To stay up with changing consumer demands and competitive pressures, today’s financial leaders must be flexible, agile, and have access to clean, real-time data. Companies dependent on outdated on-premise ERP systems, or those relying on QuickBooks and spreadsheets, are struggling to keep up with the pace of change. To maximize the efficiency and effectiveness of the accounting & finance department, strategic CFOs are adopting cloud-ERP systems such as NetSuite to streamline operations while improving visibility into finance and operational health.
NetSuite ERP is designed for the cloud and incorporates cutting-edge accounting and finance functionality. Often considered the last ERP you’ll ever need, NetSuite has been praised by CFOs since its inception, who cite increased visibility and compliance while reducing.
In this article, we’ll explore how businesses can optimize their financial management by utilizing NetSuite ERP.
The Challenges of Traditional Financial Management
Businesses embrace savvy financial management in order to maintain sufficient funds, maximize shareholder investment, strategically utilize funds, and fuel growth. Some common challenges with these initiatives include lack of real-time data, incomplete/incorrect data, poor analytical capabilities, inability to drill down, lack of automation and having information stored in multiple different databases.
Businesses struggling with the items above are putting themselves at a disadvantage to the competition. Being able to make strategic decisions, in real-time and with confidence, is essential to remaining competitive.
Embracing NetSuite ERP for Enhanced Financial Management
NetSuite helps strategic finance executives with the pain points listed above, while also offering a plethora of benefits and functionality to be used across all company departments.
Here are some of the core benefits of NetSuite, and how they’ll help your team manage its finances.
Data Accuracy & Timeliness
One of NetSuite’s strongest selling points is that it uses a single database to house all of your company information spanning finance & accounting, CRM, Human Capital Management, inventory and more. Because of this unified approach, data is updated in real-time across departments, meaning that finance teams will have all the information they need without any delays in reporting.
Advanced Analytics & Reporting
From saved searches to customer dashboards, to robust drill-down capabilities, NetSuite equips financial leaders with the ability to analyze, visualize, and act upon financial data in countless different ways. With NetSuite, financial management becomes a breeze.
Time Saving Automations
How much time a month does your finance & accounting team spend on repetitive manual processes? If you’re still using entry level accounting software, or even spreadsheets, manual efforts are likely eating up significant resources. NetSuite has extension automation capabilities, allowing you to automate routine processes, ensure more accurate data, and free up your staff for more strategic initiatives. You can schedule reports to be dispersed to your team, automate reconciliation processes, and streamline closing the books to name a few.
If you’re looking to further streamline your department, you can utilize outsourced NetSuite bookkeepers to run a majority of your accounting functions. This will allow you to reduce overhead costs and manual labor, while being able to focus on more strategic initiatives.
If your business has third-party software that needs to be integrated with your accounting platform, NetSuite has you covered. You can integrate software to NetSuite via APIs, EDI, or Integration Platforms as a Service (IPaaS) such as Celigo.
Better Budgeting & Forecasting
From a combination of the unified database and advanced reporting capabilities, your finance department will be able to better manage budgets while providing accurate forecasts, even in times of uncertainty. Detect anomalies, navigate seasonal or economic fluctuations, and pivot on a dime with the advanced forecasting capabilities of NetSuite. Plus, if you take the outsourced approach mentioned above, your accountants can set up advanced dashboards and reports to fuel your budgeting and forecasting capabilities. Yet another reason why CFO’s love outsourced accounting.
Through automation and a unified database, you’ll be able to drastically reduce errors and typos in your data due to a decrease in the manual data entry required. Plus, you can put automated safety checks in place to help ensure accurate data across the board.
Instant Access to Data
With NetSuite being a cloud-ERP system that’s mobile friendly, you’ll be able to access your financial and operational data at any time, from anywhere in the world. Data is updated in real-time across departments, so when your sales team signs a new client, or the warehouse receives new inventory, that data is instantly available for the finance department.
NetSuite is modular, meaning that you can tack on modules and functionality as you see fit, without having to pay for features you don’t need. It offers a plethora of financial modules including the Advanced Financials, SuiteBilling, Revenue Management, AP Automation, Bill Capture, Planning & Budgeting, Account Reconciliation, Multi-Book Accounting, OneWorld, Dunning Letters, Fixed Assets Management, and Electronic Bank Payments modules. This empowers your finance team with an entire suite of functionalities that will help them better manage your business’s financial strategy and execution.
NetSuite is often considered the last ERP you’ll ever need because of its ability to seamlessly grow and adapt with your business. It accommodates businesses ranging from a few million in revenue to Fortune 100’s. Apart from the financial modules listed above, there are dozens of more modules focused on business intelligence, CRM, Inventory, E-Commerce, HR, Supply Chain, Professional Services Automation and more. Plus, you can easily add user licenses, or seats, as your business expands. As your business expands, NetSuite will adapt with you for a seamless continuation of growth.
NetSuite Financial Management Conclusion
Having a rockstar finance team is only part of the equation for proper financial management. The infrastructure you put in place is essential to long-term success and is equally important to having well-trained and experienced staff.
While it is common for businesses to adopt a basic accounting platform like QuickBooks (or even spreadsheets) when in the startup phase, it’s essential to equip your business with the proper infrastructure before things spiral out of control. By implementing NetSuite, your business will be able to enjoy a plethora of benefits which will help your financial management processes.