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Food Manufacturing: Plan, Plan, And Plan! [Part 1]

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During times of uncertainties, planning plays a critical role in the survival of businesses, especially the Food Manufacturing industry which heavily relies on external economic and socio-economical factors. An important survival advice I was taught back in days while studying Engineering, it’s always handy to go back to the fundamentals to overcome unexpected situations! We will dig our way though planning by building a planning framework based on supply chain fundamentals.

A Planning Framework?

While all manufacturer implements some form of Manufacturing Planning and Control (MPC) system – which is concerned with the planning and controlling of all aspects of manufacturing, including procurement of raw material, scheduling the production, and shipping to customers -, it is key for the success of the business to implement an effective MPC framework.

Simplified MPC Diagram

Let’s Take a Step Back First!

The main goal of businesses is to maximize the long-term financial performance and the value to their shareholders, with other stakeholders taken in consideration. Financial performance is measured by many metrics, we will focus on one metric called Economic Value Added (EVA) which measures company profits in excess of the cost of capital (debt and equity), which when compared to other metrics, is an internal and management-controllable measure [Source: Kay, I., Madu, M., & Johnson, P. (2020, March 8). Assessment of ISS’s Use of EVA in CEO Pay-for-Performance Model. The Harvard Law School Forum on Corporate Governance.]

There’s no profit unless you earn the cost of capital – Alfred Marshall

Let’s lay it down first, EVA is a measure of Net Operating Profit After Tax (NOPAT), less cost of capital, that measure can be expressed by the Return on Capital Employed (ROCE) and the Weighted Average Cost of Capital (WACC), multiplied by the Capital Employed (CE):

EVA = (ROCE - WACC) x CE
ROCE = NOPAT / CE

Ugly Formulas, Pretty Visualization

EVA Visualized

It’s clear that value won’t be created unless revenue exceeds all costs, including the cost of capital, in simpler terms, ROCE has to exceed WACC, but how can a business achieve that?

In our article, we will focus on measurable and Supply/Demand-related factors such as:

  • Higher Revenue
  • Lower Cost
  • Lower Working Capital

On one hand, in order to achieve high revenue from a demand perspective, businesses in general, and food manufacturers in particular, need to reduce their stock-outs. And to lower their costs, they need to reduce their inventory carrying cost, cost of material, distribution costs, etc.

On the other hand, in order to lower working capital, businesses need to optimize their Cash-to-Cash (C2C) cycle time – a metric describing the average days required to turn a dollar invested in the raw material into a dollar collected from a customer -, and one important factor to optimize the C2C is reducing safety stock levels.

Cash-to-Cash Visualized

While the 3 factors might look contradictory, this is where MPC comes in place, the effectiveness of an MPC framework is to balance the trade-offs of the 3 factors to support supply chain initiatives and potentially achieve the business’s ultimate goal to increase the value for shareholders.

A Contradiction, Yet Manageable!

Back to our MPC framework, there are 3 main entry points, Demand Management, Sales and Operations Planning (S&OP), and Resources Planning, in our article we will focus on Demand Management and S&OP, and explore an overview of Demand Planning and how technology can add value to the overall MPC framework.

S&OP balances the sales and marketing activities of a company with its production ensuring that manufacturing will support its sales activities and strategy. Demand Management is the business gateway to marketplaces (Customers), it allows businesses to do activities such as forecasting customer demand, order management, communicating back promises of delivery, and orders statuses and changes [Source: Jacobs, Robert F., William L. Berry, Clay Whybark, and Thomas E. Vollmann. 2018. “Demand Management in MPC Systems.” Chap. 3.1 in Manufacturing Planning and Control for Supply Chain Management: The CPIM Reference. 2nd ed. New York: McGraw-Hill Education.].

Demand Management must conform to the business strategy, manufacturing capabilities, and customer needs, and those factors define different MPC environments. A key classification of an MPC environment is something called Customer Order Decoupling Point (CODP).

The CODP is the point in the material flow where the product is tied to a specific customer order [Source: Olhager, J. (2010, December). The role of the customer order decoupling point in production and supply chain management. Computers in Industry61(9), 863–868.]; E.g., When a customer buys cereal off the shelf in a retail store, the CODP is the finished good (Cereal), but when a customer orders custom-made cereal (for example, U-RAAW! Health Foods), the CODP is now the raw material, meaning it moved further down the supply chain.

