Connections for Success

 

01.22.20

Three Reasons to Switch to NetSuite
Chris Arndt

Our Cloud CFO team gets a lot of face time with high-growth companies that are experiencing the frustrations of outgrowing QuickBooks and wondering whether it is time to switch to NetSuite. One of the most common questions clients have is how to streamline their operations with a new solution. While it is an “it depends” sort of answer, rapidly growing companies seem to face a few common struggles before upgrading to an ERP.  Here is a recap of the signs you have outgrown QuickBooks and you are ready to make a switch to an ERP:

How to know if you have outgrown your accounting software

  1. Your Reconciliations Are Becoming Unmanageable
    Are you concerned your current solution is unable to scale with your company’s growth? If everything from bill payments to expense reporting and data entry is eating up your time – or your accounting team’s time – that’s a red flag it is time to make the switch to an ERP.
  2. You Need Better Forecasting to Scale, But Are Relying on Reports from Excel
    If you are a rapidly growing company, all too often your accounting solution cannot seem to generate the reports that are essential to your business. You are likely attempting to get the reports you need from Excel. This becomes more complicated as you grow and after a while, requires the skills of something close to an Excel guru (see the above point about your accounting team’s precious time). Working only with historic financial records is a tell-tale sign you should switch to a more robust system like an ERP.
  3. You Are Your Own Manufacturer, Have a Ton of Inventory and/or Have Increasing Sales Channels to Manage
    I cannot stress this enough: If you are in the manufacturing business or have large amounts of inventory from multiple sources, QuickBooks just does not cut it. An ERP like NetSuite can optimize your processes in so many ways. Same goes for an e-commerce business with increasing sales channels and revenue streams.

    If any of the above signs sound familiar, you might want to consider making the switch to NetSuite. This is why.

The top three reasons to switch to NetSuite

  1. The More You Grow, the More You Need Your Systems to Play Nicely Together
    NetSuite is designed to grow with you. Once you make the switch to NetSuite, you should not ever have to worry about outgrowing it the way you might have outgrown QuickBooks. If you are using three or more systems to operate (for example, accounting system (QBO, Xero, etc.), CRM system, inventory management system, and PO system), it is inevitable that more of your time will be spent syncing these systems.

    Entering redundant data, performing reconciliations and fixing sync errors can cause you to fall behind on reporting. And let’s be clear, you are not doing your company any favors by working with stale financials.  From simple to complex, NetSuite solves these problems with its numerous integrations and seamless syncing.

  2. You Get Real-Time Insight into Your Numbers Priming You for Growth
    Speaking of stale, it is the classic accounting pitfall: Concentrating your attention on your past history of financials. Think of your growing company like a race car; if you do not have real-time insight, then you are essentially trying to race a car while looking only in your rear-view mirror.

    NetSuite was the first ERP system built entirely in the cloud.* From its beginnings, it was designed to offer users customized dashboards with live data updated by the second to meet their needs. This gives you the opportunity to make informed business decisions without waiting on your controller to get you financial reports.

    *An added bonus of the cloud-based system: Curbing the time your IT team spends on patching servers and installing and troubleshooting software.

  3. You Are a Product-Based Business and/or You Manage Your Own Warehouse
    If you run an inventory-heavy or consumer products business and manage your own warehouse, your business has the most to gain from making the switch to NetSuite. NetSuite streamlines your inventory management and order fulfillment like no other ERP on the market; it is designed to be tailored to your industry needs.

    Related Read: Young Nails sees a 29% increase in sales revenue after NetSuite implementation.

    We have seen how NetSuite can help manufacturing businesses firsthand. In our Young Nails and NetSuite case study, we dig into how the cloud ERP not only provides the professional nail manufacturing business with the real-time financials they require, but how, thanks to NetSuite’s omnichannel e-commerce solutions, Young Nails is better able to manage their inventory and access the data they need to drive growth.

Find an accounting team that partners with NetSuite to save big

NetSuite can seem like a hefty investment, but because ORBA’s Cloud CFO team is a Business Process Outsourcing (BPO) partner with NetSuite, our accounting clients can use NetSuite at a discount. Plus, we boast a smooth transition and go-live process to get you set up on NetSuite.  Contact us directly to learn more.

For more information, contact Chris Arndt at carndt@orba.com or at 312.494.7014. Visit ORBA.com to learn more about our Cloud CFO Services. 

Book your free consultation today

© 2020

Leave a Reply

Your email address will not be published. Required fields are marked *

Forward Thinking