How to Cut Month-End Close Time in Half with NetSuite’s Consolidation Engine
Still closing the books with spreadsheets and late nights? There’s a faster, smarter way. Discover how NetSuite’s built-in automation and consolidation rules can slash your close time, reduce errors, and give your finance team their evenings back.
Month-end close shouldn’t feel like a recurring fire drill. But for many manufacturers, it still does. You’ve got multiple entities, intercompany transactions, fluctuating currencies, and a finance team that’s constantly chasing numbers instead of analyzing them.
The problem isn’t your people—it’s the process. Manual work, disconnected systems, and spreadsheet sprawl are slowing you down. And the longer your close takes, the longer your leadership team waits for the numbers that drive decisions.
Why Month-End Close Still Drains You
You already know the close process is time-consuming. But what’s often overlooked is how much of that time is spent on tasks that could be automated—or eliminated entirely. Most manufacturers aren’t struggling because their finance teams lack skill. They’re struggling because the systems they rely on weren’t built to scale with the complexity of modern operations.
Let’s break it down. If you’re managing multiple subsidiaries, product lines, or regions, your close process likely includes a mix of recurring journal entries, intercompany eliminations, FX revaluations, and late adjustments. Each of those steps introduces risk. And when they’re handled manually, that risk multiplies. A single missed entry or misaligned currency rate can throw off your entire consolidation.
Here’s where it gets even more frustrating: many of these tasks are repeated every single month. Your team rebuilds the same journal entries, reconciles the same intercompany accounts, and rechecks the same spreadsheets. It’s not just inefficient—it’s demoralizing. And it leaves little room for higher-value work like forecasting, scenario planning, or strategic analysis.
Let’s look at a sample scenario. A packaging manufacturer with six subsidiaries—each operating in different regions—used to spend 9 to 11 days closing the books. Their biggest bottlenecks? Manually eliminating intercompany sales between their raw materials division and their finished goods plants, and re-entering recurring allocations for shared services like logistics and procurement. Every month, they’d start from scratch. And every month, they’d find errors that needed last-minute fixes.
Here’s a snapshot of what that looked like:
| Close Task | Manual Time Spent (Hours) | Error Risk | Notes |
|---|---|---|---|
| Intercompany Eliminations | 12 | High | Done via spreadsheets, prone to mismatches |
| Recurring Journal Entries | 10 | Medium | Rebuilt monthly, no automation |
| FX Revaluations | 6 | Medium | Manual rate entry, inconsistent timing |
| Consolidated Reporting | 8 | High | Data pulled from multiple sources |
| Total Time Lost to Manual Effort | 36 | — | Equivalent to nearly a full workweek |
Now multiply that across 12 months. That’s over 400 hours a year spent on tasks that could be automated. And that’s just one manufacturer. Whether you’re producing industrial coatings, medical devices, or consumer electronics, the pattern is the same: manual close processes eat time, introduce risk, and delay insight.
But here’s the real cost: when your close drags on, your leadership team is flying blind. You can’t make confident decisions without timely financials. And if your competitors are closing faster and acting sooner, you’re already behind.
The good news? You don’t need to overhaul your entire finance function to fix this. You just need to rethink how your close process is structured—and where automation can take over. That’s where NetSuite’s Consolidation Engine comes in. It’s not just about speed. It’s about control, accuracy, and giving your team the space to focus on what really matters.
Here’s another example. A specialty chemicals manufacturer with operations in three countries used to rely on a shared Excel workbook to manage eliminations and consolidations. Every month, their controllers would email updated sheets back and forth, hoping nothing broke in the formulas. One month, a broken link caused a $2.5M discrepancy in their consolidated P&L. It took three days to find and fix the issue. After switching to NetSuite’s built-in consolidation tools, they cut their close time by 60%—and haven’t had a material error since.
Here’s what changed:
| Before NetSuite Consolidation Engine | After NetSuite Consolidation Engine |
|---|---|
| Manual eliminations via Excel | Automated eliminations using rules |
| Currency rates entered manually | FX revaluations scheduled nightly |
| Close checklists tracked in email | Centralized task management in NetSuite |
| Consolidated reports built manually | Real-time consolidation dashboards |
| 10-day close | 4-day close |
The takeaway? Manual close processes aren’t just inefficient—they’re risky. And the longer you wait to fix them, the more time, money, and trust you lose. But with the right tools, you can turn your close into a strategic advantage.
What NetSuite’s Consolidation Engine Actually Does
If you’ve ever wished your close process could run itself, this is the closest you’ll get. NetSuite’s Consolidation Engine isn’t just a reporting tool—it’s a rules-based automation layer that handles the grunt work of multi-entity accounting. It’s designed to reduce manual intervention, enforce consistency, and give you real-time visibility across your entire business.
At its core, the engine automates recurring journal entries, intercompany eliminations, currency conversions, and consolidated reporting. You define the rules once—like how to allocate shared costs or eliminate intercompany revenue—and NetSuite applies them every month. That means fewer spreadsheets, fewer emails, and fewer late nights. You’re not just saving time; you’re building a more reliable close process.
