This blog is a guest post from ChannelAdvisor partners Oracle NetSuite. Find them at Catalyst at booth #34 in the Catalyst Pavillion!
Over the years, QuickBooks and other legacy applications have become the de facto standard financial software for small businesses. It’s usually the best fit for many businesses on day one, but is it the right choice to enable rapidly growing businesses to sustain and accelerate growth?
In many instances, these solutions lack many of the capabilities that growing businesses need and provide limited real-time visibility into essential business information. Because of these limitations, companies start adding more systems or applications for specific purposes — which often aren’t integrated with each other — and may revise or attempt to automate certain business processes. This can result in a complex “applications hairball” that’s rife with manual tasks and bottlenecks, increases the risks of errors and can hurt the customer experience and limit growth.
If you lead a growing business and are concerned that the pain and complexity imposed by your current financial software is limiting your business, there is a better way. Fast-growing businesses are turning to a single, integrated cloud-based system to save on IT costs and accelerate business growth. Cloud computing also gives you the freedom to focus on what’s important — your business.
Here are a few signs that indicate your business is ready to switch to a cloud-based, on-demand service:
System upgrades and improvements are pushed to the back burner, due to the associated cost and disruption.
All too often, companies realize that their current business systems fall short of what the organization desperately needs to accelerate growth, but no one can face the thought of the disruption and expense of upgrading to the latest versions or adding more people. The business may also be falling behind on giving employees and customers the ability to access information over the web and from mobile devices because there aren’t adequate internal resources to implement and manage the required technology.
Backups, server failures, malware, and data security are constant worries.
It’s a major business risk when financial data is concentrated in a single system, while ancillary information is scattered around in other software systems and spreadsheets. Business continuity would be disrupted if one of the machines suffered a serious failure or there were a fire or natural disaster. The company is overly reliant on fallible backup routines. Other major concerns are malware attacks and data theft. A sobering question is how quickly the business could recover if a server went down and the company had to revert to a backup.
A major deterrent to investing in new technology is the time required to see a return on investment.
Funding new applications or technology upgrades requires significant working capital, but it can be many months before the organization sees a return on investment. Even then, there’s no guarantee that the new technology will deliver the expected results. When this is the situation, it often feels safer to just muddle along with existing systems and processes, even if everyone recognizes that they are holding the organization back.
If you’re experiencing any of these situations in your business, then it’s time to consider an alternative solution for your financials. Companies that have moved to a single, integrated cloud-based system find it allows for more efficient and effective business operations — essential for growing a company and enabling employees to give superior customer service.
Going to Catalyst? To find out how Oracle’s NetSuite cloud solution can move your business beyond QuickBooks and into the cloud, stop by our booth at Catalyst 2017 for a personalized demo. Or catch us in the Catalyst Theater on Tuesday, March 6 at 10 a.m. for a quick overview of our solution.
Want more information right now? Download the white paper, From QuickBooks to Cloud Financials to learn more.
Blog by Lisa Schwarz, senior director of commerce marketing, Oracle NetSuite