If your organization still uses desktop accounting software or spreadsheets, it is high time to upgrade to a cloud-based accounting system. Considering how vital the automation of daily tasks (which are time-consuming in general) is, ERP solutions such as NetSuite come into play. Being the most-preferred cloud enterprise resource planning tool around the world, NetSuite Accounting Software is a competent tool for the Accounting Industry.
NetSuite does everything from basic day-to-day accounting activities to direct visibility into the cash flow to managing tax and operations, distribution, and inventory. With the NetSuite ERP solution, running a business on the global level becomes not just easy but fun for the accounting industry.
10 Reasons why growing firms prefer NetSuite’s AI Cloud Suite
1. Minimal maintenance
NetSuite’s AI cloud suite allows scaling your business up with security and minimal costs. It does this with the reduction in overall beforehand investments like server costs, installation costs, maintenance, etc. Previous studies have shown that the organizations that have integrated cloud computing applications need to spend fewer expenses than the companies that manage their data in physical mode data warehouses.
Reducing the direct cost of operation is a significant concern. It can directly impact the profits made by any organization. Since NetSuite needs less maintenance, you can use it in almost every situation to optimize the total cost.
2. Faster Implementation
In traditional practices where the IT teams are trained to handle the organizations’ accounting and revenues, servers and technical complications are involved. These consume too much time and effort. But with NetSuite, there isn’t any purchasing of neither servers involved nor the need to train any IT team.
NetSuite is a cloud-based solution and works faster than its counterparts. Thus, it helps in faster implementation of the answers and, therefore, helps increase the efficiency of any organization at its base level.
3. Improved accessibility
NetSuite is connected to all the devices that have access to this cloud-based system. This means that anyone with the authorized credentials for login and an internet connection can access the cloud accounting solution through any web browser.
And the most exciting part about NetSuite is that the users can also access the datasets. They can do it from their mobile devices such as smartphones and tablets. This also ensures the flexibility to the employees that they don’t need to be physically present in the office space in case of emergencies where they need to access specific data.
There are different sets of computational resources available in NetSuite. These can be advantageous for organizations with their accounting needs. When any business grows, the cloud computing solutions such as NetSuite add server spaces according to the requirements.
This helps reduce the need to purchase hardware or adjust for the additional conditions. Thus, this ultimately becomes an advantage in outsourcing all the infrastructure of the business organization.
Also, you can implement cloud solutions such as NetSuite from multiple remote locations across the globe, which helps complete the tasks faster.
5. Secured Data
Another critical factor for any business is data security. Vendor organizations get better control over their data with the advantage of verified security protocols in NetSuite than traditional on-premises systems-based companies.
NetSuite Accounting Software provides data backup at regular intervals, and since the servers from multiple locations are connected, the data is practically stored at all the servers. This reduces the risk of data loss even if there is fire or natural disaster and doesn’t compromise data safety.
There isn’t any involvement of a physical device such as a flash drive or hard disk containing data. Hence, the chances of someone stealing them through such mediums become zero.
6. Global Account Management
With this cloud-based solution, businesses can manage international transactions and compliance obligations. So not only does it help relocate resources and expand the industry across the globe, it provides a one-stop solution for all the financial management needs of the business.
NetSuite Accounting Software also provides a robust financial engine with maximum transparency. It ensures real-time visibility so you can manage your operations at both local and global levels.
And it comes with the availability of multiple language interfaces and a multicurrency system. This system supports over 190 plus currency forms, and the business can be globally operated automatically with real-time conversion rates.
NetSuite is furthermore connected to all the bank accounts and acts as an efficient accounting system. This results in automatic processing of the transactions. Thus, NetSuite Accounting Services ensure that there are no time-consuming processes involved. It could be data entry or manual importing of different transaction-related data.
It also automates the accounts and their reconciliations, which further helps match the bank statements and invoices to ledgers. Thus, the organizational head can look at the accounts book more quickly. It will send invoices to the customers with user-defined dates.
NetSuite allows the seamless integration of different ERP solutions used by various business organizations. It provides open APIs you can integrate with other vendors to manage all other aspects of accounting operations.
Businesses can use this integration by hiring a dedicated NetSuite implementation team that comes with additional fees. This team helps in setting up a platform for all the ERPs. They also help in assisting with other integrations involving project implementation and management planning.
9. Easy GRC
Governance, risk, and compliance (also known as GRC) are critical components for managing accounts in any business. NetSuite Accounting Software as an ERP supports the GRC programs of the company seamlessly. This helps you easily handle all the regulatory, operational, and compliance difficulties.
With the NetSuite cloud accounting solutions, your business will always have the audit-ready; thus, it will establish better risk management and compliance processes. So, you will be able to anticipate and mitigate the potential risks in due time.
10. Revenue recognition
Business organizations can easily manage financial reporting obligations and such needs with NetSuite. It complies with the necessary accounting standards such as ASC 605, IFRS 15, and ASC 606.
This platform is based on a rule-based event handling framework that uses automation to manage all the revenues and reporting functions. So, the accounting businesses can forecast, allocate, reclassify, recognize and audit their accounts and sales more conveniently.
NetSuite Accounting Software will allow accounting businesses to reduce their resources for manual tasks. They will then be able to put the remaining resources to do other essential tasks. All of the integration keeps happening on a cloud-based single application, which is why it’s been accepted globally by most accounting businesses and organizations.