The need for skilled service providers like advisors, accountants, lawyers, and doctors is at an all-time high. That mix of high demand and your constant passion for your craft has set the stage for rapid business growth. There is just one problem, however. Your accounting software can’t keep up.
As a wise business leader, you likely started looking for a replacement application as soon as you saw that your current one could no longer cut it. There are many options out there, though, so now you’re stuck. Now you need to decide whether to upgrade your current accounting solution or pursue an all-in-one enterprise resource planning (ERP) platform.
Making that decision can be tough, as you want to maintain steady growth for your business. Choosing wisely means being able to thrive while also boosting the customer experience you provide.
The good news is that your search for professional services ERP software is over. You don’t have to look any further than the NetSuite ERP system. Join us as we dive deeper into why it is the best platform for your growing professional service business.
What’s NetSuite ERP?
Developed by Oracle, NetSuite ERP is an all-in-one, cloud-based business management platform. It is scalable, agile, and robust, and it uses a modular architecture. That setup means you can pick the specific modules you want to use in order to create a customized software experience. NetSuite has modules for:
- Accounting
- Billing
- Human Resources
- Many other business processes
NetSuite also provides professional service automation (PSA) software. It allows you to automate normally manual tasks, like reporting, billing, and invoice creation. Using the power of automation can save time and simplify the customer experience, increasing customer satisfaction.
5 Growing Pains that You Can Overcome with NetSuite
Growing pains are inevitable when building a business, but you can get past many of them with NetSuite. Professional service firms can address challenges such as the following.
1. Inefficient Accounting Processes
Managing accounts should be a fast, efficient process. If it is taking up too much time, you need to upgrade to NetSuite. Your accounting team will be able to track bills from quote to payment. You can improve your cash flow and maintain visibility into unpaid invoices.
NetSuite also helps automate core accounting and billing processes, including making invoices. Doing so will save your accounting team plenty of time and free them up to take care of more involved tasks, such as interacting with clients or preparing reports.
2. Poor Financial Visibility
Using different pieces of software is not just frustrating. It also drastically reduces financial visibility, and that is very true if your software solutions cannot communicate and share data well enough.
NetSuite brings all siloed data together into a safe location. You can combine customer-facing software with back-office tools to eliminate data blind spots. In turn, that allows you to make data-driven decisions that support your clients’ goals.
Raising financial visibility through NetSuite also allows you to identify sources of waste. You can then get rid of or reduce waste and free up capital to go after new growth opportunities.
3. Subpar Customer Service
Outdated accounting software leads to inefficient work across the board. Poor-quality tools make it hard for your accounting team to process payments or serve customers. When the customer experience is diminished, you could face damage to the brand image you worked so hard to build.
NetSuite ERP, on the other hand, helps you give customers the experience they expect and deserve. Your team can boost its efficiency, respond to customer inquiries faster, and spend less time on dull back-office processes.
Likewise, you will have more freedom to take care of main business functions instead of being held back with accounting and billing. With NetSuite, everybody wins, especially your valued customers.
4. Lack of Reporting Capabilities
Clients expect professional service providers to keep them in the loop, which means you must be able to give detailed reports in a timely manner. NetSuite helps you do that with its useful reporting tools. You can change your data into easy-to-digest reports, charts, and graphs. Upgrading your financial reporting abilities is a great way to build trust with clients.
You can also use NetSuite to keep yourself compliant with laws and other rules. That effort is quite important if you operate in a tightly watched field such as healthcare or finance. You can protect your brand image and avoid fines that may get in the way of growth or lower customer trust.
5. Staff Overload
During times of fast growth, your team may become packed with work before you can hire new staff members. Hiring too soon can undermine your growth trajectory, too. Even if you are ready to hire, doing so can be costly and frustrating.
With NetSuite, you can empower your team to do more with less. They can use the platform’s automation tools to decrease their workload and get more done each day. Your business will benefit, too, as you won’t have to expand your staff until it is financially prudent.
Why NetSuite as Your Professional Services ERP Software?
Professional service companies keep choosing NetSuite ERP because of the following exceptional traits.
Scalable
With NetSuite, you won’t have to worry about outgrowing your software ever again. As a cloud-based platform, it can scale with your business. You can access extra computing resources at a moment’s notice, and you can add new team members anytime via NetSuite’s flexible billing models.
The best part is that NetSuite is constantly upgrading its modules and adding new features. As such, it can meet your company’s needs today and help you tackle tomorrow’s challenges.
Agile
NetSuite ERP is known for its lively and user-friendly design. Your team can quickly learn their way around the platform and put its tools to work for your business.
The modular framework of NetSuite also contributes to its agile nature. If you want to keep your deployment simple, pick a few select modules and start using your new software. You can always bring additional modules in later in the future.
Being able to select modules that support planning and budgeting, multi-book accounting, and revenue management will help support critical aspects of your business, such as revenue recognition, expense management, and resource management.
Wherever your business journey takes you – especially if you manage multiple locations or add business units – NetSuite will be a staunch ally for your continued growth.
Customizable
You and your team can set up your NetSuite dashboards to align with your needs. Doing so gives everyone access to relevant, timely information at a glance.
In real-time, you can check the status of client accounts, monitor revenue, and keep a close eye on business performance.
Versatile
NetSuite’s biggest strength is its ability to adapt. Right now, you likely rely on a half-dozen or more programs to run your business. With NetSuite, you can shrink all of that data down into one platform.
After shifting to NetSuite, it becomes your single source of truth. You can tear down data silos and maximize information visibility across locations, clients, and accounts. You can use these new insights to guide decision-making and continue on the course of your rapid growth.
Ready to Make Your Move? Finlyte Can Help
NetSuite’s professional services ERP software can be a true game-changer for your growing business. That said, if you want to set the stage for an easy switch to NetSuite, you need a skilled implementation partner.
Enter Finlyte, a leading NetSuite implementation firm. From planning to data migration, we will make sure your move to NetSuite is smooth. We will also configure your platform to help you get a strong return on your new investment.
To find out more about our services and determine whether NetSuite is right for your business, we invite you to schedule a consultation with Finlyte today. Learn why professional services organizations across the country are saving time and expenses by switching to NetSuite!
