Why does your accounting division need NetSuite?
Accounting is the most critical department for your business. During the initial days of business, spreadsheets and manual processes can help you. But the problems start when you start growing. As your business starts growing, handling accounting information with spreadsheets becomes time-consuming, and error prone. As your financial data starts getting complex, you need a cloud accounting software like NetSuite to manage your finances. In this blog, we’ll discuss why your accounting division needs cloud accounting software like NetSuite, what are its benefits, how will it boost productivity and eliminate bottlenecks.
Automate Manual Tasks:
Manual data entry is a tedious and time consuming process. If your business users are spending too much time on this, your growth potential is limited. Furthermore, there are also chances of human errors. Accounting software like NetSuite improves productivity and saves time by using automation. As sheets, invoices, and quotes are often pre-filled, business users only need to enter minimal information. This improves the speed of operations and enhances your company’s bottom line.
Reducing frustration with Tax Filing:
Tax filing for business can be a complex process. However, any discrepancies can lead to hefty penalties. Cloud ERP solutions like NetSuite come packed with preconfigured tax codes and localized reporting for more than 110 countries to enable tax calculation on sales and purchase transactions. An always on audit trail streamlines the auditing process as IRS auditors may only check and do a cursory review to see whether or not the bank statements align with the software’s records.
Project Management & Billing:
A robust accounting software must support project management for healthy cash flow. NetSuite accounting software helps efficient management of project revenues, expenses and profitability. Powerful billing engine ensures that clients are billed accurately and on time to improve cash flow.
Business owners need to validate their business growth periodically and make the decisions based on the financial condition. However, consolidating financial data, leveraging formulas to create reports manually and gaining actionable insights out of those reports to analyze trends and growth can be daunting if you’re using spreadsheets. NetSuite comes with role-based dashboards, reports and KPIs to empower stakeholders with actionable insights into your company's performance for improved decision-making. You can generate accurate financial statements and reports to better understand financial conditions.
Financial Data Security:
Financial data is the most important asset of any company. It should be protected and shouldn’t fall into the wrong hands. Built for the cloud, NetSuite comes packed with features to secure sensitive data, including credit card and personal information. NetSuite offers role-based access to ensure that only the right stakeholder should have access to the right data. Furthermore, NetSuite is ISO 27001 and 27018, PCI DSS and PA DSS certified.
As you’re now aware why your accounting division needs NetSuite, you must be wondering how you can procure and get NetSuite implementation. Well in that case, we’ve got you covered. AGSuite is an authorized NetSuite Consulting company that can help you with licensing, implementation, configuration, and support. To know more about how NetSuite can help you in accounting, feel free to connect with our subject matter expert.