Running a software company can be quite different from running an ordinary B2B or B2C enterprise. A software company can be very volatile and agile because the clients’ requirements are always iterative. The industry too is full of upgrades and advancements that may change the entire implementation process. Therefore, the biggest challenge when it comes to running a software company is ensuring that the clients’ changes are always encompassed during the System Development Life Cycle (SDLC).

Software also changes and needs to be upgraded periodically. An example of this is software like Magento which has a latest version called Magento 2.0. With such changes that come in an attempt to align with the industry standards, Software firms have the challenge to cope with the industry dynamics as well as maintaining the company with profitable margins.

In order to ensure that the adaptability and profitability of your business is enhanced, software firms need to embrace Oracle NetSuite because of the following reasons:

1. All-In-One Cloud Solution With Unlimited Scalability

Oracle NetSuite is an ERP solution completely based in the Cloud and offers various functionalities as well as modules in one suite. With its ability to offer services in the cloud, software companies can optimize their profitability without having to incur extra costs on infrastructure. Oracle NetSuite eases the way businesses are managed because all operations such as management of employees and their salaries, business intelligence, reviews of a project as well as reporting are done on a single dedicated dashboard.

2. Automatic Subscription Management

The latest NetSuite 2021 Release 2 allows software firms to automate all the features of subscriptions and set the software business to run on autopilot mode. As a software firm selling crucial services such as activation or deactivation of accounts and programs simultaneously, you can automate the entire process. As a result, you can enhance your firms’ productivity and dedicate more time to the key software skills such as programming, launching new and exciting programs.

3. Financial and Tax Updates Are updated

It can be a bit complex to comply with all the legal tax rules and regulations of the states in which your business is being conducted. Normally, software firms would have to take a considerable amount of time to ensure that they have followed all the requirements of different nations and states. With Oracle NetSuite, businesses have a chance to make the process of tax calculation, reporting, filing, and auditing automatic. In addition, NetSuite offers accurate calculation of tax data and a real-time view of your business operations.

Conclusion

Taking Your Business to the next step can only come to reality if you have the right expertise to deliver outstanding solutions. At Seibert Consulting Group, we specialize in delivering modern solutions to businesses that aim at taking full advantage of the eCommerce platform. We always customize our solutions to align with Your Business requirements and goals. Let’s start talking about your project and find out how we can help your business grow. Get in touch with us via our chatbot or email hello@seibertconsulting.com and via our direct line at 760-205-5440.

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Before the fourth industrial revolution, most manufacturers were using ERP solutions that make it difficult to scale up businesses. You are probably within the population of enterprises looking for newer ERP alternatives that align with Your Business growth. Your competitors in the industry may be searching for an Upgrade or a tweak to their systems to continue operating normally.

Among others, these scenarios are making lots of manufacturers across the globe go for a fully configured and cloud-based business management suite. In this blog, we will get to know the three reasons why manufacturers choose NetSuite ERP over Microsoft and other ERP solutions. Let’s start.

1. Business-Wide Integration

NetSuite ERP is a fully integrated software suite that allow Your Business to operate more efficiently and effectively in the manufacturing industry. A NetSuite ERP has engineering capabilities to improve the design of your product and other tools for Customer Relationship Management (CRM), supply chains, production control, management of enterprise finances, order management, commerce, and marketing. These NetSuite capabilities are built-in, therefore, there are no complex integrations or middleware required.

Moreover, NetSuite ERP has connectors, custom integrations and integration platforms that link with other systems to provide more business modules. These business modules allow you to keep most of Your Business operations in-house.

A different requirement of business integration is where you need to educate employees about the system. NetSuite ERP has a set of pre-configured roles, which you can tweak to make the system adaptable by anyone in your workplace. Furthermore, it has real-time KPIs and a broad range of report types which you can generate and share within your company.

2 Upgrading a NetSuite ERP is Easy

The manufacturing industry is always evolving, hence a dire need for upgrades on many occasions. These frequent updates to the system can be stressful, especially if the manufacturing process forcefully requires you to make an upgrade.

