All businesses need accurate and reliable financial information to thrive. Without it you won’t be able to make informed decisions that drive business growth in the current agile business climate globally.
A study conducted by the American Institute of CPAs (AICPA) showed that 90% of businesses that fail do so because of poor financial management. This highlights the importance of having the right accounting software in place to effectively manage a business’s finances.
At Fusion CPA, we have witnessed firsthand the critical role that business software plays in driving growth and success. Our experts believe that having adaptable accounting software that can grow with your business will help you optimize processes, respond to customer demands, and make informed decisions in real-time.
That’s where NetSuite, with its comprehensive suite of accounting features come into play.
What is NetSuite?
NetSuite, is a renowned ERP solution that has been changing the way businesses operate since its inception. With its robust features and comprehensive functionality, NetSuite enables companies to streamline their operations and scale effectively. At Fusion CPA, we recognize NetSuite as a powerful tool for our clients, providing them with a competitive edge.
NetSuite offers great customization and vast scalability as some of its major draw points. In this article we take a look at some of the reasons NetSuite is an ideal accounting software that expands with your business.
Why NetSuite works for growing businesses
The right accounting software serves as the backbone of financial management. NetSuite’s data tracking features can help businesses stay competitive and in gear for growth. This is why it is ideal for scaling businesses:
1. It offers comprehensive financial management for every business stage
NetSuite offers a wide range of features designed to handle all aspects of financial management. From general ledger and accounts payable or receivable, to fixed assets and bank reconciliation. With the right software integrations NetSuite can consolidate all financial processes into one system. This will eliminate data silos, reduce manual errors, and provide a holistic view of your financial situation at every phase of your business growth. Its financial management features and functionality, scales with your business as your needs expand.
2. It offers integrated tax compliance
Tax compliance is a critical aspect of any business, and NetSuite understands that. The software has built-in tax management capabilities. It helps automate tax calculations, reporting, and filing processes. With NetSuite your business can stay abreast ever-changing tax regulations. This reduces the risk of non-compliance penalties. Regardless of the size of your business, NetSuite can saves you time and safeguard your business against tax challenges, regardless of the size or phase of your business. The software also offers the same tax safeguards.
3. Get real-time insights that grow with your business
In the fast-paced business world, timely and accurate information is crucial for making informed decisions. NetSuite provides real-time insights into key performance indicators, financial metrics, and customer data, giving business leaders access to critical information when they need it most. With up-to-date insights, businesses can identify emerging trends, seize opportunities, and respond quickly to market changes, making NetSuite an invaluable asset for staying ahead of the competition.
4. Get customized functionality that grows with your business
NetSuite offers a comprehensive suite of solutions that can cover virtually every aspect of a business. From financial management and inventory control to customer relationship management (CRM) and human resources. As businesses grow, their operational needs diversify, and NetSuite’s bespoke functionality is set up to cater to those diverse requirements. You can add relevant and necessary NetSuite Modules as you need them. This integrated nature of the software eliminates data silos and empowers cross-department collaboration. This is beneficial for growing businesses that need to foster a holistic view of the business to facilitate better decision-making.
5. It offers cloud-based flexibility
In the process of scaling your business by making use of remote or hybrid teams? NetSuite provides the flexibility and accessibility needed to keep up with your business’s changing needs. Whether you’re working from the office or on the go, you can access your financial data from any device. This flexibility ensures seamless collaboration and real-time visibility into financial data, as you scale your business.
NetSuite’s features are designed to scale with your business
Whether you’re a small startup or an established enterprise, NetSuite adapts to your changing needs. NetSuite enables businesses with global ambitions to utilize multi-currency operations. As you expand, NetSuite seamlessly accommodates increased transaction volumes, users, and additional functionality to provide a stable foundation for your financial operations.
Implementing new accounting software can be a daunting task, but our CPAs are experienced at software implementation and integration. We work closely with businesses to understand your needs and set the software up accordingly to ensure that you get the most out of it.
If you need NetSuite assistance or training contact us to help you maximize the software’s capabilities.
This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. We base articles on current or proposed tax rules at the time of writing and do not update older posts for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.