NetSuite for small businesses & startups: When do you implement?
As a startup, you struggle to manage your company’s accounting, finance and back-office functions, including accounts payable. The current mix of software solutions may be able to keep up with your business in its infancy, but as your back office grows, it will get out of control.
You’re using multiple software tools to run your business.
While these tools may work for a small business, growth introduces complexity. Without suitable systems, your back office will get out of control.
Consider this:
- As you grow, manual processes become inefficient.
- Growing with limited software creates bottlenecks in the business.
- Integrated solutions mean back office management gets easier as you grow.
To stay competitive, they need to adapt to change no matter what industry they’re in. Many startups find that using an integrated cloud-based business management platform helps them do just that: cloud-based need to adapt to change no matter their industry. Many startups find that using an integrated cloud-based business management platform helps them do this.
Imagine having a complete suite of business applications, including a general ledger, to support all the functions within your company’s financial operations. This would be a game changer for deploying all back-office functions immediately. To do this right, you need a system designed to be flexible, accommodate new opportunities, and respond to risks in real time.
NetSuite isn’t just software; it invests in your business’s future. It immediately deploys back office functions on a solid technology foundation. Its flexibility lets you respond to new opportunities and risks. With NetSuite, you’re in control of your business.
So when do you choose a more robust solution, and what do you replace your current tech stack with?
The short answer: Oracle NetSuite ERP is the solution to replace your existing software tools.
What is NetSuite?
NetSuite is cloud-based ERP software that offers a complete suite of business applications for small to medium-sized businesses (SMBs). It simplifies:
NetSuite’s flexibility and scalability support your growth, whether you’re a startup or a large enterprise.
Why NetSuite?
NetSuite is cloud-based, so you get automatic updates, so your software is always up to date with the latest features and security patches. No more expensive on-premise hardware and IT maintenance exist, so you can focus on growing your business.
NetSuite is a complete, all-in-one solution that adapts to your changing needs in a changing business world.
Myths about NetSuite for small business
Many startups and small businesses need help migrating to new software systems and get left behind. They need growth opportunities and to bolt on CRM functionality using old tech and manual processes.
Delaying migration reduces data visibility and hampers decision-making.
NetSuite has a modular suite of applications, including order management, that integrates multiple functions.
So why do startups delay adopting new software like NetSuite?
Many business leaders fall into common myths like these that hold them back.
NetSuite is too big for startups
The biggest myth about NetSuite is that it’s a massive platform. While the system is powerful, it’s scalable, adaptable and flexible to meet your current and future needs.
NetSuite is a cloud-based solution, so you only pay for the computing resources you need. You can also add the number of users you need to control costs and get world-class technology.
NetSuite’s size works for you.
For example, the platform has a dedicated support team that continuously updates the software, adds new features, fixes bugs and helps when needed.
NetSuite’s ecosystem also has third-party partners like Jacopo that offer:
- Software configuration to your requirements
- Migration management to make the transition smooth
- Team training to get you up and running
- Additional NetSuite services
There are many resources to help you customise NetSuite to your business.
NetSuite is too complex
Some of NetSuite’s most popular modules are:
- NetSuite Advanced Financials
- NetSuite SuiteBilling
- NetSuite Revenue Management
- NetSuite AP Automation
- NetSuite Bill Capture
- NetSuite Planning & Budgeting
- NetSuite Account Reconciliation
- NetSuite Multi-Book Accounting
- NetSuite OneWorld
- NetSuite Fixed Assets Management
NetSuite also offers professional services automation, a cloud-based ERP system with a complete suite of applications for managing business functions.
You can implement as many or as few modules as you want. If you keep it simple, start with a couple of core modules. As your business grows, you can add more modules at any time. We’ll be with you every step of the way.
NetSuite is too pricey
NetSuite is billed per user, so you only pay for the number of users you add and the computing resources you need. Thus, your costs are much lower than those of an enterprise solution.
This flexible pricing model makes NetSuite accessible to businesses from startups to international enterprises at any stage.
Need a vast IT team to handle the migration
Outsourcing your migration is a smart and cost-effective option. We’ll streamline the adoption process and ensure your critical data transfers smoothly to the new platform.
Also, we’ll configure NetSuite for you so you can get to value faster and maximise your ROI.
Why cloud-based NetSuite for startups is a great fit
E-commerce is a key feature of NetSuite, which integrates with other business functions to support the operational needs of small and medium-sized businesses.
Visibility
NetSuite breaks down data silos so information is more accessible. Instead of juggling multiple applications, you can manage all your data in one place and track your business performance.
NetSuite allows you to implement a compliance strategy that ensures business continuity and aligns with industry standards.
Reliability
Built on over 20 years of cloud ERP experience and best practices, NetSuite is a proven and reliable solution for your startup’s growth.
