2nd February, 2017 | by Joel
Read on to find out the 4 Reasons Your Business has Outgrown MYOB and Why It Needs NetSuite
Business can be complex, especially when your operations are pushing up and out into new territories. Unfortunately, most of the current business technology just adds to that complexity. If you’ve been struggling, the reason might be that business software solutions, even the respectable ones like MYOB and Quickbooks, are letting you down. It’s probably time to consider finding a better system to fit your growing business.
NetSuite is a cloud-based system that offers a slew of accounting and business reporting solutions specifically designed for the commercial digital businesses. While NetSuite comprehensively provides the technology your business needs right now, it’s not locked into place. As your business expands, your software will seamlessly expand with it. Unlike current business software, NetSuite offers a rare opportunity to streamline, simplify, and accelerate what you do.
1. You want to stay informed
Your ambitions for your business probably aren’t fixed. If you’re like most other growing businesses, they’re dynamic and they grow as you work and explore. It’s important that your cloud-based accounting software is prepared for your growth, and can give you accurate updates as you navigate your way through new and exciting endeavours.
“You need reliable data to make accurate projections and develop efficient budgets. No matter how good you are, you just can’t achieve it based on your intuition alone.”
One of the biggest signs that you’ve outgrown MYOB is that your sales forecasting and budgeting processes are taking too much guesswork. You need reliable data to make accurate projections and develop efficient budgets. No matter how good you are, you just can’t achieve it based on your intuition alone.
NetSuite is aeons ahead of other solutions in terms of reporting and accuracy. It offers features from the outset that other software systems like MYOB, Quicken, Quickbooks and Intuit consider advanced technologies. NetSuite delivers a state-of-the-art system to help you connect, filter, and compare data in a way that’s flexible enough for you to analyse and adjust as you need to. However, it’s also sophisticated enough to give you all the powerful advantages of NetSuite’s automation so you won’t be spending valuable working hours in manual spreadsheets.
“NetSuite’s scalability also means that it’s just as ready as you are to keep your business operations secure, efficient, and easy to monitor as you develop upward and outward.”
NetSuite’s scalability also means that it’s just as ready as you are to keep your business operations secure, efficient, and easy to monitor as you develop upward and outward. Being informed about your business isn’t just a matter of having access to a lot of information, it matters when and how you get it. NetSuite offers a clear, detailed, and streamlined real-time picture of your business’s processes and schedules, so you can easily see what’s going on and what’s up ahead.
2. You want to stay secure and available
Your business obviously means a lot to you, but it means as much to everyone involved: employees, shareholders, partners, or customers. It’s important to safeguard your assets, particularly as it grows and your exposure to security risks rises.
“NetSuite delivers state-of-the-art security systems to protect you from outside threats. It also offers unrivalled cloud-based backup systems to robustly protect you from spikes in volume and usage and losses you cause yourself simply because you’re human.
Your business software solutions need as much protection as you can get. Besides losing sensitive information and money, one of the best reasons to choose more secure business software systems is to avoid losing time. Your skills and efforts should be spent doing what matters most, not lost to downtime or a compromised system. Most existing systems, including Quicken and Quickbooks, have only limited security offerings which puts your business at risk. NetSuite delivers state-of-the-art security systems to protect you from outside threats. It also offers unrivalled cloud-based backup systems to robustly protect you from spikes in volume and usage and losses you cause yourself simply because you’re human.
NetSuite’s enviable expertise in cloud software means that it’s able to deliver both affordable and reliable protection for your business. NetSuite’s dedicated, continuous security measures reduce your business’s exposure without the downtime and disruptions, and without investing time and labour in maintaining third-party security systems. It also empowers you to control employees’ access to NetSuite’s functionality and to keep permissions current, making it easy to operate an efficient, unified business without the extra complication. Whether it’s round-the-clock detection of malicious traffic, or physical checks and staffing procedures to regulate access to your data, NetSuite works to maintain the best possible defence however your business is changing and growing.
3. You want to communicate better and faster
Your business is only as good as your ability to meet demand and responsibilities. If you’re not giving and receiving information quickly and accurately enough, your existing business management software is probably what’s letting you down.
Your customers are increasingly savvy, and they’re demanding more transparency and responsiveness from your service. Using outdated business accounting and management software like MYOB or Quicken is likely responsible for many of the customer service failures you might be having. It’s essential, especially in this day and age of cutthroat competition, that agents have real-time access to information. If they can’t answer questions instantly about inventory and orders, your business is going to lose its customer base. NetSuite can solve all of these issues, whether you’re at work or on the road, you’ll always have instant and accurate information about your stock and order statuses and tracking. It can even save you thousands in wastage, by helping you to engage with your customers to move time-sensitive inventory through a tailored sales push.
