How Powerful is NetSuite for Bookkeeping Services?

Farwah Jafri | January 18 2024

NetSuite is a single, cloud-based platform that provides businesses with enterprise-grade tools to manage all their operations. The enterprise software company, NetSuite, known for having began the cloud revolution and shaking the status quo of the way business was done, started their own operations with ERP (enterprise resource planning) systems, but have, over the past two decades, expanded into several product offerings ranging from CRM (customer relationship management), HRM (human resources management), SuiteCommerce (eCommerce), Project Management, and several more.

One of these software systems, that have taken the business world by storm, is the NetSuite Cloud Accounting Systems. But before we dive into the details of how the NetSuite Cloud Accounting Systems can drive growth for your business, let’s briefly touch upon the benefits of NetSuite on the whole. Then, in this blog, we will cover how NetSuite Cloud Accounting Services by Monily can benefit your business, providing you with tailored and super-customized solutions that meet your specific business needs to a tee.

How and Why is NetSuite Beneficial?

NetSuite offers several benefits to businesses regardless of the business function it caters to and serves. Being an all-in-one solution, it offers businesses with a wide range of management capabilities all within the same, single, comprehensive system, which includes everything from CRM to accounting. With a single click, you can access all aspects of your business operations and maintain everything you need to in a streamlined and well-connected manner, across the globe, which ensures increased efficiency for your company.

Additionally, since you can log into your accounts from anywhere, at any time, you do not require any server maintenance, and at the same time, you can enjoy absolute security and reliability of the platform.

Other benefits that NetSuite brings to the table, include:-

Industry-specificity: NetSuite software caters to business needs, regardless of the industry a business operates in. Whether it is healthcare or education, real estate or retail, the software offers tailored solutions and customizable product offerings to businesses.

Integrability: NetSuite can be integrated with most databases, applications, and API’s, so you can enjoy smooth operations without disruptions, even during transfer and adoption.

Customizability: NetSuite software provides businesses with ample opportunity to customize development options according to your existing software and platforms, and your business requirements.

Scalability: NetSuite can be easily scaled up, or even down, to meet the specific needs of your businesses as and when required. This is especially helpful since the needs of a business are not static over time, and as a business evolves and responds to changing environmental and internal prompts, so do its operational needs.

Advanced reporting and analytics: Businesses need to constantly keep track of their KPIs (Key performance indicators), which is why NetSuite has ensured that all reports and analytics that need to be generated and presented to important stakeholders, are not only easy to generate, but are of top-notch quality. This also helps businesses identify patterns or trends, identify problem areas faster, and thus make well-informed decisions to ensure that they are on track to achieving their goals and objectives.

User-friendly Interface: From those born into the tech age, to those who feel like they were born twelve centuries ago, NetSuite software takes everyone along seamlessly, without much stress about different learning curves because it is very intuitively designed, making it easy to learn and adopt for practically anyone.

Mobile accessibility: If you’re using NetSuite software, you can safely, reliably, and smoothly stay on top of your work even while on the go.

So How Do These Properties of NetSuite Translate Into Powerful Accounting?

The field of Accounting and Finance for any business is quite vast if you begin to divide the entire function into sub-categories. Each sub-category is an ecosystem in itself. Let’s take a brief look at some of these sub-categories, to understand how managing the accounts and finances of and for a business can be an overwhelming bucket of tasks, especially for a small business owner.

Accounts payables and receivables: a business needs to be on top of the money it needs to pay and the income it has generated that it needs to receive, in order to keep its cash flow smooth, so that opportunities are not missed.

Asset Management: you need to know what assets you have invested in or even spent money on, so you know whether you’ve extracted good value for money out of it over its life, when its life should end or has ended, how much it costed you per year to use that asset as an owned one (depreciation), and when to do away with it or replace it. This helps with cash flow and expense management.

Audit Preparedness: it’s best to keep all your books and papers in order, accurately and on time, as well as in compliance with IRS standards, rules, regulations, and procedures, so that if and when audit time comes around, your team is not running around like headless chickens getting everything together, having to compromise on the core business operations.

Bank Reconciliations: bank reconciliations are a task and it’s best not to procrastinate about something that can pile up quite a lot, very fast.

