Top 10 Reasons Why CFOs use NetSuite to reduce costs, complexity and risks
In today's era of cut-throat competition, the responsibilities of a CFO have expanded significantly. Apart from managing the portfolio and allocating capital, a CFO is responsible for financial reporting, auditing and compliance management, planning, treasury, and capital structure. To keep a watch on financials in real-time and speed up the financial close process, CFOs need to bring in cloud accounting software.
Among some of the available options, NetSuite is considered as the best cloud accounting ERP that enables CFOs to save costs, easily manage risks, drive productivity while managing compliance. In this blog, we’ll highlight top 10 reasons why CFOs should use NetSuite to manage their business.
Learn more: How CFOs Can Leverage NetSuite to Increase Efficiency & Business Productivity
Top 10 reasons why NetSuite can help your business
Cloud-based: NetSuite is a cloud accounting solution. It means you don’t need expensive hardware and IT infrastructure to manage your business. As NetSuite is available as SaaS (Software-as-a-service), you can use it without investing in infrastructure. This reduces costs and complexity, and allows for easy scalability.
Automation:
NetSuite automates a wide range of financial processes, such as billing, invoicing, and expense management. Thus, business users don’t need to spend too much time on manual data entry. This will increase the overall efficiency, reduce costs and risk of errors.
Real-time financial visibility:
NetSuite provides real-time financial visibility, which allows CFOs to make informed decisions quickly and accurately. This increases the speed and accuracy of decision-making, reduces risks and costs, and improves overall business performance.
Integrated system:
NetSuite is an integrated system that covers all aspects of financial management, from accounting and financial reporting to budgeting and forecasting. Moreover, support for multi-currency management and real-time currency conversion eliminates the need for multiple systems while managing international business.
Global business management:
NetSuite supports multiple languages, currencies, and tax rules, which makes it easy to manage global operations. NetSuite delivers unparalleled visibility of your business at local, regional and headquarters level, enabling better control over business. Multi-Language Support helps bridge communication barriers and provides a flexible hierarchy that allows businesses to run their entire entity structure with ease.
Compliance
NetSuite is compliant with various laws and regulations, including SOC 1, SOC 2, ISO 27K, PCI/PA-DSS and more. This reduces the risk of non-compliance, and minimizes the cost of compliance.
Collaboration:
NetSuite takes all your corporate data into the cloud and delivers role wise access to foster collaboration between different departments and teams. This improves overall communication and productivity.
Mobility:
NetSuite supports mobility. This means that CFOs can access financial information from anywhere, at any time. This improves decision-making speed and accuracy, and reduces risks.
Customizable:
NetSuite is customizable, which means that it can be tailored to meet the specific needs of any business. Thus, CFOs can get personalized dashboards and custom filters for instant visibility into financial position. NetSuite comes with a wide range of business logic for instant financial planning analysis and reporting.
Scalability:
NetSuite is highly scalable. You can add more users as well as modules as your business grows without investing in hardware and infrastructure.
Summarizing the above mentioned points, CFOs can use NetSuite to reduce costs, complexity and risks. Automated financial processes, real-time financial visibility, support for global operations help CFOs to accelerate their business growth. Furthermore, they will achieve better control.
How can AGSuite help you?
If you’re looking for NetSuite Consulting Services, AGSuite can help you. As an authorized NetSuite solution provider, we help you with licensing, implementation, customization, integration, & support. You should feel free to contact us to discuss your business pain points with our industry expert.
