Businesses today prefer implementing more competitive software applications driven by agile technologies that offer scalable and streamlined solutions for managing their operations effectively. In fact, NetSuite ERP plays a key role in dealing with day-to-day business transactions. Due to its scalable nature, NetSuite adapts to the needs of growing businesses.
Startups often face challenges in managing multiple areas of their business, and an ERP system like NetSuite simplifies the process by integrating all these functions into a single platform. This makes it easier for small companies to streamline operations and focus on growth. Therefore, this article will provide you with a good amount of expertise in choosing the best ERP for startups and other businesses.
According to IDC, in a survey of small businesses with 50–99 employees, 57.5% strongly agreed on investing in cloud and hosted solutions.
Why Startups Need ERP Solution?
As an emerging or established entrepreneur, it is vital to ensure a high focus on planning and business development. Usually, the main area of concern lies in investing manpower to manage all business transactions financially and operationally. Even if you hire experienced resources, there is always an uncertainty in managing day-to-day organizational activities manually. With keen market research, we have identified some of the top challenges experienced by small business ERP systems.
- Cash Flow Management
When a business grows, it is a challenge to keep track of invoice management, reconciliations, missed orders, and overwhelming spreadsheets, which disturbs the cash flow. Improving the management of accounts payable and receivable is quite a common problem that affects numerous companies. Specifically, small-scale businesses experience problems in managing accounts payable and receivable, leading to failure in liquidity and cash flow management.
- Accurate Financial Reporting
Most companies use stand-alone applications, which demand a great deal of data entry and can lead to inefficiencies and data errors. It can also result in a misstatement of cash flow position, wrong revenue recognition for tax computation, wrong completion of deductions, and even some complications in the audit. Neglecting these issues can have a negative impact on an organisation’s image and financial stability.
- Budgeting and Forecasting
Another factor that defines the overall success of the company’s activity is precise financial planning and budgeting. But it becomes a bit hard especially in the newly established businesses since they are likely to have little trading records to rely on. This is a big challenge when there is no centralized place for data since it becomes very difficult to develop reasonable estimates for health planning and growth.
- Governance, Risk, and Compliance (GRC)
There is always a challenge when trying to manage the cost of compliance, especially for small businesses without a proper GRC solution in place. Without effective procedures for compliance with regulations, these businesses are at risk of financial and legal implications.
- Capital and Investment Readiness
Lack of capital is a sure way of crippling a small business by reducing expansion, hiring new talent or reinvestment. If firms need capital to invest or need loans or venture capital, then profitability statements, cash flows, balance sheets, and other financial statements have to be live, correct, and ready for audit at any time.
- Data-Driven Marketing
Marketing processes such as customer acquisition and retention are mainly informed by the data gathered. Hence, to make the right decisions on which of the communication channels to use for acquiring leads or which of the lead generation tools to utilize, it becomes pertinent to have proper data. Companies that operate with relatively small budgets find it difficult to retain customers, and providing superior support to customers continues to be a problem.
How Does NetSuite ERP Fuel Growth for Small Businesses?
NetSuite stands out as the ideal ERP system for small businesses. It adapts to the evolving needs of a company, ensuring stability and consistency both financially and operationally. It is one of the leading cloud platforms, offering integrated solutions across industries like manufacturing, distribution, retail eCommerce, and professional services. Here are the prime reasons that make NetSuite the top choice for startups and emerging businesses:
Boosts Productivity
NetSuite greatly increases efficiency since it allows users to access all data records. This allows your team to be in a position to easily determine the organization’s strengths and weaknesses, hence making a sound decision. By doing so, NetSuite can align and optimize these processes throughout the company and enhance organizational productivity. Since teams do not have to waste time handling administrative work while on creative and productive work that seeks to create more value, your business has a chance to survive in the competitive environment.
Achieve Goals Faster
Oracle NetSuite is perfect for small businesses since it alleviates a lot of work for business owners in terms of financial intricacies. By automating these processes, a business organization can dedicate more time and resources to enhance the goals and objectives of the enterprise. This efficient manner facilitates the increase of organizational efficiency and illustrates how resources can be properly deployed in an organization. This makes it easier to calculate yearly goals and objectives beforehand and focus on the growth of the business.
Promotes Growth and Stability
NetSuite enhances new opportunities through extended financial and business performance assessment. It allows for full and continuous transparency in all activities of the company, enabling making decisions on its further development and stabilization based on their results. Using NetSuite, you can expand and try new opportunities without worrying about your core business processes’ adaptation and safety. This reliable solution also helps you achieve your targets while ensuring that your business is well-equipped, depending on its development.
Offers Scalability and Innovation
NetSuite ERP adapts to your business, allowing real-time reports to ease the flow. This scalability strength increases considerably the flexibility required in the management of businesses since it enables them to adopt other technologies and improvements as they come. Furthermore, NetSuite assists startups and small businesses in meeting their existing market requirements while preparing them for future growth through effective financial management, inventory control, and integrated customer relationship management.
