Accounting and financial systems are sometimes separate within departments. You may have workers keeping track of their expenses for business trips, your offsite warehouse supervisors keeping track of their daily expenses for operations, and your main financial unit scrambling to gather all the data together on their end. It doesn't help the situation if you are using an inferior accounting system, such as QuickBooks.
While QuickBooks allows financial staff to manage payroll and bills, it isn't robust enough to handle other financial tasks. Instead, upgrading to a cloud-based ERP system like NetSuite can offer more features that are scalable.
Issues with Restrictive Accounting Systems
Most accounting software focuses on billing management. They work well with accounts payable and receivable tasks. However, these systems can't delve deeper into the financial numbers. They sometimes don't allow financial professionals to track other accounting methods, such as accrual accounting, for when expenses and revenues actually occur. They also don't allow financial staff a broader visibility into accounting numbers to provide accountability and ensure that the company is operating within financial standards.
Besides not offering more visibility with accounting information, sometimes the financial staff is dealing with duplicate data or the wrong information. Many software applications require manually inputting the same numbers into each separate department system. Human errors can occur to where the number may be counted twice within financial records, leading to inaccurate entries.
Lastly, some accounting systems such as QuickBooks simply cannot evolve to handle the growing complexity of expanding operations. Your business may simply outgrow the software. You will need more versatility and scalability features to handle the increased workload available.
Making the Switch to NetSuite ERP
Cloud ERP systems such as NetSuite offer more financial control throughout the company. Instead of several separate systems in each department, NetSuite offers a centralized accounting and financial system that offers greater accounting management capabilities. Financial professionals don't have to track down data from each department, and won't have to spend time verifying information to ensure that it is correct. Instead, the system automates tasks to reduce human errors. Here are more additional features available when upgrading to a better system.
Revenue Recognition Management
Companies that rely on differing revenue and expense methods can use ERP software. Whether you are using a cash based method or accrual method, NetSuite allows for better financial reporting based on established standards. In addition, the system also provides smarter financial accountability.
Extended Financial Visibility
A cloud ERP system provides additional accounting tasks beyond just balance sheets. You can excess detailed cash flow projection reports, customer order pipelines, accounts receivable, inventory management, income statements, and so much more. NetSuite ERP provides the basics along with enhanced accounting solutions so that every department can keep track of finances effectively. The collaboration features permit data to be shared in real-time from any computing device that has access to the Internet and your company systems.
Automation is the key aspect of NetSuite ERP. It links billing management, ERP tasks, and accounting into one cohesive and versatile solution. Manual tasks can now be automated, allowing financial professionals to handle other work more efficiently. The automation can also reduce errors and duplicate entries.
Financial Reporting Capabilities
Real-time financial visibility also allows for better analytical and reporting features. You are able to pull the right information at the right time to make smarter business decisions for short-term and long-term goals. NetSuite ERP offers real-time financial access across departments. With greater collaboration capabilities, financial professionals have the data that is needed to create comprehensive accounting reports so you can better manage all aspects of your business.
The cloud ERP has upward and downward scalability features. Whether you are consolidating and liquidating excess resources, or expanding with complex operations, this financial management solution handles the differing tasks to provide the right features needed at that time. It offers easy and fast implementation as you can use it out-of-the-box. In addition, it allows for third-party integrations and features to customize it for your accounting department.
ManoByte: Helping Companies Keep Up with Their Finances
Financial professionals will help your company track and monitor revenue as well as expenses to keep operations running smoothly. Yet they can only do this when having the right tools and resources available. Here at ManoByte, we offer NetSuite ERP implementation, training, and resources so your financial professionals can get their tasks operating at full speed the moment the solution is in place. Contact our company to learn more, or schedule a demo to see what ERP can do for your company today.