Scalability
Your business might be small now, but it will grow over time. Migrating to NetSuite early will give you a solid foundation for growth.
With NetSuite, you’ll have the tools and features to pursue new business opportunities and build your brand. As your needs evolve, you can add modules to support additional back-office functions.
For example, when your finance team starts managing multiple books and revenue streams, you can turn on the multi-book accounting module.
Ready to plan? Turn on the NetSuite Planning & Budgeting module for advanced forecasting.
Lower IT costs
One of the biggest challenges for any startup is getting initial funding while keeping overheads and expenses low. This can be a barrier to entry for new businesses. With NetSuite’s cloud model, you can cut costs by not having on-site IT and expensive on-premise hardware.
NetSuite delivers updates automatically, so you’re always on the latest software version. Its modular design means startups can use only the modules and users they need and add more as they grow. So NetSuite is more affordable than you think — you only pay for what you need when you need it.
Faster decision making
The margin for error in a startup is small. Real-time visibility into key business activities as they happen can help reduce risk.
NetSuite ERP gives you real-time data to make informed, data-driven decisions quickly. Its reporting tools allow you to back up your decisions with numbers so you make the right daily decisions.
Customisable Interfaces
NetSuite gives you and your team fully customisable interfaces. Each user can customise their experience based on their role in the business. You can even set up a custom dashboard to get real-time data on your business and its performance.
Customising your NetSuite interface increases productivity. Instead of switching between multiple apps, you can have all the necessary tools in one place.
We know every business is different, so NetSuite allows you to customise the platform easily. You can modify workflows, define roles, create custom dashboards, track custom metrics to suit your business needs.
Flexibility
We’ve talked about the flexibility startups need, and NetSuite delivers by allowing growing businesses to manage all critical business processes in one unified cloud-based environment. So, it’s flexible for any business of any size or industry.
Businesses of all sizes and industries use NetSuite to provide agility for their employees. Its cloud model allows small businesses to innovate and respond to market changes, economic fluctuations and new business opportunities.
When your small business should migrate to a cloud ERP solution
As a startup, recognising the signs that indicate it’s time to migrate to a cloud ERP solution like NetSuite is crucial for sustained growth and efficiency. Here are some key indicators that it might be time to make the switch:
- Rapid Business Growth: If your business is expanding quickly and your current accounting software is struggling to keep up, it’s a clear sign that you need a more robust solution.
- Financial Management Challenges: Difficulty in managing your financials, inventory, and customer relationships can hinder your business operations. NetSuite can streamline these processes, providing a unified platform for better management.
- Manual Data Entry: Excessive time spent on manual data entry and reconciliations wastes valuable resources and increases the risk of errors. NetSuite automates these tasks, allowing your team to focus on strategic initiatives.
- Need for Real-Time Visibility: Gaining real-time insights into your business operations and financial performance is essential for making informed decisions. NetSuite offers comprehensive reporting tools that provide the visibility you need.
- Global Expansion: To expand your business globally, you need a solution that supports multiple currencies, languages, and tax codes. NetSuite’s global capabilities make it an ideal choice for international growth.
If you’re experiencing any of these challenges, it may be time to consider migrating to a cloud ERP solution like NetSuite. The transition can help you overcome these obstacles and position your business for long-term success.
NetSuite implementation and costs
Implementing NetSuite can be a significant investment for startups, but the long-term benefits and cost savings make it a worthwhile consideration. Here are some key factors to keep in mind:
- Implementation Costs: The cost of implementing NetSuite can range from €9,000 to €230,000 , depending on the complexity of the implementation and the number of users. While this may seem substantial, it is important to view it as an investment in your business’s future.
- Monthly Recurring Costs: NetSuite’s monthly recurring cost varies based on the number of users and the modules required, typically . This flexible pricing model ensures you only pay for what you need, making it accessible for businesses of all sizes.
- Automatic Updates: One significant advantage of NetSuite is its automatic updates. This feature ensures that your software is always up-to-date, reducing IT maintenance costs and minimising recurring issues.
- Suite Success: NetSuite offers an expedited program called “Suite Success” for industry-specific setups. This program helps reduce implementation time and costs, allowing you to start reaping the benefits of NetSuite sooner.
Find out if NetSuite ERP is suitable for your startup
But is it right for your specific business? That’s where Jacopo comes in.
As an official NetSuite solution provider, we have successfully delivered numerous implementations and integrations. Our expert team of business analysts, developers, consultants, and support staff will guide you through every stage, from initial scoping to ongoing support.
NetSuite’s comprehensive suite of products transforms businesses by replacing fragmented systems with one unified solution for business management.
Originally published at https://jacopo.ee on September 12, 2024.