With the growth periods that software companies endure, it is often necessary for them to adopt a business management solution that can adapt to growth without requiring additional resources. That’s one of the main reasons why so many software companies are transferring their on-premise business application platforms to NetSuite—for a more scalable solution.
As a business grows, does its software needs. It’s no longer good enough to be operating with the same all mentality as a five-person office when you have 800 employees and your ERP or CRM is barely holding up. Cloud-based ERP implementation is one of the things many businesses use to grab more market share, streamline their operations and manage their recurring revenue (especially in the software industry).
Here are 5 steps software companies should not ignore when considering a NetSuite implementation.
When you are dealing with an enterprise, everyone should be speaking the same language. You want each department using the same system, looking at the same information, and reading reports with the most up-to-date data. A solution that allows managers to collaborate and drill down into the underlying details for better understanding of the report will allow them to make agile decisions for the success of the company. Visibility is key as a business grows and evolves.
One of the things that you want from your whole enterprise is efficiency, but particularly from your accounting department. A recurring revenue model can be challenging to keep up with, but that should be no excuse. When using a cloud-based ERP, your billing will align with your CRM and project management seamlessly.
Integrating proprietary applications with your accounting software is often a good route to take so that all platforms are integrated and aligned with your financials. By automating your financials, utilizing advanced revenue recognition features, and utilizing so many other great functionalities, your accounting efficiency is going to promote company growth effortlessly.
Implementing NetSuite allows companies to add new users at any time. During a growth phase, you will be thankful for this option. For example, Infusionsoft—a sales and marketing software company—uses NetSuite and tripled their employees between 2011 and 2013. Imagine how difficult it would have been to keep up with growth without a scalable ERP in-place. As a software company, you know how important it is to have a solution that is scalable.
When you have a pipeline to maintain, real-time visibility is critical. Not only to sales but also to managers from other departments. Project managers will be able to adjust to fluctuations in pipeline growth before it becomes an efficiency issue. Each manager can customize their NetSuite dashboard to show their KPI’s and sale’s opportunities. CXO’s will no longer be guessing when deals are closing or for that matter the progress of any other department.
Recurring Revenue Recognition
Having a NetSuite subscription billing functionality in place is a necessity for subscription-based revenue business models. The recurring revenue management feature on your next ERP implementation should not be overlooked, as this is a feature that not only captures additional revenue from contracts but drastically reduces customer billing disputes by standardizing your billing processes.
Learn more about NetSuite and how it can help your SaaS business grow.