A software company requires unique capabilities from its business management software and places equally unique demands on its people and processes. As the dominant model for new software businesses entering the market, the cloud placed a new set of real-time and agility-centric demands on finance, accounting, sales, customer care, and marketing.
It may seem obvious that a software company should fully understand the value of a cloud-based SaaS offering—reducing upfront capital expenditures, speeding up implementation, and enabling mobility. But that doesn’t explain why NetSuite has been the dominant cloud-based business management platform used by software companies.
Here are a few reasons why software companies switch to NetSuite from other business management software.
This cloud-based business management system is more than cloud ERP. Using a single database, NetSuite marries sales, marketing, support/case management, financial/accounting, professional services, and e-commerce. One database means simplified reporting and cloud means real-time access from anywhere.
A challenge for most software businesses, NetSuite nimbly automates revenue recognition to help companies comply with accounting standards including ASC 605, 606 and IFRS 15, and report financial results in a timely manner.
Included in a NetSuite subscription is full access to the NetSuite development platform, which allows customers to develop custom apps using the same tools as NetSuite’s developers. NetSuite Partners also have the ability to develop and market their apps on the SuiteApp marketplace, enabling a ‘build not buy’ strategy.
Integration To Leading Apps
The open architecture of NetSuite has enabled partners large and small to develop integrations and connectors utilizing the open NetSuite API. For example, customers often integrate Box content collaboration directly to NetSuite or Adaptive Planning’s budgeting and planning applications. Concur also plugs directly into NetSuite for a fantastically simple expense management experience. This is one of the biggest reasons why software companies switch to NetSuite.
Recurring Revenue Management
Companies like Infusionsoft and Hot Schedules are managing their business’ recurring revenue streams within the cloud-based accounting solution. That means absolutely NO integration to ERP from another app is required. Ask a Zuora customer what that means.
Sales and Marketing Mobility
Software companies have mobile sales reps, channel partners, and marketing teams that are deployed to trade shows and customer sites. Having instant access to iPad, iPhone and custom mobile apps 24/7, wherever you are, makes your job that much easier.
By a Software Company for Software Companies
NetSuite’s largest customer is a software company—NetSuite. They know how to run a successful software company using their own solution and NetSuite COO Jim McGeever spoke about how he used their tool to prepare for and execute a successful IPO in 2007.