As your business expands, you need to invest in more solutions that’ll keep the business moving in the right direction. Organizations often find it easier to streamline their systems into a convenient enterprise resource planning platform. That’s where tools such as Oracle NetSuite come in.
Finance and Accounting Solutions
NetSuite makes it easier to combine the business’ main finance and accounting system with robust compliance management. The platform also provides real-time access to financial data, helping users drill into essential details, resolve delays, and generate compliance statements. The tool offers the following accounting features:
Fixed asset management
Business Management Solutions
Whether the business runs on one-time transactions, subscriptions, usage-based payments, or a hybrid model, the platform makes your billing operations more manageable. It also integrates with other revenue management software.
Accounting Standards Compliance
Organizations with accounting standards can comply with accounting standards by using NetSuite. The tool’s rule-based event-handling framework automates several revenue management and reporting activities like forecasting, allocation, recognition, reclassification, and auditing.
The tool also helps with auditing. It supports the business’s governance, risk, and compliance (GRC) programs to help you handle complex regulatory, functional, and compliance challenges while scaling.
Financial Planning and Projection
The tool comes with a planning and budgeting system, which lets business owners plot out their financial future based on real-time data. With the tool, you can use business data to forecast revenue, plan for what-if scenarios, and create accurate budgets.
If your organization plans to expand its borders and go international, you’ll have to invest in financial management tools that ease international transactions and compliance requirements.
NetSuite features an incredible financial engine that guarantees maximum transparency and insights into your business across the globe. To ease international operations, the platform provides several language interfaces to help you bypass language barriers. Additionally, the tool features a multicurrency management system that supports more than 190 currencies. The system can automatically account for the account exchange rate with real-time communication.
NetSuite provides incredible APIs that ease integration with other important platforms. The process can be done directly or through iPaaS. NetSuite is most commonly integrated with Salesforce because many users prefer using the Salesforce CRM system while implementing NetSuite ERP in their organizations.
Faster Business Growth
Integrations let you easily expand business locations and establish new sales channels.
Real-time data access plays an important role in making the right business decisions. NetSuite software lets you access data instantly. Additionally, you don't need to waste your precious time trying to extract and tie data from various sources. This guarantees accurate and timely reports, which enhances quick and informed decision making. The software also pools the data across the company, giving clear insights.
Centralised Company Information
NetSuite has a system that covers the whole organization. This makes it easy to offer self-service portals that improve B2B and B2C collaboration. Additionally, the tool delivers timely notifications about partner-specific activity that speeds up the process cycles and helps you maintain your position as the favorite partner.
Businesses that grow faster may choose to go global, and NetSuite can be scaled to such an extent. This is achievable as the tool supports multiple currencies, languages, and subsidiaries. Organizations that grow horizontally can add more clients to the subscription rather than performing the infrastructural change. If a business grows vertically to include a new operation, they can add extra modules to the ERP system. Generally, the organization can be guaranteed that the system will not limit its growth in any way.
Modifications and Extensions
NetSuite is considered the most adaptable SaaS tools in the world. The solution comes with the SuiteFlex platform, which lets you set up all the modular implementations with a few clicks rather than having to code. Additionally, through industry-specific modules, users can tailor business processes to meet their organization's specific requirements.