NetSuite Tools for Construction Management

NetSuite Tools for Construction Management

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The construction industry like any other business has many tasks to complete in its operations. From human resources, time tracking to bid management and cost control, all of these tasks must be looked after to have a successful seamless construction business. Office duties are just as equally important as on-site duties, communication within these departments must always be top of mind.

A construction management tool (CMT) such as NetSuite, is a powerful tool that can be used to optimize the way you manage your operations. This includes human capital, project management, materials, resources, and more! A fully integrated solution should be a high priority for construction management operations due to elaborate construction projects that frequent. NetSuite can assist the project workflows by improving efficiency and automating various tasks. There are 5 features where NetSuite can assist with the needs of construction management:

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NetSuite Provides a Holistic View of your Projects

With NetSuite’s cloud-based software tools, construction managers can streamline projects by providing information across all operations, including customer relationship management, payroll, marketing, finance, and much more. NetSuite ERP can create seamless operations across all channels, with this holistic view of construction operations it is guaranteed that productivity will increase. With a 360-degree view, supervisors can get insights into projects and track all workflow activities making NetSuite the ideal project management software on the market.

Integration

NetSuite software solution has the capability to integrate with other programs such as Salesforce. With integrations available managers do not have to fear losing information to past software but rather, they can integrate and sync information to create one holistic ecosystem for all of the company’s operations. Previous project plans and business processes can be used with NetSuite’s integration capabilities to incorporate other data and make use of previous resources, resulting in seamless resource allocation for a successful project.
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Efficient Inventory Management

Enterprise resource planning systems also aid inventory management. They allow better support with real-time visibility such as inventory tracking, planning, even forecasting, and seasonal fluctuations. NetSuite can then issue alerts such as for restocking to assist inventory maintenance. Automations such as this increases time efficiency by removing guesses of inventory fulfillment. Staying within project budgets and not accruing additional costs due to overstock is crucial in cost management. With daily reports and real-time insights, budget management is painless.
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Collaboration Among Teams

Collaboration across departments requires having an easy transfer of data and files. Holistic information integration contributes to filling any gaps in communication that could appear when there isn’t a cohesive system in place. To be specific collaboration within teams allows for document control, documents can be seamlessly shared and updated. Even communicating schedules, project status, reports are available with a role-specific dashboard. What this means for a construction company is that office teams and engineers can easily communicate with field teams in real-time, leading to making crucial informed decisions for construction projects. Implementing NetSuite can provide a singular construction project management solution that can facilitate both internal and external company communication. Business intelligence measures result in a project team having the capacity to make the best decisions that will meet a business plan and objectives.
A construction management software such as NetSuite provides the needed tools for your entire team to remain within business functions and lead projects to successful completion. Having a construction ERP software where you have a centralized repository even allows the entire field team to have real-time data and project tracking. Project management tools are not only for the capital projects but can provide support to office teams and assist in delivering and completing projects on time.

Make the switch from Quickbooks to NetSuite – Part 2

Make the switch from Quickbooks to NetSuite – Part 2

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An in-depth look into NetSuite’s features in comparison to Quickbooks

Last week we briefly reviewed and compared the differences between Quickbooks enterprise and NetSuite ERP and how their features compare. To recap, our last blog mentions how Quickbooks enterprise meets basic business requirements for small businesses with abilities to accommodate tasks such as bookkeeping, managing invoices, and basic cash flow tracking. It fails to do more complex business processes that NetSuite covers such as advanced reporting and a superior accounting solution. With NetSuite’s financial management capacities, it can combine the core finance and accounting functions to take your business operations to the next level.

Below we will go into detail about NetSuite’s user-friendly features and key business processes.

Revenue Recognition

NetSuite ERP in comparison to Quickbooks enterprise enables accounting departments to schedule, automatically recognize and comply with revenue recognition requirements, whether a sales transaction consists of a single, or multiple actions over a stated period of time or across different types of deliverables in a bundle. These advanced features have the capacity to deliver accurate real-time financial statements and forecasts for optimal financial management. Features such as the ones mention all companies that have multiple deliverables that need accounting teams to be able to recognize and defer revenues at different times.

Billing

When it comes to tackling billing, NetSuite helps companies gain from real-time visibility by incorporating it into the billing and financial tasks. This allows for more transparency by using consolidated invoicing, automated processes, and support of different pricing models. Features such as subscription billing are some of the features that really outshine Quickbooks enterprise making NetSuite the better option. Businesses can schedule subscription changes, removing any need to manually track them and set customer-specific discounting and pricing. NetSuite’s billing capabilities can even combine one-time product of service purchases with recurring services on a single bill.