One example of a troubling situation involves about 300,000 Microsoft clients who use AX, NAV, Dynamics GP, SL, and Business Edition. These users needed to upgrade their systems to Microsoft Dynamics 365. This upgrade is quite complicated. Considering it is a 12-step process, it requires a good number of resources, and up to six months to have everything set. This is actually expensive in terms of time and resources. Even worse, each system has different support and can be troublesome to enquire about.

The cost becomes even more outrageous for On-premise ERPs as most of the technologies in multiple industries are migrating to the cloud.

What follows are problems such as:

• you can no longer upgrade this ERP solution
• the version has experienced a lock or a feature deficiency

Luckily, NetSuite ERP protects you from all these troubles due to its full-integration. With everything in one place, you can avoid any communication silos caused by loss of support. Being cloud-based, upgrades by NetSuite ERP are available globally. The exciting bit is that any previous customizations are not lost.

3. NetSuite is Scalable

NetSuite ERP considers your growth; if you need to scale your manufacturing enterprise, there are NetSuite ERP integrations and modules you could apply. You can add, stop, or remove any module depending on Your Business’ needs. As aforementioned, NetSuite ERP integration capabilities allow a particular amount of agility, which can be important when scaling Your Business. Its modular design gives you more authority over Your Business because you do not need to force upgrade.

The need to scale globally is also an aspect to consider if you are in the manufacturing industry. NetSuite ERP is ahead of this aspect as it provides Your Business with multi-currency management capabilities, which support 190+ exchanges and currencies. Moreover, it has functionalities for translations of 20+ languages, reporting capabilities of 90%+ of Global Domestic Products, and indirect management of taxes. These tools allow you to expand into newer markets and remain competitive internationally.

Automation is making its way into the manufacturing industry. Its adoption can contribute to Your Business growth. NetSuite ERP is also ahead of this concept. It allows you to revolutionize your product lifecycle management procedure and bring items such as plan-to-report and quote-to-cash.

So what next?

There is still more on using NetSuite ERP over Microsoft and other ERPs in the manufacturing industry. In case you need to learn more about NetSuite ERP for the manufacturing industry, then contact us at hello@seibertconsulting.com or 760-205-5251.

The post Three Reasons Why Oracle | NetSuite is a Trusted ERP appeared first on Seibert Consulting Group.

When dealing with connectors and integration as a service technology, it is important to understand that your data, and the quality of your data, can only be assured by the quality of the connector technology and the reliability of the data sinking and normalization functionalities provided by that software. It helps to have companies backing that technology that have the greatest budget for items such as research and development, and Oracle NetSuite and Bronto fit the bill. It is important to work with well-resourced and well financed companies that cannot only afford the research and development dollars for new features but can also provide adequate service level agreements for technical support and maintenance of existing implementations.

Again, here Oracle | Bronto really shines, and you will appreciate that level of service and reliability as a Shopify or Shopify Plus merchant, because that is the level of reliability and service to which you been accustomed. Less mature applications in the ESP, or email service provider marketplace, may be able to provide the same basic functionality as Oracle | Bronto, but without the ability to ensure the quality of that data, and the completeness of the field sets that are provided, it will be impossible to provide all of the transaction and product database based use cases and functions that a robust ESP like Bronto can provide.

2) Oracle | Bronto is supported by Oracle | NetSuite:

As previously stated, Oracle after the acquisition of NetSuite Bronto as provided Bronto with not just an expanded marketplace of applications and integrations but has also resulted in major capital expenditure investments in number and capability of data centers and cloud infrastructure. This results in higher deliverability rates and more trouble-free sending on Oracle owned cloud infrastructure. In terms of email deliverability, a business is entitled to the service level that an enterprise pays for, and with the investment in the Oracle cloud infrastructure, the ROI that can be expected is secured.

3) Oracle | Bronto is robust and mature as an ESP, perfect for Shopify or Shopify Plus:

Bronto has been around in the ESP, or email service provider, marketplace for quite some time. The product is and never was as well-known as its lower end competitors such as MailChimp and get response, however that has as much to do with Bronto’s traditional focus on midmarket clients as it has to do with any particular marketplace focus that has been ascribed to the software by Oracle since the acquisition. Simply put, Bronto has always been an ESP that is tailored for the segmentation and transaction-based account servicing emails that are the bread-and-butter of effective marketing and customer relationship management operations for small and medium-size, midmarket businesses. Bronto excels in this, not only with their training and feature set, but also with the architecture and user experience baked into the product management decisions of the product. As a mature email service provider application, Bronto is feature complete, and they are pretty bill configurations and automated workflows that are readily available within the product for the most used communication sequences for midmarket companies.