It’s key to understand the role of CODP and different manufacturing situations such as make-to-stock (MTS), assemble-to-order (ATO), make-to-order (MTO), and engineer-to-order (ETO). CODP divides the flow into two categories upstream – forecast driven -, and downstream – customer order driven – allowing manufacturers to adopt different situations for a varity of products.

We will focus on CODP in the dominant manufacturing situation of food manufacturing businesses (MTS) and how it fits within the supply chain planning matrix (Stadtler and Kilger, 2000).

MTS Supply Chain Planning Matrix

Working Our Way Backwards, Introducing Demand Planning!

To maximize EVA, we mentioned 3 factors, Higher Revenue, Lower Cost, and Lower Working Capital. The main goal of Demand Planning to identify the sweet spot to maintain optimal stock levels that would minimize inventory carrying cost, and material cost.

In the coming article we will explore the tools and techniques of Demand Planning and how we can apply them in Oracle NetSuite, leaving you now with an introduction to Oracle NetSuite Demand Planning:

https://youtu.be/8YUGW5pOqi8

Want to discuss further?

it’s important to work with a partner that understands your business as well as the product itself, and we at Haya Solutions Inc. pride ourselves on a track record of successful ERP implementations. With +25 years of combined experience in many verticals such as Manufacturing, Wholesale Distribution, Retail, Medical Equipment, Construction, Insurance, Healthcare, e-Commerce, and many more, working with customers private and public Small and Medium Enterprises.

Drop us an email for a free consultancy call on our website.

 

WEBINAR | OnFloors Business Growth on Cloud ERP

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OnFloors Business Growth on Cloud ERP



 

About The Webinar

Flooring manufacturers and distributors need real-time visibility into raw material, manufacturing lead time, market demand, supply chain, and financials. However, many still rely on legacy systems, spreadsheets, and manual processes to run their operations.

OnFloors, a Canadian online distributor and retailer, has a mission to cut the middleman and provide a wide range selection of high-quality flooring products with a “one-stop” shopping experience.

Join OnFloors and Haya Solutions for this exciting discussion regarding solutions, challenges, and the journey in leveraging NetSuite to transform the business.


You’ll Learn how NetSuite and Haya helped OnFloors with:

  1. An overall 150% Return on investment (ROI) with NetSuite
  2. Lower operational costs by 30% due to the elimination of deficiencies with manual processes
  3. Real-time visibility into their business results in improved decision making
  4. Leveraging Omnichannel Distribution to provide the best customer experience
  5. Scalability for long-term growth

Featured Speakers:

Mostafa Gamal
Professional Services Manager at Haya Solutions Inc.

Joyce Zhang
General Manager at OnFloors

Richard Zhang
IT & Operations Manager at OnFloors

OnFloors Business Growth on Cloud ERP Webinar

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OnFloors Business Growth on Cloud ERP | Webinar

About The Webinar

Flooring manufacturers and distributors need real-time visibility into raw material, manufacturing lead time, market demand, supply chain, and financials. However, many still rely on legacy systems, spreadsheets, and manual processes to run their operations.

OnFloors, a Canadian online distributor and retailer, has a mission to cut the middleman and provide a wide range selection of high-quality flooring products with a “one-stop” shopping experience.

Join OnFloors and Haya Solutions for this exciting discussion regarding solutions, challenges, and the journey in leveraging NetSuite to transform the business.

You’ll Learn how NetSuite and Haya helped OnFloors with:

An overall 150% Return on investment (ROI) with NetSuite

Lower operational costs by 30% due to the elimination of deficiencies with manual processes

Real-time visibility into their business results in improved decision making

Leveraging Omnichannel Distribution to provide the best customer experience

Scalability for long-term growth

Featured Speakers:

Mostafa Gamal
Professional Services Manager at Haya Solutions Inc.

Joyce Zhang
General Manager at OnFloors

Richard Zhang
IT & Operations Manager at OnFloors

SAVE MY SEAT

The guide to migrating from Xero to NetSuite

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Products like Xero provide easy-to-use and inexpensive accounting functionality for both start-ups and small businesses. However, as companies begin to grow and prepare for the future, the limits of entry-level software packages may start to cause frustration.

