Most companies live by the mantra “cash is king”. Cash flow is what keeps a business alive, and is the reason so many businesses fail within the first few years.
It’s also the reason that accounting software is one of the first pieces of business software companies purchase. But is this the right choice for every business? If your business manages inventory and distribution, you need to consider how you are going to manage your financials and inventory for the longer term. Ask yourself, how will you manage your financials as your business grows? What impact will opening a new location or new warehousing facilities have on your current business management software? These issues must be considered when making these decisions when starting your business.
In this article, we take a look at different account software and how effective it is for your business, while also taking into account the changing customer needs as technology advances. It is no secret that companies have changed significantly over the last decade, and the simple truth: if you aren’t keeping up, you are losing out.
Are Accounting Packages worth it?
Standard accounting packages provide basic functionality, offering a chartering of accounts, along with a method of managing relationships with vendors and customers. This is all provided at an attractive price point, making it appear as a practical solution for many businesses in their initial years.
But the truth is, innovations are evolving faster than ever, and with it, so is customer expectations. With competition higher than ever, if you aren’t keeping up with these expectations, it will be a struggle to keep your business afloat.
Times have changed, and the internet is leading the way for the adoption of new business models. Business decisions are now driven by key performance data – rather than historical practices or guesses. Being able to see the critical information you need in real-time can make all the difference to whether your business thrives.
How to Determine if an Accounting System is Failing Your Business
Change doesn’t come easily to everyone, and if you are set in your systems and beliefs, it can be even harder. Whether you find yourself overwhelmed at the daunting task of switching software or simply don’t believe you can find an affordable solution to meet your needs, choosing to just ‘make do’ can be harmful to your business. It can be very costly in the long run.
Here are four signs that your accounting system might be failing your business:
- It’s too hard to find out what’s happening across your organisation in real-time.
- Limited visibility into key metrics.
- Limited functionality that won’t keep pace with modern requirements.
- Inability to scale as you expand your business to multiple locations.
Finding the right software can be a timely process. You need to consider your business needs and do some research into the different offerings out there. We take a look at one of the most-effective accounting suites that provide a real-time overview of your business and enables you to keep up with the inevitable changes.
Why Choose a Unified Suite?
NetSuite is a powerful cloud solution that offers a unified suite of applications. It provides many benefits, such as linking key business processes together and allowing the whole company to view operations.
By having all inventory and financial data on the same platform, companies are present with a competitive edge. This allows you to plan effectively, execute with a degree of predictability, which in turn minimises labour costs and errors that can occur.
A well-implemented cloud-based system means that financial activities appear as soon as they are triggered. You can also access your account, anywhere, anytime, so decisions can be made quickly. Whether your performance indicators are adverse or favourable, you can act. With NetSuite, you have a clear sight of all the information you need to make decisions in real-time, rather than relying on back-dated information to make guesses for the future. It is the difference between succeeding or losing out.
What is a Cloud Solution?
When you choose a cloud-based vendor for your business, you not only receive the software to use for their business but a service as well. NetSuite takes responsibility for not only the software it supplies but the underlying technical infrastructure needed to access the solution.
That includes the server hardware and database maintenance and administration, document storage, technical upgrades, and the ongoing enhancements customers need. That is an entirely different way of providing a system than what has been traditionally offered where, for all practical purposes, it is the customer’s responsibility to upkeep their systems on infrastructure they must initially purchase, but also maintain.
So, you may be asking, what does this mean for you?
Essentially, a vendor that offers Software-as-a-Service has one goal in mind: to assure their customer’s success. If they don’t, you as the customer will move on to another vendor. This means you can ensure your needs will be met, backed by meaningful service level agreements. It’s a win-win for your business and a significant change from the way things used to operate. Changing to a cloud service offers nothing but benefits.
The User Interface
One of the most daunting aspects that comes with a new program is working out how to use it effectively. It is one thing to adopt new technology for your business, but if you aren’t using it to its full extent, then it is not only a waste of money, but you will once again fall behind.
NetSuite’s dashboard is oriented around a user’s day-to-day tasks, which allows for the most efficient consumption of information throughout the organisation.
Case Study – BajaRack Australia
Take the case study of BajaRack, a DWR client who are a specialist manufacturer, distributor and retailer of 4WD accessories. BajaRack has a head office in San Diego, California with a manufacturing plant in Ensenada, Mexico. They have a sole distributor in Australia who are based on the NSW Central Coast.
After a soft launch in Australia, BajaRack experienced significant sales growth in a short period of time. This highlighted their need to find a single, multi-purpose business platform that would allow them to manage stock movements, sales activity, invoicing, warranty information and CRM functionality in one place. To help with these business issues, they turned to DWR for help.
With NetSuite, Bajarack found a unified, real-time system of record for financials, inventory management, order processing, CRM and eCommerce. The implementation and configuration of NetSuite by DWR completely transformed their business, allowing them to take their business to the next level.
Download a copy of the case study here – BajaRack Case Study.
Make the Move
Take a look at your business technologies as they currently are, and think about where you are losing out. Are you using historical information to make future decisions? Your competition certainly isn’t, so if you want to stay ahead, you shouldn’t be either.
While it can seem daunting at first, once the switch is made, you won’t look back. It will give your business the boost it needs to stand out in a competitive market. It also means that you can keep up with technological innovations, rather than being left behind.