4) Oracle | Bronto has advanced segmentation for Shopify and Shopify Plus merchants:

Segmentation, or the ability to separate out customers into various behavioral, transactional, or demographic awards, is an advanced capability that enables much more sophisticated and targeted promotions and prospecting using an email service provider such as Bronto. Again, Oracle | Bronto provides these workflows as preconfigured templates that enable small and midmarket enterprises to get up to speed quickly and to create DIY, or do-it-yourself, email and you GC, or user generated content, sequences quickly and easily.

Advanced segmentation is what separates the feature set of Oracle | Bronto from the lower end products in the email service provider marketplace. Today’s merchants, in both business to consumer and business-to-business use cases, are demanding the ability to present customize, the spoke user experiences that are tailored for the persona or demographic profile of each individual web customer. The only way to effectively provide this type of functionality is with the advanced customer segmentation options that Oracle | Bronto can provide.

5) Oracle | Bronto provides transactional emails for Shopify or Shopify Plus merchants:

Transactional emails are emails that are based upon actions that a web store user has taken, represented by transactions or purchases online. Transactional emails can also take the form of automated sequences such as brows or cart abandonment sequences. These types of account servicing emails typically enjoy very high open rates for emails, with many of our Siebert can group clients using Oracle | Bronto seen open rates of up to 33 times higher than the open rates typically experienced for regular non-segmented emails.

Transactional emails such as event promo reminders enjoy 50 to 60% higher open rates than standard emails, thus validating the efficacy of leveraging customer segmentation in your outbound email marketing efforts for e-commerce. The welcome series that can be easily configured via preset templates in any Oracle | Bronto implementation is an automated sequence that welcomes a new web store customer to your store into your brand. The welcome sequence can contain several emails sent over a predetermined and preset set of intervals that can encourage and engender a natural conversation flow via web store customers primary communication channel, email.

Using this functionality to segment messages to hire pain high-end customers that may be interested in purchasing more expensive higher end items Oracle | Bronto customers can typically enjoy 21% click through rates for appropriately targeted promotions and offers, several times above the accepted industry norms. The ability for Oracle | Bronto to connect natively with a merchants Shopify or Shopify Plus customers and web store product database, utilizing NetSuite connector technology is what can allow detailed and targeted transactional emails from Shopify or Shopify Plus using Oracle | Bronto.

6) Mating Bronto with Shopify future proofs your web store:

By adopting leading cloud-based technology such as both Shopify or Shopify Plus e-commerce along with Oracle | Bronto email marketing, a business to business or business to consumer web merchant has not “wall themselves off” from future systems integration or scalability. A Shopify or Shopify Plus implementation that is mated with Oracle | Bronto, for instance, is a perfect candidate for combining with a ERP such as Oracle NetSuite.

This combination would result in near native functionality for all major e-commerce and enterprise resource planning functions and possible integrations. The ability to have “one throat to choke” is also an important consideration for many merchants. Contract renewals and new customer discounts can be leveraged to maximum effect when the majority of a merchant’s IT expenditure budget is focused on a vendor such as Oracle. Even if integrating with another ERP or other system such as Microsoft Dynamics 365 or Sage accounting, or even if a merchant adopts the single use software model, there is maximum stability afforded to merchants that decide to adopt Oracle | Bronto as the ESP, or email service provider to go along with the air Shopify or Shopify Plus web store.

As you can see from the reasons listed above, Oracle | Bronto is the perfect addition to any merchants Shopify or Shopify Plus web store implementation Oracle | Bronto provides a constellation of capabilities that may not be as immediately evident to a B2C or B2B merchant as email marketing. User generated content, or you GC, is an increasingly important functionality in today’s social media influencer driven e-commerce marketplaces.

