In companies with rapid growth, managing financials need to adopt automation and sophisticated software solutions. For financials to accompany turbo growth in companies, cloud-based software as a service (SaaS) solutions such as Netsuite is increasingly playing a pivotal role.
Many industry leaders when riding on aggressive growth measures remain primarily concerned about the ways to keep the profitability intact and to keep customer relationships as satisfactory as before. The central problem that makes industry leaders compromise either on growth-boosting initiatives or on profitability and performance, is the lack of visibility all through the enterprise operations.
This is where cloud financial solutions can play a big role by pushing growth while maintaining business operations just as usual. In this respect, it is important to take cognizance of the key triggers indicating the need for cloud financial solutions to boost operational efficiency. Here we explain these triggers briefly.
Difficulties To View Real-Time Happenings With Business
The vast majority of systems are basically designed and built for a specific time for the company management to get a view of the data at the end of that period. In most companies, by following this principle the data is updated and made visible for review at the end of the month. This is where a real-time reporting solution can make a huge difference by providing minute-to-minute reports.
In a business environment with small teams operating from just one location, there are fewer problems as far as viewing data is concerned. But in large business environments, automation tools offered by cloud-based solutions such as Netsuite financial management suite are absolutely necessary to provide reports from multiple locations with minute-to-minute data updates.
On the other hand, the traditional and disparate legacy software systems with their limited scope to gather and process data within a fixed radius can be less capable to create consolidated reports by fetching data from sales, inventory management, and customer service solutions.
Reliability On Manual Data Entry and Data Reconciliation
In the highly connected world of our time, the waiting period due to manually entered information is destined to be frustrating and counterproductive. Apart from the time lag in transferring data among systems, the incompatibilities between systems and problems concerning configuration and system integration also become a big challenge.
These difficulties and issues make enough grounds for a business to embrace a cloud-based consolidated platform like Netsuite. NetSuite finance software solution completely does away with manual data entry and offers a robust, single, cloud-based data repository with fluid data access across tools.
Loss of Sales Because Of The Delay In Information Transfer
Thanks to the sophisticated e-commerce store making it possible to reveal real-time stock levels and maintaining strict delivery schedules concurrently with the order placement, customers across all niches and mediums are now less tolerant to system delays and lag time for crucial updates. But real-time and responsive data transfer are only possible when consolidated systems can replace disparate systems.
Thanks to cloud financial systems proactive actions can be initiated to respond to customer needs. Responsiveness of the e-commerce stores in real-time is the biggest advantage of cloud financial software and integrated cloud ERP solutions like Netsuite.
A Lot Of Accounting Tasks Carried Out Outside The Financial System
Disparate legacy financial systems still in use across the enterprises are only capable of automating only a portion of the accounting tasks that are central to the business operation. These standalone systems cannot automate all the financial and accounting tasks of a company. This results in a lot of dependence on manual accounting further slowing down operations.
When businesses continue to grow, businesses should ensure that the app can easily take care of all the processes automatically and scale the capability as and when needed. With manual apps and limited capability in taking care of core accounting tasks, this often becomes difficult. When accommodating growth is the concern, disparate financial systems by not covering all accounting tasks actually undermines responsiveness and scalability.
In most companies, the principal impetus to business growth is the capability to accommodate bigger transaction volumes at a higher speed. This is where many legacy financial systems simply crumble to deal with such pressure. On the other hand, continuously allowing quick fixes while allowing automation with other financial processes, this is what cloud-based financial and ERP suite promises. Lastly, the disparate financial systems cannot exercise strong financial controls, manage SKU better and provide support to complicated financial activities like recurring billing and invoicing.
Too Much Time Spent On Technology Solutions
Whenever a business adds some new business applications, it adds to the complications just because of the configuration and compatibility issues with existing systems and solutions. Moreover, the traditional hardware and software solutions in a company may be outdated or already outpaced by the latest technological innovation. Hence, the business strategists and experts end up giving too much time and focus on technology solutions instead of their core focus areas.
NetSuite is the most updated cloud-based financial and ERP solution that fits into any new business management model. NetSuite also comes with robust native flexibility and agility to encompass all tasks and activities of traditional legacy systems and software systems in companies. On the other hand, NetSuite is automatically built to stay always up-to-date involving the latest business automation tools and practices that can help companies to stay ahead of the competitive curve and remain agile to accommodate new opportunities in the growth path.
Best Practices For Fast-Growing Companies To Push Innovations Through Cloud Financials
Now that we have an in-depth knowledge of the key triggers for embracing cloud financials, we need to know the best practices that leading and fast-growing companies follow. Let's have a look.
- Embrace a fully scalable cloud-based suite with integrated financial, ERP, CRM, and all other tools instead of disparate systems like QuickBooks. Faster delivery with fewer resources is the principal value proposition of these cloud financial systems that no enterprise can undermine.
- Always opt for a complete suite like Netsuite instead of bringing in several applications for different tasks. An integrated cloud-based product suite just helps you with a consolidated approach to deal with every kind of software solution. A cloud suite platform completely does away with the need to bring together a variety of solutions. Thanks to the integrated suite managing the data become really easier as multiple data entry is fully eliminated and a single, centralized repository of data can be accessed by different tools.
- Another important practice is to have strategic planning on the basis of the key business needs and key tech requirements for choosing a robust solution that perfectly fits into your business while replacing the disparate legacy systems like QuickBooks. You always need to go for a solution that is most comprehensive, highly scalable, and easy to maintain for the long term.
- Lastly, you need to hire an implementation partner to assist with the business-specific implementation tasks and data migration. Irrespective of the platform, you always need to go for the industry-acclaimed experts who can ensure following the best practices for data migration. As for NetSuite implementation services, there are plenty of great choices.
All the triggers and pain points that we discussed here that propel companies to go for cloud financial solutions have postponed growth for many fast-growing brands across the niches. Thanks to cloud-based comprehensive business automation suites like Netsuite embracing legacy financial solutions have already taken the backseat. By shifting your company to the integrated cloud-powered suite of tools from Netsuite you can easily boost efficiency, productivity, precision, and faster business conversion irrespective of the niches.