Using SuiteSpaces ERP to Improve the Self-storage Businesses

Using SuiteSpaces ERP to Improve the Self-storage Businesses

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The self-storage industry is a booming industry, its expansion is drawing the eyes of many. Investors have begun exploring the self-storage industry as an opportunity for investment due to the ease of maintenance, and room to expand & grow in the industry. While this is a mature industry, in the last few years, self-storage has experienced growth leading it to adapt to new landscapes and take onto new technologies.

Throughout the years, self-storage facility operators have been using legacy software to run their business, but now that a cloud-based software solution has introduced innovations and technologies, users can benefit from integrated operations. This can tie their financial, administrative, inventory, customer relationship management, and accounting operations all in one platform!

Now how is technology helping these businesses innovate? To be specific enterprise resource planning systems, such as NetSuite elevate businesses processes with the support of more consistency, through a complete view of operations in real-time, daily reportings, storage unit inventory management, and more! Facility owners will see a streamlined management approach of their self-storage business for both small, midsize property owners and even larger scale businesses.
SuiteSpaces, the only ERP solution for the self-storage sector, developed by ERP Buddies, can now cater to the real-estate markets, and self-storage industry offering a much-needed storage tool to operate day operation in this digitalized world.

Benefits Introduced by SuiteSpaces for the Self-storage Industry

Customer Service

Due to the compatibility of NetSuite, handheld devices such as tablets, smartphones, etc., through a simple NetSuite application download users can access needed information from anywhere at any time. NetSuite allows tenants to have complete access to make rental payments through credit, view documents, check storage space, insurance status, and more! This even applies to customer service, where if customers would like to rent additional self-storage units, they can do so online, by providing electronic signature confirmations. Files can be created for unlimited tenants. This helps the customer avoid in-store processes. During the in-store experience, customers are always the priority, this means that to improve the experience further, SuiteSpaces can be utilized on smart tablets. This allows customers to log-in in a self-service manner for more convenience and fewer wait times.

Facility Personnel

Also applicable to facility managers and employees, SuiteSpaces solution can allow employees to work from anywhere, anytime, and check-in to their daily operation as needed. Due to SuiteSpaces being a fully cloud-based self-storage businesses management system it can offer flexibility to employees with the benefit of real-time information at their fingertips.

Integration

The self-storage operations can benefit a great deal from SuiteSpaces, it comes with the convenience of not just easy accessibility but also integration capabilities. SuiteSpaces allows users to fully integrate any third-party software, applications, and websites. Due to its cloud-computing ability, integrating, an existing company-wide accounting or CRM system is no problem. These integrations will keep operations in sync providing a seamless experience throughout the entire self-storage facility.

The Benefits

Our client’s successful NetSuite customization project ensures that their business is operating in a healthy and efficient state. They can now utilize the customizations and automation implemented to decrease manual processes and have the ability to focus on other pressing tasks. Now with the manual process of tracking commission automated via NetSuite, the company saves on average 4 days each month all due to process automation. These types of automation track purchase dates and sold dates of inventory and products.
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Prioritized Tasks

Couple Packing Boxes in Storage Unit
SuiteSpaces features the ability to allow facility managers to create scheduled task lists such as storage unit maintenance, follow-up with prospective customers, and more! It notifies facility managers on their centralized dashboards when certain tasks are not complete within a specific timeline. In addition to creating prioritized lists, managers are also updated every step of the way.

Facility Maps and Unit Information

Facility maps and unit information, for the convenience of facility personnel. Facility workers must know their ways around the units for inspections, maintenance, and customer service. SuiteSpaces can showcase information to workers with interactive maps showcasing data such as the total size of the storage facility, price of a unit, tenant name, date of the agreement, and more on its central dashboard. These facility maps are fully integrable with SuiteSpaces.

SuiteSpaces for Real Estate Management

As mentioned earlier, investors have taken an interest in the self-storage sector. Specifically, real estate investors and property management companies have acknowledged the industry’s potential. Real estate managers may use SuiteSpaces’s all-in-one self-storage management software, an affordable cloud-based property management solution with tools to help manage self-storage spaces. This storage property management solution offers tools such as:
For years facility managers and real estate managers, have been relying on some sort of management software, but now that SuiteSpaces has introduced a cloud-based self-storage solution, it has changed the game. Customer service is improved, along with the management of storage units and client management which results in quality service. From single & multi-store operations management, SuiteSpaces advanced capabilities have built-in accounting, a centralized dashboard, automation of payments from tenants, and more! The updated data on every aspect of the business, support the automation of routine tasks, saving time and costs. This makes SuiteSpaces, a scalable favorite and can turn business owners into the ultimate self-storage pro!

What is new in the NetSuite 2021.2 Update?

What is new in the NetSuite 2021.2 Update?

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What is new in the NetSuite 2021.2 Update?

Every year Oracle | NetSuite releases two major upgrades to improve and enhance the functionality of their NetSuite enterprise resource planning system, here is some insight on the second release for the year 2021, NetSuite 2021.2.

