As your business grows, so do the complexities of accounting. You may have started out using off-the-shelf accounting software, such as QuickBooks, Sage50 Peachtree or Xero, but soon find that it’s not a scalable solution. Your time is better spent working on growing your business instead of managing the ever-growing accounting processes. That’s why you should consider upgrading to a powerful Enterprise Resource Planning (ERP) system such as NetSuite paired with personalized features from Nolan Business Solutions SuiteApps. Let’s look at 5 signs that you have outgrown your current accounting software and why you should upgrade to an ERP system like NetSuite and personalize it with Nolan Business Solutions SuiteApps.
Outdated Reporting Capabilities
If your current reporting capabilities are no longer meeting your business needs, then it may be time for an upgrade to NetSuite's advanced financial reporting functions. With its single source of truth concept, real-time data access and intuitive user interface, NetSuite can provide timely financial reports that will help you make strategic decisions more quickly. Additionally, its comprehensive dashboard allows you to easily monitor key performance indicators (KPIs) in real time.
Limited Customization Options
Most entry-level accounting packages offer limited customization options, making it difficult to tailor the system to meet the unique needs of your business. With NetSuite, however, you can customize your ERP system so that it fits perfectly with how you do business. The Nolan Business Solutions SuiteApps are designed for NetSuite; they provide customizable solutions for automating cash management activities such bank reconciliation, corporate credit card and merchant gateway reconciliation, automated vendor electronic payments and much more.
Poor Data Security
Entry-level, on-premise software is often less secure than cloud-based applications such as NetSuite because they require manual updates which can leave them vulnerable to malicious attacks or human error. With its comprehensive security measures such as single sign on authentication and encryption protocols, NetSuite ensures that all data is secure and can only be accessed by authorized personnel within the organization or outside partners if needed. Plus, since data backups are automatic in cloud computing environments like NetSuite, you won’t need to worry about manually backing up data or losing important records due to hardware failure or other unforeseen events.
Difficulty Managing Multiple Locations & Currency Conversions
If you operate in multiple locations around the world or need to convert between different currencies frequently, the entry-level accounting software may not allow you to efficiently keep up with these more complex tasks. By upgrading to an ERP system such as NetSuite, these processes become streamlined; multi-location inventory management becomes effortless while currency conversions are handled instantaneously and accurately every time without any manual intervention required from staff members. Plus, all transactions are available for review in real time so discrepancies can be identified quickly before they cause any major issues for the company's bottom line with lost customer sales or incorrect pricing calculations across different countries/currencies etc..
Poor Integration Capabilities
Entry-level accounting packages often lack integration capabilities, making it difficult, if not impossible, to connect them with other systems (e.g., CRM & POS) into one cohesive platform. A fully integrated platform is one where information can flow freely between all systems without any manual intervention required from staff members each time there is a change made in any of those systems. With its open API architecture & prebuilt connectors for popular third-party applications like Salesforce & Shopify etc., NetSuite offers businesses unparalleled integration capabilities allowing businesses of all sizes from small/medium enterprises through large enterprises to have full control over how their different platforms integrate & communicate with each other in real time - helping ensure accuracy across all departments at all times regardless of what changes might occur across those platforms/systems at any given moment.
Upgrading from outdated entry-level accounting packages towards modern ERP solutions like NetSuite provides numerous benefits ranging from improved security & scalability, integration and customization flexibility offering you a personalized ERP experience that includes real-time and accurate financial reporting that will help you run your business more effectively.
Seeking help with your NetSuite Implementation?
The Nolan Business Solutions team are experienced professionals with accounting backgrounds, who work closely alongside clients every step of the way. We help you implement and personalize your NetSuite ERP solution with Nolan Business Solutions’ SuiteApps, that help automate cash management processes thus boosting efficiency even further whilst saving valuable resources such as cost, time & energy.
Nolan Business Solutions SuiteApps at a glance:
Nolan Bank Feeds creates a direct connection between your NetSuite system and your bank. Built on the Nolan Cloud Services platform, this applications eliminates the need to manually download/upload bank statements.
Advanced Bank Reconciliation speeds up the bank reconciliation process, while ensuring accuracy. It also supports auto-posting credit card bills on statement import and credit card gateway reconciliation. Statement transactions are imported from the bank into NetSuite. Automated matching can be used to reconcile most transactions with minimum effort. Flexible matching and grouping rules are user-definable, ensuring that they can be tailored to produce the most accurate results.
Electronic Payments Nolan’s Electronic Payment is a fully configurable NetSuite bundle that permits electronic payment of vendor invoices and/or employee expenses directly through to your bank in the form of ACH’s, wires, check printing or virtual credit card. Built with flexibility in mind, Nolan’s Electronic Payment solution can handle complex bank file formats and country-specific payment specifications providing support for most domestic and international electronic payment methods.
Interested in exploring a system upgrade?
Personalize, streamline and automate your NetSuite ERP system today with our help.