Whether the complexity of manging your operations has increased, or you are looking to expand as a business, migrating from Xero to NetSuite could make your day-to-day lives a whole lot easier (and more efficient too).

Here you will find the differences between Xero and NetSuite, the benefits of migrating, and how you can achieve a successful migration.

The differences in Xero vs NetSuite

When it comes to accounting, Xero and NetSuite are very similar and provide full accounting capabilities. Accounts receivable and payable, invoicing and billing, expense tracking, integrated banking, tax managements, reconciliation, payroll, budgeting, and forecasting are all included with both solutions.

Although both Xero and NetSuite are ranked highly as online accounting solutions, their capacity and objectives differ. Xero aims to solve daily accounting in a single and easy-to-use platform, while NetSuite is part of an integrated ERP/CRM suite consisting of a wider range of services, such as:

  • Ecommerce
  • Project management
  • Business intelligence
  • Order management
  • Demand planning
  • Work orders

Given NetSuite can offer a wider range of services,  expert knowledge is recommended to implement the solution.

With help from an implementation specialist, you can achieve an efficient and effective solution for your business.

But before we jump into how a successful integration can be achieved, let’s look at the benefits moving from a dedicated accounting system to a full ERP solution can have on your business.

1. Flexibility with integrations

As a highly configurable cloud ERP solution, NetSuite is capable of integrating with many platforms and can be customised to the unique and dynamic needs of your company.

2. Automation

A key aspect of NetSuite is its capabilities to handle automated techniques. With enhanced automation facilities, you can eliminate manual processing errors, increase business performance, and simplify operations.

3. Business Intelligence

Using business intelligence, NetSuite offers real-time reporting and analytical tools to help you forecast and make data-driven decisions for your business.

4. Complete finance and accounting

NetSuite provides efficiencies to manage the processes associated with finances and accounting for increased performance attributes. Real-time financial management is also included to help your business manage financial transactions and data on a real-time basis.

5. Efficient business management

As a top ERP solution provider, NetSuite, along with the many add-ons available, gives you high-end capabilities to generate growth in several business operations.

6. Process Optimization

NetSuite helps to optimize the business process with its unified methodological approach to delivering the process in a significant manner. NetSuite delivers features to enhance process efficiency by suggesting optimized solutions.

7. Efficient Business Management

Being the world’s best cloud ERP solution provider, NetSuite owns capabilities to evoke higher-end business performance and effectiveness in managing overall business operations in a manner which contributes to business success and profitability.

Implementing NetSuite

When you are ready to make your commitment to NetSuite, there are various ways of going about your implementation.

For smaller, less demanding implementations, SuiteSuccess can be purchased and utilized for an out-of-the-box solution. SuiteSuccess delivers:

  • Pre-configured functionality based on leading practices for your industry
  • Pre-built dashboards
  • Pre-built roles, with software set-up based on job functions
  • Pre-built reporting
  • And more

For more complex, tailored solutions, bringing a specialist partner onboard will give your business the help and experience needed for a successful implementation.

But regardless of your decision, your entire implementation strategy will consist of planning and preparation, data migration, testing, and training, ready for your go-live date.

NetSuite Helps Online Retailer Cut Costs While Growing at 25% Yearly

“NetSuite’s integration has helped us streamline and organize the company so we don’t have to worry about growing the business.”

A Brief Affair

  • A Brief Affair is now growing at 25% per year, while saving $70,000 yearly over the cost of a comparable server-based system.
  • Integrated order processing saves $60,000 yearly over the previous system by reducing the company’s manual workload by 1 full-time equivalent.
  • Real-time inventory visibility saves another full-time equivalent, or about $50,000 yearly, over the previous system.
  • The company has cut order-to-cash cycle times from three days to just one day because NetSuite’s strong credit card verification features helped A Brief Affair negotiate better terms with credit card processors.
  • Real-time access to customer information helps customer-support staff handle queries on the spot, a competitive advantage for a high-end, customer-centric business like A Brief Affair.
  • NetSuite’s ability to track orders by product and country is helping the company grow international business by targeting promotions according to regional tastes and trends.