Twice a year, NetSuite gives access to Release Preview accounts to its customers to let them test and navigate through the new changes and to ensure they do not negatively impact existing workflows and customizations. These Release Preview Accounts are made available to every NetSuite Account in staggered approaches to help companies determine if the new changes and updates that NetSuite brought in 2021.2 will be suitable for their financial operations, accounting preferences, supply planning process, etc.

Therefore, at ERP Buddies, we like to encourage our clients to take the opportunity to use these Release Preview accounts (Sandbox Account) so that they can test existing customizations against the new changes introduced by NetSuite in 2021.2 before NetSuite pushes the upgrade in the Production Account. Businesses can also take this opportunity to optimize current processes to enhance them furthermore. These testing opportunities will ensure that the implementation of updates is a successful project for business operations.

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What do leaders and managers need in their NetSuite ERP systems?

Business leaders and project managers alike always will need improvements in their systems for them to be operating at full capacity. Operations fluctuate with trends, supply and demand therefore, leaders need more timely and more accurate data as they optimize their operations for success. They require the need to continue becoming more efficient in maintaining expenses down, productivity high, and customers satisfied in their business units.

NetSuite, therefore, introduced several updates all tailored to the needs of business owners and to support their business processes. The updates include online invoice payment options, flexible inventory allocation, easy bank payments management, and automation that allow for retirement plan management. This satisfies the need for greater insights and detailed control over inventories to better supply planning capabilities to automation that speeds and eases payments and improves benefit management.

Get an Insight of the NetSuite 2021.2 Release

Practical Financials

NetSuite introduced a new method for customers to pay. This feature highlights, payment link, customers can pay invoices online. An example can be seen in the case of emailed invoices, they can now include a link to a secured payment portal, where customers can view then proceed to pay their bill via credit or debit card, PayPal, or other online payment methods. Payment plans can even be set where customers may pay in full or partially, then the payment is automatically recorded.

This addition will make it easy for customers to make electronic payments through an eCommerce site or emailed invoices. There are many options for customers to make payments which include debit/credit or PayPal, existing SuiteCommerce customers can opt to use ACH and SEPA payments directly from their MyAccount. NetSuite records the purchase transactions processed which automates parts of the matching process, this ultimately boosts efficiency for the finance departments, allowing them to bank with expertise.

Autonomous Supply Chain Functionality

In a warehouse setting, workers can now quickly ship pallets from a handheld mobile device due to the enhancements to the NetSuite Warehouse Management module. Cartons can be added or removed from pallets which will, in turn, offer flexibility when packing several orders that are headed towards the same destination to reduce project-based transactions. NetSuite WMS will lower expenses for business owners through optimization and holding pallets until they are full.

When handling lots, users can now automatically generate lot numbers in addition to the addition of custom fields for extra lot information, this would include data such as supplier lot number, manufactured date, expense reports, or any other specifics.

Higher Efficiency in Automation

With automation between bank reconciliation and imported bank continuing payments, there is an automatic matching process to open invoices. allows for matching to open invoices. It is now possible for multi-entity organizations to consolidate purchase requisitions in one single purchase order. NetSuite creates transfer pricing automatically once the correlating journals are received. Lastly, NetSuite has improved accuracy in foreign exchange rates, through an FX rate integration to HSBC.

Harmonious Inventory Management

This feature functionality will allow planners to benefit from new allocation options. They can automatically prioritize inventory allocation to sales orders through gross profit or revenue. These additional inventory details will allow for a better understanding of the impacts reallocation will have on other transactions at the company level.

Employee Interactions

This new feature involves the SuitePeople modules, which will now determine calculations for 401(k) plans, with rules-based formulas that will calculate employer match amounts. When an employee changes their contribution amount the match amount will automatically update.

Likewise, employees over 50 can decide to make annual contributions to different types of retirement plans, and the system automatically follows IRS rules around the contributions made. This new feature will automate age matching calculations for the catch-up amounts which when giving the ability to manage the contribution limits per employee.

Unified Customer Experiences

Optimized eCommerce experience for wholesale distributors, which will allow ease when implementing a SuiteCommerce eCommerce website. It was once lengthy to set up but now it has been reduced to a single click, then meanwhile the setup will run in the background and notify when it is complete. For those users with third-party sales channels, NetSuite Connector now provides integrations to 3Pls, marketplaces, POS systems, and eCommerce platforms through the entire company.

The Benefits

Our client’s successful NetSuite customization project ensures that their business is operating in a healthy and efficient state. They can now utilize the customizations and automation implemented to decrease manual processes and have the ability to focus on other pressing tasks. Now with the manual process of tracking commission automated via NetSuite, the company saves on average 4 days each month all due to process automation. These types of automation track purchase dates and sold dates of inventory and products.
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2 major NetSuite updates happen every year and while we mentioned most of the features, some can be tailored to your specific industry. But there are a lot more additional features in the NetSuite 2021.2 upgrade. Like previous releases please keep in mind that this is a compact debrief of the new features. At ERP Buddies we recommend scheduling a call with our experts to get a full grasp of how the updates will add to your value and benefit your operations. As these updates are done to elevate your business objectives we recommend them to full advantage.

