This comprehensive solution can help you manage your business more effectively and efficiently, accelerating your growth.

With SuiteSuccess, you’ll have everything you need to take your company to the next level.

What Is SuiteSuccess?

SuiteSuccess is optimal for businesses searching for a comprehensive, integrated solution that eliminates manual processes and streamlines operations.

With an abundance of key performance indicators (KPIs), automated workflows, actionable reports, and impactful dashboards that provide visibility into core responsibilities, SuiteSuccess offers instant gratification by providing customers with quick access to the necessary tools and resources to achieve success from day one.

Furthermore, its automated installation process ensures that companies are up and running as soon as possible, benefiting from optimal performance with minimal effort.

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NetSuite SuiteSuccess is an advanced, pre-configured (or “out of box”) business solution designed to help streamline nearly every aspect of a business within specific verticals.

It comes equipped with pre-packaged best practice customization tailored to various industries, from retail to services, making the implementation process well-integrated, seamless, and straightforward.

However, NetSuite is not a one size fits all solution, and this is where OdeCloud consultants can assist in ensuring there are no gaps in the implementation process upon go-live.

NetSuite SuiteSuccess Benefits

SuiteSuccess provides tangible benefits for businesses of all sizes. It offers a personalized approach tailored to meet your company’s unique needs.

This cloud-based system empowers you to optimize and manage every vital facet of your business with its wide range of tools, developed specifically for optimal performance.

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Not only that, but SuiteSuccess is backed by an industry-leading support network, giving you instant access to personnel with practical advice and expertise.

In this way, the platform provides numerous features to improve efficiency and allows you the freedom to focus on the creativity needed to succeed in your market. Here are some great benefits that come with using NetSuite SuiteSuccess:

Consistent Engagement

NetSuite SuiteSuccess is a comprehensive suite of services that provide customers with the support needed to ensure successful implementation and business growth.

For every customer, NetSuite looks at each client’s specific business needs before tailoring a solution designed for success.

Every step of the customer journey, from sales to implementation, support, and beyond is backed by a consultative approach that strives for continuous engagement.

This makes it easier for customers to integrate their processes and begin realizing the benefits of using SuiteSuccess quickly so they can focus on what matters most — running their business efficiently while achieving long-term goals.

Already Set Up

NetSuite SuiteSuccess provides businesses with the tools they need to achieve ongoing success. Thanks to its pre-configured solutions, customers can be up and running fairly quickly.

The specialized functionality is tailored to individual industries, so even complex processes are usually covered in this process.

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By leveraging these pre-defined business processes, users unlock immediate value from NetSuite SuiteSuccess implementation.

This fast start process gives businesses a competitive edge in today’s ever-evolving marketplace.

Improved Visibility

SuiteSuccess enables customers to quickly generate comprehensive reports and take action on the insights they uncover.

The integrated dashboard feature allows them to monitor key performance indicators in real-time, enabling better decision-making and efficient management of their business’s operations.

This makes it easier for businesses to track progress over time and pivot quickly when needed. Many customized reports are already included, and OdeCloud can further help you customize reports according to your needs.

Enhanced Efficiency

NetSuite SuiteSuccess offers a wealth of tools to help customers optimize their processes and increase efficiency. Thanks to its intuitive automation features, businesses can reduce manual labor, minimize errors and automate recurring tasks.

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With the ability to customize processes according to specific business use cases, NetSuite SuiteSuccess helps streamline operations, saving customers time and money.

Scalable Solutions

NetSuite SuiteSuccess provides businesses with the ability to scale as needed. The platform is designed for growth, allowing users to quickly expand functionality without investing additional resources.

With its expansive set of tools, businesses can access all the capabilities they need, no matter the size of their organization. Implementation of NetSuite is only the first phase.

After this, OdeCloud will work with you closely to ensure you are getting the most out of the system via system optimization and automation as you scale.

Secure Platform

NetSuite SuiteSuccess is a secure and reliable platform that provides users with peace of mind. It offers complete data security through advanced encryption technology and proactive monitoring so that customers can have confidence in the system’s performance.

In addition, NetSuite keeps its infrastructure up to date with regular upgrades and patches, ensuring users always have access to the latest features.

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With NetSuite SuiteSuccess, businesses can take advantage of an integrated suite of solutions that help simplify their operations and ensure success.

By leveraging its pre-configured solutions, customers can quickly get up and running while accessing the tools they need to stay competitive in today’s ever-changing marketplace.

As a result, businesses can increase efficiency and improve visibility and scale as needed without sacrificing security. NetSuite SuiteSuccess provides customers with the support they need to ensure successful implementation and business growth.

Features of NetSuite SuiteSuccess

Editions

SuiteSuccess editions are a turnkey solution to our customers’ business transformation needs.

Fully pre-configured with the best practices, workflows, and roles relevant to their needs and objectives, SuiteSuccess editions come complete with dashboards, essential KPIs, and timely reports that empower them to make informed decisions.

Our approach does away with tedious setup tasks like configuration so customers can experience visible ROI much sooner.

Financials First Edition

NetSuite’s SuiteSuccess Editions offer a variety of solutions tailored to businesses needs.

The Financials First Edition is an excellent choice for companies experiencing rapid growth and looking for financial management technology that can adjust and grow with the business.

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It is designed to be a strong foundation that consistently meets the company’s financial needs and objectives as it evolves.

For those needing a strategic, modern financial system, the Financials First Edition is ideal and will support future success.

Starter Products Edition

The Starter Products Edition is designed to support their rapidly growing business needs by providing successful accounting, inventory, order, and sales management processes.

With the enhanced features of SuiteSuccess Editions, companies can optimize operational efficiencies to gain better visibility into every aspect of their organization for complete control over their entire enterprise.

Starter Services Edition

The Starter Services Edition allows companies access to powerful functions, including accounting, project management, time and expense entry, billing, and comprehensive project reporting.

As an industry leader in cloud business management solutions, SuiteSuccess offers the best practices-based blueprint to help small businesses accelerate performance without costly investments or resource drain on internal teams.

Agency Edition

NetSuite SuiteSuccess Agency Edition has been designed specifically to meet the demands of businesses in the agency industry.

It facilitates bid-to-bill workflows, helping you drive efficiency, accuracy, and visibility into your process.

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An integrated account and project management solution gives you a holistic view of your customers and stakeholders. This allows for streamlined billing and invoicing, improving your bottom line.

The Agency Edition is a comprehensive tool that helps agencies tackle wrong customer invoices or missing proposals.

Apparel & Footwear Edition

SuiteSuccess for Apparel & Footwear utilizes the power of a cloud-based ERP to provide an integrated view that reaches across all aspects of running an apparel store.

It enables faster order processing, effective inventory management, and improved decision-making based on actionable insights into customer buying trends.

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In addition, SuiteSuccess offers comprehensive omnichannel capabilities to ensure seamless omnichannel transactions and a unified customer experience.

With SuiteSuccess, business owners can benefit from increased efficiency and greater agility when managing their apparel operations.

Health & Beauty Edition

NetSuite SuiteSuccess Editions are the perfect solution for health and beauty companies that need to integrate their front and back-end systems to provide exceptional customer experiences.

With a comprehensive suite of advanced tools, it is easier than ever for businesses in this sector to achieve a streamlined customer journey from purchase through to delivery and aftercare.

