The commerce industry is evolving at a rapid pace and most businesses are struggling to keep up with their competitors. This is because they are stuck using formerly great software such as QuickBooks for managing financial business operations. This serves as a solution for young businesses but hampers their scaling potential simultaneously. QuickBooks is a low-cost solution for these businesses and makes use of spreadsheets. The managing cost is low but it leads to certain inefficiencies that other businesses might not be facing.
Limited Ability of Spreadsheets
Business decisions play a huge role in determining the success of the business. With the help of data gathered on spreadsheets, it can be a daunting task to make data-driven decisions. It requires a lot of manual labor to analyze this data in a fast-paced and competitive market. Spreadsheets are not capable of properly generating processing models. Once upon a time, these were enough for businesses but now the industry has revolutionized completely with big data.
Glaring Flaws of QuickBooks
As of now, these prove to be inadequate tools because they are inefficient and time-consuming. Team members spend time looking for the correct spreadsheets and waste their time. This time would otherwise be productive if better tools were available. Similarly, analysis is not as accurate due to the guesswork involved in spreadsheets. The accounting is done outside the financial system and it creates bigger chances for blunders.
Manual Labor is Inefficient
Cross-analyzing transactional data can be tiresome and time-consuming. It results in delayed results despite the long hours the finance team puts into it. Adding new sales channels and creating new revenue streams seems impossible due to the inefficiency in business processes. However, the remedy to all these problems is NetSuite. This suite unifies applications related to different processes and produces an efficient streamlined workflow.
NetSuite’s Cloud-Based Solution
NetSuite allows you to view all the operations of the company under one cloud. The cloud system is the perfect upgrade to spreadsheets. It predefines roles and dashboards that are accessible for day-to-day use. Managing tasks, getting updates, and gaining valuable data is made easy through this software. Software companies are eager to get their hands on a cloud system such as this. They want their systems automated so their time is focused on other important activities.
How does it Improve your Business?
The major issue with QuickBooks was that it took too much time and left no potential for scaling. However, this cloud software automates finance and operations freeing up time for other productive tasks such as projects, analysis, and scaling. The ‘anytime-anywhere’ feature allows you to trigger actions instantly and reduce the time for financial closing and data entry. The software automates tasks such as billing and invoicing. This reduces the chances for errors that any human could have made.
The decision-makers of the company benefit greatly from NetSuite. It provides them with accurate information that they can utilize. They can work free of worry and focus on the decisions ahead of them rather than behind. It gives them the freedom to work from anywhere instead of managing spreadsheets in a desktop setup. Every business is bound to bloom when the decision-makers can quickly act on promising prospects without worrying about minor issues that may hamper their progress.