One of the most powerful features is its ability to handle multi-entity consolidation in real time. Whether you’re dealing with three subsidiaries or thirty, NetSuite rolls up financials automatically, applying the correct FX rates and accounting standards. You can view consolidated financials at any point during the month—not just after the close. That gives you a clearer picture of performance and lets you course-correct faster.
Here’s a sample scenario. A manufacturer of industrial adhesives operates across North America, Europe, and Asia. Each region has its own ledger, currency, and reporting standards. Before NetSuite, their finance team spent days reconciling intercompany transfers and manually converting currencies. After implementing the Consolidation Engine, they set up rules to automate eliminations and FX revaluations. Now, their CFO can view consolidated financials by the third business day—without waiting for manual adjustments.
| Feature | Manual Process Before NetSuite | Automated Process with NetSuite |
|---|---|---|
| Recurring Journal Entries | Rebuilt monthly | Scheduled and rule-based |
| Intercompany Eliminations | Spreadsheet matching | Auto-detected and eliminated |
| FX Revaluations | Manual rate entry | Nightly automated revaluations |
| Consolidated Reporting | Built post-close | Available in real time |
| Audit Trail | Scattered across systems | Centralized and traceable |
Sample Scenario — From 10 Days to 4
Let’s look at how this plays out in practice. A mid-sized manufacturer of precision sensors had five subsidiaries, each with its own controller. Their month-end close used to take 10 days, with most of that time spent reconciling intercompany transactions and manually preparing consolidated reports. The process was error-prone, and last-minute adjustments often delayed board reporting.
After switching to NetSuite’s Consolidation Engine, they restructured their close process around automation. Intercompany transactions were tagged consistently, and elimination rules were applied automatically. FX rates were updated nightly, and recurring entries were scheduled to post without manual input. Close checklists were centralized, so everyone knew what needed to be done and when.
The result? Their close time dropped to four days. But more importantly, their error rate plummeted. They stopped chasing down mismatches and started focusing on analysis. Their finance team now spends more time reviewing performance and less time fixing broken formulas.
This kind of transformation isn’t limited to one industry. Whether you’re producing automotive components, specialty chemicals, or consumer packaging, the principles are the same. Automate what’s repeatable. Standardize what’s variable. And give your team the tools to focus on insight, not input.
| Before Automation | After Automation |
|---|---|
| 10-day close | 4-day close |
| Manual eliminations | Rule-based eliminations |
| FX adjustments post-close | Nightly revaluations |
| Recurring entries rebuilt monthly | Scheduled and reusable |
| Reporting delayed | Real-time dashboards |
Why Built-In Rules Beat Custom Scripts
It’s tempting to solve close problems with custom scripts. But that often creates more complexity than it solves. Scripts require maintenance, testing, and developer time. And when something breaks, your finance team is stuck waiting for IT to fix it. NetSuite’s built-in rules are designed to be managed by finance—not developers.
You can configure rules for eliminations, allocations, and recurring entries using NetSuite’s native interface. No coding required. That means your controllers can adjust logic as your business evolves—whether you’re adding a new entity, changing cost structures, or updating revenue recognition policies. Flexibility without fragility.
Built-in rules also come with built-in audit trails. Every rule execution is logged, timestamped, and traceable. That’s a huge win during audits. You can show exactly how eliminations were calculated, when FX rates were applied, and who approved each adjustment. It’s transparency without the overhead.
Here’s a sample scenario. A manufacturer of lab equipment used to rely on a custom script to eliminate intercompany transfers between their R&D and production divisions. When they added a new subsidiary, the script broke—and it took two weeks to fix. After switching to NetSuite’s rule-based eliminations, they defined a reusable logic that applied across all entities. No more waiting on developers. No more broken scripts.
| Criteria | Custom Scripts | NetSuite Built-In Rules |
|---|---|---|
| Setup and Maintenance | Requires developer | Managed by finance team |
| Flexibility | Hard-coded logic | Configurable and reusable |
| Auditability | Limited traceability | Full audit trail |
| Scalability | Breaks with new entities | Adapts to business changes |
| Time to Implement Changes | Days to weeks | Minutes to hours |
What You Can Automate Today (Even Before Full Implementation)
You don’t need to wait for a full ERP rollout to start saving time. NetSuite lets you automate key parts of your close process right away. Start with recurring journal entries. These are often the most predictable and time-consuming. You can set up memorized transactions with approval workflows, so they post automatically each month.
Next, tackle your close checklist. Use NetSuite’s task manager to assign responsibilities, track progress, and flag bottlenecks. This alone can shave hours off your close, especially if you’re coordinating across multiple entities or time zones.
Intercompany matching is another quick win. Begin tagging intercompany transactions consistently—same accounts, same naming conventions. That sets the stage for automated eliminations later. Even if you’re not ready to turn on full automation, this prep work pays off.