The addition of this powerful suite not only improves customer satisfaction but also increases profitability through increased efficiency across all departments.

NetSuite SuiteSuccess Editions are helping health and beauty companies reach new heights of success!

Food & Beverage Edition

NetSuite SuiteSuccess Editions’ Food & Beverage Edition can help brands in the food and beverage industries become leaner and more efficient.

It connects functions such as eCommerce, finance, supply chain, and order management into one meaningful package.

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This lets businesses gain control over their day-to-day activities, helping them understand how changes would affect their overall performance.

In addition to improved visibility and precision when managing operations, it allows businesses to increase their agility and react to new demands while minimizing effort or unnecessary costs.

This can be a great way for any food & beverage business to ensure they’re running optimally.

Manufacturing Edition

NetSuite SuiteSuccess Manufacturing Edition enables manufacturers to make informed decisions that positively affect their bottom line.

By providing a real-time, holistic view of data related to procurement, production, and finances, it provides an actionable foundation for running an efficient business.

This edition offers the visibility and flexibility needed to create an effective supply chain strategy and keep up with customer demand while limiting expensive inventory costs throughout the manufacturing process.

Nonprofit Edition

The NetSuite SuiteSuccess Nonprofit Edition offers organizations a powerful and streamlined method of managing their finances.

This edition considers the special requirements of non-profits while enabling them to save time and achieve greater operational efficiency.

Through this system, non-profits can easily track financial benchmarks, update fundraising goals quickly and accurately measure the success of their campaigns.

Media & Publishing Edition

The Media & Publishing Edition is quickly becoming the single source of truth for modern publishing operations.

With its powerful features and intuitive interface, organizations can effectively manage their subscribers and advertising customers in one place while utilizing financial, sales, services, and analytics solutions.

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Not only does this provide greater efficiency within the organization, but it will save time previously spent jumping between various systems and solutions.

Get ahead of the competition by equipping your business with all the comprehensive capabilities available with SuiteSuccess Media & Publishing Edition — an instrumental tool to success in today’s digital age.

Retail Edition

NetSuite SuiteSuccess Retail Edition offers tools tailored to provide retailers with the visibility and operational insights needed for their business.

Gain deeper insight into your retail business’s financial and operational performance, providing clear key performance indicators (KPIs) that empower you to make informed decisions and maximize profitability.

With its end-to-end eCommerce capabilities, you have comprehensive control over all points of sale and your inventory – both online and offline – allowing you to ensure seamless, efficient order management across channels.

Software Edition

Software Edition gives organizations the agility required to navigate this fast-paced industry.

Thanks to its comprehensive system of tools, processes, and best practices, it allows businesses to adapt quickly to new market demands and trends.

Its cloud-based approach drives business forward with improved operational efficiency, streamlined financials, and optimized customer relationships.

Wholesale Distribution Edition

Wholesale Distribution Edition consolidates financial and operational processes for wholesale distributors to achieve success. Streamlining these systems saves time and money, as well as improves accuracy.

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The dedicated team at NetSuite helps walk companies through the implementation process, providing expert support to ensure the successful transition from one system to another.

Stairway

NetSuite stairways provide an ideal solution for customers who need to achieve success and smoothly scale up over time quickly.

As businesses grow, they face various challenges, including cost efficiency, scalability, and customization of processes. NetSuite stairs enable them to tackle those challenges in a phased way that ensures the optimal use of resources while limiting complexity and disruption.

By automating processes and providing embedded analytics, companies can accelerate their transformation and maximize their results. NetSuite stairways are designed to help companies move up the ladder of success at their speed with minimal effort.

Business Visibility & Intelligence

NetSuite Business Visibility & Intelligence is designed to help companies gain clear visibility and insights into their operations.

It provides real-time financial and operational data that lets business owners make informed decisions quickly. By leveraging advanced analytics, the solution helps uncover hidden opportunities and identify potential risks.

With this powerful tool, companies can unlock the full potential of their business and take it to the next level.

Final Thoughts

NetSuite SuiteSuccess is an essential tool for organizations of all sizes to help them succeed in today’s digital age.

With tailored solutions for every industry, from media and publishing to retail, software, and wholesale distribution, it provides a comprehensive suite of capabilities that enables businesses to gain greater visibility, operational efficiency, and financial insights into their operations.

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NetSuite Stairways and Business Visibility & Intelligence provide companies with the tools and resources needed to accelerate their transformation and maximize productivity.

With NetSuite SuiteSuccess, businesses can unlock their full potential and take their operations to the next level. Contact OdeCloud today to help your business get started with SuiteSuccess.

The post NetSuite SuiteSuccess: Accelerate Your Company’s Growth appeared first on OdeBlog.

Accounts payable and receivable manage the money that flows in and out of the organization so financial advisors can accurately gauge your financial stability. In this article, you’ll learn more about Accounts Payable vs Accounts Receivable how they differ, and how to make your Accounts Payable and Accounts Receivable processes as efficient as possible.

What are Accounts Payable (AP)?

Accounts payable is the process of managing, organizing, and paying your company’s outstanding accounts. In other words, it is all the financial obligations assumed by your business. Paying your organization’s suppliers and human resources on time is an example.

To ensure the smooth running of the business, a company needs to interact with service providers, suppliers, and other audiences to hire human resources and obtain services and products. In this sense, having good account management is essential for it to fulfill its commitments and avoid financial losses.

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When reading the concept of this strategy, it seems like a very simple process: just organize the slips, pay attention to the due date of each one and pay them on the correct date, right? This dynamic exists, but the accounts payable sector has an even greater responsibility.

In addition to having to align with an established financial plan, organizing accounts payable involves understanding the company’s financial health and its ability to invest and assume new debts/costs.

In this way, accounts payable is not just a strategy to settle a company’s debt every month. This is a process that helps an organization achieve the goals defined in its growth plan, such as expanding its business.

Classification of Accounts Payable (AP)

Accounts payable are classified according to the maturity time agreed with the creditor:

• Short-term accounts payable: these correspond to current liabilities that must be paid within a year from the acquisition of the debt. There are even payments that are made monthly to daily.
• Long-term accounts payable: These are also non-current liabilities; the payment is made in a period greater than one year.

For this, specific data must appear in the accounts payable:

1. Name of the biller, the provider to whom the debt is owed
2. Company account number
3. Invoice number helps ensure accurate accounting
4. Type of expense the nature of the good or service purchased
5. Invoice receipt date
6. The payment term allows that time delays and charges for it are not generated.
7. Status if the invoice has been paid or is pending payment

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What Are the Accounts Payable of a Company?

Accounts payable can be very varied, such as:

• Payment to suppliers for merchandise or products purchased.
• Wages to pay
• Rent payment
• Services provided by third parties such as electricity, water, gas, heating, internet, etc.

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Accounts Payable Process Steps

• Receipt of the invoice: When goods or services are purchased, the company receives a physical or electronic invoice that contains information such as the name of the item, amounts, etc.

• Review of the detail of the invoice: In it, you will find data such as the name of the supplier, date, amounts, and number of items purchased, among others.

• Updating and validation of the records: These must be completed based on the values contained in the invoices received and may require approvals and consultations with internal systems. If they are physical invoices, they are stored in the corresponding place.

• Payment Made: All payments made to the provider within the established due date. A series of documentation is required, such as purchase orders, and bank account information, among others.

