Accounting Software Migration with NetSuite & Best Practices!

OpenTeQ Admin | Updated: Sep 4,2023
Accounting Software Migration with NetSuite & Best Practices!

In this blog we discuss about Accounting Software Migration and how NetSuite ERP Implementation offers a portfolio of business applications on a single platform.

To ensure high service quality standards that generate customer satisfaction, service organizations must track and monitor their resources operating across numerous projects. Oracle NetSuite, for example, provides service organizations with a comprehensive solution that is geared to assist them in completing successful projects.

Across the globe, organizations begin with entry-level software to support their essential capabilities, including accounting, finance, inventory, and human resources. QuickBooks and Tally have practically become de facto business software for startups and mid-sized organizations. Some even provide extra features such as support add-ons and third-party systems to enhance their functionality.

However, organizations eventually outgrow such entry-level business software.

Even while standalone accounting software is commonly used, many organizations find it difficult to run their company comfortably with it after a certain point. This is especially true for high-growth organizations that have been in operation for some time and are still expanding.

Accounting software or other stand-alone software users confront the following challenges:

1) Inadequate real-time reporting:

Entry-level software skills are often insufficient for providing aggregated views and real-time data. This is primarily due to employees' reliance on data dispersed across spreadsheets to fill information gaps. Furthermore, the organization relies on manual operation for non-existent functions such as reconciling customer and debtor information, or in the cost of purchasing out or manufacturing things. In such cases, organizations may deploy stand-alone applications and face integration issues with critical accounting software. This obviously causes delays in processing and reporting. When information access and availability take longer or become more complex, it is an indicator that the programme has surpassed the company demands.

2) System integrations:

Standard accounting software is not designed to handle growing numbers of customers, vendors, inventory, and orders. Greater transaction volumes and faster consolidations are the major drivers for expansion and success, yet most of these applications cannot handle such demand. Complete audit trails, intelligent business planning, real-time reporting, and automated workflows would necessitate the integration of other apps and systems. In the lack of perfect integration, one is simply contributing to the hairball of spreadsheets. Furthermore, such stand-alone software cannot manage stricter financial controls or support sophisticated financial operations such as subscription billing and invoicing.

The most critical challenges faced by accounting and finance teams today, according to a study published by the Institute of Management Accountants, are integrating disparate business systems, adding business intelligence software, and replacing disparate systems with a single business suite and database.

3) Extensive Manual Intervention:

Incompatibilities across systems and inadequate integrations have forced employees to shift data manually, resulting in human errors and reporting delays. Every week, employees put in long hours entering order information into the invoicing system, while someone from sales copies invoice details into the sales compensation spreadsheet. Such human data entry generates billing queries, which, if not answered in a timely manner, might lead to a month-end disaster. When paperwork is handed around to be confirmed with information from separate systems, simple activities like expense claim approvals or regular contract signatures might take a few days to weeks to complete. With data scattered across multiple systems, it becomes difficult to obtain real-time information in the appropriate format for trend analysis, thus staff fill the data gap with speculation rather than genuine data that is difficult to locate.

4) Lack of scalability

When a company wants to grow, transform, go digital, or respond to market possibilities and competitive challenges, it need advanced and specialized functions. Entry-level accounting software lacks industry-specific functionality such as prepayments, production, inventory, or warehouse distribution, necessitating the usage of additional standalone software with integration complexity.

And maintaining data integrity while handling increasing volumes becomes a difficulty. Embracing mobile solutions to improve user experience while speeding up information access and decision-making has become a speciality of apps like NetSuite, a go-to application for all Digital Transformation needs.

5) Agility:

Adding sales channels, product lines, or locations in accounting software becomes too difficult. When there is a change in business, employees must work overtime, or new employees are hired to accommodate the changes. A procedure that begs for automation is carried out manually or via spreadsheets, making scale-up time-consuming and labor-intensive.

Adding sales channels, product lines, or locations in accounting software becomes too difficult. When there is a change in business, employees must work overtime, or new employees are hired to accommodate the changes. A procedure that begs for automation is carried out manually or via spreadsheets, making scale-up time-consuming and labor-intensive.

