Why Fast-growing Companies Should Choose NetSuite Accounting
Aug 26, 2021
Is your financial tech stack scalable? Is it fit for a quick evolution in your business demands? The faster your company grows, the more urgent it is to make sure you are well equipped. Efficient systems can help you save time and drive your expansion. For Chief Financial Officers (CFO) or Chief Executive Officers (CEO), choosing a financial and accounting system is a major business decision. NetSuite Accounting might be just the right option for you. Here are a few reasons to consider this future-proof technology for your company.
What is NetSuite?
NetSuite is a very popular integrated suite. With this cloud platform, users can manage their whole business process within a single system. NetSuite offers applications for every step of the company’s journey: from ordering and delivering to invoicing and accounting for the products. It targets small to midsize businesses across all industries. Wholesale distribution, manufacturing, e-commerce industries, nonprofits, etc.: NetSuite claims over 50,000 organizations trust its software around the globe. And it’s not just another accounting system: Oracle NetSuite offers Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), on top of well-rounded finance, accounting tracking, and tax management solutions.
Is NetSuite good for accounting? NetSuite Accounting Software is a solid financial management system that can be expanded and integrates seamlessly with the rest of the suite. Its main strength is that it simplifies processes: recording transactions, managing payables and receivables, closing the books, etc. The NetSuite cloud ERP is one overarching platform to tailor and adapt to your business needs to increase productivity and save costs.
If you’re hesitating between NetSuite and QuickBooks, you might want to check out our comparison here. The bottom line is, NetSuite provides financial management and data analysis that are crucial for fast-growing businesses with 10 to 1,000 employees. It’s geared mainly towards startups and organizations large enough to benefit from more complex features such as ERP solutions. On the other hand, QuickBooks tends to be best for small businesses just getting started, with low revenue. So, what are the benefits of NetSuite for fast-growing companies? Let’s review some key points.
NetSuite Accounting: 5 benefits for Fast-growing Companies
1. NetSuite: a centralized solution
Accounting tends to fragment between several applications. For finance staff members in a small company, the management of invoices, orders, accounts receivable and payable may have started on Excel spreadsheets. They might have multiplied general ledgers. As the business grows, this lopsided system experiences more and more delays. That can lead to disparate datasheets, out-of-date templates, or conflicting numbers. It is good to think ahead about the infrastructure your business will need in six months, one or five years from now. That is how you decrease the risk of errors and bottlenecks.
This patchwork of systems will stop being manageable once your business scales up. To avoid what it calls “a hairball of applications” ranging from accounting to order fulfillment, cash management, sales, and marketing, NetSuite offers a unified and centralized system. NetSuite’s Enterprise Resource Planning encompasses each specific purpose while automating manual tasks and gathering fragmented data. It replaces time-consuming bookkeeping and frees more time for data analyzing, budgeting, and decision making.
2. NetSuite ERP: a comprehensive and customizable ecosystem
NetSuite’s very flexible circuit reduces costs and optimizes time in a wide array of categories. It goes from CRM and ERP features to production management, financial management, financial planning, and more. The cloud platform displays all this data in clear and easily customizable dashboards, even for data that comes from other applications. How? NetSuite’s built-in functionality makes it able to support multiple applications in one platform for enhanced productivity. Each system works together as one application. The SuiteFlex technology platform facilitates vertical solutions and third-party capabilities.
In that regard, NetSuite’s ERP is similar to Salesforce. Extremely configurable and customizable, it adapts its standard programs to the organization’s individual needs (key data points, corporate branding, terminology, etc.) thanks to industry-specific modules. You can, for example, pick from a variety of user types to give different permissions and tasks to various team members. Its open system also allows you to extend the NetSuite solution to many apps.
3. NetSuite, an open and interconnected accounting system
The first rule of innovative accounting: no ecosystem can do everything on its own. Stay clear of closed ecosystems when you’re choosing accounting software. Instead of looking for a single solution, it’s best to bet on software like NetSuite: open and compatible with plenty of other tools. After all, you don’t know what your business will require in the future!
NetSuite allows integrations with thousands of third-party apps including Upflow. We help your teams collect customer payments effortlessly and automate tedious payment reminders. We supercharge your existing collections workflow and synchronizes all of your NetSuite invoices on Upflow in a record time.
4. A scalable ERP system to go global fast
As its old slogan said, “one platform, no limits”. Once you transition to the NetSuite ecosystem, the investment carries on for years. The ERP application is renowned for its great scalability. No need to re-tool your system or re-platform it since you can add functionalities, add-ons, or platforms as needed. NetSuite also offers multi-currency, multi-tax, and multi-language support for businesses, invaluable for expanding enterprises that decide to go global.
NetSuite adapts to the company growing horizontally (by simply adding more users to the subscription) and vertically (adding modules for new operations to the ERP system). The platform design aims at suppressing any limitations on your business growth.
What about NetSuite’s pricing? It’s scalable too, and modular. Prices vary depending on the size of your team, which features and integrations you’ll use, and the length of your contract. You can speak with a representative to see a price estimate for your company’s size and needs. But in general, you start by licensing a suite based on your number of employees - some reviewers note pricing of around $100 (USD) per user per month. You then add the services you need to create your subscription package, depending on the number of legal entities, employees, and users your company works with. This modular approach reduces costs and encourages companies to feel empowered and like their needs are met.
5. Real-time visibility on your business data as you expand
Streamlining your business as it grows is crucial to its success. With its KPIs, add-ons, and dashboards, NetSuite gives you a comprehensive picture of your business in real-time. How much cash flow you have, what your financial performance and inventory management look like. NetSuite's compliance management tool and strong finance and accounting solutions shape an efficient financial reporting and communication system. The platform creates one place that acts as a reference for all users across the supply chain to consult the data for all business processes and departments and act on it. By pooling data accessible instantly, reports can be more accurate and timely and thus lead to quicker decisions.
With its user-friendly, immediate view of core business metrics like finance, sales, and professional services, we can say NetSuite accounts is a powerful tech stack. Moreover, it’s an asset for your company to attract talents and stand out from your competition. It demonstrates your investment in efficient and future-proof tech to streamline your business intelligence.
Are you ready to switch to NetSuite? Or is its high pricing deterring you? Perhaps the idea of setting up a new system makes you anxious. NetSuite can send implementation partners for support if you don’t have internal experts charged with the migration.
And don’t forget: in the long run, your company cannot thrive if you haven’t anticipated its expansion. The earlier you implement NetSuite, the more time you will dedicate to business growth and consolidation without wasting time on administrative issues. The platform is especially innovative if you are scaling up internationally. With NetSuite's support of multiple legal entities and multiple currencies, it becomes your best asset to assess your business performance at a global level. If after reading these tips, you realize you have other needs and criteria to consider before making a decision, that is totally valid. Need more advice? You can check our guide on how to choose the right accounting software for your business here. Good luck!