Bookkeeping is a critical function in any size business. It can also be very tedious, especially during times of growth.
To keep pace with complex accounting situations, we recommend implementing a modern business solution like the Oracle NetSuite ERP platform and supporting NetSuite with a team of accounting experts.
NetSuite accounting services can take the hassle out of managing your books. For example, you can precisely track all key financial data and generate reports within the NetSuite platform.
Before we dive further into the benefits of utilizing NetSuite, let’s take a closer look at how NetSuite works.
What is NetSuite ERP?
NetSuite ERP is a robust business solution. It includes many modules and tools – and each tool assists with managing a specific task.
NetSuite is scalable, making it a good match for any business. Its module framework enables you to deploy whatever tools you need to simplify bookkeeping.
NetSuite also unifies your organizational data. All key data will be stored in a secure database, making bookkeeping far more efficient.
Plus, NetSuite meets the needs of many different sectors ranging from retail to manufacturing and all points in between. Let’s explore a few examples.
Sectors that Can Benefit from NetSuite
By reading these use cases in your industry, you can decide whether NetSuite is right for your company.
Retail
NetSuite has tons of tools for the retail sector. It can modernize a retail company’s accounting functions. It also increases data visibility. Additionally, NetSuite’s retail software can assist with the following critical tasks.
- Inventory tracking: NetSuite allows retailers to track inventory in real time. They can use these tools to avoid stockouts.
- Omnichannel commerce: NetSuite can support omnichannel commerce. Retailers can provide quality experiences across all channels. They can support both web and in-store functions.
- Reporting: NetSuite brings retail financial data to life. Users can track sales, revenue, and more.
NetSuite provides retailers with the tools they need to thrive.
Healthcare
The healthcare industry is highly complex. Adapting to a challenging business environment requires robust technology, and NetSuite provides exactly that.
NetSuite healthcare solutions provide better visibility into all functions. Leaders can use valuable insights to better understand their revenue cycle, become more agile, and adapt to changing market conditions.
Healthcare businesses can customize it to align with their billing processes, helping improve cash flow. NetSuite also promotes business continuity as you expand and add new locations.
Supply Chain
NetSuite can shed light on a supply chain company’s finances. The platform is versatile enough to support members of the world’s most complex supply networks, including:
- Plastics/rubber
- Apparel
- Medical devices
- Aerospace
- Building materials
- Chemical
- Pharma
- Biotech
- Mechanical
- Automotive
- Electronic goods
NetSuite includes dozens of modules. Each module provides users with specific sets of tools to support their area of the supply chain:
- Downstream suppliers
- Distributors
- Manufacturers
- Carriers
- Warehouses
With NetSuite, supply chain companies can track accounts payable and receivable, manage expenses, and utilize invoice monitoring tools to stay on top of cash flow.
Manufacturing
Manufacturers must constantly balance projected revenue with expenses. Leaders need to ensure that they have enough inventory on hand to meet demand. However, they must be careful not to over-order, as ordering too much stock will threaten cash flow.
NetSuite provides the visibility they need to inform decision-making. Businesses can put their data to use to engage in demand planning. They can forecast future trends and use insights to better manage inventory.
With NetSuite, manufacturers can protect liquidity and guard against shortages.
Service Providers
Service providers face many bookkeeping hurdles. As such, they must carefully document every transaction and track all operational costs. Otherwise, they’ll quickly lose sight of financial health.
NetSuite supports service provider bookkeeping by:
- Improving visibility: Service providers can use NetSuite to track every transaction. They can use this data to generate reports. These reports offer insights into business health.
- Uniting fragmented data: NetSuite unifies a service company’s disparate data. It also allows the business to automate core processes. It even includes cost-control tools.
- Providing real-time insights: NetSuite features robust analytics tools. These tools enable decision-makers to access real-time insights. They can use reports to better understand sales, revenue, and costs.
With NetSuite, service providers regain control of their financial data.
Learn More About NetSuite Accounting Services
NetSuite is even more powerful when supported by a team of accounting experts. Finlyte offers tremendous value to our clients by combining expertise in NetSuite and accounting to simplify complexity during growth.
Want to find out whether our NetSuite accounting services are a good fit for your business? If so, Finlyte can help.
We offer end-to-end NetSuite deployment services. Primarily, we plan and manage your NetSuite ERP deployment. We’ll even configure it to meet the unique needs of your business.
In addition to implementation support, we offer additional consulting support. We’ll assess the challenges facing your business, pinpoint functions that you can streamline with NetSuite, and support your accounting function directly within the platform.
Take advantage of a pressure-free consultation with our team. Schedule an evaluation today to find out how Finlyte can help unlock the power of NetSuite for your business.
