Financial software and your first car have a lot in common: Every penny counts. Whether you’re building a business or just graduated from college, you bought the necessities that were needed to get the job done. That’s why many businesses start with software like QuickBooks in their early years. Managing the finances of a new business is fairly straightforward, and the software should be straightforward as well. And that’s also why a young professional’s first, new car is often a practical one.
Then things change.
You might live near the mountains. So you slap on an aftermarket roof rack that’s one-size-fits-all but doesn’t really fit that well. As time goes by, you might start a family. Your two-door, economy vehicle is now bursting with stuff it wasn’t designed to carry.
The same issues apply to your business: Don’t let the constraints of your early, practical purchases keep you from growing efficiently. The success you’ve worked hard for should not be hamstrung by your financial software.
Running complex business processes for financial management, revenue management, fixed assets, procurement, order management, billing, inventory management and services delivery requires much more than a simple general ledger solution. You need software that supports your entire organization and that sustains and accelerates growth.
But companies may not recognize the signs that their current financial software is limiting their business due to manual processes, errors and lack of real-time data and visibility to make important business decisions.
Let’s look at some examples. Do any of these apply to your business?
1. It’s difficult to find out what’s really happening across the business in real time.
In the past, companies could wait until the end of the month to get the data they needed. That’s not the case today. Consolidated views and up-to-the minute reporting can make the difference between thriving and barely surviving.
2. You use manual processes to enter and reconcile data from one system to another.
In today’s networked world, it’s frustrating for suppliers, customers and business managers to wait for answers while information is manually transferred between systems. Incompatibilities between systems and imperfect integrations have left employees copying data between systems. That’s inefficient.
3. Sales are lost because employees can’t get information where and when they need it.
E-commerce has changed expectations for consumers. They have been conditioned to expect real-time stock levels, delivery schedules that are confirmed at the same time they place their order and the possibility of customer service calls minutes after placing an order to add an extra line item. But this level of real-time responsiveness is impossible with limited desktop systems like QuickBooks. Growing businesses can’t expect to innovate incrementally, while others fly at on-demand speed.
4. More accounting is done outside your software than within it.
Many accounting solutions were designed to automate a limited set of core accounting functions. As a result, they limit how companies run operations. As businesses grow, companies must adapt their processes to fit the application, rather than vice versa. It’s easy to run out of headroom when you have more customers, vendors, or inventory items than your software can practically handle.
5. You spend too much time worrying about technology instead of focusing on business results.
Every time a company adds a new layer of business software, the underlying systems infrastructure becomes more complicated and inflexible. Earlier investments in hardware and software are costly to maintain and fail to keep pace with technology innovation. You need to remain versatile, so you can change as you grow.
If any of these problems sound familiar, then it’s time to consider an alternative solution for your financials. Many companies move to a single, integrated cloud-based system that will help them set the right technology foundation. It allows for more efficient and effective business operations, which are essential for growing a company and enabling employees to serve your customers better.
To find out how NetSuite can move your business beyond entry-level software and help enable your success, visit NetSuite at the Catalyst Americas 2016 for a personalized demo. Let us show you in person how you can transform your business.
Can’t wait until the conference? Then download the white paper From QuickBooks to Cloud Financials now to learn more.
Today, more than 30,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-ready cloud business management suites of enterprise resource planning (ERP), customer relationship management (CRM), and commerce applications for businesses of all sizes.
Blog post by Lisa Schwarz, senior director, commerce marketing, NetSuite