How NetSuite Helps Financial Services Companies Stay Agile

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Today’s financial services companies need to be agile to keep up with evolving customer needs and competition. As the change of pace accelerates, companies relying on aging on-premise ERP systems, are struggling to keep up. Fortunately, NetSuite is built for the cloud with financial and accounting leading practices. NetSuite is an ERP software that companies can build upon. This helps them improve visibility and compliance while controlling costs. Here’s how NetSuite is helping financial services companies stay ahead of the curve in a developing business landscape: 

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Adaptable and Flexible Software

NetSuite creates agile companies and better positions them to respond to market changes and meet customer needs. With technology advancements and customer expectations higher than ever, NetSuite helps organizations keep up with industry innovations. Today’s companies need a flexible ERP system to compete in a challenging business environment. Luckily, NetSuite’s cloud approach eliminates on-site data centers and IT costs. Not to mention, as a cloud-based software it receives automatic software updates. With NetSuite on hand, you can quickly scale and grow to meet your business objectives.  

Netsuite financial services

Real-Time Financial Reporting

With NetSuite, all your business operations and processes are visible, which allows you to run at the speed of modern business. Since everyone is working from a single source of data, you have an integrated real-time view of what’s happening across your business. This allows you to spot potential issues earlier for faster intervention. As a result, this integrates your larger back-office, sales, and service processes, no matter your accounting needs. NetSuite fast tracks your financial close offers expense management and streamlines auditable revenue management. In brief, this ensures real-time visibility into your entire business’s financial performance.    

Pre-Configured Roles

NetSuite provides roles that are pre-configured for easy adoption and speedy implementation. Roles such as accounting manager, inventory manager, or even executives, come pre-configured with all the KPIs, reminders, reports, and value-driven dashboards for daily and strategic needs. With over 150 pre-configured roles that come with their own dashboards and business intelligence metrics, you can go live with a real-time platform from day one. By leveraging NetSuite’s pre-configurations and leading practices, you can form the critical foundation for all your business operations and processes.  

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Accounting Management

NetSuite’s financial management software gives its users full financial visibility into their payables and receivables, with real-time access to outstanding bills and invoices. Because invoices from sales orders can be generated with just one click, you can reduce paperwork and improve the efficiency of your operations. With NetSuite’s enhanced reporting and automated capabilities, you have access to advanced financial capabilities, more streamlined procurement processes, and tighter purchasing controls. Also, NetSuite keeps a complete audit trail on all entries and changes, helping your company maintain financial compliance.  

Streamline Compliance

With its robust accounting and powerful reporting, NetSuite helps organizations improve accountability and compliance. Its auditable business processes and enterprise analytics help businesses manage risk and track performance. Additionally, it also stays updated with the latest rules and regulations governing privacy and taxes.  NetSuite offers a superior foundation for maintaining compliance, with numerous certificates and reports to meet your risk and control expectations. This includes forms such as SOC 1, SOC 2, ISO 27K, and PCI/PA-DSS. With its proactive approach to compliance, NetSuite helps you confidently expect changes in configuration, security, and segregation of duties.  

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How We Can Help:

Even with an award-winning ERP solution like NetSuite, you still need a knowledgeable team to implement it. That’s where we come in. As a NetSuite Partner with over 35 years of collective experience, Kodella knows what it takes to deliver a complete, end-to-end ERP solution tailored to the needs of modern financial services companies. Contact our team now!

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