Many small businesses start with Xero, QuickBooks, Sage 50, or similar software for their accounting needs. But successful, expanding businesses can outgrow the capabilities of their chosen platform faster than expected.
When this happens, the main question to ask yourself is: what’s next?
For fast growing businesses, NetSuite’s Financial Management Software is extremely popular – and there are several reasons why.
Not only does it help financial leaders scale their business globally through streamlined accounting processes, but offers an extensive range of inline products and services to help with day-to-day bookkeeping.
If you’re currently using Xero, QuickBooks, or Sage 50, you probably want to read on.
Here, we explore the advantages of using NetSuite Financial Management software for your business accounting needs.
1. Gain a wider visibility for informed decisions
A growing business rarely sees a straight path to success. Mapping that path involves trial and error, data analysis, and adapting to how the business is run.
Before this journey begins, standard accounting reports from Xero, QuickBooks and Sage50 provide sufficient insights. But, as your business starts to gain traction and expand, there are a few points to consider:
- Data complexity – The more your business grows, the more data you’ll have to examine. You’ll need a number of applications to integrate with your existing accounting software to give you the visibility needed. However, this can cause data islands and prevent a streamlined view of your business.
So, instead of continuously plugging the gaps with third party tools and spreadsheets, it’s a wise idea to look elsewhere. NetSuite can give you a deep and accurate insight to your business data.
- Business entity – Accounting software like Xero is geared up towards single entity businesses. If your business is looking to obtain more stores, outlets, or other entities, each would need a seperate instance of your current accounting software.
By switching to NetSuite for your accounting, you’re able to manage records and transactions for multiple entities. This involves different tax regions and multiple currencies.
- Model and process changes – Growing businesses will experience changes to their model and/or processes. As this happens, leaders need customised reports and quality data to deliver detailed analysis. NetSuite Financial Management software simply outperforms other accounting solutions when it comes to data and reporting.
2. Ensure all required functionalities are delivered
There comes a point where your accounting software will be unable to deliver the functionality required to keep up with your growing business. This is often due to the limited configuration capabilities of software like Xero, QuickBooks, and Sage50.
When expanding as a business, you may need to address industry-specific challenges - even beyond accounting. For instance, a business in retail might want to open an ecommerce store, or a business holding stock could benefit from warehouse and distribution management. If you find yourself in this situation, ask yourself: Can my accounting software support the industry-specific requirements of my business? And, if you’ve incorporated third party solutions, have they provided you with leading practices to support your growth?
Put simply, accounting software designed for small business can’t deliver the financial management requirements of growing/larger businesses. Capabilities like consolidation, subscription billing, multi-location, multi-entity, and credit limits for customers or suppliers are all examples of where traditional accounting software falls short.
3. Capabilities for expanding to new markets
It’s no surprise that opportunities for small businesses to grow lie in new markets. Whether opening new stores, selling via ecommerce, or establishing a foreign presence, you need to be able to support and comply with the individuals needs of each channel.
However, this can quickly become overwhelming for smaller businesses.
Think about it – Is your current accounting software able to support your growth into new markets?
If not, NetSuite Financial Management software offers the following capabilities to ensure the growth of your business isn’t interrupted:
With over 20 different languages, NetSuite is built to ensure all employees can select the language of their choice. Extremely important for businesses looking to expand overseas.
Multi-entity and taxation
Taxation requirements can be time consuming and expensive. Streamlining this can save hours on reporting, documenting, and researching. NetSuite helps you stay up-to-date, with ease of compliance reporting, including:
- Remote access permissions available with real time financials
- Tax forms for many nations, simplifying taxation and reporting
- Accredited by multiple accounting bodies and regulators in countries such as UK, US, Germany, Japan, China, Australia, and many more.
- Automatic currency conversions using updated exchange rates
Switching over to NetSuite
Looking to make the switch? We’re here to help. As an accredited NetSuite solution provider, we have the knowledge and experience needed to support your migration. Contact our expert team at Nolan today via our website, via email email@example.com, or by phone 01252 811 663. We’ll provide your business with the solution it needs to grow.