Let NetSuite do the hard work and enjoy your Christmas!
Christmas is the perfect opportunity to spend time and create memories with family and friends, but it’s not always possible to take time off or avoid coming back from the holiday season behind on your work schedule and scrambling to try and catch up.
Enter NetSuite…
NetSuite is the world's leading cloud-based ERP, helping companies to manage core business processes with a single, fully integrated system that covers financials, CRM, Supply Chain Management, Inventory, Manufacturing and much more.
The solution NetSuite offers to automate processes and improve efficiency could allow you to sit back and relax that little bit longer over the Christmas period without worrying about your to do list upon your return.
Below we have identified just some of the many tasks and processes that are automated within NetSuite both during the Christmas period and each month throughout the year:
- Consolidation: With the click of a button, NetSuite allows businesses to run consolidated reports across a host of financial statements. With consolidated exchange rates being set for you and cumulative translation adjustments calculated without user input, long gone are the days of exporting individual subsidiary financial statements into excel in order to apply complicated formula to consolidate group balances.
- Automated intercompany management: Intercompany doesn’t always have to be complicated, with NetSuite you have a plethora of features and tools at your disposal including automated intercompany elimination, intercompany cross charge, intercompany netting and reconciliation reports which allow you to ensure transactions are processed in both parties books and eliminated accordingly.
- Billing & Deferred Revenue: Billing Operation Schedules allows for invoices to be created from sales orders automatically based on the criteria you set, removing the need for manual entry. If your business has a revenue recognition requirement NetSuite’s powerful Advanced Revenue Management module means that balances can be recognised automatically by the system based on the schedules that have been setup. Importantly, the business doesn’t lose visibility of what has and has not been recognised.
- Materials Requirements Planning (MRP): With NetSuite Material Requirements Planning, or MRP module you’ll have visibility into the inventory required to meet demand, helping your business optimise stock levels and fine-tune production schedules. NetSuite MRP accelerates the production process by determining what raw materials, components and subassemblies are needed, and when, to assemble finished goods, based on demand and bills of materials. Let the system do the hard work so your team and excel doesn’t have to.
- Integrations: With NetSuite open API’s business can leverage NetSuite as a single source of truth, integrating many different systems from CRM, E-Commerce platforms to bespoke back-office systems, the platform allows businesses to integrate key business information into NetSuite, removing the need for manual entry or CSV imports.
- Real-time accuracy & Reporting: With a suite of reports covering all areas of finance and operations and the ability to create bespoke saved searches and analytical workbooks, users don’t need to spend hours extracting various sources of data to find the information they need. Leveraging native functionality, businesses can build and share reports amongst the team which can be used again and again, all at a click of a button.
Doing your job doesn’t have to be inhibited by the system that you use, the snapshot of benefits detailed above is the tip of the iceberg when it comes to the advantages and opportunities for automation that NetSuite presents.
NetSuite has packaged the experience and learnings gained from tens of thousands of deployments worldwide over two decades into a set of leading practices, which, when coupled with our team gets you up and running quickly. KPIs, workflows, reports and value-driven dashboards meet the day-to-day and strategic needs of all key roles within your company — from Day 1.
With 3RP and NetSuite, businesses realise faster time-to-value, alongside increased efficiency and flexibility to support accelerated success.