Oracle | Bronto also features native connectors such as the social bridge to loyalty programs such as Annex cloud and other major service providers. Oracle | Bronto also nearly uniquely amongst the email service providers in the Shopify or Shopify Plus marketplace can interface at different levels of a merchant’s software stack, or infrastructure. For example, and Oracle | Bronto implementation can access records in both the Shopify and Shopify plus web stores and records at the e-commerce web store level, but also at the ERP “one system of truth” level.

With dozens of Shopify and Shopify Plus web store implementations under our belts, along with our expertise in custom themes and applications for the Shopify platform, the Seibert Consulting Group has a long history of working with our eCommerce Clients on Shopify Plus projects. We can show you how to source and list products from your Shopify or Shopify Plus web store, or how to provide your own brand’s DTC products in a customized theme for Shopify or Shopify Plus that is reflective of your company’s story and values.

To find out more about Shopify or Shopify Plus solutions for your business, find out more about the Private Shopify & Shopify Plus Apps offered by the Seibert Consulting Group like Dropified, Celigo, Optimize Upsell, or to set up a free demo of the Shopify or Shopify Plus eCommerce platform, please contact the Seibert Consulting Group at 760-205-5251 or email the SCG team at hello@seibertconsulting.com.

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Whether you sell to businesses or individual customers, you must have a business platform that aligns with the way your business grows. Moreover, it should be an ERP platform offering a personalized and unified customer experience, making the business efficient at its front-end as well as its back-end. But which platform has these capabilities altogether in one software-as-a-service in the cloud? Well, NetSuite ERP is one of the primary ways automotive retailers and distributors can use to track and sell their parts in the cloud and online. If you’re asking, “how good is NetSuite ERP for Auto Parts retail business?” Well, here in this article we will describe some of the main features of the NetSuite ERP software that make it an excellent choice for your auto parts businesses’ ERP financial foundation:

1. NetSuite ERP provides an easy multi-channel experience

The B2B and B2C customers of today have all the control and come with great expectations for unique customer experiences. For example, they want to learn about what you have in your auto parts retail or distributor store on their PCs from their homes or workplaces, then follow it up with a physical pickup. So-called “Buy online pickup in-store” options have become standard for most online bricks-and-mortar eCommerce operations in the automotive parts industry.

What does this mean? The answer is, the customer is now looking for a better experience while shopping. But how does this concern NetSuite ERP? Well, NetSuite offers customers a more custom experience across any channel they shop with, all these depending on the likes and habits of the customer. That’s not all. You can even ensure the method and details of the products and services delivery to ensure customers are satisfied hence you can enhance the customer experience at all steps of the buying journey as well as bring in more sales.

2. NetSuite ERP provides a full perception of your Businesses Customers

As mentioned above, there can be a massive difference in what the customer experiences when shopping through various channels with an omnichannel business with online and in-store or telephone call-in purchasing options. Do you know that you can make the experience uniform across those many channels? Well, NetSuite ERP along with SuiteCommerce e-commerce monitors customer engagement and behavior as they shop at your online store or through any other channel. With this shopping data, merchants get to create a uniformly impressive eCommerce experience. Note that any time you make an improvement in your business that is customer-centered, customers always notice, and that increases customer lifetime value and average order size.

A personalized experience also means that with NetSuite ERP you can now offer better customer service. Then, you can take advantage of cloud-based data integration to reduce callback response times to inquiries and product returns. What this implies is, customers can be more easily satisfied and merchants can gain vital enhanced customer satisfaction and loyalty to their brands.

3. NetSuite ERP provides Real-time inventory visibility

It is wrong for your site to indicate that it is selling as in stock when in fact something is out of stock. Having a system that updates inventory records in real-time can make a difference in your business and your customer’s perceptions of it — and NetSuite ERP helps with that in a big way.

This means that when someone buys your product, the displayed inventory stock numbers reduce on the web-store automatically. Suppose your automotive parts products are almost out of stock, then your site can now indicate how much parts inventory on your store remains in stock, truly. Once the online web store’s inventory has been depleted, the site will then suggest that the automotive parts in question are not in stock automatically. An automatic back-in-stock notification can be generated via a script, and the customer can then be informed as soon the item stock level returns to par value.

