How CFOs Can Leverage NetSuite to Increase Efficiency & Business Productivity?
In today’s hyper competitive market, CFO has become an indispensable part of business. The role isn’t crucial in the big companies but midsize and even small firms are also recognizing the value of an expert financial adviser for growth and sustainability. CFO plays a critical role in ensuring that revenues and expenses stay in balance, financial planning, fiscal analysis, obtaining funding, analyzing data and crafting budgets.
As you’re now aware about the roles and responsibilities of a CFO, let’s discuss what common problems a CFO faces and how NetSuite can address these challenges.
- Juggling too many responsibilities: The rapidly changing regulatory and compliance requirements are creating great challenges for CFOs of global firms. Furthermore, they need to track accounting and finance to have clear visibility of the fiscal condition of the company.
- Managing cash flow: A healthy cash flow is a must for survival of an organization. As a CFO, you need to manage revenues and accounts receivables and also have to keep a watch on outgoing payments and short- and long-term liability.
- Developing accurate financial scenarios: CFO needs to perform thorough analysis of various economic conditions happening around on the organization’s revenues. The CFO needs to plan for both positive and negative outcomes due to economic conditions.
- Accurate reports: Financial reports are always critical for business success. In this fast-paced global business environment, real-time access to information is the key to success as strategic decisions, and risks are based on that.
As you’re now aware about the challenges CFO face in their day-to-day function, we recommend an effective and integrated Enterprise Resource Planning (ERP) solution is critical for growth and success. Among some of the most eligible available options, we recommend NetSuite. Our recommendation for NetSuite is without any bias and we’ve plenty of reasons for that which are listed below.
- Global compliance: NetSuite supports global operations with always-on audit trail, built-in analytics, real-time access to logs and automated workflows. NetSuite supports 190+ currencies and exchange rates along with 27+ languages. Leveraging NetSuite, companies can easily manage global businesses as it supports taxation and reporting requirements, across geographies and subsidiaries and offers real-time financial consolidation and visibility.
- Financial planning & budgeting: NetSuite eliminates labor-intensive manual consolidation of financial data and reporting. Finance team can quickly and easily produce budgets and forecasts, leveraging different data models and what-if scenarios. As CFOs have real-time access to up-to-date financial and operational data, they can easily have better financial control. Real-time visibility to finances ensures that the current business situation is always clear to CFOs.
- Diversify and expand your business: NetSuite is a growth enabler as you can seamlessly manage multiple subsidiaries. With support for multiple currencies, dozens of languages and a wide array of tax and regulatory requirements, NetSuite helps you easily manage business in more than 215 countries and dependent territories.
- Actionable insights at your fingertips: NetSuite empowers CFOs with real-time access to actionable insights such as revenues, expenses, client acquisition, profit and loss, ARRs, and more. Leveraging these KPIs, they can easily make data-driven decisions.
AGSuite is here to help you
If you’re considering NetSuite for financial management but don’t know how to get started with it, AGSuite is here to help you. We’re an authorized NetSuite Cloud Solution provider and can help you with licensing, NetSuite implementation, customization, and integration. Our techno-functional NetSuite consultants have the in-depth experience, knowledge, and skills to tailor NetSuite as per your unique business needs. Talk to our experts today.