite helps accountants apply the correct VAT rates and schemes across various product categories. For instance, VAT is charged at 20% for most goods; however, for certain products and services like energy saving materials, it is charged at 5%.
Financial Reporting and Analysis
Netsuite Accountants use NetSuite’s reporting tools to generate essential financial documents, including profit and loss statements, balance sheets, and cash flow reports. These reports help UK businesses stay compliant with local accounting standards and provide key insights into financial health.
Bank Reconciliation
By integrating the software with banks, the accountant uses NetSuite to automatically import transaction data which can be easily matched with records in the general ledger. This process ensures that the bank balance matches the company’s financial records.
Budgeting and Forecasting
A Netsuite Accountant helps with budgeting and forecasting by using NetSuite’s forecasting tools. These tools allow the accountant to project future income, expenses, and cash flow, considering factors like changes in tax rates or National Insurance.
Tax Compliance and Filing
A NetSuite accountant handles the task of tax compliance, which includes handling VAT returns and Corporation Tax filings. Using NetSuite, the professional can automate VAT calculations, ensuring the correct rates are applied to sales and purchases. The accountant also calculates Corporation Tax based on taxable profits and submits it to HMRC on time.
Audit Support
A Netsuite Accountant provides valuable support during audits by making sure that financial data is organised and accessible, and also easy for auditors to review. Moreover, they address any discrepancies quickly, which further provides a smooth audit process while keeping the business fully compliant with UK audit standards.
Month-End and Year-End Closures
At the end of each month and year, a Netsuite Accountant is responsible for closing the books. Their duties include transaction recording and reconciliation completion and reviewing VAT transactions and Corporation Tax liabilities. NetSuite’s automation capabilities enable accountants to close books quickly and verify financial statements are both correct and compliant.
Why Do You Need a NetSuite Accountant?
Hiring a NetSuite accountant can bring real value to your business without any additional cost. Here is a detailed explanation about how they help save money, stay compliant, simplify reports, and support smarter, faster financial decisions through automation.
1. Expertise in Customizing NetSuite for Your Business Needs
A NetSuite accountant is well-versed in tailoring the platform to meet the unique needs of your business. They can configure the system’s workflows, dashboards, and reporting tools, ensuring they align perfectly with your specific operational and financial requirements. Moreover, these accountants create custom fields, forms, and records to capture vital business data that’s unique to your processes.
2. Streamlining Financial Reporting and Compliance
A NetSuite accountant can streamline the creation of financial statements, balance sheets, income statements, and other necessary reports. By automating these processes within NetSuite, the accountant ensures that reports are accurate, timely, and easily accessible.
3. Enhancing Accuracy in Financial Data Management
A NetSuite accountant ensures the accuracy of financial data by leveraging the system’s powerful tools to automate reconciliations, track transactions in real-time, and maintain consistent audit trails. With their expertise, they reduce the likelihood of human error, ensuring that the numbers your business operates on are always reliable and up-to-date.
4. Ensuring Smooth Integration with Other Business Systems
These professionals have the expertise to ensure smooth and seamless integration, allowing for real-time data exchange between systems. This ensures that data doesn’t need to be entered multiple times, reducing the risk of errors and boosting operational efficiency. By facilitating these integrations, they allow all systems to work in harmony, providing your business with a unified view of its operations.
5. Optimizing Financial Processes to Save Time and Resources
They can assess and streamline workflows, automating routine tasks such as invoicing, accounts payable, and receivable management. By doing so, they help save precious time, reduce labor costs, and increase productivity. Moreover, by reducing redundancies and eliminating bottlenecks, your business can run more smoothly, making better use of its resources.
How to Find the Right NetSuite Accountant
Usual accountants do not always align with your business goals or workflow. Your business needs an accountant who has NetSuite software expertise, accounting background, effective communication, and the ability to scale up your growing needs.
1. Understanding Your Business’s Unique Needs
Before you even begin the search, it’s crucial to assess your own business’s financial landscape. Different industries demand different NetSuite functionalities, and your accountant needs to tailor the software’s capabilities to suit these needs.
2. Experience with NetSuite Customizations
NetSuite is a highly customizable platform, and an accountant’s ability to adapt it to your needs can make all the difference. You need a professional who has hands-on experience not just with the standard functionality of NetSuite, but also with custom configurations.
3. Certifications and Proven Expertise
While a general understanding of accounting principles is vital, expertise in NetSuite is a specialized skill. Look for certifications such as the NetSuite Certification Program or SuiteFoundation Certification. These qualifications demonstrate a solid grasp of the software’s complexities and their skills in implementing them in real-world scenarios.
4. Compatibility with Your Company Culture
Cultural fit is just as important as technical proficiency when it comes to hiring the right professional. A NetSuite accountant must not only be a numbers expert but also a team player who can communicate financial insights in a way that your team understands and values.
5. Commitment to Continuous Learning and Adaptability
It’s vital to hire a NetSuite accountant who is committed to staying current with updates, new features, and the evolving trends in both NetSuite and the accounting industry as a whole. An adaptable, forward-thinking accountant can ensure that your financial system grows and evolves alongside your business.
6. Outsourcing vs. In-house
If setting up an internal infrastructure proves challenging or beyond your means, outsourcing becomes a wise and strategic choice. Hiring a NetSuite expert offers the expertise needed to navigate this complex platform with ease. This decision need not be bound by geography whether you choose a skilled professional locally or opt for an experienced offshore accountant, both avenues provide the opportunity for seamless and efficient management of your NetSuite accounting needs.
7. Scalability and Adaptability
Look for a professional who offers flexible accounting solutions that can accommodate increasing complexity as your business expands. From handling detailed financial reporting to offering insights into advanced areas like financial forecasting, your accountant should be ready to adapt to your changing requirements and pump up your growth.
Final Word
From automating tasks and tracking cash flow to helping you meet tax deadlines; their role makes a clear difference. NetSuite accounting services simplify complex work and make sure your books are always accurate and up to date. In a world where time is precious and accuracy is paramount, let Whiz Consulting be your trusted partner in navigating the complexities of accounting.
We’ve been helping multiple types of businesses for over 10 years. Our clients save up to 60% on costs, close books faster, and get clear financial reports without the usual hassle. Let our NetSuite experts support your growth with accuracy without spending too much.
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Have questions in mind? Find answers here...
The cost of hiring a NetSuite accountant depends on factors like your business size, industry type, level of reporting complexity, and the scope of accounting tasks required for your operations.
Yes, a NetSuite accountant can manage VAT returns, ensure your system complies with HMRC’s Making Tax Digital (MTD) rules, and handle cross-border VAT complexities common in ecommerce and manufacturing sectors.
You can hire depending on the bandwidth of the work as well as your monetary resources. Some firms prefer full-time NetSuite professionals for ongoing support, while others opt for part-time or contract help during audits, system transitions, or peak financial periods.
Yes, accountants handle NetSuite implementation, data migration from old systems, and setting up custom workflows. This is especially useful if you’re shifting from software like Sage or QuickBooks and need a smooth transition.
A NetSuite accountant brings platform-specific skills your general team might lack. These skills include automating reports, setting up multi-entity accounts, or fixing system errors that slow down month-end closing.
Yes, NetSuite for small businesses provides scalable features like automated bookkeeping, real-time reporting, and inventory tracking, which is ideal for growing firms seeking long-term efficiency and streamlined operations.
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