General Ledger

A general ledger (GL) allows accounting information from the consolidated level to individual transactions in which provides customization of your GL to meet the needs of the company. Users can add custom GL impact lines to transactions such as vendor bills across many accounting books in which would reduce the time required for reconciliation and other accounting activities. NetSuite’s capacity to record book-specific activity based on single business transactions that were recorded on the GL, revenue recognition, expense amortization, depreciation, and more goes beyond Quickbooks functionalities.

Beyond bookkeeping functions, NetSuite can eliminate the need for a complex chart of accounts by allowing tracking details during the transaction level. Quickbooks enterprise has limitations in which it is not able to accommodate multiple tags as users try to implement workarounds.

Accounts Payable

When it comes to purchasing controls Quickbooks enterprise does not provide any, another reason for users to choose NetSuite over Quickbooks.NetSuite has an approval workflow engine that reduces risk by ensuring that purchasing and accounting controls and policies are being complied with. Approvals become much easier during times where individuals are not working in the same settings. Discount calculations and exception processing can be automated when invoices and purchase orders do not match. Through the reduction of manual data entry, it allows companies to gain more time as processing bills from vendors becomes a faster task.
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Accounts Receivable

NetSuite’s accounts receivable (AR) features allow you to handle your customer list, track your receivables and payments, all without needing to enter time-consuming detailed debits and credits. Configurable dashboards, reports, and KPIs provide a real-time view of accounts receivable data such as customer aging, invoice analyses, recurring invoices, deferred revenue, and exception reports that flag account irregularities. Business owners can also offer self-service access to customers providing them with real-time insights about orders, inventory levels, and payment information. By simplifying the payment process with emailed invoices and payment options business performance and customer service satisfaction can greatly be increased. In comparison Quickbooks enterprise can’t handle the same advanced functionality, it can create journal entries but it can not perform both downloads and schedules. NetSuite’s advanced revenue management makes for an effortless ability to forecast and record revenue with an added billing and contract renewal feature.

Fixed Asset and Lease Management

NetSuite addresses lifecycle management by easily reporting on fixed assets, tracking depreciation or non-depreciating company assets from every stage, creation, depreciation, revaluation, and disposal. By doing this documenting and maintaining accurate records on assets becomes easier. Accountant users benefit from NetSuite’s business intelligence by addressing reporting and new accounting requirements. Tasks such as setting up amortization reports and schedules, splitting interest expenses from rental expenses for reporting purposes are supported through this robust accounting software.
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Inventory Management

With a variety of features, NetSuite also provides advanced inventory management. Detailed reports and clear visibility of their inventory. These features minimize manual processes throughout the inventory lifecycle by automation of real-time tracking of inventory, orders, and sales. Insights provide a business solution that helps business owners make data-driven decisions. Strategic decisions allow room for maximizing sales and greater control of business finances.

Inventory tracking functionality is also available with NetSuite. Where warehouse management such as inventory counts, pick, pack and ship, integrated barcoding, and multi-order picking is included in this all-in-one platform.

Reporting

Both Quickbooks enterprise and NetSuite ERP have standard accounting and financial reports such as cash flow reporting. Although, NetSuite’s functionalities are advanced. NetSuite offers extensive functions such as real-time data and reports, from consolidated reports to revenue forecasting. In addition, the multi-currency feature can be used for reporting using local currency depending on the different regions your business operates. All in all, both basic accounting needs and more complex processes can be reached with NetSuite. Simplicity and ease of operations while also giving flexible views for reports from different departments, regions or even product lines is an advantage that business owners hold into great consideration.

NetSuite is a holistic ERP system (Enterprise Resource Planning) that can provide more than accounting functions. It is a business accounting software solution and more, providing more than basic functionality. Key advanced features include real-time insight, expense tracking, multi-company & consolidation revenue recognition, and much more. All these functions not only benefit the financial gains of an organization, but it allows the company to grow further through customer relationship management which fundamentally is the foundation and key element of a growing and healthy organization.

ERP for Apparel, Fashion & Footwear Industry

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The need for a modern ERP for Apparel, Fashion & Footwear industry

The apparel, fashion and footwear industry deals with an uneven landscape across their manufacturing, distribution, e-commerce and in-store channels. With an ERP system (Enterprise Resource Planning), apparel manufacturers can modernize their operations for better work productivity and efficiency.

As your company grows, you will soon start to find yourself implementing more solutions to keep up with the product demand and company scalability. At some point, your company will start to slow down as there is more software in place without any integrations. These types of solutions are termed “hairball solutions” which end up using extra company resources without any actual returns. Companies with such type of a solution architecture often deal with duplicate data entry, increased manual work, lack of system integrations that affect business functions in the long run.

In order to avoid such costly scenarios, we urge all growing businesses to opt for a solution like NetSuite, which keeps growing along with your company even 10 plus years from now.