Customer Success

  • A home-based startup wanted to take advantage of the growth potential for marketing European and designer fashions and lingerie online.
  • Limited accounting software and manual order processing were unable to handle the expected growth in products and customers.
  • The company decided to integrate business processes rather than buying separate applications for CRM, shopping-cart, and credit-card processing.

Challenges

  • A home-based startup wanted to take advantage of the growth potential for marketing European and designer fashions and lingerie online.
  • Limited accounting software and manual order processing were unable to handle the expected growth in products and customers.
  • The company decided to integrate business processes rather than buying separate applications for CRM, shopping-cart, and credit-card processing.

Solution

  • NetSuite partner Business Solution Partners managed NetSuite’s implementation, configuration and training, and works with the company to turn on new functionality as appropriate.
  • NetSuite management dashboards display real-time KPIs for tracking everything from sales and inventory levels to website performance and customer satisfaction.
  • NetSuite delivers an automatic alert if an online order is disrupted so management can send a follow-up email to the customer.
  • NetSuite employs credit-card verification and other security functions via integrated tools from partner CyberSource Corp.

Looking to migrate from Xero to NetSuite?

If you are looking to migrate over to NetSuite and require assistance to assure a smooth project, contact our expert team at Haya Solutions Inc today. With over 25 years’ experience, we will work closely alongside you to provide a platform that allows your business to grow.

Get Free Quote

NetJeek Launched its platform in Libya

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Since the beginning of Haya Solution Inc., we have been dreaming of the day when we will transfer our expertise and knowledge, we gained from North America to serve our people in our Arab homeland.

So, we had the opportunity to work with Dokan Tadawul Solutions Ltd. on the NetJeek project. What increased our enthusiasm is that the project’s first goal is to remove the difficulties that Libyan citizens face in freely experiencing electronic shopping from global markets, due to the difficulty of electronic payment in local and foreign currencies and the difficulty of delivering goods to Libya first and to the consumer’s doorsteps secondly.

We have worked with sincerity, dedication, and perseverance for 3 years, using the latest electronic and global logistical technologies to put them in the hands of the Libyan consumer and user of Netjeek. We will continue to work to remain the latest and most secured platform in the region, simulating advanced global systems and platforms.

We would like to thank Dokan Tadawul for providing the opportunity for Haya Solutions Inc. to harness its expertise to be a part of this great event. We would also like to thank everyone who contributed to the success of this work from Haya, Hosni Bey Group, Dokan Tadawul Solution Ltd., Al Mawkaa for services and e-commerce, Tadawul Economic Solutions Company, and Al-Madar Al-Jadeed Company. Without all your efforts, we would not have reached where we are today.

Oracle NetSuite The #1 Cloud ERP

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Oracle NetSuite Alliance Partner

Why Should You Choose NetSuite For Your Company?

As a small or medium size business owner, the first challenge you will face is how to manage your financial matters, supply chain management, human capital management with E-Commerce & retailing management if it was your business sector. With time and reliable growth in your business, initial software programs cannot help you to revise and manage your data. Oracle NetSuite will -certainly- be your smart solution. NetSuite was the program of choice for over 40,000 firms, 10 times further than another substitute with time and data capacity. Do you imagine how this can have a great impact on functionality and performance of your workflow?

It shows widespread functionality with industry-specific support for an extensive range of industries and business sectors. It means that NetSuite works to adapt with the method your business works. Built from the ground up for the cloud. NetSuite can also decrease costs and reduce hassle for IT so you can have a budget for extra items and enjoy an easy workflow.

  1. Usually when you start your business, you would choose initial programs like QuickBooks as a starter system. It really works for start-ups and small businesses but as your business needs change by time and growth, defects will start to show up.
  2. Time consuming is clear for the workers to put up their data manually. 
  3. Poor reporting system. 
  4. The need for appropriate data management.
  5. It works only with one currency.
  6. It can only cover basic inventory management. 

For inventory management, Quickbooks offers only basic inventory functionalities. For example, there is no serialized inventory tracking. Which could create actual problems in your supply chain monitoring and management? In this case finding a more professional and customized program is a must.

How can NetSuite make a tangible difference?