It is also recommended to request a Release Preview test account, it will give you a hands-on insight into the updates and how they would work with your business Check out our NetSuite 2021.2 Upgrade FAQs to know how you can request your Release Preview Account. Once you receive access to yours, ERP Buddies will help you improve your company workflows and operations with the addition of these updates, and allow you to continue on the road to digital transformation.

The European demand for a Reliable Planning, Budgeting & Forecasting ERP system

The European demand for a Reliable Planning, Budgeting & Forecasting ERP system

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Europe plays a large role in global trade, as one of the largest exporters in the world, Europe is in a prime position to do business with. It is the world’s largest exporter of manufactured goods and services. In itself, it is the biggest export market for about 80 countries. This market became attractive due to the millions of consumers in European countries, additionally, the market has transparent rules and regulations. It is also the most open market for developing countries to trade with. Europe is deeply integrated into global markets, with modern transportation and communications, buying, and selling products is now easier, granting European companies of all sizes a low barrier of entry to trade outside Europe.

Due to its booming export performance, European businesses need to have a first-class solution established for their enterprise resource planning. Finding a suitable ERP solution to support business planning, budgeting and forecasting are crucial for the success and future of an organization. With economic conditions not always being predictable, strategic goals need to be based on a flexible plan where planning processes can be made to a strategic plan. Of course, continuous planning and updating need to be met in the event of an unforeseen incident such as the coronavirus crisis.

What’s the difference between Planning, Budgeting, and Forecasting?

A budget can be defined as an outline of an organization’s financial plan within a set amount of time. In comparison, forecasting is a report illustrating whether the company is meeting their short-term goals and if they are on track to achieve their long-term goals. Planning falls into the process of determining the future customer demand for products while minimizing any excess inventory, similar to forecasting but other factors such as distribution and inventory are considered. Budgeting often needs adjusting in the case a goal is not attainable due to ever-changing markets. Budgets should be flexible and updated quickly according to the current markets. Planning ensures that all parties in the supply chain have confidence in the numbers and working together to achieve a particular goal.

Although they are different they are interconnected processes that need to exist side-by-side to support an organization’s livelihood and financial well-being. An example is when short-term and long-term forecasting and demand can be utilized to create and update a company’s budget.

The importance of planning, budgeting, and forecasting

When a company has strong planning, budgeting, and forecasting processes they are most likely to obtain accurate financial analytics and financial forecasts. In this scenario, a company benefits from a huge competitive advantage against other companies in the industry. When there is top-notch accuracy, a business operates with more accuracy. In return, a higher ROI is almost guaranteed. There is also the factor of possible market disruptions and shifting trends. Companies need to be able to pivot quickly therefore creating a flexible and effective plan is key to avoid falling behind other competitors.

These plans and financial targets are based on data, therefore it is a must that it is accurate for the creation of future plans.

When an organization embraces data and analytics when creating plans and forecasting reports there is an elevated component to strategic decision making that will, in turn, be rewarded with even better results and timely forecasts. The tools offered by an ERP system can save time, reduce errors, enhance collaboration and develop an overall more disciplined management system.

In more specific terms, a modern ERP like NetSuite can help companies to:
In light of current times, the COVID-19 crisis showcases its effects on supply chains. Companies have now come to terms with how challenging it can be to plan and pivot supply planning when disruptive one-in-a-million events occur. In reality, less severe events occur often in which supply chains are undermined and legacy tools can no longer keep up with the task.

The Digital Transformation

A way European businesses can begin the digital transformation of their operations is through implementing an ERP system such as NetSuite. Through a digital transformation and optimizing job functions through an integrated cloud-based system, budgeting, planning and reporting will be a smooth process, setting the foundation in the European market and beyond while also meeting business plans. Not only does it facilitate said processes but because they are correlated NetSuite makes it easy for the 3 to be integrated for optimal performance.

How can NetSuite be the force to propel your business into digital transformation?

The advanced solution can provide your business with CRM, eCommerce, accounting, financial planning capabilities, and more! To be more specific, NetSuite ERP can facilitate:

Business Budget and planning

Budgets are no longer a burden through more accurate budgeting, reduced risk, and automation of processes.

Reporting and Analytics

Build custom dashboards that provide a specific, straightforward view of company performance. The dashboard is fully customizable and can be created with a list of criteria that is necessary for a business. These reports also help businesses with optimal financial forecasting.

Workflow & Automation

Automate repetitive processes and build a comprehensive workflow, allowing for reduced time and confidence in reports.

When making the digital transformation you are improving profitability while also minimizing the risks that are more possible when budgeting with spreadsheets. Finance departments can leverage the data from the system to arrange multiple processes to ensure that critical steps are not missed.

Due to the high economic activity, European businesses cater to a large market, exporting to many countries. The supply chain for these businesses based in Europe need to be impeccable to reach financial goals. The planning, budgeting, and forecasting process need to be held to the highest standard for optimal performance, which is why there is such a demand for an integrated and cohesive ERP solution. NetSuite planning, budgeting, and forecasting enable organizations to facilitate these processes with market-leading features in reporting, planning, and modeling in an all-in-one ERP system.