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Tips to Improve Accounts Payable Management

Here are some tips that may be useful to improve the administration of your company’s accounts payable:

Maintain a Balance Between Your Income and Expenses

From the outset, this point might sound quite obvious. However, it is important always to keep it in mind and ensure that the level of expenses equals the income the business receives. This is to be able to keep finances healthy and prevent too many debts from accumulating in the future to such an extent that the management of accounts payable gets out of hand, making it impossible to pay them and, therefore, other serious consequences such as the cessation of operations of the business.

Choose Your Suppliers Beyond Price

When choosing the suppliers with which a company wants to work, most of them can be carried away by the price factor. However, consider the different payment conditions offered by each one since having more flexible conditions can be more beneficial than having lower prices.

Take Advantage of the Payment Terms Offered by Suppliers

And organize the payment of your invoices based on the above so that you can prioritize those with a term closest to expiration.

Maintain Good Communication With Your Suppliers

On some occasions, your company cannot comply with the timely payment of an invoice. For this type of case, it is suggested that you notify the supplier in advance and explain the situation so that you can negotiate another payment date.

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Seek to Negotiate With Suppliers to Obtain Discounts for Early Payment

Paying early, when you have the possibility, not only contributes to a good relationship with suppliers but also gives you the opportunity to obtain early payment discounts, which can positively impact cash flow.

Check That Your Suppliers Meet Their Commitments

You must confirm that each supplier is complying on time with the previously agreed commitments. For example, certain products are delivered on the established date, in the quantity requested, and in good condition. Otherwise, make the corresponding return or claim.

Set Payment Alerts or Reminders

This helps you remember the dates on which you must carry out the corresponding transactions of the various invoices. These do not have to be physical, but some technological tools give you the opportunity to have them digitally and automatically.

Automates and Standardizes the Management of Accounts Payable

It keeps track of cost and expense invoices under a standardized form. It is also advisable to manage these invoices by cost centers and projects for greater ease.

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Accounts Payable and NetSuite ERP

NetSuite ERP (Enterprise Resource Planning) is a cloud-based business management software that contains all the processes for managing accounts payable, from invoicing and tracking to payment processing.

NetSuite’s Accounts Payable module helps automate invoice approval workflow, eliminate manual data entry errors, gain visibility into vendor balances and payment status, and handle purchase orders and expenses.

Thanks to this software, it is possible to reduce the time spent on administrative tasks related to accounts payable, maintain control over the company’s cash flow and have greater certainty of what has been paid or will have to be paid in the future.

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Benefits of Automating Accounts Payable Process

Undoubtedly, including technology in the day-to-day of companies allows greater productivity and efficiency when managing accounts payable and digital expenses.

We will tell you about the benefits of automating the AP process and their importance for companies.

Connection Between Documents or Departments

By having the processes automated through a system, the possibility of carrying out more effective traceability of all the documents is created to know, in this way, all those elements that may be related to accounts payable, such as invoices, credit notes, or debit, dispatch guides, payments, expiration dates, and credits, among others.

In addition, today’s solutions allow all members of accounts payable management or those in charge of this area to view all the information on the same platform in real time. Thus, they can perform their tasks more efficiently.

Availability of a Portal for Suppliers

There are specific software or systems that allow providers to access their platforms to find out the payment status of an invoice or any other information generated around it by their own means, improving customer service times. And it reduces the work of those in charge of finances to answer calls, questions or claims to take advantage of it in developing strategies and actions that improve the accounts payable processes.

This way, the provider will always be informed about your pending account, what is left to be collected or if any payment was generated.

Error Reduction

Automating the billing and document reception processes facilitates the approval of payments to suppliers since the information can be verified quickly and simply if the data is correct.

This allows a more accurate recording and monitoring of invoices and, consequently, the reduction of possible errors such as the payment of double invoices, the disregard of credit notes, the verification of errors in amounts or amounts issued by the supplier and the fraudulent income invoices, inaccurate figures, among other actions.

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Likewise, when the company needs to carry out expense audits, the possibility of detecting errors is reduced: having all the information centralized and stored in a single platform makes it easier to carry out this procedure and increases the accuracy of the data.

On the other hand, the solution reduces employees’ workload when carrying out this type of management.

Execution of Punctual Payments

When an automated control of accounts payable is carried out, it is less likely that there will be delays in payments due to carelessness, ignorance, or loss of documents since each of the invoices will be registered and will have payment reminders according to their expiration date.

These platforms or software streamline processes and enable options for authorization or approval of payments, in addition to providing the possibility of automating the automatic sending of the same so that the cost to the supplier is made on the indicated date. In short, the process is easier and faster to do.

Prepare Financial Reports in Seconds

Accounts Payable Automation allows reports to be obtained with just a few clicks, providing timely information to help make better decisions when needed.

Thanks to the elaboration of these reports, it is possible to obtain data referring to the economic situation of a company, the total accumulated debts, the documents pending payment, the movement of cash flow, or any other element of expenses in general.

In this way, it is also possible to determine if a business has sufficient resources to meet pending obligations. On the contrary, it needs to search for and obtain other alternatives as potential sources of financing, which facilitates more effective cash flow management.

What Are Accounts Receivable (AR)?

Accounts receivable are the most frequent payment mechanism when carrying out a transaction between parties. Whether for services or goods. The economic system usually works on the basis of money to be collected and not on the liquidity or cash that may exist at the time of making a payment. This form of payment is called Accounts Receivable.

The Financial Information Standards define an account receivable as an exigible right by the entity to collect a consideration as a transaction for the satisfaction of an obligation acquired and fulfilled by the provision of a service or the sale of goods.

Accounts receivable typically show the debit balance on the company’s balance sheets. These are a host of rights in favor of the company against another or third parties. It arises from the provision of services or the sale of goods. In other words, accounts receivable come from the company’s periodic economic operations.

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How Do Accounts Receivable Affect the Business?

Accounts Receivable, as explained before, are future receipts that the company will have arising from payments in installments or with a future payment date.

Therefore, the enterprise’s financial planning needs to be aware of this account so that it can be assembled in the most efficient way.

Accounts receivable directly affect the company’s decision-making regarding making investments or assuming expenses because this capital is available in the future and not in the present.

Some types of credit, working capital loans, for example, can accept accounts receivable as a form of guarantee.

When the venture arrives in this situation, it may be because of poor planning.

Therefore, the company must be in control of when these future payments will be made to be aware of the commitments it may or may not assume.

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Accounts Receivable and Decision-Making

At the time of decision-making on matters relating to the company’s financial matters, it is necessary to know accounts receivable to understand the guarantees the company has in the future and the commitments that can be assumed.

Nowadays, using credit cards has become commonplace for many of the population.

Therefore, companies must be prepared for this scenario and plan to control the payment of their costs and expenses in the same period the capital is received.

In addition, there are many other advantages, such as:

• Identify good and bad payers;

• Make payment management more efficient;

• Offer a cash estimate for subsequent months;

All these analyses are extremely important for the decision to be the most appropriate for the company’s scenario, avoiding unpleasant surprises in the future, which can often lead the enterprise to fragile situations.

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Characteristics of Accounts Receivable

These accounts act as a kind of credit or loan to a client. The different elements and characteristics of accounts receivable are defined in the invoice:

• Expiration date or collection period

• Account amount

• Payment method

• Client data

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Types of Accounts Receivable

Accounts receivable should be part of a business’ accounting from a business and accounting standpoint. The collection term is essential since it defines the type of account receivable. Thus, accounts can be classified into two types:

• Short-term: Those that require immediate availability within less than one year. These accounts must be presented in the financial statement as current assets.

