In my role as CFO for a small private equity-backed technology company, one of my first responsibilities was to lead the implementation of NetSuite’s cloud-based ERP system. This replaced a Microsoft Great Plains/Dynamics for financials and dozens of customized SQL database applications that supported operations and customer service.
The implementation was completed successfully in about six months, and the impact on the company was incredible. The company had offices in four cities in the US and Canada. Previously only four users could access to the financial systems, and access outside the facility with the server was incredibly slow. Data redundancies existed between Great Plains and the SQL databases that were eliminated with the implementation of NetSuite ERP. The speed of access to information from the systems increased incredibly for several reasons. NetSuite’s easy-to-use search and reporting tools had lightning fast speed from any browser on the Internet, even when processing hundreds of thousands of records. This eliminated the need to depend on a few SQL application specialists who previously had to write custom searches for anyone who needed any information from the database. NetSuite’s CRM integrated of course with all our financial and operational data, allowing team members to easily exchange information and better serve customers.
We then streamlined a number of business process using NetSuite’s partner companies, including applications for financial reporting, budgeting and forecasting (Adaptive Insights and HOST Analytics), sales tax reporting (Avalara), employee expense reporting (Nexonia), human resource management and time reporting (TribeHR), credit card processing (CyberSource), automatic faxing of system documents (eFax), fixed asset accounting (AVT), and more.
Other business process improvements were realized through the use of a NetSuite implementation consultant, including enhancements in revenue recognition and online ecommerce transactions.
In short, the implementation of NetSuite completely redefined our company’s business processes, access to information, and the ability of the team to share information and take action. Revenues almost doubled and earnings multiples of that.
See my full review on TrustRadius titled: “CFO/CIO perspective on NetSuite, as used by a subscription/data/technology company.”
I’ve since been helping small to medium-sized companies grow from Quickbooks, Great Plains, Epicor and other systems to NetSuite as their full, cloud-based ERP business system. NetSuite’s capabilities to be customized to unique business needs while still running a vanilla version of the software from an upgrade perspective are the best I’ve seen. NetSuite is ideal for any recurring revenue or subscription business. I’ve also worked with clients using NetSuite for consumer retail, medical and B2B products. I’m also always impressed with its ease and in creating custom data, processes, forms and reports, and its speed in retrieving even hundreds of thousands of records of data for searches. See NetSuite’s white paper “Why Fast-Growing Companies Leave QuickBooks and Adopt Cloud Financials to Accelerate Growth” for details.