How Outsourcing NetSuite Accounting Boosts Efficiency and Reduces Costs

For many companies, maintaining accurate, efficient accounting is a challenge. It sounds simple enough, but the reality often involves a complex web of financial transactions, compliance requirements, and ever-evolving tax laws. 

Not to mention, the pressure of closing the books accurately and on time each month can be overwhelming. NetSuite outsourced accounting services can make a significant difference, especially if you already use the platform for customer relationship management (CRM) or e-commerce. 

This article will explore which accounting services you can outsource and the benefits of doing so. Additionally, we’ll provide a step-by-step guide on setting up a successful partnership. We’ve also compiled a few companies that offer NetSuite outsourced accounting services or can connect you with skilled remote professionals. 

What Are NetSuite Accounting Services?

NetSuite is a powerful, cloud-based enterprise resource planning (ERP) software that provides comprehensive financial management solutions for businesses of all sizes.

From general ledger to tax management, NetSuite streamlines accounting processes, delivers real-time financial data, and supports global business operations with multi-currency and multi-tax capabilities. 

The primary advantage of NetSuite lies in its unification of disparate financial processes into a single, coherent system. By integrating with other business operations like CRM and ERP, NetSuite provides a holistic view of your company’s financial health. 

What NetSuite Accounting Services Can You Outsource?

Outsourcing NetSuite accounting services can relieve your internal team from labor-intensive tasks and allow them to focus on strategic initiatives. Here are some of the key accounting functions you can outsource:

General ledger accounting

Outsourcing general ledger accounting involves maintaining accurate records of all financial transactions. It includes posting daily journal entries, reconciling accounts, and ensuring the accuracy of financial data.

Accounts payable and receivable

Managing accounts receivable and payable can be time-consuming. Outsourcing this function helps ensure that vendor invoices are processed and paid on time and that customer invoices are issued promptly, accelerating cash flow. 

Financial reporting

Generating timely and accurate financial reports is crucial for informed decision-making. Outsourced NetSuite accounting services can create customized reports, dashboards, and key performance indicators (KPIs) that reflect your business’s financial health. 

Tax preparation and compliance

Navigating tax laws and compliance requirements can be complex, especially for businesses operating in multiple jurisdictions. Outsourced finance and accounting professionals can handle tax preparation, filings, and compliance, ensuring you meet all regulatory requirements and deadlines. 

Payroll processing

Payroll processing includes calculating employee salaries, withholding taxes, and complying with labor laws. Outsourcing payroll can streamline the process, reduce errors, and ensure timely payments. 

Why Outsource NetSuite Accounting Professionals?

NetSuite outsourced accounting experts can provide your business with a number of benefits. Here’s why you should consider it:

Enhanced growth

By outsourcing accounting tasks, your internal team can focus on strategic growth: A QuickBooks survey of over 1,000 accountants and bookkeepers found that 82% of respondents believe outsourcing accounting helps drive profit growth.

The time and resources saved on routine financial tasks can be redirected toward product development, marketing, customer service, and other key areas that drive business expansion. 

Round-the-clock support

Many outsourcing providers offer 24/7 support, ensuring your accounting needs are always met. Whether it’s attending to urgent tasks, resolving discrepancies, or managing time-sensitive financial activities, round-the-clock support keeps your accounting process maintained and up to date. 

Cost-effective solutions

Hiring, training, and retaining a full-time in-house accounting team is expensive. Outsourcing provides a cost-effective alternative by eliminating overhead expenses and giving you access to more affordable professionals.

Remote accountants in Latin America, for instance, have much lower salary expectations due to lower living costs in the region. 

Strategic decision-making

Outsourced accountants can generate insightful reports, perform financial analysis, and offer expert recommendations to guide business decisions. With specialized knowledge and industry expertise, they can identify opportunities for growth, cost savings, and operational improvements.

Error-free accounting

Experienced NetSuite accounting professionals can significantly reduce the risk of errors in your financial records. Their deep understanding of accounting principles, tax regulations, and the software’s functionalities ensures all transactions are accurately recorded, minimizing the chance of discrepancies, audits, and penalties. 

Experienced team

Outsourced accounting providers give you access to specialized expertise that you may not be able to find locally. This collective knowledge and experience translate into high-quality service and innovative solutions. 

How To Set Up Your Business for Outsourcing NetSuite Accounting Professionals

Setting up your business for NetSuite outsourced accounting professionals requires careful planning to ensure a smooth transition and successful partnership. Here’s a step-by-step guide to help you prepare.

Step 1: Assess your business needs

Before you begin the outsourcing process, it’s crucial to identify and assess your business’s specific accounting needs. Ask yourself:

• What accounting tasks are most time-consuming or complex for your in-house team?
• Which processes could benefit from specialized expertise or advanced software?
• What are your key business objectives, and how can outsourced accounting services support them?

Creating a detailed list of your business requirements and pain points will help you clearly communicate your needs to potential accounting partners.

