Millions of people quit their jobs to start a new business over the last couple of years. Many of these new entrepreneurs see the exciting parts of running a business.
There’s a part of entrepreneurship that people don’t talk about. They don’t realize that 20% of businesses fail in the first year.
Many of them fail because entrepreneurs didn’t get an intro to business and finance. They only know how to provide services, not manage a business.
There are tools like NetSuite that let businesses manage the financial side of the business.
Ready to learn more about how NetSuite can help your business? Keep reading to find out.
Table of Contents
What Is NetSuite?
NetSuite is an enterprise resource planning (ERP) tool that gives businesses a way to centralize data into one place.
There are solutions for eCommerce businesses to track inventory, financials, marketing, and point-of-sale.
Manufacturers can manage every part of the supply chain, which is critical in these times. NetSuite lets small manufacturers scale because every function is centralized.
Other components of NetSuite include a customer relationship management (CRM) system and professional services automation.
Businesses can get detailed information about customers and automate project management.
NetSuite for Financial Management
There’s a lot that happens within a business at the same time. It’s difficult to keep track of things like when shipments come in, invoices get paid, and how much money is in the bank.
NetSuite gives you the ability to manage accounts receivable, accounts payable, and financial tasks. This takes the complexities out of running the financial side of the business.
You can use the tool to determine if you need small business financing or if you can work without it.
NetSuite’s strength is forecasting and modeling. The number one question business managers ask is, “What if?”
The financial modeling gives managers answers so they can effectively plan for almost any scenario. That gives them the ability to respond to situations rather than react.
The business ends up in a much stronger position because the competition is sure to panic and react. You’re cool, calm, and prepared.
Does NetSuite seem like the tool you need to manage your business? You’ll want to know the NetSuite ERP cost.
NetSuite’s pricing model has three components: onboarding, licensing, and customization costs.
The total cost depends on your needs. NetSuite has a lot of options, and you won’t need all of them. This ensures you’re only paying for what you truly need to maximize the return on investment.
An Intro to Business and Finance With NetSuite
If you’re starting a business, you need to have a comprehensive tool that allows you to manage every aspect in real time. That includes financial management.
This guide gives you an intro to business and finance with NetSuite. It is that comprehensive tool that’s perfect for eCommerce businesses, retailers, and manufacturers.
Streamline operations and workflows with NetSuite today.
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