Today, companies in virtually every industry are using sophisticated business software to manage operations. However, many still struggle to keep up with their growth. Expansion to new geographies, markets, product lines, and additional sales channels can be achieved faster with integrated business software such as NetSuite due to the unification of accounting and order management data and processes.
The key to good business software is the time / productivity ratio
To avoid manual and duplicative work, you need to ensure that your core business processes are seamlessly integrated from the front-office to the back-office. Automating these processes allows you to minimize the time spent by workers on activities that would otherwise be necessary to manage these tasks.
Being able to redeploy staff to higher-value activities is key to help the business innovate and grow. Through NetSuite CRM, measurable benefits can be realized in critical processes such as cash quotation, pay acquisition, accounts payable, and payroll, expense and incentive management. Here are five reasons why you need to implement quality business software to improve the performance of your business:
You offer a bad experience for your clients
When a business enters its leads, they often do so by re-registering the same customer data from the CRM system to the order management system and then to the accounting system. Without front-to-back-office integration, valuable time is wasted with manual paper-based data entry processes and round-trip communications regarding order status and monthly revenue recognition. Inevitably, the customer experience suffers due to these delays.
Once an order has been placed, companies need to ensure that customers make payment on time and that the time required to complete an order does not reach a point where order cancellations or customer dissatisfaction occur.
You have many programs for many activities
To drive growth, companies must buy equipment or raw materials. The payment acquisition process is complicated and involves multiple touch points within the purchasing, receiving, and accounts payable functions. Each of these features is typically spread across disparate software that needs to work together to enable the purchase of equipment or raw materials, and then eventually pay the vendors that provide these deliverables.
Unlike the inefficient process above, NetSuite ensures that the payment acquisition process is simplified. Automate the entire process and eliminate manual employee errors. Employees can track the status of purchase requests and orders through the self-service functionality. This eliminates paper forms and errors and frees up your staff for higher-value activities.
Your expenses are a disaster for accounting
Once the purchase orders have been generated, the vendors who provide goods or services to the business must be paid. Finance staff must confirm whether services or goods were delivered as promised and only then authorize accounts payable to release payment to supplier. All of these activities consume valuable cycles that employees could spend on the core business and not reworking an entire complex system of addition and subtraction that never adds up. An integrated resource management system like NetSuite app will ensure that payments are made in a timely manner and the process is highly automated.
Your payroll is a nightmare spreadsheet
As a company grows, so does the number of employees. Running disparate software systems for payroll, expense management, and incentive compensation can result in a spreadsheet nightmare.
The calculation of parameters such as salary, withholdings, deductions, and accruals of sick days and vacations can consume several hours per week and consist of manual, error-prone processes executed mainly in these worksheets. A closely related aspect of payroll is incentive compensation for the sales force. The sales operations staff has to spend countless hours building the sales incentive plan, as well as investigating and resolving sales disputes over the amount of commission owed.