Step 2: Find a reputable NetSuite outsourced accounting service provider

Once you’ve assessed your needs, the next step is to find a reputable NetSuite outsourced accounting service provider. Here’s how:

• Research companies: Look for companies that specialize in NetSuite. Use online directories, industry forums, and professional networks for recommendations.
• Evaluate experience: Examine the provider’s experience helping businesses like yours. Ensure they have a proven track record and strong portfolio of clients. 
• Check references and reviews: Ask for client references and read online reviews to gauge the provider’s reliability and quality of service.
• Assess communication and support: Consider how the provider communicates and offers support. Effective communication and robust support systems are crucial for a successful outsourcing relationship. 

Develop a shortlist of companies and ask them for proposals to see which offers the best mix of affordability and quality. 

Step 3: Review and implement the contract

Once you’ve selected a provider, the next step is to formalize your partnership with a clear, comprehensive contract. Here’s what to include:

• Scope of services: Clearly define the scope of services being outsourced, including specific tasks, timelines, and deliverables.
• Pricing structure: Outline the pricing structure, payment terms, and any additional fees to avoid unexpected costs.
• Performance metrics: Establish KPIs to measure the provider’s performance and ensure they meet your expectations. 
• Data security: Ensure the contract includes provisions for data protection, confidentiality, and regulatory compliance. 
• Termination clauses: Include terms for contract termination, including notice periods and any penalties. 

After reviewing and finalizing the contract, integrate the provider into your operations, providing them with access to necessary business systems and information.  

Step 4: Addressing common challenges and problems

Despite your best efforts, challenges may arise in the outsourcing process. Here’s how to address some common issues:

• Communication barriers: Establish clear communication channels and regular check-ins to ensure all parties are aligned.
• Data security concerns: Implement strong cybersecurity measures and ensure the provider follows strict data protection protocols.
• Quality control: Monitor the quality of the outsourced services closely. Provide feedback and collaborate to address any discrepancies. 
• Change management: Support your internal team in adapting to new processes. Provide training and ensure transparency throughout the transition to alleviate resistance or concerns. 

By proactively addressing these challenges, you can build a strong partnership with your outsourced NetSuite accounting provider, ensuring long-term success. 

Top 5 Companies for NetSuite Outsourced Accounting

Selecting the right partner for outsourced accounting services is critical for achieving optimal efficiency and cost savings. Here are five reputable companies that offer exceptional service in no particular order. 

We’ve included both outsourced accounting firms and recruiting companies that can connect you with remote NetSuite accountants. 

1. Near

You guessed it, we’re up first! At Near, we conduct thorough technical assessments with our pool of LatAm accountants to ensure they have the required skills for the accounting role you’re looking to fill.

We can connect clients with NetSuite professionals with extensive experience working with US-based companies and following GAAP. By partnering with us, companies can build an expert team of accountants for 30–70% less than hiring locally. 

2. ScaleNorth

ScaleNorth is a certified NetSuite provider that delivers customized financial solutions. Its staff is composed of 56% CPAs and holds over 650 NetSuite certifications. ScaleNorth offers fractional controller services, can handle monthly close in just two days, and can help prepare or review audit documentation. 

3. ORBA

ORBA is a full-service accounting, tax, and consulting firm that provides outsourced NetSuite accounting services. Whether you need simple bookkeeping services or fractional CFO support, ORBA can provide experts on demand. 

4. Anchor Group

Anchor Group provides end-to-end solutions, including general accounting, financial planning and analysis, tax management, and audit support. It also offers comprehensive SuiteCommerce and BigCommerce solutions, meaning it can implement a more robust ERP system for businesses selling online. 

5. Flatworld Solutions

Flatworld Solutions is a global outsourcing company with offices in the US and the Philippines. It offers a broad spectrum of services, including general ledger maintenance, accounts payable and receivable management, tax preparation, and financial reporting. 

Final Thoughts

Outsourcing NetSuite accounting services can significantly enhance your business’s efficiency and reduce operational costs. Whether it’s managing payroll, tax compliance, or reporting, outsourcing offers a flexible, scalable solution to meet your unique needs. 

Ready to explore outsourcing NetSuite accounting further? Book a free, no-commitment call with Near today. Our team of recruiting experts is ready to discuss your requirements, answer your questions, and help you hire candidates with deep expertise in using NetSuite to manage the finances of companies like yours. 

Frequently Asked Questions

Is NetSuite like QuickBooks?

NetSuite and QuickBooks are similar but serve different purposes. QuickBooks is ideal for small to medium-sized businesses with basic accounting needs. NetSuite is a more comprehensive ERP system offering advanced features, including CRM, e-commerce, and inventory management. 

How much is NetSuite accounting software?

NetSuite’s pricing varies dramatically based on your business size, user count, required features, and implementation difficulty. You can contact NetSuite to get a quote for your business.

Alternatively, you can outsource NetSuite accounting to help mitigate the cost of this software since you only pay for the support you need when you need it. 

Can NetSuite do fund accounting?

Yes, NetSuite supports fund accounting, making it suitable for organizations like nonprofits that need to manage and report on multiple funds.