Have you recently launched a new business venture? If so, you need a way to efficiently manage accounting, finance, and other back-office functions for your fast-growing company.
Currently, you’re probably using a mix of basic software solutions. These tools might be able to keep pace in your company’s infancy, but your back office will quickly become unruly as it evolves.
The question is, when is the right time to choose a more robust solution? More importantly, what solution will you replace your current tech stack with?
The short answer is the Oracle NetSuite enterprise resource planning (ERP) system is the ideal replacement for your existing software tools.
But, you might be thinking, “Is NetSuite for startups? I thought it was only for larger companies.” Join us as we debunk this myth and explore why NetSuite is a great fit for your startup venture.
Common Misconceptions About NetSuite for Startups
Many startups and small businesses wait too long to migrate to new software systems. As a result, they often find themselves playing catch up. Clinging to basic tech and manual processes can lead to missed opportunities for growth. Waiting too long to migrate can also hurt data visibility and impede decision-making.
So why do startups wait so long to adopt new software like NetSuite? Many business leaders have been waylaid by common misconceptions, such as the following.
1. NetSuite is Too Large for Startups
This misconception is perhaps the biggest misconception because NetSuite is often viewed as a huge platform. Yes, the system is very robust. However, it’s also scalable, adaptable, and flexible to meet your current and future needs.
NetSuite is a cloud-based solution. As such, you can access as many or as few computing resources as needed. The platform also allows you to enroll only as many users as necessary. This helps keep costs in check while giving you access to world-class tech tools.
In many ways, NetSuite’s size can actually benefit your business.
For example, the platform is backed by a large support team. This team is constantly working to improve the software. They add new features, fix bugs, and provide assistance if you encounter an issue.
The NetSuite ecosystem also includes a network of third-party partners like Finlyte. We provide external support, such as:
- Configure the software to fit your needs.
- Manage your migration to the new system.
- Provide training to your team.
- Deliver other NetSuite services.
The bottom line is there are plenty of resources in place to help you fit NetSuite to your company’s needs.
2. NetSuite is Too Robust or Complex
NetSuite is incredibly robust. But that does not mean installation has to be a difficult task for your team. NetSuite uses a modular architecture, meaning each set of tools is packaged in a separate module or add-on.
Some of NetSuite’s most popular modules include:
- NetSuite Advanced Financials
- NetSuite SuiteBilling
- NetSuite Revenue Management
- NetSuite AP Automation
- NetSuite Bill Capture
- NetSuite Planning & Budgeting
- NetSuite Account Reconciliation
- NetSuite Multi-Book Accounting
- NetSuite OneWorld
- NetSuite Fixed Assets Management
With NetSuite, you can implement as many or as few modules as needed. If you want to keep your deployment simple, select a couple of core modules. As your company evolves, you can add new modules at any time. We’ll help you out along the way.
3. NetSuite is Cost-Prohibitive
NetSuite bills on a per-user basis. That means you won’t pay anywhere near as much as enterprise-grade entities. Instead, you’ll pay based on how many users you enroll and how much computing power you need.
The other factor that impacts your NetSuite costs is how many modules you implement. To keep costs down, simply enroll fewer users and deploy only a couple of modules during your startup phase. Then, you can easily add more users as your business grows.
The flexible billing model makes NetSuite accessible to companies of all maturity levels. From startups to international enterprises, everyone can use NetSuite.
4. I Need a Huge IT Team to Migrate to NetSuite
Migrating to NetSuite can be a daunting task. However, you do not have to take on this responsibility alone. If you don’t have a dynamic IT team in place, outsource your migration to an experienced NetSuite implementation partner like Finlyte.
Outsourcing your migration is a great cost-saving move. We take the hassle out of adopting NetSuite and ensure that all of your vital data makes it to the new platform.
We’ll even configure NetSuite for you, ensuring your company enjoys a condensed time to value and optimal ROI.
Why NetSuite is a Great Fit for Startups
Now that we’ve debunked some common myths about NetSuite for startups let’s examine some of its key benefits. NetSuite offers tremendous value to companies just starting out. Learn more about the following reasons to invest in this ERP software system.
NetSuite tears down data silos to increase the accessibility of information. Instead of using disparate programs to manage your business, you can track all data in one location. This feature improves visibility and enables you to monitor the performance of your new venture.
Increasing visibility with NetSuite will also help with compliance. This effort is significant if you operate in a closely regulated industry like tech, finance, or healthcare.
With NetSuite, you can implement and adhere to a stringent compliance strategy that supports business continuity.
Your business might be small today, but it will continue to grow over time. Migrating to NetSuite in the early days of your company will lay the foundation for rapid business growth.
- You’ll have the tools and functionalities necessary to capitalize on emerging business opportunities and build your brand.
- You’re free to add new modules to support other back-office functions as your needs change.
For example, you can add the multi-book accounting module when your finance department begins managing multiple books and streams of revenue. Want to plan for the future? Add the NetSuite Planning & Budgeting module and gain the ability to conduct advanced forecasting.
When running a startup, the margin for error is thin. You can help reduce risk by gaining insights into critical business activity as it happens.
NetSuite gives you access to real-time insights so you can make data-driven decisions with lightning-fast efficiency. You can use the platform’s reporting tools to support your choices with quantifiable data and ensure you’re making the right moves on a daily basis.
NetSuite empowers you and your team with customizable interfaces. You can tailor your experience based on your role within the company. You can even set up a custom dashboard that provides real-time data about your company and its productivity.
Configuring your interfaces and NetSuite experience also increases productivity. Instead of swapping between multiple apps, you can access all of the tools you need in one centralized location.
Find Out if NetSuite Is Right for You
Is NetSuite for startups? Absolutely. Its flexibility makes it a great fit for a broad range of companies.
But is it right for your specific business? Finlyte can help you find out.
Finlyte is a leading NetSuite implementation partner. We plan and oversee migrations for companies of all sizes, including startups. From data cleaning to business process configuration to NetSuite implementation, we handle everything so you can stay focused on growing your startup.
Contact us to schedule a consultation so we can discuss your new business and its needs. We’ll help you decide whether NetSuite is a good fit for you.