NetSuite accounting software can take your company’s financial management to the next level, with real-time visibility of performance and functioning. Even better, it can be integrated with a variety of other applications to streamline and automate processes, saving you time and money. However, its wide range of capabilities means you need to know your way around the software to make the most of it. That’s where a NetSuite partner comes in.
These professionals are an asset to any business, as they work hand-in-hand with your internal controller to manage NetSuite systems. A NetSuite partner like an external controller gives you access to a collaborative ecosystem that supports the growth and evolution of your financial processes.
The Role of External NetSuite Controllers
A financial controller is usually the person behind your firm’s holistic accounting functions. They’re responsible for ensuring that your finances are accurate and compliant with GAAP guidelines. This doesn’t mean they’re necessarily involved in every step of your business account processes. Instead, controllers tie up all functions and outputs. Essentially, they’re the strategic go-between of the finance division and senior management.
Which is why it’s important to remember that an external NetSuite partner like an external controller is not a replacement for your internal controller. Instead, their role is to work with your finance team to elevate their capabilities, and help your business tap into the full potential of NetSuite.
But what does that entail?
In a nutshell, an external controller can help your business with several aspects, including but not limited to:
- Training and guidance, to ensure your finance team has clear goals and direction, while reducing errors and maximizing accuracy.
- Accounting cleanups and maintenance to ensure consistency and streamlined operations.
- Assistance with tax filing and advice for compliance, while making the most of any credits and deductions.
- Helping your accounting team expand operations and establish processes relevant to your industry or niche.
- Minimizing the amount of time and resources dedicated to finance operations.
- Helping your current lead controller to balance their workload.
- Ensuring that your NetSuite software is fully integrated and customized according to your specific needs.
Practical examples of external partners in action
Consider Sarah Thompson, the owner of a tech startup with 80 employees. Unfortunately, her current controller resigned, leaving the finance team in the lurch until a replacement can be found.
In the meantime, Sarah needed help navigating the financial challenges in her rapidly growing startup. Moreover, she required someone with proven expertise in interim controller support, who can adapt to a dynamic business environment.
Which is why she reached out to a firm that could help. After discussing her budget, needs, and expectations, Sarah hired a successful interim controller to offer tailored solutions for her vision. Now, her finance department will continue to perform at a high level until she finds a new internal controller.
Similarly, there’s Emily Turner. As the operations manager of a successful retail chain, Emily wanted to upgrade her accounting system to NetSuite. Only, her existing team didn’t have the necessary expertise, and needed assistance with software integration. She wanted to hire an external controller to provide tailored training programs for her staff, to ensure they were making the most of their investment.
She chose to liaise with a firm with a proven track record of successful NetSuite integrations. By working with her internal team, an external controller helped Sarah’s company optimize operations through efficient software utilization, ensuring accurate financial reporting and enhanced decision-making.
Expertise and Training Enhancement
As highlighted above, one of the essential roles of a NetSuite partner is to provide your team with training and resources to help them make the most of your accounting software. Partners know all about NetSuite’s capabilities and can tailor solutions to meet your specific requirements. Importantly, they should have the certification to prove it!
NetSuite partners offer various kinds of training and expertise, depending on your needs, in addition to ongoing support that can enhance your experience with the platform. After all, an external controller will learn your company culture, get to know the users, and gain an understanding of how you do business. This kind of information carries over to personalized support for your finance team, with proactive monitoring and troubleshooting, to ensure smooth accounting operations.
But such partners don’t just offer technical support. External NetSuite controllers also serve as strategic advisors, to help align your business goals with the software’s capabilities. With industry-specific insights into challenges and opportunities, NetSuite partners can facilitate strategic planning and long-term success with NetSuite.
How this training benefits your business
With training and support available whenever you need it, you don’t just ensure you have a team of staff that knows exactly how to use NetSuite to maximize its capabilities. It also means you’re saving time and money on eliminating errors and redundancies.
Moreover, your accounting practices can undergo continuous optimization. This is essential for future growth and scaling, and continuous financial health.
Tailoring NetSuite to Business Needs
NetSuite is a feature-rich ERP that has an almost endless list of possible integrations. But this means that most businesses need their software tailored to their specific needs, based on industry standards.