An ERP business solution like NetSuite can easily handle all business operations from a single management solution which eliminates the need for running multiple management solutions. NetSuite ERP can easily handle many aspects of the apparel and fashion industry like demand planning, apparel/footwear design, merchandising, eCommerce, shipping, production, revenue recognition, billing, finances, accounting and more.

In a nutshell, NetSuite ERP can optimize the business performance/revenue with a reduction of manual errors and a better time to value.

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What is the innate need for getting an ERP for the Apparel industry?

Accounting, procurement, demand planning, inventory management, shipping, customer relationship management, labour management are some crucial parts of the fashion industry. As mentioned before, some companies might be handling these functions on different systems but that affects the performance of the company. By utilizing an ERP system like NetSuite, the Apparel industry can automize these functions and cut back on time and increase their productivity by ten folds!

Benefits and key features of an ERP system for the Apparel companies

The main focus of an ERP implementation is to ease and streamline a business. Once a business is running on a modern ERP system, they will soon find themselves to be more efficient in their line of business. Without further ado, here are some of the most major benefits of an ERP system for the Apparel industry.

Better inventory control and management

An ERP system helps in better inventory management by sorting inventory into different segments. Companies can set up their inventory based on colour, design, shape, size and some other attributes among more. Companies can also set up matrix items for easy inventory control, whereas companies can also manage their vendor-managed inventory completely via NetSuite. Such optimal inventory management helps businesses to meet the demand while ensuring inventory that comes first gets sold first (FIFO).

Production & Supply Planning for the high demand Fashion industry in NetSuite

Apparel and footwear brands are often under immense customer service and cost pressures to produce and procure the right products (garment, dye etc.) at the right time. By offering live-time visibility into your inventory status and sales metrics, NetSuite gives fashion producers and the textile industry, the most accurate and up-to-date information for proper manufacturing and purchasing plans. This, combined with NetSuite’s ability to manage complex supply chains—including co-packers and 3RD party logistics — makes NetSuite a comprehensive production and supply chain management tool for the modern Apparel, Fashion & Footwear businesses.

NetSuite also helps fashion brands and the textile industry by providing a real-time view and real-time data into the manufacturing business processes of the fashion industry like dyeing, labelling, printing, colouring, sewing and more. Custom quality control checks can also be set up to ensure the right product reaches the right customer.

Handle customer payments, invoices and receipts in NetSuite

NetSuite business intelligence tool has a full-fledged Accounting management solution that can handle Accounts Payables (AP), Accounts Receivables (AR), invoices, billing and more. With NetSuite, you can conveniently handle multiple customers with diverse orders at the same time as it can automate the billing process. NetSuite can also notify you about pending balances, receipts and invoices etc. to ensure your general ledger (GL) stays updated every time.

On the other hand, NetSuite can also handle taxation and compliance of different countries with NetSuite OneWorld.

Accurate Demand Planning in NetSuite for the textile industry

Demand planning is a very important aspect when it comes to the time-sensitive fashion industry. Companies need to make sure that their Demand Planning data is accurate, or they run into the risk of high monetary losses due to short demand & wasted inventory. Proper demand planning is necessary to meet customer demand/expectations and to improve operational efficiency. NetSuite’s modern demand planning features factors in a wide variety of information in the demand planning process —including historical sales, new opportunities and quotes, sales orders, seasonality and trends etc. — to provide the most robust and pinpoint picture of demand.

Centralized alerting, reporting & monitoring within NetSuite

NetSuite consists of robust reporting and alerting functionality that leverages an intuitive modern user experience (UX) to empower users to perform complex data analytics in a matter of seconds! Users can easily and securely explore their data, create sophisticated criteria filters with real-time insight whereas NetSuite reporting provides a set of standard and customizable reports for all transaction types. In order to get desired information quickly, business users can create Workbooks on the fly without writing a single line of code or complex queries. Users can also set custom email or text notifications that may trigger whenever a specific action is taken such as sending email notifications to customers updating them about their shipment status.

Advantages of an ERP system for the Fashion business

NetSuite is an all-around system capable of streamlining every aspect of the entire business including demand planning, eCommerce, inventory management, warehouse management, manufacturing, shipping and more. NetSuite is regarded as the #1 ERP for its scalability and as it remains fully functions even 10 plus years from now. Business owners can implement necessary NetSuite business models at the start while adding additional modules as they keep growing in the later stages.

Advantages of an ERP system for the Fashion business

NetSuite vs QuickBooks

NetSuite vs QuickBooks

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NetSuite vs Quickbooks – Overview

Why should you consider switching your ERP system to NetSuite? Are your business operations growing? Need a more complex system? While plenty of businesses begin with Quickbooks ERP for core processes, oftentimes these businesses begin to outgrow this software solution and decide it is time for an upgrade. Although both Quickbooks and NetSuite can manage accounting solutions, there are major gaps that Quickbooks does not meet which is why NetSuite is regarded as one of the best ERP systems.

