Are you tired of manual accounting methods that take up too much time and leave room for error? It is time to upgrade to a modern, integrated system like NetSuite. Whether you already have an in-house team or thinking of outsourcing your accounting, NetSuite can help revolutionise the way you handle your finances. However, if you plan to outsource, it is better to go for a service provider offering NetSuite accounting services. In this post, we will explore 6 compelling reasons why you should choose NetSuite over manual methods of accounting. From improved collaboration to enhanced security, discover how this powerful platform can streamline your financial processes and help your business thrive. 

 6 benefits to using NetSuite 

1. NetSuite is an integrated system- NetSuite is a cloud-based enterprise resource planning (ERP) system that offers an integrated approach to managing your business. What does this mean? Essentially, it means that all of the different components of your accounting process – from invoicing and billing to financial reporting and analysis – are connected within one platform. This integration has numerous benefits for businesses looking to streamline their operations and reduce the risk of errors. With NetSuite, you can easily track payments, manage inventory levels, and generate invoices, all in one place. However, streamlining the payment part becomes easier with expert assistance. In this case, you can consider the option of outsourcing accounts payable to an expert service provider. 
2. NetSuite offers real-time visibility into your business- Another significant advantage of using NetSuite for your accounting needs is the real-time visibility it provides into your business. With manual methods, you often have to wait days or even weeks for data to be properly input and calculated before you can make informed decisions. NetSuite’s cloud-based system allows you to access financial data in real time, giving you up-to-date information on your company’s financial health. This immediate insight enables faster decision-making and more effective problem-solving at every level of your organisation. The platform also utilises customisable dashboards that allow users to view key performance indicators (KPIs) in a concise visual format. These KPIs can be customised according to each department’s requirements, allowing everyone, from sales representatives to executives, access to the relevant metrics they need. 
3. NetSuite is scalable and flexible- Another benefit of using NetSuite over manual accounting methods is its scalability and flexibility. As your business grows, so too can NetSuite’s capabilities. Whether you need to add more users or expand into new markets, NetSuite can easily adapt to meet your evolving needs. With manual accounting methods, scaling up often means adding more staff and increasing the workload on existing employees. It not only increases costs but also introduces a risk of human error that could lead to costly mistakes. NetSuite eliminates these risks by providing a platform that can grow alongside your business in a seamless and efficient way. With its cloud-based architecture and modular design, you can quickly add new features without worrying about compatibility issues or downtime. Using accounting services providers proficient in offering NetSuite accounting services helps businesses enhance the scalability and flexibility offered by NetSuite. 
4. NetSuite improves collaboration- Another important benefit of using NetSuite for your accounting is the improvement it can bring to collaboration within your business. With manual methods, information and data are often siloed and difficult to share between departments or individuals. This can lead to duplicative efforts, miscommunication, and errors. NetSuite’s cloud-based platform makes sharing information easy and efficient. Users across departments can access real-time data from a single source, reducing confusion and improving accuracy. Communication between teams also becomes easier with NetSuite’s built-in messaging system. In addition to facilitating communication between internal teams, NetSuite also supports collaboration with external partners, such as suppliers or customers. The platform allows you to grant controlled access to certain parts of your account so that others can view relevant data without compromising sensitive information. 
5. NetSuite provides better financial reporting- With NetSuite, you can generate detailed and accurate reports about your business finances in real-time. NetSuite’s financial reporting capabilities are comprehensive and customisable, allowing you to create reports tailored to your specific needs. Whether you need a report on cash flow, balance sheets, or income statements, NetSuite has got you covered. Another advantage of using NetSuite for financial reporting is that it eliminates the risk of human error. When generating reports manually, there is always a chance that someone may make a mistake when inputting data or calculating figures. However, with NetSuite’s automated system, all calculations are performed automatically without any room for errors.   
6. NetSuite offers enhanced security- Lastly, one of the biggest concerns for businesses when it comes to accounting is security. NetSuite understands this and offers enhanced security measures that manual methods simply cannot compete with. Firstly, NetSuite stores all your financial data in a secure cloud-based system, meaning you do not have to keep sensitive information on physical servers or hard drives, which are vulnerable to theft or damage. Additionally, NetSuite uses strong encryption protocols and multi-factor authentication to ensure only authorized personnel can access the system. This means that even if a password is compromised, there are multiple layers of protection in place. 

Final words 

NetSuite is the perfect solution for businesses looking to streamline their accounting processes. With its numerous benefits compared to manual methods, NetSuite offers a comprehensive suite of features that can benefit any organization. By choosing NetSuite over traditional manual accounting methods, businesses can save time and money while also gaining valuable insights into their company’s financial performance. Whether you hire an in-house team or opt for NetSuite accounting services, NetSuite can help your business efficiently manage its finances. So why wait? Choose NetSuite today and take your business to new heights with its powerful features!