Budgeting: you best believe that sticking to a budget helps you keep track of your expenses, and not overspend when you shouldn’t, which helps you save on money that can be invested in a business opportunity that you would otherwise miss.

Cash & Cash Flow Management: when done right, good accounting is a means to an amazing end, and that end is great cash flow management – you should be able to have enough cash free in hand to operate on a daily basis, but at the same time, you should not have too much cash locked in (payables, receivables, etc.) so that you miss out on business opportunities that could provide you with good return on investments.

Some other areas where NetSuite software helps turn your accounting into a powerful function are financial reporting, ledger management, and multi-currency operations management, tax compliance, among many others that we’ll leave for another blog post. But to cut the story short, trying to manage your accounting, especially something as basic yet necessary and important as bookkeeping, on your own and manually or with outdated processes, is not something you deserve when the world of cloud services and business accounting has made such advanced progress. You deserve the peace of mind that comes with using powerful processes and tools so that you can minimize input (time, money, effort, etc.) and maximize output (income, business growth, efficiency, client base, etc.).

Here’s a quick and brief, though not exhaustive, look at how exactly NetSuite Cloud Accounting Services can help a business achieve the above benefits.

NetSuite Cloud Accounting Software helps businesses by:

  • Automation of processes such as invoicing vendors, paying bills, tracking customer payments, and managing collections, to name a few
  • Easy and automatic tracking of company’s numbers and financial statements
  • Comprehensive and accurate records of transactions
  • Ease in reconciliation of records and statements
  • Creation and tracking of plans such as budgets, and reports
  • Improved cash availability and cash flow management
  • Ease and timeliness of managing financial statements
  • Ease of managing all things taxes, from calculation to filing and reporting to overall compliance

All of these utilities of NetSuite Cloud Accounting services make NetSuite software a power tool to have as ammo for your business operations. Remember, the aim is to ensure that most of your efforts are going towards building and growing a sustainably thriving business, not in troubleshooting and countering roadblocks all the time, nor in getting bogged down by operations that can be streamlined and automated.

Deep Dive: Why You Need to Incorporate NetSuite Bookkeeping into Your Business Operations. Like, Right Away!

When you incorporate NetSuite Bookkeeping Services into your business operations, you set yourself up for faster and deeper success, because of the many benefits you can enjoy by adopting NetSuite afresh, or moving to NetSuite from other, less comprehensive software.

For instance, when employing NetSuite Bookkeeping services by experts such as those at Monily, who are well-primed to be your finance and accounting partners as and when you need, the immediate benefits you will see are the immense cost and time savings. You will see how fast accounting transactions are now being processed, which saves you a lot of cost in itself.

Additionally, with customizable solutions that help set up and automate workflow processes according to the unique needs of your business, you enjoy smoother operations and save on costs related to overtime and turnover, to name a couple.

The third main way that NetSuite Bookkeeping services benefit you is by making it very simple and easy for you to prepare your financial statements, which also helps set you up for the healthy habit of developing them on time and maintaining them regularly, since all the input required for the preparation of financial statements is already in place.

Furthermore, your financial statements will be accurate as well as ready on time, so that whenever any stakeholders, internal or external, require them, they simply have to be pulled out and presented.

All of these benefits lead to a higher quality of financial health analytics and reports, which is the foundation of being able to make well-informed decisions for business success.

Where Does Monily Fit In?

At Monily, we bring together FinTech, AI, and Human Expertise to deliver solutions to accounting challenges businesses face. We empower business owners with accurate and timely information and the financial intelligence and prowess they need to make well-informed, strategic decisions that would help propel their organizations to new heights at each stage of their journey.

As an official Oracle NetSuite partner, Monily is perfectly positioned to provide your business with accounting solutions that are tailored to your specific needs, customized to your unique preferences.

Want to see how we can help you streamline your bookkeeping so that you’re not bogged down by operational roadblocks but can focus on your core business? Book your free, no-obligations consultation slot (hurry, they’re running out fast!) to speak to one of our experts. With multiple services under one roof, you’re sure to find solutions to more than one challenges, and we promise to make it worth your investment!

Author Bio

Farwah is the Product Owner of Monily. She has an MBA from Alliance Manchester Business School, UK. She is passionate about helping businesses overcome challenges that hamper their growth, which is why she is working at Monily to facilitate entrepreneurs to efficiently manage business finances and stay focused on growth.