4 Netsuite’s Benefits for Startups, Small and Fast-Growing Businesses

NetSuite is a software created to provide business management solutions. It is currently used by more than 40,000 companies in the world and although it was designed to adapt to companies of any size, about 60% of its implementations in 2018 were focused on medium-sized companies.

Among the main features of NetSuite are:

• Flexible platform that allows adapting to new business models easily.

• Existence of preconfigured modules for financial planning and management, production management, order management, supply chain management, and customer relationship management, known as CRM, among others.

• Adaptable to English, Spanish, Chinese (Traditional), Italian, Japanese, German, French, Danish, Dutch, Korean, Portuguese, Russian, Swedish, Indonesian, Taiwanese, and Thai.

Let's talk about the benefits that Netsuite brings for Startups, Small and Fast-growing Businesses:

1. NetSuite is an intelligent system that adapts to your business as it grows. It allows you to forecast customer demand and plan supplies helping you to save time and money.

2. The automation of processes increases the effectiveness and efficiency of operations in companies. NetSuite allows you to control processes in a way that reduces the chances of errors, saving time and contributing to making strategic decisions.

3. Having the different departments of your company working in isolation affects the achievement of the objectives. Netsuite is software that allows you to improve communication between the different departments of your company, enabling greater control of operations.

4. It is a 100% cloud platform, this allows you to access your company's information at any time and from any device connected to the Internet.

In addition, the visibility of the information is in real-time, increasing the possibility of taking advantage of growth opportunities in the market and facilitating decision-making.

Netsuite is an ally for companies of all sizes looking to save time and costs. Businesses can benefit from using Netsuite for different reasons, from having a single source of reliable information in real-time that all employees can access, to quickly and easily incorporating new features as your business grows.

Consequently, Netsuite has become a very useful tool for companies that want to be successful in today's competitive business environment.

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Excel ERP in Today's Day and Age

Excel framework should be used as an Enterprise Resource Planning tool in this day and age! In reality, nearly 60% of businesses use Excel to manage and input critical data into their applications. The biggest explanation is that excel is a program that we are familiar with. Excel can be used to manage and gather data by entering formulas, adding rows and columns, and so on. The framework can now be used on the cloud to provide greater flexibility, share alerts more quickly, and so on, but it still depends on manual data entry.

In certain cases, an Excel system will benefit organizations, but it can quickly become riddled with errors. Human error, a lack of data transparency, and a security breach are all risks that an Excel system cannot shield a business from. An ERP machine comes to the rescue in order to prevent those blunders. An ERP system, also known as an Enterprise Resource Planning system, is an automated system that gives you more leverage of your data and who has access to it. Employee workloads were made easier with ERP and Excel programs, however, the only distinction being that an ERP framework far outweighs an Excel sheet. ERP Buddies Inc. has highlighted some of the big advantages of using ERP tools instead of Excel. It is clear that an ERP system is the way to go because it is much more modern and has much more flexibility. 

In conclusion, a new technology that any company must use to stay on top of their game is an ERP device. It's dependable; an excel device won't be able to handle large volumes of data as the business expands. As a result, it's a smart idea to implement ERP applications in your company to help you stay on track with your goals.

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Utilizing Netsuite to Handle Your Companies Order to Cash Process

What is An Order To Cash Process?

Any business has its own method of generating sales. For an eCommerce company, this entails selling goods on their own website or by a third-party distributor, collecting payment from customers, and ensuring that the products are shipped to them. This is an eCommerce company's order-to-cash cycle in layman's terms.

For manufacturers, this period can vary somewhat, with the invoicing phase occurring after order fulfillment. Companies spend a lot of time planning their order-to-cash loop because it is such a complicated operation. This also leads to the use of various business management systems, which only serve to stymie the process.

An order-to-cash loop usually includes the following components:

1.  Reconciling & Reporting

2.  Order Fulfillment 

3.  Invoicing & Billing

4.  Product Shipping 

5.  Order Entry

6. Collection of Payment 

When it comes to banking, not everybody follows the above-mentioned process exactly. Every order-to-cash loop is different, and NetSuite's incredible capability makes it possible to simplify them for better performance.

Why There Is Need For A Better Order-To-Cash Cycle

Businesses will predict revenue, monitor orders, and improve inventory control with a well-planned order-to-cash period. Any form of error, on the other hand, may have a significant impact on the cycle's performance, as well as disrupt the entire forecasting data and cause the fulfillment process to be delayed.

Since the order to cash period involves the work of several employees, it is popular for companies to use specific programs that adhere solely to a single agency, whether internal or external. As a result, businesses quickly find themselves with higher IT costs, lost records, and missed orders.

So what is the solution? 

Enhance and try to unite the order-to-cash time with NetSuite, a single market management framework that can easily handle all business departments!

Below are some of the more common questions posed by companies seeking to shorten their order-to-cash time:

1.The Complications of Order Management Process 

The order management process is typically complicated, ranging from product sale to order approval to processing and delivery. This means complications in this can result in one jeopardizing customer loyalty.

What all of this means is that after a transaction is made, the sales staff must personally email the order to the distribution team. The usage of various enterprise control applications excessively expands the manual workload. As a result, it is advised to use an ERP such as NetSuite, which can conveniently link all divisions for smooth operations. NetSuite will do it all, whether it's WMS, CRM, or HCM.

2. Data that could be Unreliable

The use of various business management systems would have an effect on a company's reliability when required knowledge is dispersed all over the place. When anyone manually changes details in their CRM, such as customer name, address, phone number, and so on, they must also ensure that the transition is replicated across all systems in place.

What is the problem? If the new email is not changed, the package may be sent to the old address in the system by another agency. Another incentive to implement is a single cloud-based enterprise management framework.

Now it’s time you automate your Manual processes:

• Data entry is a time-consuming operation; involving long excel rows often riddled with errors! Since the procedure will take 5-10 days, a payment process that involves manual printing and dispatch of the invoice can become a source of frustration for the order-to-cash period

• By automating these operations, you will free up the days for other tasks

NetSuite allows you to instantly email invoices after an order is completed, as well as submit updates at each stage of the order process as well!

A Unified Database, Netsuite ERP

NetSuite is currently ranked as the number one cloud-based enterprise management system due to its; solid process automation and integration features, which minimize manual labor.

Since NetSuite is based on a single database, it runs smoothly. For example, in NetSuite, a sales representative will review stock inventory before producing a work order, and the same work order can be delivered to the Distribution team in a matter of seconds. If, on the other hand, you would use a particular method, NetSuite will conveniently integrate it so that all knowledge is sharable at all times.

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