4. You want to use just one system
Most business accounting and management software systems, including Quicken, Quickbooks and Xero, are only designed to deal with a small set of accounting functions. They simply aren’t sophisticated enough to accommodate your needs in dealing with growth and change in your customers or inventory. You’ve probably found yourself trying to make your business operations fit within the limitations of the system.
“If you’re doing most of your accounting and management across multiple programs to counter the restrictions of systems like MYOB or Quicken, moving to NetSuite could save you buckets of time—and a corresponding truckload of money.”
It doesn’t have to be this way. If you’re doing most of your accounting and management across multiple programs to counter the restrictions of systems like MYOB or Quicken, moving to NetSuite could save you buckets of time—and a corresponding truckload of money. From SKU management, to billing and invoicing, to business planning and reporting, to taxation, NetSuite can perform every task your business needs to operate smoothly.
And you can do it your way. The NetSuite app ecosystem lets you build your own engagement with the platform and consolidate information quickly and easily. You can also access a wide range of carefully tailored training in using and fine-tuning the system’s elastic capabilities. Because your business is unique, and the demands on your attention and time vary, you can configure the ways in which you stay up-to-date: you can customise your view according to your preferences to minimise confusion and maximise control.
There’s no business that NetSuite can’t transform. If you’re ready to head into a new year and a new age of streamlined operation, Applejack can help. Contact us anytime to find out more about how we can help you harness the power of cloud-based automation with NetSuite, and we’d love to see what you can achieve with the right business solutions.
7th December, 2016 | by Joel
If your business is like many others dealing primarily in wholesale and distribution, you’re probably looking for fresh approaches to improve your margins, increase the accuracy of your reporting, and reduce your costs. There are multiple avenues you can take to achieve these ends and make your business better—but finding a single vendor with one elegant solution for them all can be a challenge.
NetSuite is one of the most innovative applications on the market for managing inventory, accounting and financials, e-commerce, customer relations, and even enterprise planning.
This is the primary reason that NetSuite’s unique approach to cloud-based business management is still growing exponentially in popularity since its inception. As one of the most innovative applications on the market for managing inventory, accounting and financials, e-commerce, customer relations, and even enterprise planning, NetSuite is gleaning stellar reviews from notable independent analysts, in relation to the recently released wholesale and distribution edition of the software.
NetSuite has taken a holistic approach to business management, where sales, support, billing, accounting, shipping, reports, and business planning data are all integrated and accessed from a single customer record. This has obvious benefits in regard to the convenience for business owners and staff. But recent third-party studies have revealed a number of other benefits particular to businesses in wholesale and distribution—and they’re worth writing home about.
Download the White Paper on NetSuite for Wholesalers and Distributors from Nucleus Research here.
1. Better integration
Like NetSuite’s other cloud-based software editions, the wholesale and distribution edition has a slew of features that are a rarely found in a single management tool. It boasts omnichannel engagement that brings together all your customers and business activities and according to recent investigations, it doesn’t disappoint. With built-in workflows specially designed for the critical functions of distribution businesses, including commerce, financials, and marketing, it seems its capabilities are as remarkable as they sound.
NetSuite also features fully customisable, role-based, self-service dashboards that can be accessed by multiple parties and used to automate and streamline the business’s operations with real-time metrics, all the way from engineering and manufacturing to distribution.
NetSuite features all the financial management applications that you’d expect from an accounting system. But it also features fully customisable, role-based, self-service dashboards that can be accessed by multiple parties and used to automate and streamline the business’s operations with real-time metrics, all the way from engineering and manufacturing to distribution. For wholesalers and distributors, this could be the tool you’re missing if you’re looking to overhaul your business management from every angle, getting rid of the factions in your operations to create a truly unified enterprise.
2. Lower running costs
For some time now, one of NetSuite’s most attractive features has been its affordability. Recent research supports what customers have been saying in the last few years since NetSuite was released: if you’ve been using a combination of programs to manage your accounting and financials, you could literally save thousands of dollars a year by switching.
Customers reported immediate cost savings after replacing multiple programs with NetSuite…being relieved of the manual labour of maintaining their management systems.
The ongoing costs of programs like Quickbooks or Xero quickly add up—especially when they’re only one component of a multi-program system—so by rolling all your business management tools into one, you can significantly reduce your running costs. In recent third-party investigations, NetSuite customers reported immediate cost savings after replacing multiple programs with NetSuite, in addition to improved productivity overall. They also reported that NetSuite is more affordable than many parallel programs, including SAP.