A NetSuite partner can help you customize your software to meet these needs. These partners are experts in the NetSuite ecosystem, with in-depth knowledge of the software’s capabilities and customization options. As such, a partner can collaborate closely with you to understand your business objectives and get NetSuite working for you in a way that aligns with your workflows and processes. With a tailored approach to NetSuite, you’re not just accessing accounting software. Instead, you’re accessing a strategic tool that enhances overall business performance.
This translates to elevated reporting, minimized risks, enhanced efficiency, and streamlined processes that eliminate redundancies. In a nutshell, a NetSuite partner can save your company time and money.
Moreover, a NetSuite partner brings extensive expertise in best practices across a variety of industries. Therefore, they can provide you with insights and guidance on using NetSuite to drive growth in your market, giving you a competitive advantage.
The Impact on Financial Processes
Working with a NetSuite partner like an external controller can transform your financial operations. Basically, with their assistance, your finance team can:
- Foster a data-driven culture
- Automate manual processes
- Engage in inter-department collaboration
- Streamline workflows
- Strengthening compliance and risk management
- Access tools for scaling and growth
Creating a Collaborative Ecosystem
By working with your internal finance department, an external controller can help your finance team create a truly collaborative environment. When a NetSuite partner provides support for your team, this includes everything from planning and initial design to continuous optimization of your system. Remember that a NetSuite partner is highly knowledgeable about the software and the overall market. This means they can give your team answers, demonstrations, and insights into best practices for financial management and stabilized accounting.
And that includes state or country-specific regulations, should your company work across borders.
In addition, an external partner has the necessary time and resources to dedicate to assisting your team. This means they can provide a high level of customer service and dedication to help you achieve your business goals. If you come across any issues, your partner will be there to help your team resolve them in a timely and efficient manner so that your business operations are not disrupted.
How to foster effective collaboration
To ensure that your finance team can get the most benefit out of a NetSuite partner, it’s vital to start by establishing roles. As mentioned above, an external controller shouldn’t be seen as a threat to or replacement of your internal controller. Once everyone on your team is aware of their roles and responsibilities, they can go forward without any misunderstandings.
Next, make sure to communicate the goals for your finance team clearly and regularly to everyone involved, to ensure all stakeholders are working towards a unified goal. For this purpose, it can be very helpful to include them all in planning and decision-making for the department.
Next, make sure that effective deadlines and procedures are in place to reach these goals, and that your team has the resources and training necessary to work together to achieve the stated goals.
How to Choose the Right NetSuite Partner
With the many benefits of having a NetSuite partner, it’s important to know how to choose the right one for you. After all, there are different kinds of partnerships available, including solution providers, integration partners, and consultants.
Naturally, this means the first step in choosing the perfect partner will depend on your business needs and financial goals.
Thereafter, you should look for a partner that meets the following criteria:
- Industry expertise relevant to your business
- A proven track record of successful partnerships (if necessary, request references and case studies)
- Adequate levels of support and communication for your team’s short-term and long-term goals
- Strong finance and technical skills
- A capacity for long-term support
Tips for initiating and maintaining a successful partnership
To make the most of your partnership with an external NetSuite controller, it’s essential to define your goals and expectations from the outset. That way, you can ensure your goals align with those of your NetSuite partner, for maximum efficiency.
Also, make sure that your partner is always in the loop when it comes to any communication, including sharing insights and feedback.
Finally, work with your NetSuite partner to set up a training plan that fits your business needs, as well as to identify opportunities for customization.
With the added assistance of an external partner, you can ensure that your business’s existing finance team maximizes its use of NetSuite, to ensure financial success.
If you need a NetSuite partner, or help with the software, schedule a Discovery call with one of our CPAs.
The information presented in this blog article is provided for informational purposes only. The information does not constitute legal, accounting, tax advice, or other professional services. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information contained herein. Use the information at your own risk. We disclaim all liability for any actions taken or not taken based on the contents of this blog. The use or interpretation of this information is solely at your discretion. For full guidance, consult with qualified professionals in the relevant fields.
