Why Fast-Growing Companies Adopt Cloud Financials to Accelerate Growth

INTRODUCTION

Over the years, small to midsized businesses have pieced together a patchwork of applications to run their operations. From accounting to order fulfilment, to sales and marketing, a venerable hairball of applications exists across millions of small to midsized business. This infrastructure will not enable rapidly growing businesses to sustain and accelerate growth.

Piecing together various applications to effectively run your business is inadequate. This approach lacks many of the capabilities that growing businesses need and provides minimal real-time visibility into essential business information. Unfortunately, this strategy results in companies trying to grow by adding even more systems or applications for specific purposes—which often aren’t integrated with each other—and may revise or attempt to automate certain business processes. This application hairball results in a level of complexity that’s rife with manual tasks and bottlenecks, increases risks and errors, and can hurt the customer experience. In fact, it hinders growth and in some cases, it can result in the death of a once vibrant company.

For years, NetSuite has worked with growing business across all industries and geographies, and with thousands of finance and IT professionals guiding their companies through different phases of development. While these businesses are diverse, they experience similar challenges in dealing with traditional, on-premise systems. 

The following is a summary of many of the issues that growing companies typically face, and why so many have decided to move to NetSuite—a Next Ready, modern, integrated, cloud-based solution that enables accelerated business growth. 

If you are leading a growing business, and are concerned that the pain and complexity imposed by an application hairball that is limiting your business, read on to discover that you are not alone—and that there is a better way!

Five triggers that indicate systems and applications are failing a business 

1. It’s difficult to find out what’s really happening across the business in real-time. 

Most systems are designed for an era when companies could wait until the end of the month to get the data they need. That’s not the case today—consolidated views and up-to-the-minute reporting can make the difference between thriving and surviving. 

Small teams at a single location can sometimes get by without a fully automated system because they are close enough to the action. But as a company begins to grow or takes on new locations, the information that has to be exchanged increases exponentially. 

Additionally, the data needed for timely and accurate business decisions is buried within your disparate systems from sales force automation system, inventory management applications and customer service systems.

2. Manual processes are used to entering and reconciling data across systems. 

In today’s “need it now” networked world, it is frustrating for suppliers, customers and business managers to wait for answers while information is manually transferred between systems. Incompatibilities between systems and imperfect integration have left employees copying data between systems. These symptoms are a sign that it may be time for your business to transition to a next ready single platform cloud solution like NetSuite.

3. Sales are lost because employees can’t get information to where it is needed fast enough. 

Ecommerce has set the standard for customers these days. They expect to see real-time stock levels, confirm delivery schedules at the same time they place their order, and call customer service minutes after placing an order to add an extra line item. But this level of real-time responsiveness is impossible with limited or disparate systems. 

Growing businesses can’t expect to creak along, while others fly at on-demand speed. 

4. More accounting is done outside of the financial system than in it. 

Standalone financial systems are designed to automate a limited set of core accounting functions. As a result, it limits how companies can run their operations. As businesses grow, companies must adapt their processes to fit the application, rather than having a system that is scalable and will accommodate growth. It is easy to run out of headroom when companies have more customers, vendors or inventory items than many standalone financial systems can practically handle. 

The key to business growth and success is greater transaction volumes and speed, but it’s hard for many financial systems to handle this kind of pressure. Full audit trails, rich business planning and reporting or automated processes mean having to add systems and constantly engineer short-term quick fixes. Standalone financial systems simply can’t handle stronger financial controls, better SKU management or support for more complex financial processes, such as recurring billing and invoicing. 

5. The business spends too much time worrying about technology instead of focusing on business results. 

Every time a company adds a new layer of business software, the underlying systems infrastructure becomes more complicated and inflexible. Earlier investments in hardware and software are costly to maintain and fail to keep pace with technological innovation. 

NetSuite is an always-current, cloud-based business solution—the newer, younger model of business management systems. NetSuite’s native flexibility and agility is all-encompassing, and the overhead of maintaining an underlying technology layer is non-existent. NetSuite is designed to stay up-to-date with the state of the art in business automation, giving companies the tools needed to stay ahead of the competition and to seize new opportunities as they emerge and grow.

Conclusion

If your growing enterprise is experiencing any of the pains discussed where a standalone application may be limiting your business growth, it may be time to consider the cloud-based products and services that Kinspeed offers. Moving your company to a product like NetSuite allows for more efficient and effective business operations— essential for growing an organisation and enabling employees to react to client and organisational needs in real-time. 

To learn more about NetSuite’s product and services offerings, email us on enquiries@kinspeed.com or call us on 01246 437000