The important and vital concept here is not just better and more efficient management of inventory but rather more efficient management of the entire Enterprises business operations. The managing of automobile parts and their inventory levels is of course a paramount concern, but it is important to note that with NetSuite ERP, an automotive parts distribution or retail business now has access to myriad forms of data about every part including where it is housed, warehoused and stored, how it is purchased, from whom, when and for how much. It takes a “system of truth” such as NetSuite ERP in order to ensure the accurate and sophisticated display of information about the stock availability of the automotive product in question. Why is this important? It will be bad for your reputation in the event someone places an order with your automobile parts distribution or retail shop and even pays for it to be notified only later that the vital automotive parts they need is not available.

Moreover, this kind of information is essential for other functional business units within your company, like shipment, refunds, sales, and returns. This allows all the departments to have uniform knowledge of how the business is doing. For this very reason, NetSuite ERP is frequently referred to as the “system of record”, or the “system of truth”. There is one system that holds all of the vital information for your business’s operations, in one place, easily accessible in the cloud anytime, anywhere, from any resource that has the permissions and authorizations to access that data.

4. NetSuite ERP provides Better management of orders

Automobile parts can be large and it could take more than a week to get a product to a customer in certain situations. However, what if you could do it in a shorter period like two or three days. That could create a big positive impression on your customer about your automotive parts distribution or retail store. Well, that’s what NetSuite ERP can do for any auto parts business. First, orders are entered and completed quicker, resulting in demand to cash cycles that are much more efficient, and fulfillment and shipping costs are greatly reduced.

How does NetSuite ERP attain all these business benefits? The NetSuite ERP solution removes any obstacles that could slow the ordering process. Secondly, errors made by your order entry staff during ordering are reduced by the ease of use and uniform user interface for functions like order entry, as well as software as a service cloud availability to prevent slowing down the fulfillment of an order. Lastly, invoices and payments processes are streamlined considering the customer will get one invoice, although they are getting products from more than one location. And of course all of this information resides in the “one system of truth”, your automotive parts distribution or retail businesses NetSuite ERP system.

5. NetSuite ERP Makes Back-End processes more Efficient

NetSuite ERP ensures that you can run your automobile parts distribution or retail business from a single place by allowing you to connect your ERP with your eCommerce store. All back-end processes, including merchant services, multi-currency management, multi-site and multi-book financials, subsidiary management, and marketing. All of this streamlining of processes is possible using NetSuite’s SuiteCommerce or SuiteCommerce Advanced e-commerce solutions from the Seibert Consulting Group.

SuiteCommerce is a great choice to align your automotive parts or distribution business processes, improve your auto parts customers’ experience, and grow your sales channels and automotive parts brand.

Furthermore, it will ensure that you can manage inventory cycle counts, inventory refreshes and improve communication and customer experiences for your auto parts customers. NetSuite ERP makes your business more flexible as well as more efficient and more responsive.

You may have NetSuite ERP or considered it in the past, but it takes a skilled, NetSuite Veteran team to implement NetSuite ERP and maintain it correctly. We here at the Seibert Consulting Group can help with that, as an Official Oracle | NetSuite Solution Provider Partner. We are aware of what your business requires in order to make your automobile parts business an online success. Contact us, and we will be happy to assist.

To find out more about NetSuite ERP for your auto parts business, or to find out more about the Auto Parts SuiteSuccess edition for auto parts retailers and distributors offered by the Seibert Consulting Group, or to set up a free demo of the NetSuite ERP platform, please contact the Seibert Consulting Group at 760-205-5251 or email the SCG Team at hello@seibertconsulting.com

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Investors calculate the acid test ratio, also known as the quick ratio or the pounce ratio. This ratio excludes inventory and prepaid expenses, which the current ratio includes, and it limits assets to cash and items that the business can quickly convert to cash. This limited category of assets is known as quick or liquid assets. The acid-text ratio is calculated by dividing the liquid assets by the total current liabilities.

