In today’s rapidly evolving business landscape, the need for a comprehensive and agile solution to manage operations has never been more critical. Many organizations have navigated their business processes using an assortment of fragmented ERP systems and Excel spreadsheets, only to find themselves struggling to manage disjointed processes. The risk of data integrity and limited scalability further compound their challenges. Enter NetSuite – a single cloud-based solution that delivers insight into financial and operational performance across the entire organization. At SquareWorks Consulting, we’ve witnessed firsthand the transformative power of NetSuite and its key components, each designed to address specific pain points and drive efficiency. In this blog post, we dive into the key components of NetSuite and describe how these core pillars can help organizations stay ahead of the curve and pave the way to success.

 

Key Components of NetSuite

1. Consolidated Data Repository

We work with many clients who prior to NetSuite operate on Excel and several customized ERP systems. As companies grow and evolve, they continue to purchase software as needed. While this might work temporarily, over time companies discover that the individual systems purchased only support specific functions or a single department. With these disparate systems, companies see a major impact on their processes, and it eventually hinders company growth.

NetSuite delivers a single, consolidated data repository that allows companies to grow. This means companies no longer need to jump between multiple systems and risk data integrity. With a single cloud solution companies can increase efficiency by accessing documents in a centralized location, improve accuracy, reduce the number of complex workflows and improve visibility by creating approvals based on roles and departments.

 

2. Automated Processes

With NetSuite, you can say goodbye to manual work and introduce automated processes to free up resources. With our premier NetSuite-native financial automation platform, Automate, you can elevate your NetSuite environment and increase efficiency. We recently helped one company cut down 50% of their accounting workload. You can read more about their success story here.

With SquareWorks Automate AP Automation Suite, you can:

• Send secure forms to vendors and let NetSuite auto-create or update vendor information
• Elevate your OCR scanning experience with SquareWorks’ proprietary AI and Machine Learning
• Maximize your controls with the most advanced, line-by-line 3-Way Match engine
• Automate your approval process for all employees without complicated NetSuite Workflows
• Simplify how your files are managed in NetSuite with drag-and-drop, split screen views and enhanced file security
• Eliminate pre-printed check stock with the most advanced check printing engine ever built for NetSuite

 

3. Enhanced Controls

It is crucial for companies to protect themselves from financial fraud and stay compliant with government regulations and accounting standards. With NetSuite, you can feel confident that you are abiding by federal, state, and local regulations and decrease the amount of back-office support. Improve visibility by building workflows in NetSuite and allow certain users to review and approve. Elevate your NetSuite environment with our Approval Workflow automation solution that allows for easy configuration of all approval requirements, and even lets Employees – regardless of their NetSuite access – approve transactions right from their Email Inbox. Adding this workflow provides great oversight and reduces the risk of errors.

 

4. Real-Time Business Analytics

With a single, consolidated data depository, users can gather detailed reports and analyze data to make informed business decisions. Companies can track cash reports daily to identify changes or fluctuations to quickly pivot and prepare for times of economic uncertainty. Furthermore, users can create reports, dashboards or KPI’s. If you are interested in creating a customizable report and don’t want to spend hours looking up how to create a new report, our Consultants are happy to help you through our Premium Support plan.

 

SquareWorks is Here to Help

In a single cloud-based solution that helps connect processes and data, NetSuite delivers insight into financial and operational performance across the entire organization. With automated processes, enhanced controls, and real-time business analytics, companies can adequately prepare for the future.

At SquareWorks Consulting, our success starts with our customers. We believe in partnering with our customers to elevate their NetSuite experience through automation solutions and consulting services. If there is anything we can do to help take your NetSuite environment to the next level, please reach out to us here.