There is a reason why a custom-fitted suit makes you look better. Those precise measurements are tailored to provide you with the fit of your choice. Similarly, when it comes to business, a custom-built NetSuite ERP system can take your business efficiency to the next level and improve your team’s productivity.
Why is an ERP System Necessary for an Organization?
An ERP system is like the brain of your organization. As an organization has to manage various business functions, they have to use different software systems to manage each of them. An ERP system integrates all facets of a business, establishes synchronization, and helps businesses gain real-time visibility over them. It gives you the ability to understand, monitor, and control various organizational functions, all while keeping efficiency at its highest.
How a Custom ERP System Helps Your Business
From simplifying your processes to giving you a higher level of control – the power and possibilities with a custom ERP are endless. You might have already seen the ease that an ERP solution can endow to your business. However, if you have not yet used a custom ERP solution, you are possibly missing out on the larger picture and opportunities to scale seamlessly as your business grows.
Many organizations believe that modern ERPs support their businesses out of the box. However, catering to the unique needs of a business takes additions and customization to the built-in functionality of an ERP system. That’s where customizing your NetSuite ERP can make your business more streamlined.
So, in this blog post, we look at four ways a custom NetSuite ERP system can improve your business performance.
Automate Approvals and Purchasing Decisions
One thing that boosts business efficiency is the automation of manual tasks like approvals and purchase decisions. While manual approval processes take a lot of time, they also increase the possibility of errors. It gets a little difficult to keep track of approvals like time-off requests, invoices, expenses, and more when these requests come to you physically. With a custom automation layer, you can have more control over approvals with approval workflows unique to your business. This not only allows things to move faster but also enables them to stay within a defined approval structure. On top of it, a custom NetSuite ERP gives you:
- Editable templates for different types of approval workflows
- Easier and faster collaboration between departments
- Better compliance with accounting procedures
Eliminate Manual Data Entry
Data entry is a requisite at so many levels in an organization. However, doing it manually poses risk. It not only makes errors and duplication prominent but also makes you end up spending more time on baseline tasks. NetSuite can update and capture your data in real-time. So, when repetitive tasks like data entry are automated, your workforce can focus on projects that carry a higher value.
Get a Unified View of Your Inter-Country Transactions
A business with an international presence faces more challenges when it comes to financial reporting. It is because when you have subsidiaries in multiple countries, you have to maintain separate books for each entity. Likewise, each subsidiary has to pay its employees, manage accounts receivable and payable, and pay taxes in the currency of the region where your subsidiary is located.
Next, all of it has to be centralized so that you can have a unified view of all the inter-country transactions. NetSuite benefits multi-national companies in many different ways. Its customization capabilities enable you to have consolidated sales data, forecasts, procurement billing, and more, all visible in one place. With a custom NetSuite ERP, you have total control over the financial reporting of your business, distributed across geographies.
Check out how we helped a G2 DevOps Leader streamline their financial reporting in NetSuite by providing them separate reports for their multi-currency transactions and carrying out custom integration of third-party software with their NetSuite system.
Get Complete Visibility of Separate Legal Entities and Parent Company
With a custom NetSuite system, you can manage multiple subsidiaries and all legal entities effortlessly. Not only does it enable you to have real-time visibility of your business at country, local, and regional levels but also standardizes business processes across divisions and subsidiaries. And particularly, if you are a public company, you will have an increased need to follow the regulations such as SOX (Sarbanes-Oxley) Act and comply with auditable procedures for your subsidiaries across borders.
A custom NetSuite ERP system enables you to go beyond the standard functionality provided on your NetSuite system. This would mean getting customized financial reports related to different legal entities, involving different currencies and taxation procedures, and getting them successfully consolidated. This will allow you to have real-time visibility of your multi-company financial reporting and get all of it synced to your parent company.
Check out how we helped a cloud-based automation testing platform provider to create a unified view of their customer data across countries and added transparency to their intercompany transactions.
If you are using out-of-the-box features of your NetSuite ERP system, it might meet many of your needs. However, if you get it customized, it will align better with your business objectives and enable you to have better control over your business.
Looking for a Customized Solution for Your NetSuite ERP System? Talk to Us!
Popular Blog Posts