Considering NetSuite Accounting? Ask Yourself These 10 Key Accounting Software Questions.

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Infographic summarizing key questions for evaluating NetSuite Accounting Software

When exploring options for the best accounting software, many businesses consider NetSuite Accounting for its comprehensive capabilities. Known for simplifying complex financial tasks, NetSuite offers an integrated approach that appeals to both seasoned NetSuite accountants and those seeking straightforward, simple accounting software solutions. 

Evaluating NetSuite Accounting Software: 10 Essential Questions

When considering an upgrade or initial investment in accounting software, it’s vital to ask the right questions. This guide, prepared by the experts at Hundred MS, is framed around NetSuite, often regarded as one of the best accounting software options, especially for small to medium-sized businesses.

1. Are Accounting Packages Worth It?

The value of investing in a comprehensive accounting package extends far beyond a single software solution. These systems, which encompass everything from basic bank reconciliation features to full-scale ERP capabilities, are designed to significantly streamline financial management across the board. By automating routine tasks and offering real-time financial insights, accounting packages can lead to substantial time and cost savings for businesses, irrespective of the specific software chosen. This makes them an invaluable asset for companies looking to enhance efficiency and accuracy in their financial operations.

2. Is NetSuite Good for Accounting?

NetSuite accounting software stands out for its robust functionality, catering to a wide range of accounting needs. From basic bookkeeping to complex financial reporting, NetSuite’s cloud-based platform ensures that your data is accessible and secure, making it an excellent choice for businesses prioritizing growth and scalability.

3. What is a Cloud Solution?

Cloud accounting software like NetSuite allows users to access financial data and tools over the internet rather than through software installed on individual computers. Cloud solutions offer unmatched scalability, easier accessibility for users, and real-time information, which are crucial for dynamic business environments.

4. How Will NetSuite ERP Implementation Improve My Business?

NetSuite ERP Implementation brings a unified and comprehensive platform to your business operations, integrating various functions like CRM, inventory, and e-commerce with accounting. This interconnectedness leads to smoother processes, better data transparency, and visibility, ultimately driving efficiency and growth. 

5. How Can NetSuite Accounting Software Solve My Business’s Pain Points?

NetSuite’s cloud accounting software is designed to tackle common challenges such as manual processes, data inaccessibility, and compliance issues. By automating workflows and providing a single source of truth, NetSuite helps businesses overcome these obstacles, enhancing overall accuracy and operational efficiency.

6. How Much Does NetSuite Cloud Accounting Software Cost?

Oracle NetSuite pricing varies based on the specific needs and size of a business. While it’s not the cheapest option on the market, the value it provides in terms of functionality, support, and scalability often justifies the investment. For precise figures, it’s best to consult with NetSuite accountants or sales representatives.

7. What is the Best Accounting Software for Small Business?

While NetSuite is a powerful solution, the best accounting software for your small business depends on your unique requirements. Factors to consider include the size of your business, industry-specific needs, and budget constraints. NetSuite for small business is highly recommended, but exploring other top accounting software options can help you make an informed decision.

8. What Sets NetSuite Apart from Other Accounting Software?

NetSuite’s ERP features and comprehensive platform distinguish it from simpler accounting solutions. Its ability to support a wide range of business processes within a single system, coupled with its cloud-based architecture, offers a level of integration and flexibility that is hard to match.

9. Can NetSuite Grow with My Business?

One of NetSuite’s key benefits is its unmatched scalability. Whether you’re a small startup or a rapidly expanding enterprise, NetSuite can adapt to your evolving needs, supporting everything from additional users to complex multinational financial management requirements.

10. What Support and Resources Does NetSuite Offer?

NetSuite support is an integral part of its offering, providing users with extensive resources, from NetSuite training and consulting services to a vast community of NetSuite accountants and experts. This ecosystem ensures that businesses can maximize their investment and navigate any challenges that arise during implementation and use.

Conclusion: Making an Informed Decision

Choosing the right accounting software is a critical decision for any business. By asking these key questions, you can assess whether NetSuite or another solution is the best fit for your financial management needs. Remember, the goal is to find a system that not only addresses your current pain points but also supports your long-term growth and success. Consider engaging with a NetSuite consultant or exploring other resources on Hundred MS to further inform your decision and ensure that your investment in accounting software propels your business forward.

Nare Khachatryan

Nare Khachatryan

Business Analyst at Hundred MS

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2 thoughts on “Considering NetSuite Accounting? Ask Yourself These 10 Key Accounting Software Questions.”

  1. finalert llc

    Thank you for this insightful information on deciding on accounting software! The specific breakdown of key elements to reflect onconsideration on will absolutely assist corporations make knowledgeable decisions. Great job, HundredMS!