Offers an Advanced Inventory Management. A comprehensive warehouse management system with a 360° view of all operations supported by NetSuite. With real-time analytics along with serialized inventory tracking and real-time reporting, NetSuite provides full visibility. NetSuite also offers a module for demand planning that enables users to predict inventory changes based on past patterns and projected revenue forecasts. NetSuite provides a robust warehouse management system with a 360° view of all activities. NetSuite offers complete visibility with real-time analytics along with serialized inventory tracking and real-time reporting. NetSuite also provides a demand planning module that allows users to predict changes in inventory based on past trends and future sales forecasts.

Extra benefits NetSuite can offer more than Quickbooks :

  1. Subscription Billing
  2. Financial Planning & Analysis
  3. Production Management
  4. Warehouse & Fulfillment
  5. Demand Planning
  6. WIP & Routing
  7. Work Orders & Assemblies
  8. Shop Floor Control & BOM Maintenance

Enjoy the ease of managing your inventory of all items you need in one application only, while in the past multiple apps were needed. Where we handled time zone differences and location matters which enables you to take the right decision for your supply chain management .The choice lies between your hands, now.

 

7 Reasons Why Successful Projects Would Invest in Mobile Apps

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Giving your brand a competitive edge could be the key to differentiate your business from other competitors and achieve success by analyzing the latest trends and consumer behaviours. Making a mobile app for your project could give you an actual edge. Achieving a good customer experience and enthusiastic buying journey should be your target in the current E-Commerce and online business era. A mobile-first approach is overbearing for fruitful businesses, yet many still are behind in adopting a mobile app strategy. Where mobile web can aid raise awareness and surge traffic, mobile apps, on the other side, allow you to raise the customer relationship and surge retention. Without a mobile presence, important marketing chances are lost. Our trade doesn’t requisite a mobile app to sell products to our loyal clients, and perhaps that’s been the situation in the past. But if you want to get ready for the future and start observing the huge welfares right out the gateway, you’ll need to create a mobile app.

There are actually 7 reasons to make a mobile application

1- Engage your Clients with your Brand

Offer them a simple way to communicate with your business, they can search or buy products in an easy step. By creating high customer engagement, you will get higher customer loyalty.

2- Create an Adapted Channels for your Clients

One real advantage of a mobile app is that it offers businesses the chance to personalize their communications channels. By leveraging user profile information, companies can engage their customers separately in real-time. This is enormously important when over 70% of consumers expect personalized experiences and journeys with the brands they interact with usually. An app provides all businesses with the marvellous opportunity to offer a highly personalized user experience and develop deeper relationships with customers. This leads to improved consequences: they can leverage App user profile data to provide highly segmented and personalized communications to each user based on their individual preferences.

3- Better Communication Way with your Consumers

Human customer service or sales team couldn’t be always the best way to connect with consumers. Through a good mobile presence, you’ll continue giving the consumer the same effect of face–an interface precisely to provide them with the best experience of reviewing and determining if they want to buy your product or service.

4- Elevate your profits

Adding paid features, pushing notifications that increase sales and association with third-party companies and their paid ads all together will ensure higher profits

5- Get a Better Consumers Insight

Applications could be a guideline to enable you to understand your consumers better through good analysis of their data. From these, you could enhance your marketing strategy and promotion plan.

6- Localization

It ensures easiness of usage for the most numbers of users globally; you will be able to customize content for each geographic location. This successful strategy guarantees a higher number of business followers

7- Increase your Customer’s Base

Mobile App is not only to keep your current consumers but it will help to increase to attract new consumers through enhancing their user’s experiences. Finding an outstanding software house that could build a customized app that matches your business needs is no simple task. haya solutions experienced team will always be up to your expectations

5 Reasons Show How Can Mobile applications increase business revenue?

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  1.  A good app can make your business stand out. Adding value to your business through apps will gain you more market recognition. More people will like to be interested in using your app and finding information about your business.
  2. The main benefit of a custom mobile app is that it serves to enhance the customer relationship in a great way. Each update on the products and services will reach the customer fast and directly. With the app, the business can receive feedback on the products and services from the customer through the app and take appropriate steps to improve customer satisfaction.
  3. Data is gold and mobile apps can help in business expansion by collecting data on new prospects. This can be done with the help of forms and surveys in the app itself. Use this data, personalize your product and services. Your customer won’t turn back from you!
  4. Through your app, your prospects don’t have to type in a keyword in the search engine and look through the search results. Your app will take them directly to your site or lead them to the physical location of your business.
  5. Your mobile app development service can help with marketing. How? Well, you can push notifications about the latest events and promotional offers through the app. But, make sure you are not overdoing it!