• Long Term: Its availability is more significant than one year. These types of accounts must be presented as fixed assets.

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Managing Your Accounts Receivable

Even though it is an essential requirement, controlling accounts payable and receivable is occasionally imprecise, even in large companies. It may seem simple, but it requires constant monitoring and a certain amount of pragmatism.

Establish Effective Billing Processes

Errors when capturing prices, names and concepts can cost your company dearly. On the one hand, it means a more significant investment of time and money; on the other, the inconvenience with your clients will be resolved. Therefore, having an efficient billing system is a priority need.

Keep Your Customer Database Updated

Centralizing your clients’ information in a single place is essential to maintain the correct accounts receivable management. Having incorrect contact information can cause problems when sending an invoice, which will cause the invoice to be redone, resent to the indicated client and delay the receipt of payments. You would waste a lot of time and money!

Define Credit Approval Processes

Sometimes, to increase your client portfolio and sales, you can create the bad habit of granting credit left and right, which seriously affects your business finances. We want to tell you that giving credit to one of your clients is okay, but you must be very careful since there must be an adequate process to grant it.

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Perfect Your Payment Application Process

This rule is one of the most important in any company: as soon as you receive a payment, apply it to the corresponding account in your register! This will allow you to differentiate at all times the accounts that are current from those that are already expired.

Optimize Your Collection Processes

The above points will help make your collection process more organized and straightforward. When payments are applied correctly, it is much easier to determine which accounts are at risk of failing to meet the payment dates.

Invest in Technology

To avoid loss of productivity, you can invest in technologies that optimize processes. With this, you put into practice a dynamic flow of information that is beneficial for decision-making.

Accounts Receivable and NetSuite

NetSuite ERP is an ideal tool for managing accounts receivable. This solution automates one system’s billing, credit review, collections, and customer service processes. 

In addition, it helps reduce errors by having all the information centralized and automating tasks associated with Accounts Receivable. By implementing NetSuite, you will be able to control all your finances in a single platform.

In conclusion, Accounts Receivable management must be taken seriously because it affects the financial health of any business. Knowing how to receive payments and optimize collection processes can make a massive difference in cash flow and customer relationships. 

Investing in technology like NetSuite can also optimize your processes and make financial operations easier. With a good Accounts Receivable management strategy, any business will have a greater chance of success.

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Accounts Payable vs Accounts Receivable

Accounts payable and accounts receivable are two components of a company’s balance sheet. Accounts payable is the total amount of money your business owes to its suppliers, while accounts receivable is the total amount owed by customers for goods or services provided. 

The distinction between these two types of accounts lies in their purpose: Accounts payable exist to reduce debt, while accounts receivable exist to increase sales.

The accounts payable vs accounts receivable difference also lies in their relationship. Accounts payable describes the amount of money that you owe, while accounts receivable reflects the amount that customers owe your business. 

This means that when a customer pays for goods and services provided, it will show up as an increase in accounts receivable and a decrease in accounts payable. On the other hand, when you make payments to suppliers for goods and services, it will show up as an increase in accounts payable and a decrease in accounts receivable.

The importance of understanding the difference between these two types of accounts cannot be overstated. Properly managing your company’s accounts payable and receivable is key to maintaining a healthy cash flow. As such, it is important to invest in technology that can help you better manage these accounts and ensure that your company’s finances are well managed. 

With the right tools, you can improve efficiencies within your business’s Accounts Receivable and Payable departments and ensure that your customer and supplier relationships are managed effectively.

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Conclusion

Accounts payable (AP) and accounts receivable (AR) are two important aspects of any business. In this guide, we’ve outlined the basics of each process and what you need to know in order to effectively manage your company’s finances. 

Contact us at OdeCloud today if you’re looking for more information or to discuss implementing AP/AR into your business. We specialize in helping businesses like yours get set up with the right financial software, so you can focus on what you do best – running your business. Thanks for reading!

The post Accounts Payable vs Accounts Receivable: An Ultimate Guide appeared first on OdeBlog.

What Is Just-In-Time Inventory (JIT)?

Just In Time Inventory is a manufacturing process where the required materials and components are sent to the production line just in time for use. This means that raw materials, components, parts, etc., are only produced when used immediately in the production process. The great advantage of this system is that it eliminates storage costs and reduces the need for warehouse space.

By not having a large inventory of parts and materials, manufacturers have more control over their production process. They can reduce costs by reducing the labor involved in managing inventory. The goal is to produce only what is needed when it is required.

This way of production began in the Toyota car factory, located in Japan, in the 1970s. It later spread to all of Japan, and in the 1980s, it reached Europe. The Just in Time inventory philosophy can be applied to many companies, although it is always associated with the automobile industry.

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What Are the Characteristics of the Just In Time Inventory Method?

Like any production model, the just-in-time (JIT) Inventory has characteristics that distinguish it from others, such as Lean Manufacturing or Fordism. Therefore, we can highlight the main ones:

Production Without Stock

This means that production is carried out without needing large stocks of materials and components, thus eliminating storage costs.

On-Demand Resource Allocation

Just-in-time inventory implies that all resources are allocated at the exact moment they are needed and not before. This reduces waste and allows for greater control over production costs.

Continuous Flow Manufacturing

Just-in-time inventory production is usually done in a continuous flow, which means that the time between the supply of materials and components and their use is minimized.

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Production According to the Productive Need

This implies that the production line is only supplied with what is needed, and when it is required, no more and no less. This avoids excesses and allows greater control of the production process.

Waste Disposal

Waste is minimized in just-in-time inventory systems, as only the necessary elements for production are supplied and used. This makes it possible to reduce costs associated with waste disposal.

Benefits of Just-In-Time Inventory

Many benefits come with implementing a Just In Time inventory system. Some of these benefits include:

Waste Reduction

The JIT inventory management model eliminates overordering and overordering of all kinds.

It reduces obsolete inventory and dead stock. Low inventory levels significantly reduce the risk of inventory not selling and becoming obsolete in the warehouse. If you don’t know what obsolete inventory is, read our article on what obsolete inventory is.

JIT also reduces defective product loss. Defective inventory items are easier to identify and repair when production levels are low, reducing scrap costs.

Improved Efficiency 

JIT eliminates the costs of additional raw materials, unnecessary inventory, and product storage. Benefits to this include:

• Increase Inventory Turn Rates – Higher efficiency brings higher inventory turns.
• Minimal inventory obsolescence – High inventory turnover prevents items from sitting on your premises for too long and becoming obsolete.
• Minimize available raw materials – Taking deliveries in the smallest possible quantities, sometimes multiple times a day, virtually eliminates raw material inventories.
• Local sourcing – When suppliers are located close to a company’s production facilities, short distances contribute to timely deliveries. On-time and reliable delivery of goods reduces the need for safety stocks.

Increased productivity

JIT improves productivity by reducing the time and resources involved in manufacturing processes.

• Faster product delivery – Manufacturers can produce products more quickly.
• Shorter production Runs – With JIT, manufacturers can deliver new products faster and easier.
• Simplify change orders – Having fewer raw material stocks to reduce before product changes make it easier to implement engineering change orders on existing products.

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Smoother Production Flow

Just-In-Time Inventory can eliminate bottlenecks and delays in the production process.

