When migrating your company data to a new platform it is a common reaction to be hesitant. Make no mistake your company financial statements and business history are the lifeblood of your business. However, when you do decide to migrate to a more modern solution, you gain a wealth of intelligence and reporting that not only saves money but also helps you to make better, more informed decisions. Here are a few reasons why automating your financials with a cloud-based system can benefit your business and why NetSuite is the preferred choice across industries.
One of the key reasons you will want to upgrade to a cloud-based system is the speed it offers your organization. With a cloud-based system, financial information can easily be entered in real-time from anywhere. This saves executives and the accounting department a great deal of time as information is no longer localized to specific offices. In addition, decision-makers no longer have to ask for updates or use slightly outdated information to base their decisions.
Organization and Visibility
Another advantage of using cloud financials is the data and visibility you gain. One element businesses cannot afford to have in financial records is incomplete data. Older systems lack the integration that cloud-based systems offer. If records are stored locally on various systems you have to manually compile reports from each department or each region/location/office and then review. When the CRM, ERP and even the e-commerce solution are all running the same platform, everyone is not only on the same system but storing their data in the same location. This makes things far more organized for the CFO and CEO and allows them to track and review reports in real-time. Cloud ERP software gives company-wide visibility and keeps processes more streamlined.
Simply put, maintaining your own local database is expensive. Businesses have to worry about updates to software and hardware, keeping data safe, hiring a larger IT staff, and maintaining infrastructure. Not only do you have to manually keep your financial software up to date but you also have to do regular repair and upkeep on your local storage and database systems. If you have a hardware or software failure, it is up to your IT department to fix the errors in a timely fashion.
With NetSuite, the information and software are stored offsite in a highly secured facility. This eliminates the need for storage and infrastructure maintenance, lengthy software updates, large IT teams, and disparate systems. According to NetSuite.com, IT costs are reduced by 50% or more by using NetSuite.
Everyone’s heard that the business cloud helps organizations grow. But how does the cloud actually aid business growth? Investing in modern enterprise technology aligns business processes so that executives can concentrate on growth. Cloud ERP will scale as business gains more market share, so no matter how rapidly your business is producing transactions, the system and people can keep up. Older methods of financial management can run into snags if your company grows too large. For example, older systems may not be able to handle the increased data and the local database may lack the storage space to handle an influx in records. With NetSuite you have a platform that can expand its capacity as needed, not to mention it’s functionality can be customized to eliminate business’s specific bottlenecks.
When it’s time to update enterprise financial software consider fully cloud-based solutions. NetSuite is an industry leader in cutting-edge business software. With NetSuite’s ERP software platform you’ll have a leaner, more efficient financial system in place that is ready for the future growth of your business.