One of the most exciting parts of McGladrey’s business is working with startup companies. When a new company asks for suggestions about choosing an accounting, sales and supply chain ERP systems, I recommend evaluating NetSuite. The reasons for this tie back to my general recommendations to those launching new businesses:
- Go fast. Going fast is critical to the success of new organizations whether it’s getting your product to market first or building a revenue stream before capital runs out. NetSuite leverages the cloud to speed the deployment of your new ERP system. With cloud applications, you skip steps like ordering hardware, configuring servers and installing software that can consume a third of the project timeline.
- Grow fast. Growing fast is the point for most startups. However, the wrong business system can hold you back by requiring additional hardware and installation time, lacking support for complex processes or simply not being able to support more users. NetSuite eliminates barriers that prevent rapid scaling. Additionally, NetSuite’s support for multiple currencies, languages, and tax systems allows for international growth.
- Know the flow. Know the flow refers primarily to cash flow and lead or customer flow. Building your customer base quickly and spending cash slowly is a great recipe for startup success. Watching these key metrics is easy with NetSuite’s dashboards and key performance indicators are available on your laptop or iPhone. NetSuite includes comparative periods as well as current information so you can gauge where things are headed.
- Reduce Risk. Starting a new business is risky enough. Any risks that can be controlled should be controlled. That includes accounting internal controls, IT risks, and buying too much or too little system. NetSuite boasts internal control tools that have seen many companies through the IPO and SOX process. When you work with NetSuite, you leverage an IT team that serves 12,000 customers on the NetSuite platform to manage security and availability. The elasticity of a cloud solution allows you add users quickly or periodically scale down as your business growth demands.
RSM can help with your ERP evaluation process from helping you identify requirements to provisioning software for evaluation. With the diversity of businesses being launched, NetSuite is not the ideal application for every business, but should be on the short list for most. If you are a start-up business and would like more information, contact our professionals at email@example.com or by phone at 855.437.7202.
By: Matt Kenney – Colorado NetSuite Solution Provider