In this era of technology, Your Business needs to be more flexible in order to stand the stiff competition and meet customer needs. There has been a rapid evolution that has staggered companies that still rely on on-premise ERP solutions. Luckily, technologies such as the cloud-based NetSuite come with leading practices in accounting and finance. NetSuite is an alternative ERP software you can build your financial services on. This is because it helps your enterprise to manage compliance and visibility while at the same time handling costs. But that’s not all. In this next section, you’re going to discover how NetSuite allows your financial services to surpass the curve in an always-evolving business atmosphere.
NetSuite is Agile and Adaptable
NetSuite makes your company flexible and well suited to consumer desires and market trends. NetSuite does this by ensuring Your Business keeps up with the always-evolving tech innovations and consumer expectations. The business environment is quite shaky these days, hence the need for agile ERP software in order to stay buoyant. The first thing NetSuite’s cloud does is to eliminate costs on IT and on-site data centers. Being a cloud-based solution, NetSuite receives automatic and timely software updates. Furthermore, NetSuite’s agility allows your financial services enterprise to scale and attain desired business objectives.
Real-Time Financial Reports
NetSuite makes your business ongoing and processes visible, allowing you to operate your enterprise at a current rate. The reason is that everyone works from one source of data, hence giving you a more integrated view of everything happening in your business. This way, you notice any impending issues earlier before the damage is done. Because of this, your sales, services, and front office integrate regardless of your accounting requirements. Therefore, NetSuite streamlines revenue management auditable and speeds up financial close offers. The bottom line is that you have a real-time view of the business’s profitability.
NetSuite Comes With Pre-Set Roles
Adopting and implementing NetSuite is easy because of the pre-configured roles. Typical roles such as inventory manager, accounting manager, among others, come with already set reports, reminders, KPIs and are value-oriented for regular and strategic requirements. NetSuite also comes with 150+ pre-configured roles alongside enterprise metrics and dashboards to allow your business to go live on the same day of installation. With the help of already set configurations and leading standards, you can lay a firm foundation for your business.
Finance and Accounts Management
NetSuite has financial management software that gives you full visibility to receivables and payables due to real-time access to invoices and outstanding bills. Your financial services become more efficient and reduce paperwork considering that NetSuite provides invoices from sales orders with a single click. Enhanced automated and reporting capabilities on NetSuite also allows sleeker procurement processes, advanced financial functionalities, and better purchase controls. Furthermore, NetSuite ensures that you maintain high financial compliance standards by giving you access to a complete audit trail on all changes and entries.
NetSuite Streamlines Compliance
NetSuite improves your accountability and compliance through its powerful reporting and accounting capabilities. Moreover, it comes with exciting business analytics and auditable processes allowing you to manage risk and keep tabs on your business. Furthermore, this technology is up to date on current privacy and tax regulations. Hence you can use it to lay down a good foundation for compliance with its numerous reports and certificates, allowing you to meet control and risk expectations. The forms are namely SOC 1 and SOC 2, PCI/PA-DSS, and ISO 27K. This proactive approach enables you to expect a change in the separation of duties, security, and configuration.
In conclusion, NetSuite may be an award-winning ERP system, but you also need an award-winning team to handle it for your business. As SCG, we have the experience to take your modern financial services business to the next level. Contact us now at 760-205-5251 or hello@seibertconsulting.com for more information and assistance!