• Shorter production cycles: JIT shortens manufacturing time, reducing lead customer times.
• Reduce Product Defects – Production errors can be detected and corrected faster, resulting in fewer defective products.
• Shorter Production Runs – Fast equipment setup times reduce production cycles, reducing investment in finished goods.
• More Functional Production Cells – Employees guide individual parts through processing steps in a work cell, reducing scrap levels. Cellular models also eliminate work-in-process queues that build up at more specialized workstations.
• Compressed Operations – Arranging production work cells close to each other limits the work-in-process inventory that moves between cells.

Lower Costs 

Receiving goods as needed reduces inventory costs.

• Reduce working capital – The low inventory levels with JIT limit the working capital needed.
• Lower Holding Costs – Inventory holding costs (such as those for storage) are minimal because less space is used.
• Less cash investment – Companies invest less cash in inventory because JIT does not require a lot of stock.
• Reduce major raw material expenses – In JIT, companies order raw materials when needed, so the cash is available for other uses that might be more valuable to the company.
• Reduce labor costs – Labor expenses are lower since the number of person-hours required to fulfill orders is typically less than full-time production.

Improved Quality 

A flexible workforce can focus on making quality products with lower defect rates. The best results increase customer satisfaction and reduce cash outlay for production.

• Reduce work-in-process – Fewer items moving around the shop allow teams to focus on building high-quality products.
• Less Damage – Since inventory is kept to a minimum, storage-related accidents are reduced.
• Certified quality – Suppliers guarantee quality in advance. Therefore, deliveries go directly to production areas instead of being held at reception to await inspection.

To support these goals, you can invest in new technology or upgrade existing solutions that will link your system with your suppliers to coordinate the delivery of parts and materials.

The Five Zeros of Just In Time

These characteristics are reflected and summarized in the Five Zeros of the JIT: 

1. Zero defects: JIT consists of doing things correctly on the first try, eliminating repetition of processes, so we will not waste energy, hours, and materials.
2. Zero breakdowns: This system establishes productive maintenance systems in which the operators contribute to the maintenance of the machinery.
3. Zero stocks: The more stock, the more cost, which is why this process eliminates them.
4. Zero lead times: Lead time, price, and quality are all competitive attributes, and this system adds heat to them.
5. Zero paper: The JIT tries to eliminate all that bureaucracy that hinders proper and efficient administration. 

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Can any company use the Just in Time system?

The answer is yes! By directly involving the logistics sector of companies and industries, the just-in-time inventory can be applied to any company. It is necessary to filter the applications of the method in some segments due to specific characteristics.

However, regardless of the company or industry, JIT can be used as one of the productive principles.

How to Apply Just-In-Time to Your Industry?

Implementing a just-in-time inventory system into your business can be a daunting task. Fortunately, there are some steps that you can take to make the process easier. Here’s an overview of how to apply the just-in-time inventory system to your industry:

Rethink the Objectives of the Company

The first step is to analyze the current moment of the business and understand if the JIT makes sense in this context.

Although it is efficient and capable of being implemented in any company, it is necessary to consider the business’s objectives and goals and if the model helps in any way to achieve them.

If so, it is time to make the necessary adaptations in the production chain.

Organize the Spaces

Spaces such as stock, warehouse, and raw material storage and distribution sites must be rethought and reorganized to facilitate the JIT production cycle based on efficiency and continuous production.

And one of the essential factors for everything to happen in sync is the optimization of physical spaces, especially in large companies and industries. In manufacturing, for example, the distance between the storage of materials and the room must be rethought.

Empower Employees

Any change in the productive system must invariably be transmitted to professionals, who must be trained to make it feasible and operational. This means investing in training for everyone involved, directly and indirectly.

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Take Control of All Processes

A JIT-based system must be controlled at all levels; as a process, failures can lead to barriers, delays, rework, and customer dissatisfaction.

The logistics and management team must do an integrated job, controlling the processes from the raw material to the final result. Only then is there a guarantee of success in just-in-time adoption.

Invest in Improving Internal Communication

As you already know, integration is characteristic not only of JIT but also of all intelligent factories modernizing through the 4.0 model.

Therefore, investing in internal communication is a way to implement correctly just in time and modernize the entire production.

Create New Metrics for the Processes Involved

The changes in the processes are directly reflected in the control of their effectiveness, that is, in evaluating the metrics used and if they make sense in the new productive context.

What Should Care be Taken When Implementing Just In Time Inventory?

Naturally, the adoption of the characteristics of the just-in-time philosophy requires some care related to factors internal and external to the company/industry, for example:

• Attention to the human factor and organizational culture of the company
• The consensus among all business leaders on the implementation of the model
• Ensure that employees do not lose perception of processes
• Empower everyone involved in the process, as we explained above.

Just In Time Inventory Vs. Kanban

The Kanban system is very similar to the JIT system, which is also based on organizing and controlling inventory levels. However, the main difference between them lies in their approach. While JIT focuses more on reducing the need for raw materials and information stocks, Kanban focuses more on optimizing production processes.

In other words, Kanban is a system that allows managers to follow the production flow in real-time and adjust it according to their needs, while JIT emphasizes the need for fewer resources and less waste.

Both models are highly effective, but depending on your business or industry, one may be more suitable than the other. It is essential to know the needs and characteristics of your organization to make the best decision. In conclusion, implementing just-in-time inventory can significantly save time and money while optimizing production processes.

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Potential Risks of Just-In-Time Inventory

JIT’s main risk comes from its philosophy. JIT inventory management requires everyone in an ecosystem and supply chain to engage and work cohesively. If any part of that arrangement breaks, the entire infrastructure is at risk.

JIT’s main risk comes from its philosophy. JIT inventory management requires everyone in an ecosystem and supply chain to engage and work cohesively. If any part of that arrangement breaks, the entire infrastructure is at risk.

• Lack of preparation: the company’s entire workflow must become a tight framework. These actions affect the organization and the supply chain, which may need to change its procedures and practices.
• Supply Chain Disruptions – Supply chain disruptions can bring the production process to a standstill.
• Missed Opportunities – With few or no finished products, a business may not be able to fill unexpected, massive orders immediately.
• Unexpected Price Changes – In JIT, the cost of parts is constant. When costs increase, profit margins decrease.
• Excessive reliance on forecasts: Adapting to sudden spikes or drops is difficult due to the reliance on forecasts.
• Ordering issues: Shortages and stockouts can disrupt inventory systems.
• Local Sourcing Costs: JIT relies on local sourcing, which can cost more for several reasons. This dependency can also affect profitability in the search for reliability.
• Time pressure: Scheduling can increase the cost of goods sold (COGS) because there is no guarantee that a company will always get the best price for a supplier’s raw materials.
• Unruly Staff – Team members not on board the JIT can affect productivity, quality, and other issues.
• Supplier Dependence: A supplier who does not deliver the products on time and in the right quantities can disrupt the entire production process.
• Acts of Nature: A natural disaster that interferes with a supplier’s flow of goods can halt production.

