For growing businesses seeking an all-in-one business management solution, NetSuite accounting software is a compelling option. As a cloud-based system, NetSuite delivers end-to-end capabilities for financials, inventory, CRM, ecommerce and more on a single unified platform. But simply adopting new software is not enough – you need an implementation partner to help maximize ROI. Here’s an overview of NetSuite capabilities and why Anchor Group should be your integration partner of choice.
The Benefits of NetSuite
Designed for the cloud from initial conception, NetSuite frees businesses from antiquated solutions not suited for today’s digital environment. By delivering financial, inventory, order and CRM functionality in one flexible system, it allows you to break free from disparate tools and spreadsheets. Key advantages include:
- Real-time visibility – As a cloud solution, data is constantly updated across the platform, so you always have access to real-time information on sales, orders, inventory and all other business functions. This enables more proactive management rather than reactive fire drills when issues arise.
- Unified data – With a single record for each customer or item, everyone across the company is accessing the same up-to-date information. This significantly improves communication and coordination.
- Agility and scale – NetSuite is designed for rapid change and seamless growth. You can quickly add new product lines, business units or even entire companies and have visibility across everything.
- Industry-specific capabilities – While flexible for many industries, NetSuite also offers tailored functionality, KPIs and best practice process flows for software, retail, manufacturing, advertising and other verticals.
- Access from anywhere – With cloud delivery, authorized employees can access NetSuite from any device via browser or mobile app. This enables remote work and rapid decision making on the go.
- Reduced IT burden – Your lean IT team no longer needs to maintain and update separate servers and software systems. NetSuite runs securely in the cloud so in-house resources can focus on strategic initiatives rather than keeping the lights on.
The NetSuite Difference
So how exactly does NetSuite accounting compare to alternatives like QuickBooks or Sage? Where QuickBooks Desktop is designed primarily for very small businesses, its capabilities remain limited. And hosted QuickBooks options still have separate engagement tools lacking unified data.
Sage Intacct provides robust accounting with some modular additions like CRM and inventory. But the systems remain disjointed. NetSuite delivers all of these and more on a single foundation. Unified data and end-to-end process visibility set NetSuite apart.
For example, a sales rep can get pricing from the same catalog the finance team references. Or production planning draws directly from inventory levels the warehouse manager updates. This real-time coordination used to require endless emails, calls and reconciliations. The transparency and time savings add up to a tidal wave.
Another differentiator is configurability. NetSuite allows both standard and custom fields across records. So companies can track unique metrics like channel, geography, sales representative and more within the system rather than in separate spreadsheets. This flexibility enables real-time reporting by any dimension.
And an integral business intelligence engine supply role-based KPIs, graphical dashboards and ad hoc reporting capabilities out of the box. So each manager can access specific metrics on demand without relying on delayed reports from IT. These capabilities combine to make NetSuite accounting the intelligent backbone growing enterprises need.
Core Accounting Capabilities
While many solutions offer some accounting functionality, NetSuite delivers robust capabilities comparable to software costing tens of thousands more. The core features supporting financial operations include:
- General ledger
- Accounts payable
- Accounts receivable
- Billing and invoicing
- Multi-book accounting
- Expense allocation
- Multi-subsidiary management
- Multi-currency support
- Budgeting and forecasting
- Audit trail capabilities
- Dashboards and financial reporting
Additional areas where NetSuite excels include
- Revenue recognition – Advanced tools consistently handle revenue recognition across different product types, terrestrial territories, tax requirements and more in accordance with accounting standards.
- Project accounting – Flexible project management aligns with services deliverables, milestones and unique billing rules across fixed-fee and time-and-materials engagements.
- Compliance – From SOX and SEC reporting to tax requirements and audits, NetSuite helps ensure adherence to financial compliance standards.
By delivering all of these essential capabilities via the cloud, NetSuite frees accounting teams from disjointed legacy systems. This accelerates period closes, reporting and more while supporting business growth.
Unified CRM and Ecommerce
Another key way NetSuite expands beyond basic accounting software is by including unified CRM and ecommerce capabilities. The platform delivers core functionality spanning:
– Sales force automation
– Marketing automation
– Customer service and support
– Ecommerce and omnichannel commerce
– Inventory and order management
– Dropship/special order
– Pick/pack/ship
– Returns and exchanges
So rather than needing separate tools for accounting, CRM and ecommerce, all information flows through NetSuite. This single view of customers delivers unprecedented coordination across teams. For example, sales reps have visibility into inventory levels and supply chain events when quoting. Account managers have access to support issues and returns data when pursuing renewals.
This amplification of collective intelligence accelerates sales cycles, boosts conversion and retention, and streamlines order fulfillment. All while providing marketing, sales and services teams with the same unified view of each customer. NetSuite unites these worlds.
Made for Modern Manufacturing
Another business area where NetSuite excels is manufacturing. The system delivers core capabilities from production engineering to materials resource planning, to shop floor and quality management. Features include:
– Bill of materials and work order management
– Demand planning and materials requirements planning
– Inventory control
– Supply chain and warehouse management
– Quality control and shop floor management
– Standard costing and cost of goods sold reporting
These tools support repetitive, process and discrete manufacturing. So companies can accelerate production cycles, minimize scrap and deliveries as promised while controlling costs. This enables managing growth proactively rather than getting locked into downward price-volume spirals.
The Key Is Quick Implementation
With all these advantages, why wouldn’t every growing company adopt NetSuite accounting? Often the barrier is less the software itself and more the support model behind it. Implementing an end-to-end platform with thousands of options can be daunting without an experienced guide.
The best solutions deliver rapid time to value. So leadership quickly gets accurate reporting and insights to drive growth. Customer-facing teams access CRM tools immediately to boost sales. Inventory visibility and automation streamline fulfillment. This fast ROI depends on tailored implementation accounting for your company’s very specific needs.
That is why over 1,000 fast growing brands rely on Anchor Group as their NetSuite integration partner to deliver success.
Anchor Group: Your NetSuite Implementation Partner
With over 20 years supporting over 1000 customers, Anchor Group brings proven experience taking companies live on NetSuite in less than 90 days. As an experienced NetSuite partner Anchor Group’s proprietary IMPACT implementation methodology helps accelerate ROI.
Focusing exclusively on NetSuite rather than disparate systems, Anchor Group’s dedicated consultants become an extension of your team to ensure seamless adoption. Their comprehensive guidance includes:
– Executive alignment workshops
– Conference room pilots
– Detailed gap analysis
– Tailored customization
– Accelerated data migration
– Ongoing training and support
These services ensure you maximize the power of NetSuite while aligning capabilities directly to your strategic growth initiatives.
The Anchor Group team also brings deep expertise across manufacturing, wholesale distribution, retail and professional services. So they tailor configurations, KPIs and best practice processes specific to your industry.
Ultimately this partnership philosophy enables Anchor Group clients to enhance decision making, empower employees and engage customers for rapid growth and long-term market leadership.
Conclusion
In summary, NetSuite provides an agile business platform delivering real-time visibility, unified data and end-to-end process coordination traditional systems can’t match. All while freeing lean IT staff to focus on innovation rather than system maintenance. And the Anchor Group implementation methodology tailored specifically to each customer’s strategic initiatives helps unlock rapid value across the expanding NetSuite