Wholesalers and distributors are also seeing immediate financial benefits in NetSuite’s stability and automated upgrading. Backups, upgrades and security are essential services with other business management software, and combined with unforeseen issues like system crashes, the cost compounds. With NetSuite’s hosted functionality, all upgrades and backups are automated, distributors and wholesalers are being relieved of the manual labour of maintaining their management systems, and doing away with the extra expense of internal or third-party IT resources.
3. Improved sales processes
In recent third party studies, NetSuite’s wholesale and distribution customers reported substantial increases in sales without additional outlay or resources. They attributed this to spending less time on the manual tasks involved in their sales processes, thanks to NetSuite’s real-time inventory visibility.
Wholesale and distribution customers are claiming to have made new connections as a direct result of their improved efficiency, where they’ve become more competitive with real-time quote approvals and shorter sales lifecycles.
The evidence also supports NetSuite’s ability to open sales channels. Wholesale and distribution customers are claiming to have made new connections as a direct result of their improved efficiency, where they’ve become more competitive with real-time quote approvals and shorter sales lifecycles. What’s most impressive was that they achieved it without investing more in sales administration. Needless to say, these improvements have also helped to bridge gaps between businesses and their customer base, with many users reporting measurable and significant improvements in their customer relations.
These benefits are noteworthy—but they’re not all that NetSuite has to offer in terms of sales. In the reports, NetSuite’s wholesale distribution customers noted that the vendor’s integrated e-commerce features have also helped them to finally make their online debut, and to reach new channels on the internet that they hadn’t previously been able to access without sizeable financial investments or time commitments.
4. Better logistics
Besides its innovative solutions for inventory management, Netsuite’s automated order processing and integrated shipping and logistics functions are notable additions in the wholesale and distribution edition. Recent studies have not only shown NetSuite’s capacity to help wholesale distributors better manage multiple shipping channels and contain their costs, but to deliver faster, more accurate quotes on shipping, and to identify and cut methods that aren’t profitable.
NetSuite customers reported that they were now able to see where they were undercharging their customers on shipping, and where it was eating into their bottom line.
For wholesale distributors, one of the biggest daily battles is in containing shipping costs. In recent studies, NetSuite customers reported that they were now able to see where they were undercharging their customers on shipping, and where it was eating into their bottom line. They also reported fewer mistakes, improved reporting, and more accurate quotes, which they attributed to the greater visibility they had through NetSuite’s shipping and inventory management. It’s just more evidence for NetSuite’s capacity to shine light in dark places within businesses, helping them to meet their daily challenges and stay afloat.
5. Better management
Keeping track of an ever-expanding inventory is one of the most time consuming and costly tasks for wholesale distributors. But according to recent analysis, it’s one of NetSuite’s greatest strengths and one of the ways it can completely transform the operations of these businesses.
NetSuite’s real-time visibility and tracking capabilities reportedly accounted for savings in the tens of thousands of dollars.
NetSuite’s capacity for demand-based inventory replenishment, serial and lot number tracking, and bin management (among others) is proving to deliver remarkable cost savings in reducing waste and write-offs with better solutions for inventory. In recent reports, NetSuite’s real-time visibility and tracking capabilities reportedly accounted for savings in the tens of thousands of dollars, because business owners were—for the first time—easily able to monitor product obsolescence and expiration.
These improvements are also benefiting financial management in measurable ways. NetSuite’s wholesale and distribution customers are reporting that with better information integration and rapid reporting, it’s up to 50% faster to close the books, and up to 35% faster to perform audits. Many are completely doing away with accounting contractors, saving thousands of dollars a year on top of the valuable time they’re already saving.
NetSuite: Constant Improvement for Wholesalers and Distribution Outlets
Since its release, there’s been no doubt about NetSuite’s potential to transform the operations of Australia’s businesses. And because it’s a scalable suite, its reach already extends to servicing everything from the smallest businesses to the largest enterprises, where businesses can pay only for basic functionality until their growth demands greater sophistication in their management tools. But with the latest evidence, it’s clear that the flexibility and automation that NetSuite offers has been masterfully tailored to suit the needs of wholesale distributors. These customers can now become key players in buying and selling, propelled ahead in the international game by levels of visibility and automation we’ve never seen before.
If you’re a wholesale distributor looking to improve your margins and streamline your operations, contact AppleJack. Whether you’re just starting out, or it’s time to adapt to a new world of change, we’ll be happy to show you how NetSuite can give your business a brighter outlook for the new year.