5 Good reasons to get a financial management software
Whether you’re a small business or fast growing enterprise, you must accept that keeping a close eye on your finances is crucial for your success. Manually keeping track of your finances is not only time consuming but at times devoid you of the actionable insights that help increase the value of the company, and keep the business financially stable. Since you've a lot more things to do, it is wise to invest in financial management software.
In this blog, we’ll discuss top reasons why you should invest in financial management software and how NetSuite can help you with your company’s financial management.
Real-time financial insights:
Having a real-time snapshot of your earnings, expenditures, and profits is very crucial for business stability. It helps you plan for future financial needs as well as in tracking how much you’re paying in taxes each month and calculate estimated quarterly payments at tax time.
By connecting your bank account with financial management software like NetSuite, you will get real-time visibility into the financial performance of your business. NetSuite comes with preconfigured role-based dashboards, reports and KPIs that can be further customized based on your unique needs to offer you detailed insights into your company's performance for improved decision-making.
Budgeting:
Budgeting is defined as the practice of planning for future financial needs. With the help of a budget, you can keep your business on track. While managing a business, there is a possibility that you need to track your investments also.
With NetSuite Planning and Budgeting, you can quickly and easily produce budgets and forecasts, model what-if scenarios and generate reports. Without spending too much time and effort, you can get real-time forecasts in minutes — using actual data from NetSuite financials — to make more informed decisions and drive your business forward.
Improved compliance:
Tax codes and accounting standards are quickly changing across the globe. If there are lapses, it can lead to hefty penalties. In case you've to manage multiple subsidiaries, business units and legal entities, you definitely need a single system that can help you in managing your global business.
NetSuite supports 27 languages and 190 currencies, making it easier for you to work with customers and suppliers around the world. NetSuite's country-specific configurations help ensure compliance with local accounting, tax and regulatory requirements.
Data and financial transparency:
If you're running multiple business units, subsidiaries and entities across different regions, you need visibility and more consistent financial management across all the units.
NetSuite offers easier financial consolidation as every transaction at subsidiary and parent levels is posted within a shared database for faster consolidation with less effort. Moreover, with NetSuite business intelligence, you gain meaningful financial insights into company performance across multiple departments and teams.
Reporting & Audit:
Statutory audit is important to determine if a company is providing an accurate representation of its financial situation. It provides credibility and gives the shareholders confidence that the accounts are true and fair.
NetSuite is audit-ready and designed to handle increasingly complex regulatory, operational and compliance challenges as companies grow. NetSuite supports electronic audits and comes packed with the ability to drill down — from summary reports to underlying transaction details. Companies can easily demonstrate ongoing compliance with local statutory and regulatory requirements.
How can AGSuite help you?
AGSuite is an authorized NetSuite implementation partner. AGSuite can help you with licensing, implementation, NetSuite optimization, customization, integration and managed support. If you’re wondering how to get started with financial management software like NetSuite, you should gladly contact us.