Digital Transformation

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The due diligence of selecting a technology that fits your business is a challenge for most CEOs. It needs Business, Management, and Technology combined expertise. Our experienced and qualified team of professionals helped hundreds of business owners and CEOs in their digital transformation journey.
Learn More https://landing.hayasolutions.com/digitaltransformation/

9 Reasons to switch from Quickbooks to NetSuite

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Quickbooks is a starter system for small businesses that quickly makes the business run but NetSuite is much more. See why…

Introduction

As you expand, you recruit more staff, process more data, and demand greater automation as the number of clients increases. You need an efficiency-boosting accounting software solution that serves as the framework for your increasingly complex business.

With QuickBooks, businesses for particular reasons have to rely on more applications; revenue management, fixed assets, procurement, order management, billing, inventory management, distribution of services, and more. And if these systems are not integrated, the accounting department would have to manage half a dozen different applications and human errors resulting from transferring and merging data between different services, each with its own configurations and end-to-end processes, and you would have to add staff to handle it all.

With SuiteSuccess Financials First, migrating clients from QuickBooks to NetSuite is easy. Think about existing requirements and scalability while deciding whether it’s time to update. And think about your long-term business goals before deciding on financial accounting software. QuickBooks might act as a quick fix, but would it satisfy your needs during growth seasons?

Quickbooks Limitations

Quickbooks is a starter system for small businesses that quickly makes the business run as it manages the financials (Payables, Receivables, etc.)

As the business grows, the starter system functionality is not enough at all and the following points clarify some pain points of Quickbooks:

  • Manual Data Collection

When you deal with Quickbooks, forcing workers to enter and exchange their data (sales orders, invoices, budgets, timesheets, etc.) manually in spreadsheets is always the case. That is time-consuming and can lead to mistakes.

  • Poor Reporting

The need for full real-time insight into the business process is also growing as the organization expands. When using spreadsheets for data collection, real-time reporting about the organization in Quickbooks is almost impossible.

  • One Company, One Country, and One Currency

Multiple subsidiaries and foreign currencies are not covered by Quickbooks. Quickbooks would make it harder to handle market growth internationally.

  • Basic Inventory Management

Quickbooks provides only simple stock functionality when it comes to inventory management. There is no serialized inventory monitoring, for example.

  • Limited Scalability

Specific industry needs are not supported by Quickbooks. It is designed to be a standard system of accounting.

Why You Should Pick NetSuite

NetSuite provides a complete solution for financial management that increases efficiency and decreases the need to add to the headcount as the financial needs of the company to become more varied and complex. NetSuite comes with pre-configured KPIs, workflows, reminders, and interactive dashboards that display precisely how operations and accounting processes match and what needs to be done, rather than just a list of accounting information. Here are some features that empower NetSuite over Quickbooks:

  • Revenue Recognition

NetSuite helps accounting teams to comply with revenue recognition standards and plan revenue to be recognized automatically if a sales transaction consists of a single event, a sequence of actions over a period of time, or multiple forms of deliverables in a package. In real-time, financial statements and forecasts are reliable and revised.

This is particularly useful for software and service companies dealing with various deliverables that involve accounting teams to identify and monitor revenue at various points in time, such as updates, services offered over time, or additional licenses. QuickBooks can create creative workarounds for the limitations, but workarounds eventually produce a morass of manual journal entries, complex spreadsheets for the acknowledgment plan, and unclear or non-existent visibility forward.

Whether a sales transaction consists of a single action, a series of actions across a period of time, or different types of deliverables in a bundle, NetSuite enables accounting teams to comply with revenue recognition requirements and schedule revenue to be recognized automatically. Financial statements and forecasts are accurate and updated in real-time.

This is especially helpful for software and services companies dealing with multiple deliverables—such as upgrades, services delivered over time, or additional licenses—that require accounting teams to recognize and defer revenue at different points in time. QuickBooks can construct clever workarounds for the limitations, but workarounds inevitably generate a morass of manual journal entries, complicated recognition schedule spreadsheets, and unclear or nonexistent forward visibility.

