Cloud accounting software is becoming increasingly popular for businesses of all sizes but particularly larger businesses seeking to streamline their financial processes and consolidate workstreams.
Cloud accounting solutions offer an array of advantages, from saving time and money to improving the accuracy of financial statements and reports.
Larger businesses are likely to have more complex accounting needs so using a cloud-based software ensures multi layered workflows are run from the same environment no matter who in the world is involved.
In this article we are going to look at the benefits of cloud accounting software for large businesses from the perspective of NetSuite. Learn how it can help a company to maximize its profits, enhance its financial management, and simplify its accounting processes.
Find out if NetSuite is the best cloud accounting software solution for your business and what steps you need to take to begin thinking about an implementation.
What is Cloud Accounting Software
Cloud accounting software is a type of software solution that allows businesses to keep track of their financial information in the cloud (or a remote server).
It was created to make the accounting process easier, faster and more reliable for businesses. Being cloud-based, this type of solution allows accountants to access information from anywhere in the world, at any time so long as they have an internet connection.
This makes it much easier to collaborate with other finance personnel and work on multiple projects at the same time.
With cloud accounting software, businesses can reduce their costs and quickly access customer, supplier and employees’ data without having to physically access the client’s premises.
Depending on the product chosen, a business may even be able to give their customers and suppliers access to a billing or payment portal without requiring them to download anything or install any software.
Cloud accounting software is also reliable, as companies can store their data securely while minimizing downtime and backing up their data much more easily.
Safety of data is truly a key benefit as cloud solutions tend to possess multiple layers of security against data breaches, as it is hosted in the cloud rather than a physical server.
Finally, cloud accounting software allows financial data to be more accurate and timely, as it eliminates the manual process of generating and exchanging data. This leads to more precise financial reporting and enhanced data analysis.
Further down the line this could contribute to improved profitability and operational efficiency. It is therefore important to choose the right accounting solution for your business and if you are a large organization looking for a cloud-based solution then you will no doubt already be considering NetSuite.
Why Is NetSuite a Good Choice of Cloud Accounting Software for Large Businesses?
NetSuite is one of the most popular cloud accounting software solutions available for large businesses.
Its comprehensive suite of accounting tools and features make it an ideal tool for multi-site organizations with complex financial needs. Here are some of the top benefits of using NetSuite for large businesses:
Improved financial reporting
NetSuite provides large businesses with powerful reporting tools that can help them monitor their financial performance on a daily basis. Reporting can be consolidated for multiple subsidiaries and can be accessed worldwide for an entire portfolio in real time. Multiple income streams can be monitored across international profit centers to allow for targeted revenue analysis and ‘bigger picture’ reporting.
NetSuite is a great choice for businesses that operate globally or are considering overseas expansion. NetSuite’s accounting solution is available for multiple entities, operating in different currencies and with unique tax reporting requirements. Organizations can even use the Multibook feature to keep multiple sets of records for each entity.
The user interface itself can be set up in over 20 languages with live translation and consolidated reporting will manage revaluations across subsidiaries using any number of local currencies.
NetSuite provides a secure platform that allows multiple users from different departments of a large business to work together seamlessly. This makes collaboration a lot easier and ensures that everyone stays up-to-date with the latest information.
The full suite of NetSuite modules allows access to a vast scope of verticals meaning the finance teams can gain first-hand access to data in other areas of the business such as HR, Procurement or Project Management.
Integration with other systems
Large businesses often have complex systems that need to be integrated with one another for optimal efficiency. With NetSuite, integration can be done quickly and easily, allowing businesses to minimize data loss or inaccuracies across unconnected databases.
Most of the big names in cloud software have either native or third-party integrations with NetSuite available and, where this is not the case, custom solutions are always possible.
Benefits of Cloud Accounting with NetSuite
Cloud accounting with NetSuite offers a range of benefits for large businesses. Here are just a few:
NetSuite’s cloud accounting solution is highly scalable, allowing businesses to start with the basics and continue to add services as they grow. This makes it an ideal choice for companies with big ambitions.
The variety of bundles, add-ons and third-party features is staggering and even through UI customizations and scripting there is very little that isn’t possible with NetSuite. As a cloud solution none of this requires additional software installation or purchasing of hardware.
NetSuite eliminates the need to manually process data and automates the vast majority of double entry. This streamlines accounting processes and helps businesses of all sizes to stay organized, efficient and accurate with their financials.
This streamlined way of working is particularly beneficial to larger organizations that may have accounting teams spread across multiple sites. NetSuite removes much of the time spent on manual data entry and non value adding tasks.
A cloud-based solution like NetSuite provides flexible and powerful reporting capabilities in real time from anywhere in the world.
Large businesses can take full advantage of group financial analytics to helps them to make smarter decisions, identify valuable insights and accelerate the growth of the entire group.
NetSuite is one of the most secure cloud platforms for business use. NetSuite is owned by Oracle so has the benefit of the world’s largest database management companies infrastructure. This helps businesses of all sizes to keep their data secure, compliant and accessible from anywhere in the world.
In conclusion, cloud accounting software can be a great asset for larger businesses who require many of the same services that come along with desktop accounting solutions, while allowing them the flexibility to access their data from any device, at any time. This type of solution allows businesses to save time and resources, as well as reduce costs and maximize output.
Cloud accounting with NetSuite is really one of the best solutions for a larger organization. From easy scalability and automation to comprehensive reporting and secure access it’s almost unrivalled in this space. The best first step would be to find a NetSuite partner to begin discussing an implementation with. Feel free to contact us here at NetFreak and we may be able to recommend somebody, or alternatively try that thing called Google!