NetSuite is a powerful integrated cloud business accounting software suite, offering functional ERP, CRM, and e-commerce solutions. The software offers sophisticated reporting ability and is beneficial to both medium and large business enterprises. While it may be a no-brainer for most businesses of this size to implement NetSuite, it is important to understand the relevance of the different features to get the most of the software for your business.
In this Ultimate NetSuite Implementation Guide, our team of NetSuite partners and accountants take you through the implementation process that we have honed with years of experience.
Our CPAs aim for a setup that can scale with your business. Getting the implementation phase right is crucial when it comes to understanding the numbers, keeping your books audit-ready, and adding additional modules later on.
How a Netsuite implementation can benefit you
NetSuite integrates various aspects of financial management, including accounting, financial planning, inventory management, and e-commerce, into a single, unified platform. This consolidation not only enhances efficiency but also provides real-time visibility into a company’s financial health. But, the software works best when it is set up with your specific business needs in mind. There is no one-size-fits-all approach when it comes to business finances, but adherence to GAAP guidelines is important if you want to file tax forms that are in line with IRS standards.
While NetSuite can be customized to suit the bespoke needs of different businesses, the right set up for you requires a team of experts that understand your business needs and industry. Too often businesses track tons of data but there’s no integration between different departments – leading to missed opportunities and inefficient processes. This is where a carefully implementation to comes in handy.
At Fusion, our CPAs have years of experience with NetSuite and have implemented the software across various industries. We can address any pain points your business with our NetSuite implementation analysis. To get you started, we provide an idea of NetSuite’s implementation checklist to help you understand some of the integrations your business may need as part of its implementation set up.
1. Choose the right NetSuite implementation teams
Partnering with the right teams, both internally and externally, is crucial for a successful NetSuite implementation. Not only does this ensure maximum utilization of its capabilities but also a seamless integration into your business operations.
Internally
You want to identify employees that are going to spearhead the transition – people who are positive about change and technology. They can help the rest of their teams adapt and see the possibilities of using different software. It is also important that these staffers understand how to use the NetSuite features most applicable to your business. Motivated people typically learn faster which can aid in making the migration smoother!
Partners
When migrating, you want to work with a team that will take the time to know your organizational requirements. You don’t want to be stuck with a vendor support team that doesn’t take their time to get to know your company goals and streamline your finances! That’s what makes Fusion CPA different. We are dedicated NetSuite accountants, CFO advisors, and NetSuite implementers that not only care about our clients, but that understand that every business and industry requires different features and functionality to adhere to regulatory requirements. Talk to us to find out how NetSuite or its added modules and features can benefit your business.
2. Consider the right time to transition
You want to plan migration to be complete well before tax season to ensure that your financials are in order when you file your taxes. In many companies the workload shifts due to seasonal demand, company restructuring, or other unique variables. You want the bulk of the migration to coincide with a time when team members involved will be able to do their part in assisting the NetSuite implementation team – providing them with their data and specific requirements. This is important for a smooth migration.
The team also needs to test the system to ensure that it is set up according to their needs. Then there may be a learning curve, which the implementation team can help them with by providing customized training. We don’t believe in a one-size-fits-all support system. Each team is guided through the transition until they’re proficient in NetSuite.
3. Decide on the best NetSuite package for you
When working with us this won’t be a guessing game! We will help you choose the right NetSuite packages, or modules, for your company. Too often we see that companies try to go at this alone and end up paying for packages they’re not going to use. Or they don’t realize the scope of NetSuite and under-utilize its functionality.
NetSuite’s price is also determined by the licensing you need for your team members. Once we’ve analyzed your requirements, we’ll know who needs:
- Full User License
- Employee Self-Service License
- Read-Only Access
4. Get your data in order
Do you have an inventory tracking system in place? This is going to be important. Our accountants would need to look into the reliability and credibility of your inventory and data tracking systems. This is because getting the data ready is the most important part of a software migration process. But, our experts are experts at this. Depending on which NetSuite modules you’ll be using, we’ll migrate your customer data, employee data, forecasting algorithms, sales data, marketing analytics, and payment processing methods. Basically, any data that is generated in your company can be put to great use with NetSuite’s reporting functions. We’ll also set up automated reporting based on your requirements. We will also advise on integrations that may streamline and automate data processing in your business.
At Fusion, our CPAs are experienced at software implementation and integration. We work closely with businesses to understand your needs and set the software up to ensure that you get the most out of it.
If you need NetSuite assistance or training contact us to help you maximize the software’s capabilities.
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This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. We base articles on current or proposed tax rules at the time of writing and do not update older posts for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
