NetSuite for Small Business: Why an Integrated ERP System is Necessary for growth
When it comes time to choose the latest business technology to aid growth and expansion, an enterprise resource planning system (ERP) typically is not the first thing on the minds of small-scale business owners. It is not difficult to understand the reasons. At first of small-scale business, owners tend to use light-weight software that does not require any specialization to use or maintain. The term ERP is a clear indication that this kind of software is intended for larger organizations and is difficult to operate in the context of a small-scale company without a dedicated resource. The truth is that an evolving and growing small-scale enterprise eventually has to make the leap and upgrade its systems to allow for the expansion of its operations. This means letting go of options that might have served as a useful first step however, you have outgrown them and now stand in the way of development. We have found that upgrading an accounting program is an essential aspect to help you move forward to the next stage of expansion.
Then, when and why should you consider upgrading to an ERP like Netsuite an ideal choice for small-sized businesses?
Your current systems are not properly integrations
At some point, the limitless ability to configure the system integrations you use will be an issue also. The basic accounting software does not have the level of functionality demanded by more sophisticated business processes. To bridge the gap, businesses often turn to third-party applications. In the end, the majority of functions are performed outside of the accounting software core.
A few flimsy integrations or add-ons are rolled out. As an increasing number of applications are integrated with Accounting software, the chance for data islands to be created increases and prevents a complete view of the company and causing problems with reporting, which are a result of not having access to or incomplete information.
Additionally, each application has its own management of lifecycles and dependency problems. This creates more moving components to monitor and manage and reduces control for business and visibility, exponentially increasing the possibility of instability, failures, and downtime. In addition, there is the possibility of being vulnerable to cyber-attacks.
You are looking to expand your business into new markets
Many small businesses potential growth lies in the development of new markets. This could mean establishing an overseas presence, selling directly to customers through online channels.
Most accounting software does not have the capacity to assist you in meeting the particular requirements and requirements of every market. managing several currencies, foreign tax as well as accounting and financial regulations, and multi-entities can be a major challenge for the small-sized business.
Does all of this resonate with you? If you are experiencing one of these issues, you will need to begin considering an advanced financial solution like NetSuite.
Your company has complicated reporting procedures
If you are seeing that your staff members are working for a long time trying to integrate reports across your organization, and with increasing numbers of outlets, stores, or products to be considered It could be the right time to look into upgrading into an ERP. One of the most common warning signs is that your staff is relying on manual or spreadsheet solutions to accomplish the task which is not just time-consuming but also very inaccurate. This is a typical scenario. At the end of the day, reporting is a hassle and a burden and consumes a lot of time which could be better used on other tasks which have a tangible impact on your company profitability.
There is not enough information to make sure you are making the right business decisions
Small businesses are just beginning to get started with basic reports, the basic accounting software will probably give enough business information to help keep things moving. However, as the business structure, entity and data get more complex and complex, you will likely require access to custom reports for more in-depth analysis. Also, the less sophisticated accounting software would not be able to give users instant access to data analytics and reportage required to make informed business decision-making.
So, what is a small-sized business that is growing look like using NetSuite?
If you are seeking to expand your small-scale company, Netsuite ERP is the ideal solution. It is a cloud-based system created to help small-sized enterprises on their way to growing. As a one-stop solution it provides:
- Management of customer relationships
- Management of warehouses and inventory
- Professional services automation
NetSuite ERP lets small business owners streamline their accounting main operations, and provides functional depth to accommodate complicated business models and processes It is also highly customizable and offers an increased degree of customization to specific business processes. The unified data model native to NetSuite and the search and reporting feature provides detailed information across every functional area.
At Annexa we have collaborated with many small Australian companies that struggled with the same issues and wanted to go to the next stage. After an effective NetSuite deployment, the company has gained the solid operational foundation required to move from small-scale businesses to a flourishing company that operates across many markets. Explore some of NetSuite cases here.
It does not need to be an extended process to implement either. In order to speed up time to market, many clients opt to implement NetSuite SuiteSuccess Starter Edition. This implementation model combines the experiences acquired from tens or hundreds of installations into an array of best techniques. This lets you begin your deployment quickly using pre-configured roles, KPIs including workflows, reminders, and workflows. dashboards that are value-driven and reports, as well as more than 95 pre-built reports.
For more information on the ways, NetSuite can aid your small business to grow up, call Annexa sales.
Annexa is a top NetSuite partner with years of experience in the design and implementation of comprehensive and customized business solutions, including solutions for payroll and warehouse management, financial management, and eCommerce solutions.