This ratio is also known as the pounce ratio to emphasize that you’re calculating for a worst-case scenario, where the business’s creditors could pounce on the business and demand quick payment of the business’s liabilities. Short term creditors do not have the right to demand immediate payment, except in unusual circumstances. This ratio is a conservative way to look at a business’s capability to pay its short-term liabilities.

One factor that affects the bottom-line profitability of a business is whether it uses debt to its advantage. A business may realize a financial leverage gain, meaning it earns more profit on the money it has borrowed than the interest paid for the use of the borrowed money. A good part of a business’s net income for the year may be due to financial leverage. The ROA ratio is determined by dividing the earnings before interest and income tax (EBIT) by the net operating assets.

An investor compares the ROA with the interest rate at which the corporation borrowed money. If a business’s ROA is 14 percent and the interest rate on its debt is 8 percent, the business’s net gain on its capital is 6 percent more than what it’s paying in interest.

ROA is a useful ratio for interpreting profit performance, aside from determining financial gain or loss. ROA is called a capital utilization test that measures how profit before interest and income tax was earned on the total capital employed by the business.

To find out more about the Acid and ROA ratios in your businesses accounting, financial audits and audit procedures, particularly in respect to working with the Oracle | NetSuite ERP cloud-based software suite, please contact the Seibert Consulting Group at 760-205-5251 or email the SCG team at hello@seibertconsulting.com.

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The truth of the matter is that although the internet promises a lot of success, multiple retailers lack the structures to shift to online stores. Coincidentally, NetSuite has the AI drive and the cloud-capability to allow your anxious health and beauty to move online and make some huge steps. Not leaving behind those that have always been using ERP solutions.

One reason could be the fact that NetSuite is a three in one cloud ERP solution with multiple powerful solutions that offer the customer multiple purchase options. To a large extent, NetSuite is a threat to lazy competitors, considering it offers CRM, e-commerce, and accounting, all at the same time in one cloud system.

Also, NetSuite offers you the chance to express your business uniquely, given its customizability.  The chances of a business surviving online with cloud solutions like NetSuite are higher, considering the experiences these solutions offer.

1. Knowing your customers is the Key to DTC success with today’s social media and influencer -driven web shopper

Most customers have expectations that beauty and health businesses offer engaging client experience. Using NetSuite’s CRM 360-degree view of a customer’s ongoing allows you to improve sales and offer customers a more personalized experience. Moreover, to create more custom products for the client and market those features in a more customized way.

2. eCommerce is Exploding in the age of COVID – Now is the Time to Capitalize on this Marketplace Opportunity

Considering the unpredictability of whether the COVID pandemic could end, people are staying in their houses. Buying online is the only option. With NetSuite commerce capabilities, you can develop good experiences for the shopper, such as discount codes and promos that fit the customer’s needs.

3. NetSuite ERP is a SaaS, 100% Cloud storage ERP and eCommerce System

With cloud storage, you do not have to go through the hassle of physical storage options. Cloud storage allows you to create, store, and access data on the cloud at any place.

4. NetSuite ERP & SuiteCommerce B2C eCommerce affords your organization 100% Efficiency with Live Data

NetSuite offers you real-time status reports, and KPIs allow you to make more informed business choices. For efficiency, NetSuite shows the gains and the costs of running a business allowing you to eliminate risk and run your business more efficiently.

5. Integrated NetSuite ERP & SuiteCommerce eCommerce is a visionary approach for your brand

Customers are always on the lookout for value from you. You need to create products that offer value. NetSuite diagnoses your business for issues that need improvement, allowing you to offer value to customers and making them loyal and connected to your business.

6. Work with NetSuite ERP & SuiteCommerce eCommerce Professionals

You need a team of individuals that can execute your vision. With NetSuite ERP and SuiteCommerce Solutions from the Seibert Consulting Group, you will have a dedicated team of capable individuals who can carry out tasks on the platform and implement them correctly to get your business to the desired point.

In conclusion, managing an enterprise to success is something you may want to achieve. Having the right team and partner can help you with that. Therefore, contact us at the Seibert Consulting Group SCG team  today, and let’s get started.

The post Six Reasons to Choose NetSuite SuiteCommerce eCommerce For Your Health & Beauty Brand appeared first on Seibert Consulting Group.

