In today’s tech-savvy world, it’s only natural for business owners, CEOs, and CFOs to take advantage of the latest innovations. Just like how CFOs can use cloud services to store vital business data, NetSuite provides a cloud management system that can help optimize business operations. It’s no surprise, then, that many CFOs are making the switch from QuickBooks to NetSuite. Doing so unlocks the door for unparalleled efficiencies, including those around the financial close process. Accounting teams often report a 50% reduction in financial close time after making the switch.
Why NetSuite?
Business management is a challenge. While CFOs have to worry about a revolving door of finance & accounting related tasks, there are countless other operational challenges the organization must face on a daily basis. So how does the C-Suite stay on top of all these moving parts? The answer is NetSuite.
NetSuite is a cloud-based integrated business management software that connects the various aspects of a business all in one place. For instance, features like Customer Relationship Management (CRM), Finances, E-Commerce, HR, Inventory and more are all integrated into a single cloud-based system.
Why CFOs Switch From QuickBooks to NetSuite
Several factors influence CFOs’ decisions to transition from QuickBooks to NetSuite, including their prior experience using NetSuite at other businesses. QuickBooks is great for small businesses, but starts causing headaches when you reach a few million in revenue. Such businesses then require more robust functionality such as NetSuite’s ability to manage recurring revenue or different currencies.
Additionally, CFOs use NetSuite due to its cloud-based nature, ability to scale with their department’s needs, revenue, and business as a whole.
An all-in-one cloud business management solution like NetSuite also offers benefits outside of the accounting division, which helps a CFO’s job indirectly (and occasionally very directly). Here are some of the top reasons CFOs use to transition from QuickBooks to NetSuite:
1. Faster month-end close
NetSuite can make things easier for financial teams that waste too much time on those in-house, manual processes. Instead of hitting “copy + paste” on multiple invoices, teams can use tools like SuiteBilling to upload usage files directly into the system.
As a result, teams frequently discover that they have time to spare each month rather than having to put in lengthy hours to close their books by the deadline. Instead of being a three-day project, billing is now a half-day chore. These types of process improvements and automations give finance & accounting leadership more time to focus on strategic priorities.
2. The finance team’s responsibility grows
Along with streamlining procedures, NetSuite enables CFOs to involve more members of their teams in overseeing the business’ finances. When implemented by one of the top NetSuite partners in the world who specialize in NetSuite implementations, integrations, training, support and custom solutions, CFOs can create unique and custom dashboards for each team member based on their job duties and then communicate specific data with each member of the team. As a result, CFOs can more easily assign tasks to team members and monitor projects.
3. Less need for IT
When CFOs switch to NetSuite, those phone calls to IT—about maintaining the server or running updates—often disappear. Organizations that adopt NetSuite typically see a drop in IT spending, which not only saves the time and headache, but directly impacts the bottom line…a feature that appeals to any CFO.
Conclusion
The idea of switching systems can be daunting for finance leaders. However, the business landscape is changing rapidly and CFOs need to adapt to new technologies in order to stay ahead of the competition. By making the migration to NetSuite, your organization can adopt industry leading cloud software that impacts every corner of your business. It is often considered the last ERP you’ll ever need, and will scale with your business for years to come.
Want more related articles? Read here:
- CFO 101: Four Ways to Become a Strategist CFO
- What is Cloud-based ERP and How Does it Work
- Everything You Need to Know About Chief Financial Officers
- 7 Signs Your Company Is Ready for an ERP System
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