Key Features of NetSuite ERP for Small Business
An ERP software like NetSuite for small businesses and startups supports you in efficiently managing both your back-end and front-end operations. It encompasses managing business entities such as finance, accounts, inventory, order and e-commerce, product, customer relationship, supply chain, etc. Some of the key features that you must know about Oracle Netsuite for Small Business are:
- Efficient Financial Management
NetSuite offers an integrated solution for the financial processes, and it supports critical processes like billing and revenue recognition. New businesses and small enterprises can get real-time data on their business financial position making forecasting and reporting accurate. Options such as auto-invoicing and multiple currencies, among others, enable the management of financial aspects despite the firm’s expansion across the globe.
- Seamless Inventory Management
With NetSuite, inventory management can be managed effectively- monitoring the stock levels, tracking the inventory status in time, and minimizing costs related to redundant stocks. Some of its tools include demand management and order management, which enable a startup to produce goods and services promptly in cases of increased demand or change in market trends, therefore increasing customer satisfaction.
- Customer Relationship Management (CRM)
Another advantage of the application is that NetSuite has CRM functionalities that assist businesses in engaging with clients all through the sales process. This feature allows the startup to cultivate the leads and keep tabs on the customers while executing specific marketing offers. Through customers’ data integration, the relationships with different customers might be improved, as well as sales.
- Human Resources (HR) Management
NetSuite works for human resource management as well as for recruitment, onboarding, and payroll as well. Small business organizations gain through automated workflow as it alleviates pressures of compliance. Besides, there are tools for performance management and the possibility of employees to provide themselves with the necessary information.
- Enhanced Supply Chain Management
NetSuite helps businesses to realize the best procurement and delivery plans. It makes it easier for startups to understand where the supply chain is stuck and how they can control their suppliers and minimize the expenses they pay out in the process. These result in an increase in efficiency and effective service delivery to customers of the business.
- Business Intelligence and Reporting
Implementing NetSuite offers organizations a complete set of business intelligence solutions that offer real-time information on performance parameters. The customization of the dashboard and report helps the startups in taking right and correct decision making as per the actual data. Predictive analytics has the potential to enable organizations to get forecasts on the market in advance and then align with them.
- Customization and Integration
Due to the various business types in startups and small businesses, NetSuite has numerous customized features to suit their demands. Regarding changes in the processes or compatibility with other applications, NetSuite allows organizations to implement necessary changes according to their needs. It also provides flexibility, which is important for growth, and the ability to adapt as the business expands.
Small businesses with ERP systems can make decisions with 36% less time than they did without the solution.
Benefits of Implementing NetSuite ERP for Small Business
NetSuite is tailored for startups and businesses of other forms to support financial management, customer relationship management, and inventory management. It plays an impactful role in making all the working processes as effective as possible and facilitating business development. Here’s how NetSuite Implementation can benefit your business:
- Integrated Platform
NetSuite integrates financials, customer relationships and inventory management. This integration ensures all business-related data is available from a central location, thus minimizing errors and increasing efficiency. For instance, when a sales order is generated in the CRM, it synchronizes the accounting information entering that sales order and offers real-time account information, thus avoiding the rekeying of data. Such a flow of information improves decision-making and rationalization of operations.
- Cloud-Based Access
NetSuite is an online system that provides optimum access to the data at any desired place and at any desired time. This is particularly beneficial for companies that have employees distributed geographically or organisations that need flexibility. Cloud access makes it possible to have all members connected to the cloud hence working even if they are in different locations. For instance, purchase orders can be ordered by the managers and approved from a mobile device, thereby enhancing productivity.
- Extensive Support and Training
Another key strength of NetSuite is that it offers a great deal of support and training to businesses utilizing this system. In addition to the training classes, which can be on-demand or live training classes, LiveSupport option, Forums where customers can get help in solving issues and TurnTo it offers a rich toolset that will help users get through the transition easily and stay successful using the platform.
65% of small businesses are taking advantage of ERP consultation services.
NetSuite Pricing
NetSuite for small business pricing has always been competitive and affordable. You can choose your package according to your business needs and provide a seamless experience for your organization and the team. Since it’s Oracle-based ERP software, its flexibility and features are highly scalable, and the pricing looks very affordable compared to any other ERP software in the market. Check out our page for customized packages and competitive pricing.
Why Do Small Businesses Partner with VNMT Solutions?
VNMT Solutions is one of the leading business partners for NetSuite ERP for small business and startup companies, and they offer NetSuite at competitive pricing after conducting a detailed approach to your business. Trust built with integrity and transparency is one of the primary factors for which you can choose VNMT Solutions to implement NetSuite ERP software in your business. Along with the offer
- Extended customer support
- Customized business solutions
- Meets all your business demands
- Quality with integrity
Conclusion
NetSuite for startups and businesses has been very popular in cloud-based technology, and VNMT Solutions is the best in offering NetSuite ERP not only customized but also affordable packages. If you’re a startup or small business wondering if it is the right fit for you, Connect with NetSuite Consultant. Our team of experts is ready to assist you at any time, ensuring you get the best solution for your business needs.