But first, let’s assess the reasons why this financial close is not an exciting task anymore.

If your company uses NetSuite products, then the accounting process will be much easier and faster. However, there is only a limited number of things that NetSuite can handle. The rest, such as recording and tracking of the workflow, are beyond the reach of NetSuite. To make matters worse, communication between your company and NetSuite is broken only, resulting in the lack of openness and uglier process of recording of information.

Your company may most certainly not notice this problem because it lingers and becomes a regular occurrence. The outcome is that information available at the end of the month is scanty.

Another reason why financial close is less impressive is that the sharing of files over the local drive has been disorderly. Also, no procedure is recorded. Further, the fast-paced environment of the workplace has led to no one minding about the information.

The result has been a change of perception of the accountants. For them, the close refers to long hours of working to put everything in order. Most report that the closing process brings them more stress, with a third of this population saying that it also impacts their intimate relationships.

So what can your company do to alleviate the stress of its financial management employees, corporate controllers, and CFOs?

What to Do To Alleviate Stress

The monthly closing has had some bad effects on the employees, which most certainly calls for eliminating the process and adopting these five month-end closing hacks on NetSuite:

1. Your Collaborative Financial Close Checklist

The Financial Close Checklist monitors the roles and performances of employees, making them aware of the impact of their position on the company’s overall goal. For example, each individual will be aware of what they need to do. On the other side, leaders will have an idea of the possible limitations to goals set for employees.

At first, you may think your company could have gotten all the above from NetSuite’s End Close Checklist, but it is a misbelief, and any NetSuite Admin or IT guy needs to do some digging. For example, think of the NetSuite OOTB Checklist as a 30,000-foot view allowing you to select a box next to AP. It is obvious to most accountants because checking the box means that every other task has to be completed.

Excel and Google Docs could easily track sign-offs and tasks, but this process would be challenging for a new team.  Noteworthy, Seibert Consulting Group has NetSuite capabilities that could easily service the other accounting teams in the mid-market.

For example, Stack Overflow saw the potential in the checklist. The training and networking company used the structure of this collaborative checklist to create a better close list considering they previously used a soft-close system that was quite skeletal. Their new close list had timelines, controls, clearly defined processes that smoothed the closing process, cutting the monthly by twelve days. Previously, they closed after 22 days, now with only ten days.

2. Create more standard folder structures and reconciliation templates

Having a standard template allows you to make the review, training, reconciliation, and auditing processes sleek. All you need to do is to paste work on a template automatically, avoiding any repetitions. Further, it is easy to access and file because your company has now developed a more organized folder design.

Therefore, your accounts department needs to pay a closer look at NetSuite’s Fixed Assets and Bank Reconciliation Module for any huge transactions that require clearance. By automation this process of reconciliation, you can reduce by half time spent on the reconciliation of large accounts.

By the way, you just read this and started asking questions such as how we automate Sub Ledgers, clear Account Matches, and other items with robust transactions, then you may find FloQast tools more helpful.

3. Examine the mix of your talent again.

Tech is taking over accounting and finance processes. Therefore, you need to shift to people that can make the most use of technology, first, by employing someone who is technology-adept. Also, watch out for employees with NetSuite or Cloud ERP and with a belief of the impact of tech in providing efficiency.

4. Adopt cloud accounting technology

Cloud platforms adoption can turn around the way your company stores data. Access to data will be more comfortable and quicker. Moreover, you don’t need to worry about the state of documents, considering they are already online and more transparent.

You can start cloud accounting technology by having a Microsoft checklist on Microsoft’s OneDrive or SharePoint. The use of a close management software solution for monitoring review notes, reconciliations, and check the listing of items like RevLocal.

There is no doubt in what NetSuite ERP can do to transform your company’s month-end close processes. It can do Accounts Payable and Receivables, bank reconciliations, and revenue recognition. However, your accounting team has to do things like tracking workflow and documentation.

There is a lot your company could benefit from a streamlined month-end close process on NetSuite ERP. For instance, if your company uses cloud accounting tech, the close process will reduce by about three days. The result is a happier corporate finance team and quicker closing of the books.

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