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Quickbooks

Quickbooks is an enterprise resource planning system that requires more manual processes. Since it is software in which it has no cloud services, businesses must search for a third-party hosting company to have the benefits of a cloud. Although, this means that with an added vendor managing a manual inter-company transaction there will be communication gaps and errors with data. Unfortunately, with Quickbooks’ traditional accounting solutions, their capabilities are limited. Quickbooks fails to meet functions such as automation, subscription billing, asset management, and reporting, often times this leads to issues such as redundant processes and duplicate work.

NetSuite

On the other hand, is NetSuite ERP, a system with advanced features that can integrate different parts of a business into one platform. Supporting business at every stage through its lifetime. This unified platform can provide real-time data with customizable components and dashboards. It goes beyond accounting functions, serving different departments of an organization such as boosting operational efficiencies through customer relationship management, human resource management, automation, and much more. Being designed for a cloud structure analytic data is always accessible without any additional vendors or infrastructure. As an accounting solution, NetSuite is able to manage end-to-end tasks such as cash flow & revenue management, automatic quote-to-order fulfillment, and integrated planning & budgeting, going above and beyond basic bookkeeping.
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Feature comparison – NetSuite vs QuickBooks

Quickbooks meets basic business requirements for small businesses due to its ability to accommodate bookkeeping tasks, such as managing invoices and basic cash flow tracking. General month-to-month reports with the main task of bookkeeping small businesses manage. It checks the boxes for standard procedures while NetSuite offers bookkeeping and more, a complete financial solution that increases efficiency. As a business grows, NetSuite is capable of supporting the growth by reducing headcounts, preconfigured KPIs, workflows, customizable dashboards, and more! In basic terms, NetSuite has the capacity to do more for your business’s financial operations, by combining the core finance and accounting functions with a heavy focus on compliance.

Financial Management – NetSuite vs QuickBooks

When it comes to business financial tasks NetSuite allows business owners to have more transparency with features such as consolidated reports and invoicing, automated processes, and support of multiple pricing models when it comes to billing features. Accounting data can be brought down to individual transactions where your general ledger (GL) can be tailored to your entire business. GL business processes reduce time and effort for a superior experience. Accounts payable (AP) functions with NetSuite enforces segregation of duties through controlling functionality users are permitted to, this allows for users to be held accountable and to avoid situations such as embezzlement. NetSuite’s accounts receivables (AR) functions to assist in managing tasks such as customer invoices, tracking receivables and receiving payments avoiding entering details such as debits and credits, and much more. Accountant users truly benefit from automating their tasks in return also giving them more time for other productive tasks. Netsuite serves as one of the top ERP systems that offer an all-in-one accounting platform when in comparison to Quickbook’s basic features.

\In addition to NetSuite’s accounting processes, it is also able to sustain other key business processes such as revenue recognition of sales transactions by enabling teams to comply with requirements and setting up automation for revenues to be recognized instantly. With the management of asset lifecycles, reports are available on fixed assets, tracking depreciation expenses, revaluation, and disposal of company assets. Other factors such as inventory management are also another added bonus to this business accounting software. Inventory management allows for clarity of stock levels. It minimizes manual processes by real-time visibility providing insights for the company’s decision-makers. Finally, reporting for NetSuite has a variety of features from standard accounting reports to others such as real-time reports, revenue forecasting, expense tracking, and consolidated parent and subsidiary reports, all while meeting reporting requirements. The overall supply chain management and human capital management aspects of the business are all taken care of with this all-in-one platform.

Why trust NetSuite over QuickBooks?

When trying to scale your business, NetSuite will not cause limitations, with the added number of customers, employees, increased data greater automation will be required. In this case, NetSuite serves as a foundation for a rapidly growing business offering advanced reporting and business applications. Previously companies entering new regions, business leaders manually would do tasks such as pulling monthly depreciation and amortization reports from spreadsheets, not only a tedious task but highly prone to error. Now with NetSuite, it basically just comes to a push of a button. NetSuite also supports growth in different regions by complying with different standards and requirements.

With Quickbooks, there are limitations. Organizations must layer more systems or applications to meet different purposes, such as procurement, revenue management, inventory management, and more. These become added costs and it also becomes added responsibility for the finance departments, this reduces efficiency, allowing more room for errors and increases spending.

When implementing NetSuite ERP your business can excel when the time comes to scale. Business owners need a business solution in which is more functional and less daunting. A system where there are no headaches for employees and tasks can be completed with efficiency. Basic functionality does not support growth for business models in the long term, as more complex platforms are needed. Ditch basic platforms and watch your business performance gain advanced functionality with no additional costs when implementing NetSuite, the market leader of ERP systems.

Working with ERP Buddies

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