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Questions to Ask Before Converting to JIT Inventory Management

1. Delivery times: Can my products be manufactured or delivered quickly?
2. Forecast: Am I confident in my sales forecast to represent fluctuating consumer demand, including seasonality accurately?
3. Flexibility: Do I have enough flexibility in my manufacturing and supply chain to accommodate disruptions like supplier outages or natural disasters?
4. Suppliers: Are my suppliers reliable enough to deliver on time, every time? Is my order fulfillment system efficient enough that orders are delivered on time even when they have to make up for delays in the supply chain?
5. Workforce: Implementing a JIT system requires the full support and understanding of all operating divisions, especially employees. JIT relies on cross-training cross-functional employees to perform various tasks so team members can fill in when and where it’s needed in the production line cell. Is my workforce engaged and up to the task?
6. Technology: Does my inventory management software support JIT inventory management?

NetSuite ERP and Just In Time Inventory

For organizations to achieve the most tremendous success with JIT inventory, it is essential to have a robust ERP system like NetSuite that can handle the complexities of JIT. NetSuite Inventory Management enables companies to quickly and accurately manage their stock levels, process orders more efficiently, monitor suppliers and partners closely, proactively plan for disruptions or changes, and develop a more resilient supply chain.

With NetSuite’s real-time visibility, organizations can also closely monitor their inventory levels and use predictive analytics to forecast demand for future products, which is essential for JIT success. 

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Additionally, NetSuite provides advanced reporting capabilities that enable companies to view key performance indicators across the entire supply chain, detect any risks and take corrective action to reduce or eliminate them. This ensures that inventory is regularly replenished and that resources are used in the most efficient way possible.

NetSuite helps organizations minimize operational costs while maximizing customer satisfaction and improving their bottom line by optimizing the JIT inventory process. 

By having a complete view of their processes and operations, companies can quickly identify areas for improvement and adjust their strategies to ensure maximum success with JIT inventory. With NetSuite’s advanced capabilities, organizations that implement JIT can be sure of achieving improved customer satisfaction, greater efficiency, and better margins.

Just In Time Inventory Examples

JIT is specially designed to create value in manufacturing environments and service companies that must match production with customer demand. For many companies, this emphasis on timing helps them maintain and grow their market presence.

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The leading companies that use the Just In Time system:

• Amazon.com – The retail e-commerce giant uses a variation of JIT: setting up a dedicated space within key vendors’ warehouses. For example, in Pennsylvania, Amazon has a small fenced-off area inside a Proctor & Gamble (P&G) warehouse. P&G loads products on pallets and moves them to the Amazon area. Amazon employees then package, label, and ship the products to the consumers who ordered them. The Pennsylvania location is five miles from P&G’s most significant manufacturing plants and close to major cities in the Northeast and Canada. Amazon can meet the critical 24-hour delivery period for P&G personal care products.
• Apple – With a central warehouse in the US and over 150 crucial global suppliers, Apple has strategic solid supplier relationships. Outsourcing production has made Apple more agile, allowing most inventory to be stored in retail stores and overstocking reduced. This approach has helped make the technology company one of the most profitable companies in the world.

• The Boeing Company: Beginning in the mid-1990s, Boeing applied company-wide JIT to work more closely with suppliers to eliminate redundancies, reduce costs, and improve product quality. Boeing continues transforming into an extensive parts and systems integrator and implementing lean manufacturing principles. The company relies heavily on its supply base to meet customer demand.

• Dell Technologies – Dell embraced Lean/JIT operations in the 1980s with direct-to-consumer sales. The company ordered parts when making a sale to a customer. Instead of stocking a warehouse full of pre-assembled computers, Dell reduced costs and lead times with JIT. Over time, the company became a well-known computer brand.

• Grayton: The high-end watchmaker was the first to adopt lean manufacturing strategies in the watch industry. As a result, Grayton increased its cash flow by 70% in one year. The company created a streamlined, cost-effective, fast-fashion manufacturing model, a challenging feat in the traditionally entrenched watch industry.

• Harley-Davidson USA: The motorcycle manufacturer reduced its significant inventory habits by using the JIT method to resolve inefficiency. Harley-Davidson reduced its inventory by 75%, eliminating additional storage costs. The company responds to customer orders with minimal lead time, increasing its productivity.

• Kellogg Company: Kellogg’s is a large-scale food manufacturer that stocks just enough inventory to fill customer orders. The company uses JIT for operations, production, merchandise, and distribution. Optimize production and inventory costs and budgets with JIT. Kellogg sources its food raw materials from leading suppliers worldwide to produce 40 different kinds of cereal and snacks.

• Motorola: The company uses a “zero latency” status view to show real-time inventory levels. As a result, Motorola reduced needs by 20% and cut average resolution time from weeks to sometimes just hours.

• Nike – In 2012, Nike implemented JIT to improve its disconnected production facilities in Southeast Asia. Since then, the company has reduced lead times by 40%, increased productivity by 20%, and can introduce new models 30% faster.

• Tesla: Despite Tesla’s growth, the company cannot independently enjoy the same economies of scale as the big automakers. Tesla takes ownership of its supply chain, maintains minimal inventory, and builds on demand. This practice helps Tesla have more capital available because it is not tied to excess inventory.

• Zara SA: Operating under the motto inventory = death, the fast-fashion leader owns its supply chain and gets products to market extraordinarily quickly. Zara blocks 50-60% of its line at the beginning of the season. That means the company designs and manufactures up to 50% of its clothing in the middle of the season. When a particular style or design suddenly becomes fashionable, Zara reacts by creating new products and bringing them to stores as the trend continues.

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Conclusion

Just-in-time (JIT) inventory systems have become a popular tool for many companies looking to reduce costs and improve efficiency. Companies such as Boeing, Dell, Grayton, Harley Davidson USA, Kellogg’s, Motorola, Nike, Tesla, Toyota Motor Corporation, and Zara SA have all embraced JIT principles in various ways to reduce inventory expenses, cut costs and increase efficiency.

By taking ownership of their supply chain and maintaining minimal inventory, they have been able to free up capital and respond quickly to changing customer needs and trends. JIT can be an effective way for companies of all sizes to reduce operating costs while providing better customer service. As more companies adopt this approach, JIT will likely become an increasingly popular option for inventory management.

The post Just In Time Inventory: Keep Inventory Stocked Without Overspending appeared first on OdeBlog.

In today’s business world, customer relationships are more important than ever. That’s why having a powerful, yet easy-to-use Customer Relationship Management(CRM) system is essential.

NetSuite CRM provides users with all the tools they need to manage their customer relationships effectively.

What is NetSuite Customer Relationship Management(CRM)?

NetSuite CRM is a cloud-based CRM system that allows users to track and manage all aspects of their customer relationships, from initial leads to ongoing account management.

It integrates seamlessly with other NetSuite applications, as well as third-party software, allowing for streamlined data management and increased efficiency.

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Key Features Of NetSuite CRM

To have a successful business, you need to have a good handle on your customer relationships. That’s where NetSuite’s CRM (customer relationship management) software comes in. CRM software gives you the tools you need to manage your customer data, track sales and marketing efforts, and automate repetitive tasks. Here are some of the key features of NetSuite CRM that can help your business grow and succeed.

Sales Force Automation

Sales force automation (SFA) is a system that automates the tasks of a sales force. SFA systems often include features such as opportunity management, quote management, order management, and fulfillment. By automating these tasks, SFA systems can help sales organizations be more efficient and effective. In turn, this can lead to increased sales and higher customer satisfaction.

Contact Management

NetSuite’s CRM software gives you a central place to store all of your customer contact information. You can track important details like names, addresses, phone numbers, and email addresses. You can also add custom fields to store any other information that is important to your business. Having all of this information in one place makes it easy to keep track of your customers and quickly find the information you need.

