The New Year is upon us, and you may think now is the perfect time to switch to something different with your accounting. You have been using that same old desktop software for the last three years, and now you’re being told you must either upgrade to a new subscription version at a higher annual price or migrate to a cloud-based subscription version that’s different to use at even a higher price.
You also are finding your current software slow and not fully meeting all of the requirements of your business. Your local software advisor and accountant are telling you they can solve all your problems by upgrading to a new version, and then adding third-party apps to give you the extra features you need.
That means you’ll be spending even more money on your accounting software.
You are thinking, “There must be one solution that can be configured to fit all your needs?”
Then, you’re driving to lunch and you hear an advertisement on the radio about an accounting solution called NetSuite. So while waiting for your lunch, you check out NetSuite on your smartphone and think, “This year is the right time for you to switch to NetSuite.”
You might be right because NetSuite is a solution that can be configured to fit the needs of almost every small-, mid-size, and even large business. It can be the perfect upgrade for small businesses that have outgrown the desktop accounting platform they’ve been using for the past “umpteen” years or that need more than small accounting solutions can offer—even when plugged into a bunch of add-on apps.
And NetSuite can grow with your growing small business, starting with the core accounting requirements you need, then allowing you to simply turn on additional features as you grow into them.
So let’s look at just a few of the features NetSuite can offer switchers to start.
Fiscal Accountability at the Core
NetSuite excels in fiscal accountability with features like cash management, revenue recognition, accounts receivable & payments, accounts payable, tax management, planning & budgeting, and reporting.
For many small businesses considering the transition to NetSuite from a desktop application—or perhaps even spreadsheets—core functionalities like invoicing and accounts receivable, accounts payable and cash management, along with reporting, may be their first step into their NetSuite venture.
Invoicing and Accounts Receivable to Meet Every Requirement
NetSuite’s sales and accounts receivable integration ensure accuracy and satisfaction for your Customers. So whether you’re generating sales transactions, working on long-term projects that generate progress invoices, or recognizing period revenue through subscription billing,
NetSuite can provide the appropriate billing mechanism and associate the accounting with the proper revenue recognition framework and accounts receivable tracking.
NetSuite also makes it possible to provide customers with access to real-time account information with your company so they can view their open purchase orders, history, open invoices and payment history.
Your A/R dashboard details every aspect of a customer’s open invoices and your company’s credit history. So, with just one look, you will immediately know how good a customer is, not from a “buying” standpoint but from a “paying” standpoint.
Accounts Payable With the Controls You Need
The time comes in every business when it must make purchases. It might need to buy supplies, or have to increase inventory. Unfortunately, many companies make the mistake of not establishing purchasing processes from the start, and that lack of control follows them as they grow.
Suddenly, the day comes when it realizes that its buying habits are out of control. The problem is that most business accounting systems don’t offer purchasing controls as part of its accounts payable.
NetSuite improves accounts payable by incorporating payment controls and automating the processing and payment of its vendor bills. In addition, it ensures that every bill is adequately documented from purchase order to item receipt, verifying what your company pays for is what you ordered, and that you receive every discount to which you are entitled.
Cash Management Fit for a King
Everyone says that “Cash is King.” That’s why today’s most trending business term is “cash flow.” NetSuite provides a wide variety of views of your company’s cash flows in real-time across all your bank accounts and other financial resources, your locations and entities, and any of the various currencies you have established.
This is designed to provide a complete solution for monitoring, forecasting and addressing your cash requirements.
While we just looked at a few of the core features of NetSuite, depending on the complexity of your requirements, it is easy to expand this core functionality of NetSuite to provide nearly endless capabilities.
So, if you’re now thinking, “There must be one solution that can be configured to fit all your needs,” it’s probably time you took a deeper dive into NetSuite.
And if you’re one of those local accountants or advisors who is simply trying to keep clients stuck in a single solution pinned to a bunch of apps, it probably is time for you to consider looking at a partnership with NetSuite.
You will be doing your clients an enormous service if you at least provide them with an opportunity to explore something other than the “old faithful.”
Footnotes and Disclosures:
Content and graphics within this feature (including the title graphic) has been adapted from Oracle NetSuite source materials. Referenced source materials and content appearing within this Insightful Accountant feature were adapted and are provided solely for educational purposes.
NetSuite and Oracle are registered trademarks of Oracle Corporation. Oracle Corporation is a publicly-traded NYSE-listed (ORCL) multinational corporation headquartered in Austin, Texas (USA).
Other trade names used in this article, including any other vendor (app/software) discussed (or inferred) herein, may refer to products registered, trademarked, or otherwise held by their respective owners. They are referenced solely for informational and educational purposes.
This is an editorial feature, not sponsored content. Instead, this article is provided solely for informational and educational purposes. No vendor within this article has paid Insightful Accountant or the author any remuneration to be included within this feature.
The publication of this article does not represent an endorsement by either the author or Insightful Accountant.
Note: Registered Trademark ® symbols have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. Every attempt is made to credit such trademarked products within our respective article footnotes and disclosures.
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