Why Is NetSuite Good for Small Business Owners?

A small business owner that uses NetSuite for his business.

If you’ve been searching for enterprise resource planning (ERP) software for your growing business, you’ve likely stumbled across Oracle NetSuite. If so, you know NetSuite is the most robust and sophisticated cloud ERP solution on the market.

However, like many other small business owners, you might be concerned that NetSuite is too complex for your company. You may even have questions like, “Is NetSuite good for small business?”

You bet it is. NetSuite includes various tools and features perfect for helping small businesses accelerate their growth trajectory.

Whether you want to replace manual processes, replace QuickBooks, increase your inventory management capabilities, or enhance organizational visibility, NetSuite is the ideal solution.

Signs Your Current Solutions Aren’t Cutting It

For many small business owners, the challenge is knowing when to migrate to an ERP platform such as NetSuite. When is the right time to transition to NetSuite? Let’s explore four signs that your current software and processes are holding you back.

1. You Lack Organizational Visibility

Broadly speaking, the term “organizational visibility” refers to how well you can track and monitor what’s going on at your business.

If you can access data about every transaction that occurs and every expense you incur in a given day, your visibility is high. Conversely, if data points like how much inventory you have remaining or what your total sales volume was during a specified time frame are difficult to discern, your visibility is low.

A lack of organizational visibility makes it challenging to make informed business decisions. This roadblock could lead to significant headaches like stockouts, cash flow shortfalls, or other issues that may threaten business continuity.

2. Using Spreadsheets is a Persistent Problem

Suppose your business relies on platforms like QuickBooks or Microsoft Excel to track inventory, sales, or other information. In that case, your staff is likely wasting several hours each week searching for specific files.

Talk about an unproductive way to spend your day.

Tracking business data via spreadsheets is acceptable when managing only a handful of documents. However, this approach quickly becomes inefficient and impractical as your business grows.

3. Reporting Errors Are a Constant Headache

Data entry errors can create long-term headaches, especially if they aren’t caught for weeks or months. Even a seemingly insignificant error could cause problems:

  • Undue friction between your company and a customer.
  • Problems with processing orders on time.
  • Inability to consistently complete sales.

There is a greater risk of these errors when your staff is required to enter large volumes of information into spreadsheets. No matter how attentive and detail-oriented a team member is, they’ll eventually slip up, leading to inaccurate or incomplete data.

4. Manual Steps Are a Staple of Your Data Management Process

We recognize that it’s challenging to completely eliminate manual activity from your data management process. However, it would be best to automate as many steps as possible. Doing so will help in crucial ways:

  • Reduce the workload on your staff.
  • Decrease the likelihood of data entry errors.
  • Free up your team to engage in more meaningful tasks.

An overreliance on manual processes can impede information sharing between teams or departments, especially if your teams are not working from a unified system.

For instance, if your inventory management team and sales staff use disparate platforms, they won’t be able to exchange and share information freely. NetSuite can solve this headache by bringing teams together in one system to share critical data.

Benefits of Adopting NetSuite ERP

NetSuite ERP has the power to become your company’s greatest technological asset. When you invest in a robust solution like NetSuite, you’ll be able to realize these four benefits.

1. Access Information in Real-Time

NetSuite includes multiple modules, each of which is designed to tackle specific business processes. These modules freely exchange and share information with one another, creating a single source of truth that you can use to keep a finger on the pulse of your business.

NetSuite will also eliminate data blind spots by providing you with real-time insights about business performance. That way, you’ll always know how your company is performing by providing you with access to key performance indicators (KPIs).

2. Share Information Between Teams

If you want your team members to work together synergistically, you must enable them to share information freely and efficiently. You can accomplish this objective with NetSuite, which empowers every team member to do their jobs more effectively.

Additionally, all information your team inputs into the platform will be stored in a centralized database. As such, team members across your entire organization will be able to collaborate, communicate, and share information with ease.

3. Automate Redundant Processes

Oracle NetSuite includes powerful automation tools that you can use to automate redundant, tedious data entry processes. Strategically automating various tasks decreases the likelihood of data entry errors and promotes information integrity across your entire network.

NetSuite’s automation capabilities can also promote greater business efficiency and productivity. Ultimately, the functionality included in the platform will help your company realize greater profitability.

Moreover, leveraging NetSuite’s automation tools promises to enhance staff morale. Workers will spend less time performing menial tasks to devote more energy to the satisfying work of supporting customers.

4. Generate Detailed Performance Reports

You can use NetSuite to generate detailed performance reports at the touch of a button. You can create customized reports to examine specific performance metrics, such as sales over a given period or available inventory.

NetSuite’s reporting capabilities make it the ideal solution for informing business decision-making. You can use the insights the platform generates to facilitate the continued growth of your small business.

Ready to Embrace NetSuite? Finlyte Can Help

Is NetSuite good for small businesses? Absolutely. NetSuite is a scalable, dynamic, and fully customizable accounting and ERP solution that’s ideal for small businesses and companies that aspire to grow into larger entities.

We recommend NetSuite because you can replace manual processes, move on from software applications you’ve outgrown, and optimize organizational efficiency from top to bottom.

However, before you can harness the power of NetSuite, you’ll first need to make sure it is implemented correctly for your business. Fortunately, you don’t have to go at it alone.

At Finlyte, we are true NetSuite implementation experts. Our award-winning team can manage the entire implementation process – from pre-planning to product launch and post-deployment support – to ensure your company’s success now and in the future.

Contact Finlyte today to learn more about our end-to-end implementation services for small businesses.