Managing your company’s financials is the backbone of your business and is vital to the long-term success of your organization. In order for your company’s financial team to drive growth and increase profits in this upcoming year, it is imperative that you have the right tools in place for them to do their job most effectively. If spreadsheets and workarounds sound all too familiar for your organization’s finance department, it could very well be time for you to upgrade your current financial management solution to a cloud-based system like NetSuite.
Below, we’ve outlined the 10 essentials of complete financial management systems and specifically how NetSuite can help you keep up with the rapidly changing business world.
Core Financial Management Capabilities: Every financial management system (FMS) needs to have basic accounting capabilities such as; a general ledger, accounts payable, accounts receivable, tax, and cash and payment management. Besides basic accounting functionalities, your financial management system needs to be flexible, and capable to expand and support your organization’s future growth plans.
Support for Governance, Risk and Compliance (GRC): In today’s business environment, the modern enterprise demands a much more comprehensive and innovative approach to GRC.
Multi-Company and Global Business Management: For global companies, your FMS needs to be capable to handle local taxes across subsidies and to automatically update exchange rates.
Streamlined Order-to-Cash Process: As your business grows, the order-to-cash process is one of the very first areas to expose these “growth pains” and an inefficient, manual order-to-cash process can be expensive and cause serious revenue recognition and customer service issues.
Integrated Inventory Management, Fulfillment and Shipping: Key capabilities of inventory management include bin and lot management, landed cost, demand based replenishment, customer and volume pricing, and multi-location inventory. Keeping track of your organization’s performance in these areas will allow your company to gain control over your inventory and decrease the potential for excess stock and keep related costs to a minimum.
Complete Procure-to-Pay Process: An FMS that handles the complete procure-to-pay process gives you visibility into all areas of spending in order to quickly identify opportunities for savings. You need a system like NetSuite that has complete purchasing workflows, policies, approvals, and audit trails to provide complete control and ensure accountability.
Project Accounting and Contracts Management: If you’re in the finance department of a services organization, you are fully aware of how project-based accounting and billing can be one of the most complex areas to tackle. Since NetSuite’s financial management solution integrates the project-to-bill process with finance and accounting systems, you get real-time visibility into the relevant aspects of the project.
Actionable Business Intelligence: For any system, gathering actionable analytics can be a challenge. With NetSuite’s financial management system, your finance department will get a real-time view into KPIs and performance metrics that span the full 360 degrees of your operations, (including service and fulfillment, sales, and marketing), to enable analysis of financial impacts.
Adaptability to Specific Business Models: Especially for companies trying to enter into a new vertical, your FMS should be easy to customize and flexible to align with those new business models.
Low Total Cost of Ownership and Superior Ease of Use: Selecting a cloud-based financial management system like NetSuite is a reliable way to reduce the total cost of ownership of your solution. Through a cloud-based FMS, your staff can easily access data in real-time without having to rely on your IT department for help.
Support your growth plans this year with an adaptable financial management system that is rich in business planning, capable of comprehensive system integration and has solid reporting capabilities.
Click here to download the full eBook titled, “The Buyer’s Guide to Financial Management Software: The 10 Essentials of an Effective Financials Solution,” for more information on the 10 essentials listed above and how NetSuite’s robust financial management solution can help your organization achieve its growth plans in this upcoming year.
And check out this blog to learn how to get better financial reporting in the new year with NetSuite.