One manufacturer of industrial coatings started by automating just their recurring allocations for shared services. That saved them six hours a month. Then they added close checklists and intercompany tagging. Within three months, they’d cut their close time by 40%—without a full system overhaul.
| Quick Wins You Can Automate Today | Time Saved | Setup Time | Impact |
|---|---|---|---|
| Recurring Journal Entries | 4–6 hrs/mo | 1–2 hrs | High |
| Close Checklists | 2–4 hrs/mo | 1 hr | Medium |
| Intercompany Tagging | 3–5 hrs/mo | 2–3 hrs | High |
| FX Rate Scheduling | 1–2 hrs/mo | 30 mins | Medium |
| Approval Workflows | 2–3 hrs/mo | 1 hr | Medium |
Common Pitfalls—and How to Avoid Them
Even with the right tools, close automation can go sideways if you’re not careful. One common mistake is over-customizing too early. Stick to NetSuite’s native features before building custom logic. The built-in tools are powerful enough for most manufacturers—and easier to maintain.
Another pitfall is skipping training. Your finance team needs to understand how the rules engine works, not just how to click buttons. Invest time upfront to walk through rule logic, approval workflows, and reporting dashboards. It pays off every month.
Data hygiene is another silent killer. If your intercompany transactions aren’t tagged consistently, automation won’t work. Clean up your chart of accounts, standardize naming conventions, and align your entity structures. The cleaner your data, the smoother your close.
A manufacturer of specialty packaging learned this the hard way. They rushed into automation without cleaning up their intercompany data. The result? Eliminations failed, reports were inaccurate, and they had to revert to manual processes. After fixing their data and retraining their team, they re-implemented automation—and finally saw the time savings they were promised.
| Common Pitfall | Impact | How to Avoid |
|---|---|---|
| Over-customizing | Complex, fragile setup | Use native features first |
| Skipping training | Misuse of tools | Train finance team on rule logic |
| Poor data hygiene | Failed eliminations | Standardize and clean data |
| Lack of documentation | Confusion during audits | Document rules and workflows |
| No change management | Resistance from team | Communicate benefits early |
3 Clear, Actionable Takeaways
- Start with recurring entries and intercompany eliminations: They’re the easiest to automate and deliver the biggest time savings.
- Keep it simple and native: Use NetSuite’s built-in rules before considering custom scripts. They’re easier to manage and scale.
- Clean your data before you automate: Standardize intercompany tagging and chart of accounts to avoid automation failures.
Top 5 FAQs About NetSuite’s Consolidation Engine
How long does it take to implement NetSuite’s Consolidation Engine? Most manufacturers can begin automating key close tasks within 4–6 weeks, especially if they start with recurring entries and eliminations. The timeline depends on how clean your data is and how many entities you’re consolidating. If your chart of accounts and intercompany tagging are already standardized, you’ll move faster. For businesses with more complex structures, a phased rollout—starting with one region or division—can help build momentum without overwhelming your team.
Can finance teams manage the rules without IT support? Yes. NetSuite’s rules are designed to be configured by finance professionals. You don’t need to write code or rely on developers to maintain them. Whether you’re setting up eliminations, allocations, or recurring journals, the interface is intuitive and built for non-technical users. That means your controllers and accountants can adjust logic as your business evolves—without waiting in line for IT resources.
What types of close tasks can be automated with the Consolidation Engine? You can automate a wide range of tasks, including recurring journal entries, intercompany eliminations, FX revaluations, and consolidated reporting. You can also schedule tasks, assign responsibilities, and track progress using NetSuite’s close checklist tools. The more standardized your processes are, the more you can automate. Even complex allocations—like shared service costs across multiple plants—can be handled with rule-based logic.
Does it work across multiple currencies and accounting standards? Absolutely. NetSuite supports multi-currency and multi-GAAP environments. You can define FX rate sources, schedule revaluations, and apply different accounting standards across entities. Whether you’re operating in USD, EUR, or JPY, NetSuite handles conversions automatically. And if you’re reporting under both local GAAP and IFRS, you can configure parallel reporting structures without duplicating effort.
What’s the biggest mistake manufacturers make when implementing close automation? The most common mistake is skipping data cleanup. If your intercompany transactions aren’t tagged consistently, automation won’t work. Another frequent issue is over-customizing too early. Stick to NetSuite’s native features before building custom scripts. Finally, some teams underestimate the importance of training. Your finance staff needs to understand how the rules engine works—not just how to click through the UI. A few hours of upfront training can save days every month.
Summary
Month-end close doesn’t have to be a bottleneck. With NetSuite’s Consolidation Engine, you can automate the most time-consuming parts of your close process—eliminations, recurring entries, FX adjustments, and reporting. That means fewer errors, faster insights, and a finance team that’s focused on analysis instead of data entry.
You don’t need a full ERP overhaul to start seeing results. Even small steps—like automating recurring journals or cleaning up intercompany data—can deliver meaningful time savings. And once you’ve built momentum, scaling automation across entities becomes much easier.
The real win isn’t just speed. It’s confidence. When your numbers are accurate, timely, and traceable, your leadership team can make better decisions. Your finance team can spend more time on strategy. And your business can move forward with clarity.