NetSuite ERP Implementation offers a portfolio of business applications on a single platform, including extensive financial features. NetSuite's financial management features provide real-time reports by combining fundamental accounting and financial tasks with excellent compliance management.

How might the advanced financial aspects of NetSuite be useful?

 

1) Bookkeeping

Complete accounting functionalities (GL, AR, AP, TM, FAM, PM) are integrated on a single platform to deliver real-time visibility and intelligent insights for financial control.

2) Billing

By centralizing all billing procedures, it provides real-time visibility into financial and billing activity. By integrating Suite Billing Features- (subscription management, pricing models, rating engine, billing schedule, change orders, subscription self-service, recurring revenue recognition, reporting), it manages subscription billings with auto-renewal, consolidates invoices, and supports multiple pricing models.

3) Budgeting and Planning

Allows firms to undertake financial planning and budgeting with modeling capabilities for both departments and the company using approval workflows and reporting. This is accomplished by combining planning and budgeting elements (budgeting and planning, scenario planning and modeling, revenue planning, operational expense, workforce planning, trended financial statements, data synchronization, dashboards, and Microsoft Office interface) on a single scalable system.

4) Revenue Recognition

By integrating revenue recognition capabilities (Allocations, Rules & Schedules, Revenue Plan Management, Forecasting & Reporting), firms may comply with accounting standards, report on time, and respond to evolving revenue recognition demands.

5) Financial Reporting

Provides detailed insights for educated decision-making with pre-configured role-based financial dashboards, reports, and KPIs. Additionally, it aids in the generation of accounting-compliant financial reports and statements by combining reporting features such as Configurable Financial Reports, Report Snapshots, Multidimensional Analysis, and Multiple Reporting Standards.

6) Financial Consolidation

Assists businesses in combining disparate financial and accounting procedures, financial assets, data, and reporting across all units, subsidiaries, and locations in accordance with tax regulations and compliance. All of this is accomplished by combining consolidation characteristics (consolidation, multiple tax and accounting standards, and intercompany accounting) on a single platform.

7) Governance, Risk, and Compliance

Assists firms in legitimizing GRC programmes through audit-ready solution support. Furthermore, by combining GRC capabilities (Automate controls, Audit trails, Third-Party Audit reports, Security Monitoring, Audit & Compliance reporting, and Securing Master data), it manages evolving compliance, regulatory, and operational needs with extensive built-in reports and certificates.

NetSuite ERP Consulting, the All-In-One Solution

By decreasing the need for extra business applications, NetSuite's ERP functionalities enable the complete firm to operate on a single platform. A NetSuite Solution Provider can help you successfully implement and fully utilize the ERP Solution. When a company expands, so does the number of customers, orders, inventory, workers, data, and workflows. All of these are accommodated by NetSuite ERP features on its cloud platform.

1) Accounting Software

NetSuite's accounting software unites accounting and financial apps (GL, AP, AR, TP, FAM) on a single platform to provide compliant financial closing.

2) Order Management

NetSuite order management combines (multi-channel order management, revenues Order Management, Returns Management, and Price Management) on a single platform to enable order visibility across channels for efficient order processing and higher revenues.

3) Inventory Management

NetSuite Inventory Management combines multi-location fulfilment, replenishment, cycle counting, and traceability on a single platform for optimal inventory usage and accurate inventory planning.

4) Warehouse Management

Inbound logistics, order fulfilment, mobile warehouse management, and bin management for intelligent pick & pack, warehouse space & stock utilization are all features of NetSuite.

5) Supply Chain Management

NetSuite offers supply planning and supply chain execution tools to ensure consistent stock quality, stock availability, and timely stock delivery across the supply chain.

A NetSuite implementation partner can help you successfully implement and fully utilize the ERP Solution. Using a single NetSuite Integration Platform to replace entry-level accounting software and supplementary applications will streamline all business activities and provide the organization with real-time visibility and reporting across channels.

Reach out OpenTeQ at info@openetqgroup.com or contact at +91 70322 54999 /+1 602 666 8247  for NetSuite Consultation & NetSuite Support Services!
 

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