In this blog we discuss what makes NetSuite ERP a good choice for small businesses?
Day-to-day operations for small businesses are varied and complex. Spreadsheets are used to assist several of these tasks. These spreadsheets prove to be challenging to manage as they grow into new product lines or locations. Entry-level software programs are frequently used by small enterprises to run their operations. Although this method initially helps, eventually they lack the capacities required to enable expansion. Multiple stand-alone solutions can present integration issues and occasionally require manual intervention.
Small organizations should ideally use a dependable enterprise software system with a forward-looking goal. The solution must be robust against failure, flexible, inexpensive, and instantly scalable in order to prepare them for future innovation, growth, and expansion. A software program like NetSuite Cloud ERP integrates all company and financial processes into a single platform and automates crucial accounting procedures to generate consolidated financial reports.
Monitoring Cash Flows: As a firm expands, it is simple to become bogged down in invoices, reconciliations, missing orders, and spreadsheets, which can have an impact on cash flows. To maximize cash flow and liquidity, small firms find it particularly challenging to balance their accounts payable and accounts receivable.
Reporting on Critical Financials and Business Operations: Companies use stand-alone software that relies heavily on manual operations, which can result in inaccurate and shoddy transactional data bookkeeping. This unreliable bookkeeping can result in concerns with reporting such as cash flow problems, incorrectly reported revenue for taxation, erroneous deductions, and audit problems. If ignored, this damages the organization's reputation as well.
Financial forecasting and budgeting skills are essential for achieving business objectives. Since they lack a sufficient amount of trading history to base their estimates on, new enterprises find this to be a problem. Finding accurate estimates is never easy when there isn't a single source of data available.
Governance, Risk, and Compliance Standards: The cost of compliance without a good Governance Risk Compliance (GRC) solution is one of the main issues small businesses have with taxes. Businesses are exposed to hazards if there is no way to simplify these compliances.
Raising Capital and Investment: Shortage of capital inhibits a small business from expanding, hiring, and reinvesting. To increase the chances of availing new loans, investors, and, venture capitalists for further expansion and growth, small businesses need to make sure the GRC, profit & loss statements, cash flow, and balance sheet are up to date, accessible in real-time, and audit-ready.
Data-based marketing initiatives: Making judgements about customer acquisition issues like the best channel to use for acquisition and the best lead generation tools requires data and insights. Another key challenge is how to guarantee client satisfaction given the limited resources and assistance available.
At every step of their development, small businesses want a software solution that can handle their expanding company needs. For small businesses in all sectors, including manufacturing, distribution, retail, eCommerce, professional services, and non-profit organizations, NetSuite is designed specifically for the cloud. Over 27000 organizations presently utilize NetSuite in more than 200 countries, attesting to the effectiveness of the project. Through the centralization and automation of financial and operational processes, NetSuite provides real-time information, improves customer service, and lowers IT and related expenses. NetSuite Solution Providers assist clients from all over the world and in every sector of company in establishing more effective operations and generating increased income.
Features: NetSuite has experience in all major and minor industry sectors. The innovative product NetSuite streamlines both front-end and back-end operations. The system is unique in that it combines eCommerce with accounting, sales, and marketing for small enterprises. The revenue tools provided by NetSuite help small businesses make better financial plans and prepare for the future. The management team may create multiple scenarios by considering various options thanks to the planning, budgeting, and forecasting tools.
Compliance & Reporting: Get a holistic picture of your business using NetSuite's compliance and reporting features. Gain real-time business line insights, do away with data silos, manage compliance, and streamline financial closing.
Native Cloud Solutions: NetSuite was one of the earliest native cloud solutions. It is far more mature than other solutions that are reworking their apps for the cloud. It contains standard workflows based on industry best practices that will assist organizations in scaling. NetSuite can be a reassuring and fail-safe alternative for all firms transitioning from software used in their early growth cycles to digitally switching to a cloud ERP.
Scalable: It is a fully integrated ERP solution that can expand with your company. NetSuite cloud ERP may be expanded with more users, regions, and subsidiaries. It aids in entering new markets, introducing new product lines, establishing new channels, and organizing customer involvement across various channels.
NetSuite Suite Success Starter Edition: Among the many value adds, NetSuite's Suite Success Starter Edition is built exclusively for small enterprises. Suite Success is an industry-specific pre-configured version of the programme. It can provide a comprehensive picture of how the software can be installed. It aids in the acceleration of technology installation.
NetSuite has accomplished this without compromising with watered-down lite versions of important modules and applications. Furthermore, the SuiteSuccess beginning edition includes 95+ pre-built reports, pre-configured roles with dashboards, and intelligent analytics for better and faster decision-making.
Productivity Tools: NetSuite provides an executive dashboard, KPIs, file management and sharing, record import/export, customizable reporting, and anytime, anywhere web access to businesses. NetSuite allows you to customize the dashboard with your key performance indicators (KPIs) to track performance and progress in real-time.
Lower total cost of ownership: Because it is web-based and hosted, you save money on hardware, IT staff, software maintenance, and security. When compared to other cloud solutions, NetSuite is less expensive since it provides a "out-of-the-box" solution that contains the fundamental software capability, with extra modules that can be added as the business grows. NetSuite eliminates the requirement for infrastructure investments. The user license costs a certain amount per license.
Integration: NetSuite's cloud ERP solutions are simple to integrate with other cloud-based third-party products, modules, and applications. This integration takes place without the need for any downtime or new hardware.
In addition to choosing a solution, the most crucial choice you must make is which partner will execute your ERP system. This is particularly true for smaller companies that are beginning the process of simplifying their operations and processes. This ERP partner will be involved with your company well after the deployment stage. It is crucial to pick a partner with whom you can build a solid working connection, both initially and in the long run.
To enable successful, streamlined, and rapid deployments, the partner should have a globally recognized implementation process. The ideal partner will offer a tangible assistance programme, such as a help desk and online support with self-help tools, and they will remain proactive in helping your company identify and handle new difficulties as they grow.
Companies that are expanding should use NetSuite Small Business. It is adaptable to the particular requirements of your company. The best NetSuite implementation partner will have solution and domain experience, follow a tried-and-true methodology, provide support, and assist you in getting the most return on your ERP investment possible for a product as comprehensive as NetSuite. All these processes are unified and automated by OpenTeQ NetSuite services, making it simpler to manage projects and please your clients.