Is NetSuite Suitable for Small Business?

For a small business, the decision to switch from a familiar accounting software such as QuickBooks to a more robust solution like NetSuite can be both enticing and daunting. From concerns about cost and complexity to fears of disruption and learning curves, understanding these hesitations is the first step towards unlocking NetSuite’s full potential for your small business.

At first glance, moving from QuickBooks to NetSuite may appear like a huge financial and mental undertaking. However, the truth is far more reassuring: NetSuite is suitable for small businesses because it’s not only remarkably easy to implement but also provides an affordable approach to scalability.

The NetSuite SuiteSuccess implementation is tailored to small businesses based on industry and size. There are preconfigured processes and solutions for specific industries, meaning you will have the tools needed to manage your business from the day you go-live.

NetSuite Starter Edition is the ideal choice for small businesses with less than 10 users. In just a few weeks, you’ll be up and running with preconfigured KPIs, workflows, reminders, reports and dashboards for all your key roles. By starting with your most important processes, you can see short-term results at a reasonable cost while building a foundation to grow in the future.

Let’s now dive into the top five benefits of NetSuite for small businesses, showcasing its easy and affordable capabilities to drive your business growth.

5 Benefits of NetSuite for Small Businesses

1. Get rid of manual processes with NetSuite AI

On average, employees spend 22% of their time on repetitive tasks. For small businesses with small teams, the impact of that is huge. Consider how much time you would free up across your company if you automated those repetitive tasks. Now think about what you could accomplish with that extra time.

NetSuite is focused on helping small businesses accelerate growth, improve productivity and gain deeper insight into the business. To achieve that, NetSuite is advancing its AI capabilities, which serve two purposes:

• Assist: These tools use AI to handle repetitive tasks based on business rules and best practices. By automating things like data entry and intercompany reconciliations, you save time and increase productivity.
• Advise: These tools help you make faster, more effective decisions using AI-driven data analysis to identify trends, make predictions and answer questions

2. Access advanced accounting functionality

When your business is small, using simple accounting software like QuickBooks makes sense. But as you grow, your needs will change and you’ll find that your accounting software can’t keep up. Getting the right reports becomes a headache with data scattered everywhere, and you’re stuck juggling multiple spreadsheets. It zaps productivity and you might even consider expanding your staff to handle all the manual work.

Simply put, you’ve outgrown your current system and need something more robust to keep your business on track. That’s where NetSuite comes in. NetSuite is suitable for small businesses that want to focus on advancing their accounting functionality first and then add on as the business grows.

If we look specifically at using NetSuite to automate accounting processes, you could see benefits like this:

• 20% to 50% reduction in financial close time
• 25% to 50% increase in accounting staff productivity
• 30% to 50% reduction in AR collection time

3. Gain real-time visibility into performance

How easily can you answer key questions in your business today? Do you know the value of your outstanding receivables? How about profitability indicators? Inventory turnover? Top selling products? Whatever the key indicators are for your business, you need a way to answer these questions, so you know what move to make next.

NetSuite Starter Edition comes with over 95 pre-built reports and role-based dashboards developed from real-world use by people in roles like yours. Every member of your team has easy access to the information that matters most.

4. Lower IT infrastructure costs

Many small companies discount ERP software because they’re afraid of the price tag. But when you have a collection of systems that you need to maintain, the costs add up. There’s the cost of each system on its own, plus the IT overhead to host any on-premise systems and maintain integrations.

With NetSuite, you have a cloud system that’s always up to date on the latest version. Their cloud infrastructure offers levels of security and data redundancy that no small business can achieve on their own without significant cost.

5. Easy and affordable implementation

A key reason NetSuite is suitable for small businesses is because of its affordable entry point. The brick-by-brick scaling model allows you to pay only for what you need right now, keeping the cost down. As you grow, you can add new functionality or scale up your licensing model as needed. Putting the foundation in place early, while your processes are still relatively simple, makes it easier to adapt your system to match your changing needs. If you wait until you’re overwhelmed by inefficiency, the transition will be a bigger challenge.

NetSuite Starter Edition is a suitable ERP for small businesses, making it easy to transition into the ERP world without facing overwhelming setups or high costs. With features like automating manual processes, getting instant insight into performance, cutting down on IT infrastructure costs, and offering affordable scalability, NetSuite Starter Edition lays a strong foundation for success.