As a business owner trying to manage finances and operations, you have a lot on your plate. Choosing the right accounting software is crucial to gain insights and efficiency. NetSuite delivers a flexible, scalable cloud solution to meet the needs of growing companies. In this comprehensive guide, we’ll delve into the key capabilities of NetSuite and why it’s the top choice for finance teams.
Streamlining Core Accounting Functions
At its foundation, NetSuite is a robust accounting platform to handle essential tasks like:
- General Ledger – Track financial transactions across the business in real-time. NetSuite’s journal entries and reporting tools provide visibility into cash flow, profits and losses.
- Accounts Receivable – Easily generate invoices, accept payments and manage receivables aging. Integrated collections tools improve forecast accuracy.
- Accounts Payable – Automate vendor bill payments while leveraging discounts. NetSuite optimizes AP workflows end-to-end.
- Multi-Book Accounting – Manage separate books for reporting purposes. NetSuite enables creating journal entries to satisfy compliance needs.
In addition, NetSuite delivers specialized capabilities for project accounting, billing, fixed assets, and more. The system natively handles complex accounting requirements so teams can focus on value-added analysis.
Unifying Business Processes Across Departments
Siloed systems between departments reduce visibility. NetSuite breaks down these barriers with connected workflows spanning:
– Finance
– Sales and CRM
– Procurement
– Order Management and Fulfillment
– HR
With a unified data platform, departmental insights are linked. For example, sales forecasts reliably drive future inventory purchases. Procurement can track budgets in tandem with accounting. This enterprise-wide view powers better decision making.
As a cloud solution, NetSuite also enables real-time collaboration. Managers have on-demand access to the latest performance metrics. Teams project costs accurately based on recent data. By unifying business processes organization-wide, NetSuite transforms how enterprises budget, plan and scale.
Adapting to Support Custom Business Models
While feature-rich, NetSuite further differentiates itself through flexibility. The configuration options accommodate unique business models and industry-specific needs.
For example, companies can customize:
– Invoicing rules, discounts and credit limits
– Expense allocation across departments
– Complex multi-location inventory transfer workflows
– Segmented visibility based on business roles
Rather than forcing businesses to adhere to rigid software limitations, NetSuite bends to the realities of commercial operations. The adaptable platform grows in lockstep with corporate goals.
Managing International, Multi-Subsidiary Operations
Modern businesses can have intricate multi-national legal entity structures combining owned subsidiaries, foreign branches and strategic partnerships. Tracking financial performance and maintaining compliance across borders is enormously complex.
Here again, NetSuite makes the impossible possible. Capabilities include:
– Multi-currency support across 190+ countries
– Automated currency conversion and adjustments
– Consolidated financial reporting
– Auditing tools to satisfy local requirements
– Tax management and calculations for global transactions
While navigating international expansion, the last thing finance chiefs need is more systems headaches. NetSuite takes on the operational challenges directly so leadership can focus elsewhere.
Gaining a Competitive Edge with Business Insights
With a strong technology backbone supporting new efficiency, the fun part begins. NetSuite customers leverage innovative analytics and reporting to uncover insights that make a difference.
Tools like saved searches and custom dashboards bring key metrics into focus. The SuiteAnalytics Workbook combines ad-hoc reporting with data visualization for deeper investigation.
By consuming financial, operational and third-party data points together, game-changing opportunities emerge. Companies spot customer trends, optimize supply chains and enter profitable new markets armed with intelligence not previously possible.
Transitioning to a Modern Cloud Solution
Still relying on Quickbooks or an aging on-premise system? Legacy accounting platforms constrain innovation and growth at a certain point. Migrating to NetSuite unlocks new potential immediately through:
– Reliable uptime and security
– Limitless scalability
– Regular feature enhancements
– Platform extensibility and integrations
– Mobile access
While moving to the cloud can feel daunting, NetSuite and trusted implementation partners like Anchor Group make the process achievable. Read on to understand how Anchor Group guides customers through rapid, low-risk deployments.
Why Choose Anchor Group as Your NetSuite Implementation Partner?
Since 2018, Anchor Group has provided full lifecycle NetSuite planning, implementation, customization and managed services. As a 5-Star rated agency, Anchor Group delivers:
- Deep NetSuite Technical Expertise: Our team holds 50+ NetSuite certifications to configure and enhance the platform for unique needs. Anchor Group stays on top of the latest features and best practices.
- Focus on Growing Companies: We specialize in mid-market businesses scaling from $10M-$500M+ in revenue that have outgrown other solutions. Rapid growth puts strain on systems and processes which Anchor Group relieves.
- Tailored Solutions: With hundreds of projects completed, Anchor Group brings order to the complexity. We personalize NetSuite to run harmoniously across your organization. No two projects are the same.
- Smooth Transition Management: Switching systems mid-stride can’t slow progress. Our proven methodology ensures continuity through staged rollouts and user adoption support.
- Ongoing Technical Managed Services: We become your trusted NetSuite administrator and customization resource after go-live. The Anchor Group team handles platform maintenance, enhancements, troubleshooting and daily system management.
NetSuite delivers unmatched accounting, operational and analytics capabilities to accelerate business performance. As a top-tier implementation partner, Anchor Group strives to matching these software strengths with our own service quality. Get in touch for a consultation on how to realize a higher ceiling of growth.
