NetSuite ERP – Accounting And Financial Management Solution Help Businesses Become More Agile
The most common challenge for large organizations and enterprises is to choose accounting and financial software that can be a good fit for their business operations. This problem is also often faced by startups or SMEs that are unsatisfied with their current software. Regardless of the size of your business, it is possible that you will have to deal with software selection at some point. Therefore, it is beneficial to have some knowledge about various options that are available.
This article will give you in-depth knowledge about the Oracle NetSuite ERP which is one of the world’s most popular and leading cloud-based Enterprise Resource Planning software. In the present age, every business demands solutions to financial management that are quick, flexible, and very responsive.
NetSuite is a solution that can be recommended for all types of businesses as it proves to be an all-rounder and meets the requirements of all big and small businesses. Researches also showed that organizations that are using NetSuite ERP are enjoying benefits like:
- Reduced costs of IT (50% or more)
- Accelerated financial close (20% to 50%)
- Cut order to cash cycle (50% or more)
- Reduced time consumed in preparations of audits (50%)
- Reduced costs of invoicing (25% to 75%)
There are top five benefits of NetSuite ERP implementation
The Integration of NetSuite ERP Supports All Functions of Your Organization
Having an integrated approach, NetSuite contains a complete suite of solutions that are specifically tailored for individual companies. From integration of eCommerce and Netsuite CRM to inventory and advanced management of the warehouse, human resources, services resource planning, and automation of professional services, NetSuite offers a complete pack of business solutions that are a must for your organization.
Read our detailed NetSuite vs Quickbooks comparison.
NetSuite is enabling businesses to manage costs, optimize the efficiency of accounting, and helping them in streamlining order management while taking care of procurement processes. NetSuite is eliminating the need for manual reporting and is helping businesses to improve overall productivity.
The implementation of a single system can improve your financial reporting, integrated complexity, and the productivity of employees which will automatically help your business and you will observe a notable increase in proactive decision making across the organization.
With the integration of NetSuite ERP, you can stop worrying about procuring, maintaining, and installing various application systems and their integrations.
Some of the best NetSuite integration connectors are:
Offers Real-time Visibility Which Allows for Making Timely and Well-Informed Decisions
The dashboards of NetSuite offer data from all of the departments which allows executives and other employees to analyze the data and making timely decisions instead of spending too much time collecting it. The graphs, snapshots, and reports offered by the dashboard are highly customizable and enables you to access the data for maintaining a deeper insight.
You can easily access KPIs such as forecast, cases, support, orders, sales, accounts, receivable and much more, anywhere and anytime. This enables you to make timely and well-informed business decisions and stand out from the crowd.
Provides Automation of Workflow to Standardize Processes
NetSuite ERP deals with standardizing processes and events automation in order to ensure that every customer engagement is dealt with in a proper and consistent way. The automation of workflow enables any business to remain proactive in terms of customer management by identifying issues early and suggestions actions that can be taken.
Automating the management of order, its fulfillment, invoicing, collection of cash, approvals of expense and financial consolidation help to avoid spending money on hiring new people to take care of these processes and your workers can focus on more important business-related activities.
NetSuite ERP Scales to Help Developing Companies
The NetSuite ERP offers easy addition of both modules and users without any process of installation. When companies use traditional software they have to buy the highest user license count, whereas, NetSuite allows businesses to scale up their user count for their busy periods. There can be scaled down when they are not needed. This basically means that the need for consultants and IT is very much minimized unless there is a need for additional configurations or enhancements.
NetSuite ERP Offers a Platform for Better Collaboration
For service organizations that are high functioning, NetSuite ERP offers a platform for maintaining a collaboration around financials, projects, and important responsibilities. Constant communication between associates and clients improves the delivery of service while ensuring that it meets the requirements of the customer. The deployment of the customer centre of NetSuite can enable you to ensure that your clients have easy access to information regarding their orders and collect their feedback.