Customer Service Management

NetSuite CRM also offers tools for managing customer service interactions. You can track and manage support cases, capture any important notes or details from the interaction, and see a history of all past interactions with each customer. This helps to ensure that your customers receive the best possible service and improves overall customer satisfaction.

Lead Management

Lead management is a crucial part of any successful sales process. NetSuite’s CRM software makes it easy to track and manage your leads. You can enter lead information into the system manually or import leads from other sources. Once a lead is in the system, you can assign it to a sales rep, add notes and comments, and set follow-up reminders. The lead management features in NetSuite’s CRM software will help you close more deals and grow your business.

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Partner Relationship Management

NetSuite’s CRM software also includes features for managing partner relationships. You can track important information about your partners, such as contact details and the products or services they offer. The system also allows you to track any joint sales efforts and see which partners are driving the most revenue for your business.

Opportunity Management

The opportunity management features in NetSuite’s CRM software give you the ability to track every step of the sales process. You can create opportunities manually or import them from other sources. Once an opportunity is in the system, you can track important details like the expected close date, probability of winning, product interest, and next steps. The opportunity management features in NetSuite’s CRM software will help you close more deals and grow your business.

Marketing Automation

NetSuite’s CRM software includes marketing automation features to help you plan, execute, and measure your marketing campaigns. You can track important details like budget, target audience, expected ROI, and campaign success metrics. The marketing automation features in NetSuite’s CRM software will streamline your marketing efforts and improve the effectiveness of your campaigns.

Reports and Analytics

NetSuite’s CRM software offers a variety of reports and analytics to give you insights into your sales, marketing, and customer service efforts. You can track key metrics like lead conversion rates, closed deals, customer satisfaction scores, and campaign ROI. The reporting and analytics features in NetSuite’s CRM software will help you make data-driven decisions and optimize your organization’s performance.

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Benefits of Using NetSuite CRM

NetSuite uses a cloud-based customer relationship management software that gives businesses of all sizes the tools they need to manage their customer data, sales, and marketing efforts. Here are the top 5 benefits of using NetSuite CRM:

Accessibility from Anywhere

NetSuite CRM is cloud-based software, which means it can be accessed from anywhere with an internet connection. This is a huge benefit for businesses with employees who are constantly on the go or who work remotely. With NetSuite, your employees will have access to the same customer data no matter where they are, which makes it easy to stay up-to-date on your customers’ needs and wants.

Scalability

Another great benefit of NetSuite CRM is its scalability. As your business grows, so too will your customer base. With NetSuite, you can easily add new users and customize the software to fit your growing business’s needs. This scalability ensures that you’ll never outgrow your CRM solution and that you’ll always have the tools you need to manage your customer relationships effectively.

Improved Customer Insights

NetSuite CRM gives you the ability to see all of your customer data in one place. This includes contact information, purchase history, support tickets, and more. Having all of this information readily available makes it easy to get a 360-degree view of your customers, which leads to improved customer insights and better decision-making overall.

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Enhanced Sales Productivity

NetSuite CRM comes with several features that are designed to help sales teams close more deals and increase their productivity. For example, the software includes Lead Scoring and Management so you can prioritize your hottest leads, as well as Opportunity Management so you can track your sales pipeline more effectively. These features give sales teams the tools they need to succeed, which leads to more closed deals and increased revenue for your business.

Seamless Integration with Other NetSuite Solutions

If you’re already using other NetSuite solutions for accounting, inventory management, or ecommerce, then you’ll be pleased to know that NetSuite CRM integrates seamlessly with all of these solutions. This tight integration eliminates data silos and gives you a complete view of your business operations from end to end. Additionally, because everything is stored in the cloud, you can easily access any data you need—when and where you need it—with just a few clicks.

Conclusion:

If you’re looking for a CRM system that will help you manage your customer relationships effectively, NetSuite CRM is a great option to consider. With its 360-degree view of customers, lead management capabilities, and robust reporting and analytics tools, NetSuite CRM has everything you need to take your customer relationships to the next level. Give it a try and see how it can benefit your business.

The post NetSuite CRM – Powering Customer Relationships appeared first on OdeBlog.

However, with exclusive advantages come exclusive shortfalls – and NetSuite Saved Searches are no short of these too.

To overcome these default pitfalls- here are 5 key pointers to adhere to while creating a saved search in NetSuite. 

5 Key Pointers to Follow While Building NetSuite Saved Searches in Oracle NetSuite

1. Avoid Mis-matched Criteria and Filters

Entering contradicting data in criteria and filters can result in data output mishap of the saved search created.

For example – Creating a saved search to understand yearly sales achieved by a salesperson in FY 23-24. However, there at the same time, there was a filter put in Year =current year which means only 2024.

Thus, this becomes a case of conflicting criteria and filters resulting in improper data release. 

2. Use Relevant Saved Search Type

There are ‘N’ numbers of NetSuite Saved Searches that can be created. Each Saved Search comes under a series of sub-topics a search may be required for.

For example – You cannot find all options you need for a Customer Saved Search from a Sales Transaction Saved Transaction.

The results tab list, you need to build in a Customer Search will always have customer specific values which will not be available in a General Transaction Search.

Each record will have its own version of Saved Search Criteria, Filters and Results list.

3. Keep a Check on Formula Entered

Not every user is proficient in using the available NetSuite option to achieve desired results using formulas. More often users tend to enter wrong formulas and might get the simultaneously wrong related result record or would get an ‘Invalid Syntax’ error which is in itself non-self-explanatory error and leaves the user clueless about the exact error in the formula.

4. Avoid Misleading Formulas

Apart from the text formulas which require at most precision to case and syntax, numerological formulas can also turn toxic.

For example, even though anything divided by 0 will result in 0 in our routine calculations, NetSuite throws a direct error.

Because of this, we need to be careful with the formulas and the numerical values inputs in NetSuite to avoid these situations.

5.Correct Formula Field Selection

Some fields need text while some might need numeric values. Selecting wrong formats in the formula column will result in errors.

Thus, we need to be sure of the data value selection in the formula columns and reduce the avoidable errors.

Takeaways 

While building saved searches can be a boon for critical business reporting requirements, adhering to the inbuilt saved search rules and following a holistic approach for data inputs can significantly improve an overall saved search output experience!

The post Pointers to Follow While Building NetSuite Saved Searches appeared first on OdeBlog.

This blog post will discuss SuiteFlow — NetSuite’s workflow automation tool. We will show you how to set up workflows, triggers, and more! Let’s get started!

What Is SuiteFlow?

SuiteFlow is a graphical tool that allows users to customize NetSuite to fit their business and industry. Workflows can apply to both standard and record types, with multiple actions that can be taken. 

SuiteFlow benefits those who want to learn something other than complex JavaScript or SuiteScript code. It is also helpful for businesses that need to automate tasks such as invoicing, inventory management, and order processing.

In addition, workflows can be customized to fit the specific needs of each business. For example, a business may want to set up a workflow that only applies to orders over a certain dollar amount. By using SuiteFlow, businesses can tailor NetSuite to fit their individual needs.

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Processes That NetSuite Workflows Automate

NetSuite workflows are designed to automate various processes within the software. This can include custom approval routing, applying validation, sending emails, creating related records, directing the user to acceptable forms within the interface, and many more. Let us explore some of the different processes that NetSuite workflows can automate.

