Business growth is a good thing, but it’s not without its challenges. One of the most common hurdles growing companies face is discovering that their basic accounting software doesn’t scale.
Sound familiar for your small business? If so, it may be time to upgrade to NetSuite enterprise resource planning (ERP) software.
NetSuite is the leading accounting and ERP software solution on the market. It’s jam-packed with dynamic tools and modules to help any size business grow. Find out what makes NetSuite for small businesses a good choice for your company this year.
Why NetSuite for Small Businesses?
Contrary to popular belief, NetSuite isn’t just for big brands or global companies. This platform can meet the needs of any company, including your thriving small business. Just as significantly, it can scale with your needs as you continue to expand your operations.
Let’s take a closer look at the advantages you can unlock by deploying NetSuite ERP.
1. Replace Manual Processes
Manual processes don’t scale well. A single employee can only perform so many manual tasks in a day. If you need to get more work done, you have two options: hire more staff or automate some of your more tedious tasks.
Bringing on too many team members too soon can slow business growth. Even if you can take on the added salary, doing things the old-fashioned way leaves the door open for errors. Even seemingly minor data entry errors can cause major headaches down the road.
That brings us to the second option: automating processes.
With NetSuite, you can automate a wide variety of tasks. By reducing the amount of manual data entry you perform, you drastically decrease the risk of errors.
Additionally, you free up your staff to work on more dynamic activities. They’ll be happier because they get to put their skills to use, and your overall productivity will increase. Everyone wins – from your management team to your customers.
2. Get Clarity About Revenue and Profitability
Every business decision carries some risk. You can mitigate your risk by using revenue and sales data to guide decision-making, but it’s tough to access these insights when your financial data is scattered across dozens of spreadsheets.
NetSuite ERP provides unmatched visibility and clarity regarding revenue and profitability. All of your core business data is stored in one place, and authorized users can access this data at the click of a button to support your business functions and better serve clients.
You can also gain visibility into various other processes. For instance, you can check to see if purchase orders have arrived at your warehouse. You can also monitor the status of returns, incoming and outbound shipments, and much more.
3. Consolidate Key Processes into One Location
Is your current accounting software an all-in-one solution, or do you have to pivot between three or more apps to carry out critical business tasks?
Oracle NetSuite consolidates core business processes into a single location.
Your team can complete accounting and resource management all from the NetSuite platform. This saves them time and enables them to collaborate with other teams and departments. Creating a single source of truth with NetSuite also allows you to gauge business performance via powerful analytics tools.
Some other functions you can perform within the NetSuite framework include:
- Finance
- Accounting
- Inventory management
- Procurement
- Sales
- Marketing
- HR
You can use the platform’s reporting tools to see how each department is performing and compare each team’s productivity to pinpoint your strengths and weaknesses. These insights will permit you to proactively remove growth roadblocks and support overall productivity.
4. Promote Better Data Security
Data breaches are only a problem for big companies, right? Not quite. In actuality, companies of all sizes can be targets for hackers.
In fact, small businesses are preferred victims because they often have less robust security measures in place.
- A recent study found that 58% of malware attacks are against small businesses.
Whether you’re confident in your current security standing or think you need to put additional measures in place, NetSuite ERP can help you protect your irreplaceable business data.
When data is everywhere, it’s tough to protect. Each app offers a different level of security, and some basic software provides inadequate data protection.
Oracle’s industry-leading solution, on the other hand, has powerful security tools. NetSuite also distributes your data across several remote servers, a redundancy that adds an extra layer of information security.
Additionally, with an ERP, you can restrict who can view or edit data, setting custom permissions for each employee based on the scope of their position.
5. Increase Overall Productivity
NetSuite boosts productivity in multiple ways.
First, Oracle’s leading ERP allows you to automate dozens of business functions. As such, you can free up staff to work on more dynamic tasks.
With a cloud-based ERP at their disposal, your team can complete their assigned work faster. They won’t have to waste time searching for spreadsheets or physical documents. Instead, they can conduct a query in NetSuite and populate the data they need.
NetSuite further increases productivity by facilitating better collaboration among teams. All departments can access the same platform, so they no longer have to ask for specific details or data. Authorized users can simply launch the appropriate NetSuite module and get to work.
6. Set the Stage for Continued Growth
Leading ERP systems like NetSuite are highly scalable. You can access the tools you need today and prepare your business for the future. As your business evolves, the platform can change with it.
For instance, Oracle’s ERP software includes over a dozen individual modules. During initial deployment, you can implement the core platform and a couple of select modules. But say you need access to additional functions a year from now; at that time, you can configure and add other modules to your NetSuite platform.
You can add users as you build your team, too. NetSuite can support as many or as few users as you need.
7. Reduce Costs and Get More Organized
One of the most compelling reasons to deploy NetSuite is that doing so can help you reduce costs both directly and indirectly.
Direct cost savings can be attributed to its automation and workflow management tools. As for indirect cost savings, you’ll be able to gain real-time insights into all of your business processes. You can use this information to pinpoint sources of waste and address productivity bottlenecks.
Since you’ll have better inventory visibility, you can prevent under or over-ordering. In turn, you can guard against stockouts and optimize liquidity.
These are just a few examples of ways you can reduce costs and bolster revenue with NetSuite ERP. By using these expense-cutting tools, you can condense your time to value and optimize your return on investment.
Go from Business Owner to CEO with Finlyte
NetSuite for small businesses is the growth catalyst you’ve been looking for. Adopting NetSuite ERP will empower your decision-making processes and give you real-time insights you can use to continue building your brand.
That said, you may not have the in-house IT resources you need to effectively manage a NetSuite deployment. The good news is you don’t need a huge IT team to deploy NetSuite. All you need is a trusted implementation partner like Finlyte.
At Finlyte, we partner with small business owners like you, providing end-to-end deployment services to leverage the power of NetSuite. Specifically, we can assist with the following:
- Pre-planning
- Data migration
- NetSuite configuration
- Sunsetting your old software
- Bringing your team up to speed
- Post-deployment support
We can help you transition from working in your business to being a true CEO working on your business. Ready to learn more? Schedule a consultation with Finlyte today.