    Reply

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Narek Abgaryan
Narek is the CEO and co-founder of Hundred MS. With a dynamic career that spans investment firms, asset management, risk management, and corporate finance, Narek has demonstrated a profound ability to navigate and innovate within the financial sector. His work across various countries and in diverse financial domains reflects a global perspective and an adaptable, forward-thinking approach. He Brings a wealth of knowledge and experience from the worlds of finance and technology. As a distinguished graduate of the University of Oxford and Hult International Business School, Narek has earned a reputation for excellence in the financial domain. His credentials, including the esteemed CFA and FRM certifications, are a testament to his deep understanding and expertise.
CFA, FRM
Narek Abgaryan
CFA, FRM, Fund Manager & CEO
Narek is the CEO of Hundred CJSC. Before embarking upon this position, he accumulated 7+ years of multinational experience including the positions of CEO, Head of Research and Member of the Board at various licensed and regulated investment companies. Narek is a graduate of Hult International Business School, Armenian State University of Economics and is currently pursuing his education at Saïd Business School of the University of Oxford. Narek is a CFA charter holder and a certified FRM.
Our Mission
Our mission is to extend our partner-based, specialized and cost-effective cooperation to our clients to enable them to focus on their long-term strategy and leverage their core competencies around value-creating activities, thereby boosting Armenia’s economic development.
Our Vision
We have a deep conviction that the financial system is the pillar of our civilizations. Economies that are exploding with growth are the ones that adopted modern finance. We aim to reach a reality where access to unconventional finance technics should be within reach of every economic unit. This shall empower everyone to allocate their human and financial capital more purposefully and innovatively for the benefit of a secure, wealthy, and responsible society.
Objectives
In "Hundred" CJSC, we are structuring our goals to revolve around the best interests of our investors and business partners. The basis we build our strategy on is satisfaction of expectations of our Clients, by bringing substantial profits to them through ethical management of investments, assets and portfolios. In the path of achieving the set tasks, we target new financial products adapted to the Client’s needs and offer variety combinations of interdisciplinary innovations. Following our set of values, we see our short-term goal in becoming one of the leading players in the domestic market, pursuing the long-term ambitious goal of integration into regional and global financial markets.
Corporate Values
We believe that earning the trust of each Client cements the next layer of the foundation of the Company’s reputation. Financial relations are built on trust; thus, our reputation is the heart of our business. Our allocentric approach to dealing with clients ensures that we always put their interests first. We do our utmost to make sure that our decisions are utterly disconnected from the greed when it comes to rendering our services. Promulgating ethics and adhering to the highest professional standards are the bedrocks of our corporate values.
  • Are your financial records more puzzling than they should be?
  • Has the audit process become a recurring nightmare for your firm?
  • Do important financial decisions stall due to unclear or absent financial reports?
  • Are high operational costs without clear returns keeping you awake at night?
  • Is hiring and maintaining a full-fledged financial team putting a strain on your resources?
  • Are you in the dark about your company's true valuation and need clarity?
  • Is the challenge of cleaning up your accounting books holding your business back?
  • Are outdated systems causing inefficiencies, prompting the need for an ERP implementation?
  • Have you identified the need for a robust risk management strategy but don't know where to start?
  • Are you looking for a one-stop firm that can handle everything from corporate strategy to asset management?
Are You Ready to Transform Your Businesses’ Financial Landscape?
Are You Ready to Transform Your Businesses’ Financial Landscape?
  • Are your financial records more puzzling than they should be?
  • Has the audit process become a recurring nightmare for your firm?
  • Do important financial decisions stall due to unclear or absent financial reports?
  • Are high operational costs without clear returns keeping you awake at night?
  • Is hiring and maintaining a full-fledged financial team putting a strain on your resources?
  • Are you in the dark about your company's true valuation and need clarity?
  • Is the challenge of cleaning up your accounting books holding your business back?
  • Are outdated systems causing inefficiencies, prompting the need for an ERP implementation?
  • Have you identified the need for a robust risk management strategy but don't know where to start?
  • Are you looking for a one-stop firm that can handle everything from corporate strategy to asset management?
Levon Garibyan
Levon, the co-founder and Business Development Director of Hundred MS, brings over a decade of international experience to his role. His career spans managing private firms with diverse business profiles across the UK, UAE, and Russian Federation. Levon has not only excelled in steering these companies towards growth but has also specialized in business development strategy and fundraising. His expertise in these areas has significantly contributed to the expansion and success of these firms. Levon's academic background is equally impressive, having studied at Cranfield University School of Management and Moscow State University of International Affairs (MGIMO), where he honed his skills in business management and international affairs.
Levon Garibyan
Levon is the Business Development Director and Strategy Specialist of the company. He acquired international experience of more than 10 years, managing private firms with various business profiles in UK, UAE and Russian Federation. Levon studied in Cranfield University School of Management and Moscow State University of International Affairs (MGIMO).
Business Development, Strategy & Fundraising
David Tarkhanyan
David is the co-founder of Hundred MS and the CEO of Hundred MS GmbH. His track record in delivering innovative financial solutions and driving performance improvement initiatives showcases his ability to lead complex projects and navigate the intricate world of finance. David's breadth of experience has equipped him with the unique ability to understand and address the multifaceted challenges businesses face today. His exceptional qualifications, marked by the CFA and FRM certifications, reflect his deep commitment to financial mastery and strategic insight. David's career is characterized by a wide-ranging experience in investment banking, performance management, controlling, and reporting, among other critical financial domains.
David Tarkhanyan
David Tarkhanyan
David Tarkhanyan
Financial Controlling Investment Banking
David is the co-founder of Hundred MS. He is a Banking specialist with a focus on Financial Controlling, Planning, and Performance Management. His experience extends more than 10 years in various investment banks in Vienna and Frankfurt. David studied Physics at Bauman University and Industrial Engineering at the American University of Armenia.