  • Capital Investment

It’s important to be able to monitor your funding while you’re pursuing capital investment. When considering investing in your company, potential investors will need access to your financial statements, and they will also set you debt agreements and revenue targets to benchmark how much debt you should have and how much working capital you need.

When you’re seeking capital investment, it’s essential to be able to track your funding. External investors will need access to your financial statements when considering investing in your company and they will also set you debt covenants and revenue goals to benchmark how much debt you can have, as well as how much working capital you require.

  • Multiple Subsidiaries and Acquisitions

The ability to incorporate new systems will become essential for entering new markets as you hit new levels of business opportunities.

As you reach new levels of business opportunities, the ability to integrate new systems will become imperative to entering new markets.

  • Data Connectivity

Data is a tool that is extremely strong. It gives staff within your organization exactly what they need to make easy, educated choices. Fortunately, NetSuite gives you the power to extract and exchange data automatically from the cloud with your departments. All of this can be personalized, too. NetSuite’s advanced features allow users to configure permissions, ensuring there is no sharing of unnecessary data.

Data is an extremely powerful tool. It gives employees inside your business exactly what they need to make quick, informed decisions. Fortunately, NetSuite gives you the ability to automatically extract and share data with your departments from the cloud. This can all be customized too. The advanced capabilities of NetSuite allow users to customize permissions, meaning no unnecessary data is shared.

  • Better Financial Tools and Financial Consolidations

NetSuite is built alongside your business to size up. NetSuite is completely qualified to manage multiple subsidiaries and foreign currencies and provides specialized financial consolidation tools. Your main accounting processes can be automated with NetSuite, thereby reducing the chance of manual mistakes and delays.

You need a framework that can quickly scale up for you as your business starts meeting more complex financial requirements.

NetSuite Financials enables you to:

  1. Inventory management across various sales channels
  2. Provide insight into the inventory of your business and the services available
  3. Streamline the purchasing processes for purchases, order, and delivery
  4. Manage all the information you obtain on a regular basis from your growing business.
  5. Easily add and maintain new platforms for sales

NetSuite is created to size up alongside your company. NetSuite offers sophisticated financial consolidation tools and is fully equipped to handle multiple subsidiaries and international currencies. With NetSuite, your key accounting processes can be automated, thus reducing the risk of manual errors and delays.

When your company begins facing more complex financial requirements, you need a system that can easily scale up with you.

  • Real-time Reporting

Both QuickBooks and NetSuite provide regular reports on accounting, such as P&L and cash flow. But the expansive library of NetSuite provides real-time data, from sales forecasting to combined reports of parents and subsidiaries. And you can report using the local currency of the countries where the subsidiaries are based, thanks to NetSuite’s multi-currency functionality.

For any record in the system, NetSuite enables detailed drill-down and drill-across reporting with ease. NetSuite reports remove static reporting, providing flexible views from department, location, product line, or any number of operational viewpoints for reports.

QuickBooks and NetSuite both have standard accounting reports, such as P&L and cash flow. But NetSuite’s expansive library includes real-time reports, from revenue forecasting to consolidated parent and subsidiary reports. And thanks to NetSuite’s multi-currency feature, you can report using the local currency of the countries where subsidiaries are located.

NetSuite allows detailed drill-down and drill-across reporting for any record in the system with simplicity. NetSuite reports do away with static reporting, giving flexible views for reports from department, location, product line, or any number of operational perspectives.

  • Advanced Inventory Management

A comprehensive warehouse management system with a 360° view of all operations is supported by NetSuite. With real-time analytics along with serialized inventory tracking and real-time reporting, NetSuite provides full visibility. NetSuite also offers a module for demand planning that enables users to predict inventory changes based on past patterns and projected revenue forecasts.

NetSuite provides a robust warehouse management system with a 360° view of all activities. NetSuite offers complete visibility with real-time analytics along with serialized inventory tracking and real-time reporting. NetSuite also provides a demand planning module that allows users to predict changes in inventory based on past trends and future sales forecasts.

  • Industry-Specific Configuration

With more than 20 years of ERP deployment experience customized to unique industry requirements, NetSuite has an oriented approach, SuiteSuccess. NetSuite is pre-configured to meet the growing requirements of your scaling company from day one with appropriate KPI reporting, pre-configured dashboard systems, and roles and add-ons!

