4 Reasons Growing Companies Choose NetSuite

NetSuite for Administrators

Growing companies are trading in software like QuickBooks for NetSuite to support them as they scale. Why is that? NetSuite provides many obvious advantages to its users that aid in scaling, including its modular architecture and cloud-based flexibility. But in SuiteRep’s experience, four key factors drive companies to hang up the towel with their existing systems and go all-in with NetSuite: robust accounting software, connected systems, real-time reporting, and automation flexibility. Let’s dive into these key reasons why growing companies choose NetSuite.

1) Robust Accounting Software

At the top of the list is NetSuite’s robust accounting software. NetSuite’s accounting capabilities are the number one reason why growing companies make the switch to NetSuite. When NetSuite co-founder Evan Goldberg began the company in 1998, accounting represented the core of what NetSuite was built to do. Over the years NetSuite has evolved into a full-service ERP, but that accounting heritage has served NetSuite well as it continues to be the primary draw to the software.

NetSuite’s accounting capabilities cover everything you would look for in an accounting software—accounts receivable, accounts payable, general ledger, and tax management. It provides invoicing and expense management along with tools that streamline financial close. In addition, NetSuite supports accounting on a global scale for international businesses with its ability to handle multiple currencies for multiple subsidiaries operating in multiple countries.

“NetSuite’s accounting capabilities cover everything you would look for in an accounting software—accounts receivable, accounts payable, general ledger, and tax management.”

NetSuite also boasts robust compliance and audit features. It supports compliance with financial regulations like GAAP, IFRS, SOX, and ASC 606; provides an audit trail for financial transactions; and automates tax calculations, including VAT, GST, and sales tax, across multiple jurisdictions. When you take all these features and combine them with cloud-based accessibility and real-time reporting and analytics, you have a winner.

2) Connected Systems

Startups often look for business systems that are cost effective and easily accessible. They’ll run their accounting in QuickBooks, track inventory data in Excel, and use a handful of other systems to juggle HR, CRM, their ecommerce website, and any number of other business needs.

Disparate systems may get your company running, but they aren’t the long-term solution for companies that are ready to scale. Being able to connect all your business processes in one software is the second major reason why growing companies make the jump to NetSuite.

How does NetSuite provide connected systems, and what systems does it connect? In short—everything! NetSuite brings all your core business systems into one software, from financials to CRM to inventory to HR. As a result, you accomplish seamless data flow between departments.

“NetSuite brings all your core business systems into one software, from financials to CRM to inventory to HR.”

NetSuite also comes equipped with integration capabilities. Some of these integrations are prebuilt for major platforms like Salesforce, Shopify, and other third-party applications. Out-of-the-box, NetSuite connects to major ecommerce platforms, payment gateways, and logistics solutions. But even if NetSuite doesn’t have a native connections with the platform you need, it provides SOAP- and REST-based integration API for custom integrations.

3) Real-Time Reporting

Real-time reporting is another powerful draw for growing companies. A software that can process key data is essential to a business’s success, but if decision makers can’t access that data in real time, the data is worthless to them.

With NetSuite, users have instant access to real-time data on financial performance metrics like revenue, expenses, cash flow, and profitability. As a result, you eliminate delays caused by manual data consolidation or outdated reporting systems. In addition, NetSuite’s wide range of pre-configured financial, operational, and compliance reports compile the data for you and can deliver those reports directly to your home dashboard.

NetSuite’s cross-functional data integration ensures you have access to data beyond just accounting, including inventory, sales, and HR. And with NetSuite ad hoc reporting capabilities, you can create custom reports with the specific criteria you need to report on and display that data in whatever way would be the most useful to you.

4) Automation Flexibility

A robust accounting software, connected systems, and real-time reporting are three key factors growing companies look for when selecting their ERP. A fourth factor that draws companies to NetSuite is its automation flexibility. Many companies use manual processes when they’re starting out. At first, these manual processes are manageable. But as your customer base, employee headcount, and overall transactions increase, manual processes begin to consume valuable hours that would be better spent scaling your business.

What specific processes does NetSuite automate? NetSuite automates a variety of repetitive tasks, including invoicing, expense approvals, order processing, and payroll. It can also automate things like approval processes, notifications, and task assignments—all within the user-interface, which allows users to make adjustments to automations without coding.

“NetSuite’s automation features touch every department, streamlining processes for finance, operations, sales, and HR teams.”

NetSuite’s automation features touch every department, streamlining processes for finance, operations, sales, and HR teams. It automates tax calculations, regulatory reporting, and data logging to meet compliance standards effortlessly. Growing companies looking to save resource hours and cut back on the errors perpetuated by manual processes gravitate toward NetSuite’s sophisticated automation.

Conclusion

With over 41,000 customers worldwide, NetSuite is making waves among growing businesses. If you’re among those 41,000 growing companies, do you resonate with these reasons for making the jump to NetSuite? How have you benefited from NetSuite’s robust accounting software, connected systems, real-time reporting, and automation flexibility? What other key factors led to your company to choose NetSuite?

Whether your company is a long-time NetSuite user, just getting started with an implementation, or still investigating ERPs, SuiteRep would love to come on board and join the conversation! Our administrators and developers have both the breadth and depth of NetSuite experience needed to answer your questions and point you in the right direction. Reach out to us today to schedule your free consultation!