As a software firm, you know how important it is to have great tech. You work hard to provide your clients with leading-edge solutions that support their business goals – and now it’s time to give yourself the same treatment with how you run your business.
If you are using out-of-date business and accounting software during a period of fast business growth, these tools will not be able to keep up. We recommend migrating to the NetSuite cloud enterprise resource planning (ERP) system to support growth.
NetSuite ERP is designed for the specific needs of your industry, making NetSuite for software companies an easy win.
Let’s look at some indicators that it’s time to adopt NetSuite. We will also cover the benefits of working with our expert team at Finlyte to support the migration to the platform.
Signs It’s Time to Migrate to a New ERP System
Moving to a new software platform can be a hassle, and you know that better than most. But you also know that waiting too long to upgrade software tools can damage progress. With that in mind, here are clear signs that it’s time to move to NetSuite.
Your Company Is Growing Fast
Regardless of what’s driving your fast growth, it’s important to keep that speed going, and that means investing in the right software. Older apps aren’t meant to support quickly-evolving business needs, but NetSuite is. It has a module framework, which allows you to expand its abilities as your needs change.
The modules include tools for accounting, payroll management, and HR, so whatever you need to handle your back-office processes, NetSuite can help.
You Are Using Disparate Software
The more apps you and your team use, the harder it is to efficiently manage data. In addition, you have to keep track of multiple software licenses. Working with half a dozen licenses is tiring, and it can also become quite costly.
With NetSuite, you can replace several different applications such as QuickBooks and other tools in one clean move. Once you transition to NetSuite, you will have access to a unified set of tools that will make it much easier to address your company’s business and accounting needs.
Your Current Business Tools Lack Scalability
If you cannot easily add users to your current software tools, you are going to run into headaches scaling as your firm grows.
If you are using an on-premise solution, you also have to deal with limited computing power. You could always buy new servers, but that requires a huge investment.
On the other hand, cloud-based ERP software like NetSuite makes scaling effortless. You can add as many users as you need. You can also tap into on-demand computing power.
Generating Reports Is Inefficient
Is your software company funded by investors? If you want to keep your investors happy, you need to be able to provide them with timely reports. They want to know that their money is being properly managed. The problem is that using various software solutions makes putting together even simple reports too slow and dull.
NetSuite addresses this hurdle with ease. It has built-in analytics tools that you can use to create custom reports in minutes instead of hours. NetSuite’s reporting capabilities make it easy to build trust with key stakeholders.
Why High-Growth Software Companies Need NetSuite
NetSuite is the ideal solution for high-growth software companies in sectors such as these:
- Machine learning / AI
- Internet of Things (IoT)
- Fintech
- HealthTech
- SaaS
With NetSuite, firms in these fields can reach higher performance in the following ways.
Increase Scalability
NetSuite is a highly scalable platform that can meet the needs of start-ups, IPOs, and PE-backed companies. It allows you to add users and tap into extra computing power whenever you need to, and its growth-friendly business model lets you pay based on the number of enrolled users.
Streamline Key Business Processes
NetSuite includes several built-in automation tools. You can automate redundant tasks and reduce the workload on your team so that they can spend more time and energy on valuable tasks.
Using NetSuite’s automation tools also lowers the chances of data entry errors. In turn, data integrity increases, helping you gain actionable insights from your reporting software.
Modernize Your Tech Stack
NetSuite ERP sets the stage for continued innovation and strengthens your team to get more done. Users can tap into the system’s wide range of tools to finish projects, develop reports, and deliver to stakeholders.
Most importantly, NetSuite is a true cloud platform. You can access it from anywhere, and it will no longer be tethered to the office. Instead, you can manage your firm from home or on the go.
Customize the Platform to Meet Your Needs
NetSuite is highly configurable. You can set it up based on the unique needs of your business:
- Each user can tailor their dashboard to prioritize data that is most suitable to their role.
- At a glance, you can view real-time financial data.
- You’ll be able to closely monitor the health of your firm.
Maximize Accessibility
NetSuite is incredibly mobile-friendly and very secure. These traits maximize data accessibility for you and your team. In other words, you can tap into the data you need in seconds.
Unify Your Data
NetSuite doesn’t just make your data more accessible: It brings it together, too. You can replace outdated apps with an all-in-one platform that makes data migration a breeze. Getting all of your data in one place significantly boosts visibility and transparency.
By tearing down data silos with NetSuite, you can put all of the data you gather to use and leverage it to run reports. Your team can access real-time information to serve clients and finish important projects.
Improve Your Financial Management Capabilities
Revenue recognition is a key accounting principle for SaaS and software companies. Your firm needs better tools to simplify the complexity.
When data is spread across several systems, recognizing revenue becomes too tedious and time-consuming. However, NetSuite helps you easily identify specific conditions for recognizing revenue so that you can properly account for it.
You can also use revenue recognition to keep stakeholders informed of your progress and easily relay information about how you are generating profits from investments.
NetSuite for Software Companies: Setting the Stage for a Seamless Migration
Your team has handled countless software migrations yourself, so you know what it takes to get new technology up and running. You also understand that having the right partner in your corner makes a world of difference. That’s why you need to connect with Finlyte.
Finlyte and our team of pros know software. Our experts specialize in implementing NetSuite ERP for the needs of software companies, which makes us a great partner for your firm.
At Finlyte, we help with everything from planning your migration to data cleaning. Our team is here to make the process smooth. We even provide post-deployment support so you can maximize your return on investment.
Discuss Your Migration with the Finlyte Team
Adopting NetSuite for software companies is the answer to your scalability struggles. With NetSuite, you can maintain your rapid growth speed. You can use NetSuite’s reporting tools to keep investors in the loop and precisely track your revenue.
Finlyte is the team that will help you make your migration as seamless as possible. To learn more about replacing your current software tools with the best-in-class NetSuite ERP platform, contact our team.
- We’ll discuss your needs and understand your business situation.
- When you’re ready to move forward, we’ll provide you with a migration roadmap.
- We’ll tailor our implementation strategy to meet the unique needs of your software firm.
Let’s get started today!
