4 Ways to Modernize Financial Management with NetSuite Accounting Software
When your business is small, it makes sense to use simple accounting software like QuickBooks. But as you grow, your needs change and you’ll find that your accounting software just can’t keep up. Reporting is a challenge with data scattered across multiple systems and spreadsheets. The impact on productivity is significant and you’ll be weighing the cost of hiring more people to handle manual processes. Put simply – you’ve outgrown the system and need more robust capabilities to continue growing your business.
NetSuite accounting software is the logical next step in your journey. Even if you’re still a small company, NetSuite’s flexibility allows you to focus on your accounting needs first and add on as you grow.
1. Consolidate your financial data in one place
NetSuite’s 2020 Future of Business Report found that operating cash flow is the top KPI being monitored by finance leaders today. Think about your current systems – how easy is it for you to get a clear picture of your operating cash flow? How many reports do you need to run? From how many different systems? How long does it take to reconcile the data and get answers to your questions?
This is by far the number one advantage of NetSuite’s accounting software – your financial data is centralized in one place and connected to the rest of your business. As you keep reading, you’ll see the extra benefits this offers, from reporting to increased productivity.
2. Automate your accounting processes
When you’re heavily reliant on spreadsheets and have to use workarounds to accomplish everyday accounting tasks, the extra time adds up quickly. Not only are your people less productive, but you’re more likely to have errors from manual re-entry and reconciliation processes. If there’s anywhere you don’t want data errors, it’s in your financials.
NetSuite was built as an accounting software first and the functionality has continually improved over time. Each implementation leverages industry best practices to optimize workflows and automate processes. You could see benefits like:
20% to 50% reduction in financial close time
25% to 50% increase in accounting staff productivity
30% to 50% reduction in AR collection time
What are these time-savings worth to you, if you can free up your team to focus on more productive tasks?
3. Get a real-time view of your financial performance
Closely managing financial performance is more important than ever before. From controlling expenses to monitoring accounts receivable, you need instant visibility to optimize cash flow. NetSuite offers financial dashboards with 150+ pre-built reports, pre-configured for various roles in your finance team so each person has a straight view into their most important metrics. You can easily create financial reports, quickly drill into details to resolve delays and analyze performance. Not only will have you more accurate financial information, but you’ll spend up to 55% less time on reporting.
4. Accommodate more sophisticated accounting needs as you grow
Basic accounting software is great for bookkeeping. But it just won’t handle certain processes, like revenue recognition, fixed assets and financial consolidation. NetSuite handles all this and more. Whether you’re expanding internationally, taking on new lines of business or just need greater flexibility, NetSuite has the sophistication to meet your needs.
Ready to make the leap to NetSuite?
Upgrading to NetSuite sets you up for the future with a scalable platform you can rely on as you grow. As your Canadian NetSuite implementation partner, we’re here to guide you through the process – right from evaluation, through implementation and beyond. Let’s connect to get started!