NetSuite has a focused methodology, SuiteSuccess, with over 20 years of ERP implementation experience tailored to specific industry requirements. With relevant KPI’s reporting, pre-configured systems with dashboards, and roles and add-ons, NetSuite is pre-configured to meet the growing needs of your scaling business from day one!

  • CRM and E-Commerce

You need an integrated business structure that centralizes accounting, order management, customer relationship management (CRM), and e-commerce, all in the cloud, to execute growth strategies and make your company become the main competitor in your industry. Essentially, you are equipping the organization with a number of different resources that would not have been available with a starter system when making the transition from Quickbooks to NetSuite.

Your team can quickly and effectively access customer information and respond to customers within record time if the entire organization has access to the same customer information and transactions. It also makes it possible for the sales team to spot opportunities

In order to implement the growth strategies and have your company become a key competitor in your industry, you need an integrated business system that centralizes accounting, order management, customer relationship management (CRM), and eCommerce, all in the Cloud. Essentially, when making the switch from Quickbooks to NetSuite, you’re equipping your business with a variety of different tools that would not have been available with a starter system.

When your whole company has access to the same customer information and transactions, your team can easily and efficiently access customer information and respond to clients within record time. It also allows your sales team to spot opportunities to cross-sell and upsell, and teams can confidently track pending orders, service issues, or overdue invoices.

Why You Should Pick NetSuite

As you expand, you recruit more staff, process more data, and demand greater automation as the number of clients increases. You need an efficiency-boosting accounting software solution that serves as the framework for your increasingly complex business.

As you grow, the number of customers increases, you hire more employees, process more data, and require greater automation. You need an accounting software solution that increases efficiency and serves as the foundation for your increasingly complex business.

Take for example Brex, a fintech company that switched to NetSuite in preparation for entering markets in new countries. While running on QuickBooks and Excel, company leaders had to manually pull monthly depreciation and amortization reports from spreadsheets.

Now, “it’s just a one-button push for the month-end process,” says controller Kevin Moore.

Brex also uses NetSuite to ensure it’s meeting global accounting and compliance standards while delivering corporate credit cards to startups.

On the other hand, the drawbacks of QuickBooks mean that businesses for particular reasons have to layer on more structures or applications: revenue control, fixed assets, procurement, order management, billing, inventory management, distribution of services, and more. These carry in expenses. And if these systems are not integrated, the financial workers must manage half a dozen different applications and risk mistakes attempting to transfer and merge data between different services, each with its own configurations and end-to-end processes, and you would have to add staff to handle it all.

On the other hand, QuickBooks’ limitations mean companies have to layer on more systems or applications for specific purposes: revenue management, fixed assets, procurement, order management, billing, inventory management, services delivery, and more. These add costs. And if these systems aren’t integrated, your finance staff must maintain half a dozen different applications and risk errors trying to transfer and consolidate data amongst disparate programs, each with its own configurations and end-to-end processes—and you’ll have to add personnel to manage it all.

“There’s an inflection point where the systems you’re using just won’t work,” says Sy Gray, co-founder of the widely popular Honey Pot Company, a consumer packaged goods retailer.

Gray and his co-founder tried, through consultants, to integrate their company’s order details with QuickBooks so they could meet the EDI requirements of big-name retailers like Target. After many failed efforts—and racking up costs, with the prognosis of more—the company switched to NetSuite.

With SuiteSuccess Financials First, migrating clients from QuickBooks to NetSuite is easy. Think about existing requirements and scalability while deciding whether it’s time to update. And think about your long-term business goals before deciding on financial accounting software. QuickBooks might act as a quick fix, but would it satisfy your needs during growth seasons?

Once implementation is finished, Honey Pot will be able to house all order data centrally in NetSuite and convert its purchase orders into invoices automatically vs. manually—and more efficiently service 20,000 retail locations worldwide. Migrating customers from QuickBooks to NetSuite is simple with SuiteSuccess Financials First. When considering if it’s time to upgrade, think about current needs and scalability. And before deciding on financial accounting software, think about your long-term business goals—QuickBooks might work as a quick fix, but will it meet your needs during seasons of growth?