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Outsource Netsuite Accounting – The Most Effective Financial Strategy

Last updated: 22 Jan, 2019 By | 6 Minutes Read

Any business must have an effective financial strategy in place before it can fully optimize its operations. For small businesses and start-ups, it is a comprehensive plan that defines a road map for future growth and development.

It includes a study of competitors’ methods that have made them successful (or sometimes why they have failed to make a mark), market positioning of their brands, product pricing and most important financials like cash flow and projected working capital requirements. For large and established companies it is expanding operations on an already existing rock solid foundation.

These have been the traditional line of thinking for ages until a new kid appeared on the block and the conventional approach took an almost U-turn. While growth was previously measured primarily against incremental sales and turnover, the focus now is on maximizing profits and making optimum use of internal resources like capital reserves to fund diversification, new product launches and expansion into new territories.

The business mantra became directly linked to increasing revenue and decreasing expenditure and stakeholders now want their share of dividends regardless of any operational problems that companies might face.

In this scenario, business thought process gradually veered around to an analysis of which work in the whole structure can be done at lower costs without compromising on the quality of output. This resulted in the demarcation of business functions into a core and non-core activities. In the first instance, all tasks that have a direct bearing on the business expansion are taken into account. This includes policy management and working out future approaches that directly impact the business.

Non-core activities are those that prop up the business and lend support to the main work on hand. These comprise of data entry and processing, accounts and bookkeeping and documentation. In the insurance sector, claims and commission management also fall in this category.

A sound financial business strategy is now considered to be one where non-core activities are outsourced to professional agencies and monetary and other advantages gained from it are diverted towards building a strong business core. In the recent past, a lot of emphases has been given to outsourcing accounting functions.

This has resulted in a number of accounting software being tested and implemented by these agencies and this has made maintenance of accounts highly accurate and precise. Standing tall in this group is Netsuite and decision to outsource NetSuite accounting and bookkeeping services is the much-preferred option in business circles today.

What does Netsuite bring to the table that is a cut above the others? From a business owner’s standpoint, you should evaluate it from a number of angles –

Seamless Integration

The first thing that you would always want is to be in the loop of things 24×7 so that business decisions can be made quickly. Netsuite provides for seamless integration between the systems of the accounting services and those at your end. All modules are constantly in sync between the two, whether it is vendor management, payables, and receivables, payroll management or bank reconciliation.

There is hardly any time lag between uploading data to them and it is processed and sent back to you. The benefit that you get is that you have the latest financial state of your business with you round the clock based on which you can take quick decisions and avoid lost business opportunities.

Invoice management

This is the bane of most business owners and you must have faced bottlenecks in your order-to-cash delivery process at some time or the other. Make Netsuite a part of your financial strategy and iron out these kinks once and for all. Every stage of an invoice life cycle is tracked by this software – from the issuance of a sales quote to sanction of the order, implementation of the order to invoicing and then right up to payment.

Due dates are maintained automatically and reports on the state of the orders can be had for the asking. You, therefore, are constantly aware of the sales and revenue of your company.

Optimizing recurring revenue process

A continuous flow of recurring revenue is the lifeblood of any business. Based on your projected inflows and the definite subscriptions on hand from which revenue can be expected you will make provisions for future growth, diversification, and launches of new products.

When you outsource Netsuite accounting, all back-office and front office functions related to recurring revenue management are integrated and you get the total picture of customer behavior and interaction. You can take positive steps for customer retention as well ensure that the business grows with the addition of new customers.

There are many other reasons why you should make Netsuite a critical component in your overall financial strategy. Netsuite incorporates a real-time dashboard that puts even the smallest accounting head and parameter before you round the clock. Further, it also facilitates payroll management even to the extent of tax computation. It is small wonder then that businesses are shifting big time to agencies offering top of the line Netsuite accounting services.

Opt for Cogneesol if you are looking for experienced and professional Netsuite accounting services. Our accountants are well qualified and trained to handle every aspect of Netsuite software.

To know more, contact us at info@cogneesol.com.

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