Kinspeed Ebook - Basic Accounting Software to NS Financials

From Basic Accounting Software to NetSuite Financials | Why Fast-Growing Companies Leave QuickBooks, Xero and Sage and Adopt NetSuite to Accelerate Growth 2 | kinspeed.com Copyright © 2021, Oracle and/or its affiliates. All rights reserved. Most industries are faced with changes happening at a frantic pace. To adapt in this dynamic environment, organisations must be able to quickly respond to changes in market conditions, market opportunities and evolving customer expectations. Though most recognise the need to innovate, many companies have a remarkably difficult time finding business application solutions that can meet their needs in an effective, yet affordable manner. Young companies have been forced to rely upon a hairball of dangerously unreliable spreadsheets and limited point solutions like QuickBooks, Xero and Sage. The relatively low cost of maintaining those systems masks the cost of inefficiencies in routine tasks like the monthly close or, more importantly, the dissemination of reliable information upon which business decisions can be confidently made in a fast-paced environment. Let’s take software companies, for example. How can spreadsheets handle complex revenue recognition and fluid pricing models? How can “make do” accounting systems support strategic questions like: • What was new business Annual Recurring Revenue (ARR)? • Did we expand ARR through customer upsells? • How much ARR was lost through downgrades? • How many customers churned? Accounting teams frequently face these demands with inadequate tools. In many cases, basic accounting software was a workable and inexpensive tool. But now they impose a number of pains. • 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 barely surviving.