Top Reasons Why NetSuite Is Vital For Your Business Success
Managing finances manually would not help businesses to achieve the expected results. The reason being insufficient data insights, inaccurate financial picture, and manual processes hold back your organization. In order to succeed in this digitally enabled world, organizations need accounting software that not only automates daily business operations but also gives you real-time financial visibility for well-informed, data-driven decision making.
NetSuite accounting software simplifies the process of recording transactions, managing payables and receivables, collecting taxes and closing the books and enables timely, accurate reporting and greater control of financial assets.
Reasons why your business needs NetSuite accounting software
Helps companies to remain compliant:
Businesses need to remain compliant as per the rules laid down by the government for conducting financial transactions and maintaining records. In case of compliance breach, heavy penalties will be slapped by the regulatory authorities.
NetSuite accounting software is designed to handle increasingly complex regulatory, operational and compliance requirements. Empowered with governance, risk and compliance (GRC) capabilities, NetSuite supports an array of supporting independent reports and certificates — including SOC 1, SOC 2, ISO 27001, ISO 27018, PCI-DSS, PA-DSS, EU Cloud CoC and more — to meet your organization’s risk and control requirements.
Actionable insights and real-time data:
Risks are a part of business. A sudden change in business rules or logic can negatively affect a company's earnings. Thus, finance managers have to play a significant role in predicting and managing risks.
As a true cloud accounting software, NetSuite provides real-time data anywhere there’s an internet connection, enabling your accounting team, executives, operational teams and employees to work from anywhere, anytime. NetSuite also offers real-time insights into numerous financial metrics, such as profitability ratios, inventory margins, liabilities, fixed assets, taxes and cash positions, enabling data-driven decision making.
Audit Trails:
Enterprises need to perform all transactions as per statutory regulations. Government agencies can inspect these records, hence, they must contain all necessary information.
NetSuite allows finance leaders and auditors to quickly and easily investigate any activity with the potential to impact security, controls or financial statements with always-on audit trails for configuration, customization, administrative and master data changes. Role-based security, user access management and authentication models will help in proactively managing risk on an ongoing basis.
Accounting and Beyond:
NetSuite accounting software can be integrated seamlessly with all the other pieces of the suite, including financial management capabilities, inventory and order management, HR, customer management, ecommerce and more so that you stop worrying about your business systems and concentrate on growth.
Conclusion:
Since you’ve understood the benefits of NetSuite accounting software implementation for your business, it’s time to understand some challenges also.
The benefits of NetSuite accounting software are numerous, they can only be realized if it is properly implemented. Since inadequate experience and resources can lead to unsuccessful NetSuite implementation or timeline / budget overruns, it is always recommended to go for an experienced partner.
As an authorized NetSuite implementation partner and Oracle Cloud solution provider, AGSuite can help you with implementation as well as other allied services - optimization, customization, NetSuite administration, and support.
