Optimizing Financial Management with NetSuite
Posted On July Monday 17, 2023
Financial planning and management are amongst the most crucial areas when it comes to any successful business. On top of the general accounting tasks or activities that need to be performed each day, it is the financial planning process that serves as a crystal ball for your business.
The results of financial reporting offer a glimpse of how successful the past year has been for your business and what to expect in the coming year.
For small businesses, basic accounting software can do the trick. However, once your organization begins to expand, you need to scale up to software that can accomplish more than just the regular accounting tasks.
I recommend NetSuite financial management solutions for a business that plans to scale to the top. Financial planning and reporting should be considered as the natural progression for any expanding business.
NetSuite comprises features that are the best fit for a future-ready business. These features allow to:
- Speed up the order-to-cash process.
- Minimize financial close by over 50%.
- Access daily cash balance visibility by using comprehensive reporting tools.
- Improve decision-making with customized dashboards and real-time data.
- Enhance workforce productivity with real-time access to the data available on the cloud.
- Lower cost of ownership by removing upfront IT expenditures and providing automatic product upgrades.
All You Need to Know About NetSuite Financial Management
At present, you may have the best accountants or a basic accounting software running all your financial operations. However, we are well aware of the dangers of the data being scattered across various areas within an organization – a single error from any one in any area could result in heavy losses. Also, multiple teams accessing and managing financial statements could result in several issues. Deploying a centralized accounting software, such as NetSuite, with suitable privileges for different teams is the solution to such challenges.
NetSuite financial management solutions accelerate everyday financial transactions, decrease forecasting and budgeting cycle times, while always assuring compliance. They host a cloud-based platform that offers real-time visibility into the financial activity and performance of any business, from a consolidated level down to specific transactions. This platform integrates seamlessly with other business applications, enabling you to run your organization on a single solution. NetSuite may have originally been designed as an accounting software; however, it has definitely evolved into so much more than just that.
How NetSuite can Help Your Business
As I take you through how NetSuite can help the financial planning for your organization, you must understand that the solution also comprises other features that your organization can benefit from;, such as:
- Streamlining of activities across departments.
- Inventory management and tracking.
- Sharing of client details across teams for cross-selling opportunities.
- Built-in CRM, and much more
- Accurate reporting and so much more
NetSuite financial management solutions help with the automation of core accounting and finance processes, provide comprehensive insights into the performance of a business and minimize the risk of reporting errors, thus giving you greater control of your finance data.
Accelerate (and automate) your Processes
Your organization’s accounting processes take time to guarantee that all details are up-to-date and correct. Some steps may need additional analysis or tweaking that your accounting professionals may not have the requisite time for. Moreover, if your business completely depends on spreadsheets to fulfill everyday tasks such as reporting, consolidation or basic balance sheets, then there are bound to be data errors.
The NetSuite financial reporting software ensures that the best practices are being followed for the specific organization it has been deployed on to ensure automation of all accounting activities.
Financial Consolidation of all the Data
Would you rather be looking across various systems and have several employees running reports if you decide to view all the data related to your business’ current cash flow? Would you rather not have all the information consolidated in one place?
Consolidation of data and having access to it on a single integrated solution is crucial to understanding your business’ present financial situation. Centralized data available within your NetSuite accounting software results in an improved and efficient reporting process. Moreover, with access approved only for selected employees, one can be sure that sensitive data won’t get into the hands of cyber criminals.
On-the-Spot Visibility of Your Financial Performance
As a business owner or a leader, you know how crucial it is to stay on top of your organization’s financial reporting and performance. You must keep an eye on expenses, supplier payments, and accounts receivables to guarantee proper cash flow.
With NetSuite’s financial reporting dashboards, one can allocate roles to the finance professionals as well as accountants so that they can have complete access to their respective indicators. All the while, you can continue to create reports and get further into details that can help you resolve multiple client issues, errors or delays.
Wrapping Up
NetSuite has wrapped the experience it has gained from thousands of its worldwide deployments over two decades into a set of leading practices. These practices lead to a clear path of success and have proven to offer accelerated business returns. Intelligent, accelerated implementations scale as your organization grows and span over the complete customer lifecycle. The solution ensures to offer continuity from sales to services to support. NetSuite is your answer to the cloud financial management system that provides comprehensive control and visibility over all financial processes.