Custom Approval Routing

Custom approval routing is one of the main processes that NetSuite workflows can automate. This feature allows you to route approvals to the appropriate individuals based on your specific criteria. For example, you can set up a workflow to route all purchase orders over $5,000 to your manager for approval. This can save time and hassle when getting approvals for various items.

Applying Validation

Another process that NetSuite workflows can automate is applying validation. This feature allows you to set up rules that must be met for a specific action to be completed. For example, you could set up a rule that says a manager must approve all invoices before they can be sent out. This can help ensure that only accurate and complete invoices are sent to customers.

Email Automation

NetSuite workflows can also be used to send out automated emails. This can be useful for sending out reminders or updates to individuals or groups. For example, you could set up an automated email to be sent out whenever a new purchase order is created. This would send an email to the relevant individuals with the purchase order details so they can keep track of what is being ordered.

Related Records 

Finally, NetSuite workflows can also be used to create related records. This means you can automatically create records related to other records in the system. For example, you could create a workflow to automatically create a customer record whenever a new sales order is created. This would save you from manually creating customer records for every new sales order.

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SuiteFlow: The Key Benefits of an Automated Business Process

In business, time is money. The faster you can get things done, the better. That’s where SuiteFlow comes in. SuiteFlow is a workflow automation tool that helps businesses streamline their operations by automating tasks that would otherwise be done manually. 

By automating key business processes, SuiteFlow can help you save time and increase efficiency. Let’s take a closer look at some key benefits of using SuiteFlow.

Easily Create and Adapt Workflows

One of the best things about SuiteFlow is its flexibility. With SuiteFlow, you can easily create and adapt workflows to suit your unique business needs. If your business changes or grows, you can update your workflow accordingly. This makes SuiteFlow an excellent solution for businesses of all sizes.

Improved Data Quality

As SuiteFlow automates key business processes, it helps to improve the overall quality of your data. By automating tasks like validation and approval routing, SuiteFlow ensures that only accurate and complete data is entered into NetSuite. This improved data quality can help you make better decisions for your business.

Reduced Time Spent on Manual Tasks

Using NetSuite workflows also helps reduce the time spent on manual tasks. By automating various processes, SuiteFlow can help you save time and increase efficiency. Your team can spend more time on strategic initiatives and less time performing tedious manual tasks.

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Increased Data Security

NetSuite workflows can also be used to increase data security. With NetSuite, you can set up rules and restrictions on who has access to what data. This helps protect sensitive information from unauthorized access, which can help keep your business safe from potential threats.

Automate Authorization Processes

Another great benefit of using SuiteFlow is that it can automate authorization processes such as approvals, discounts, and more. This can save time and hassle when manually managing these processes. Additionally, automating these processes can help ensure that they are carried out accurately and consistently.

Increase Business Process Communication

Another key benefit of using SuiteFlow is that it can help increase communication among different business processes. With SuiteFlow, you can track each process continually so that you always know what’s happening. This can help improve coordination and avoid misunderstandings.

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Setting Up Your Workflow in NetSuite

Workflows are powerful tools that automate many of the daily manual tasks. Let us walk you through the steps necessary to set up a workflow in NetSuite so you can start reaping the benefits of automation.

Enabling the Workflow Feature

The first step is to enable the workflow feature in NetSuite. To do this, go to Setup > Company > Enable Features and check the box SuiteFlow in the SuiteCloud tab. Then, click “Save.”

Once the workflow feature has been enabled, you can access the SuiteFlow interface by going to Customization > Scripting > Workflows > New.

Creating a Workflow

One of the best ways to learn workflows is by physically creating a workflow to test. Let’s say you want to create a workflow to send an email notification whenever a customer orders. Here’s how you would do it:

First, give your workflow a name and description. Then, under “Trigger,” select “After a record is created or updated.” This trigger will cause your workflow to run every time a customer places an order.

Next, under “Record Type,” select “Sales Order.” This will tell NetSuite which type of record your workflow should be triggered by.

Now, it’s time to add some actions. Actions are the steps that your workflow will take once it’s been triggered. In this case, we want our workflow to send an email notification, so we’ll add an “Email” action.

To do this:

1. Click the “Add” button and select “Email” from the drop-down menu.
2. Fill out the email template with all relevant information (e.g., recipient, subject line, etc.).
3. Once you’re finished, click “OK.”

That’s it! You’ve now successfully created your first workflow. To test it out, create a new sales order and see if you receive the email notification. If everything worked as planned, congratulations — you’ve just taken your first step toward automating your business!

Conclusion

NetSuite Workflows are a powerful tool that can help you automate various processes and tasks in NetSuite. By leveraging the SuiteFlow feature, you can save time and increase efficiency while ensuring the accuracy of your data. 

Plus, it’s easy to set up — all you must do is follow the steps above. So, what are you waiting for? Get started today and start reaping the many benefits of NetSuite Workflow automation!

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If you are looking for help creating NetSuite Workflows, OdeCloud can help. We offer NetSuite consulting services and NetSuite implementation services to help you optimize your NetSuite usage. Contact us today to learn more about how we can help you automate your business processes!

The post NetSuite Workflows: How to Automate Your Business Processes appeared first on OdeBlog.

Tax due diligence is especially important during mergers and acquisitions, as the acquiring company assumes responsibility for any existing tax liabilities or compliance issues.

Oracle NetSuite simplifies this process with built-in features like NetSuite Tax Management, designed to provide users and stakeholders easy access to key tax information, streamlining decision-making with just a few clicks.

NetSuite Tax Due Diligence Checklist  

1. NetSuite File Cabinet

NetSuite File Cabinet is a place where we can find all the relevant business documents applicable to a business.

These documents are locked and are accessible and editable only to few stakeholders as configured permission to.

Businesses can be asked to store in the following documents for an easy access: 

• State and Local Tax Returns
• Foreign Income Tax Returns
• Excise Filings for 5 years
• Tax Exemption Certificates

2. Tax Codes

NetSuite Advanced Taxes feature allows to manage and calculate taxes for multiple nexuses within the same NetSuite account.

This facilitation of automation of taxation by NetSuite helps in assigning the right code to each transaction. The code applied with the rate can be further verified using the System Notes option to sample check the ethnicity of users and to detect malfunction if any.

3. Tax Reports

NetSuite has built-in default detailed reports running in real-time, giving a sneak-peek into the transactions till date without lags. This fosters accountability with the figures and makes it easy to make analysis over the tax figures and resultant profits of a business.

4. Top-Drill Down Model

NetSuite uses a drill-down model which enables users to dig down reports to the impacted key line- item transactions which created the issue.

Thus, with NetSuite – we can ensure subsidiaries are in compliance with global tax requirements.

5. Deferred Tax Assets and Liabilities

NetSuite maintains a separate account for each of these, further facilitating quick overview of each account and its related transactions, thus supporting tax due diligence.

6. Audit Capabilities

NetSuite features its own auditing capabilities, with strict look into logins and logouts, streamlined transactions make sure tax calculations made per line are displayed with country-specific tax details applied and only authorized users can make overriding changes.

Plus, each change is auto captured by the system which cannot be deleted helping in further tax due diligence for the system.

Hence, NetSuite helps us track, calculate, and pay various types of taxes based on the sale or purchase of products and services and plays a major part in tax due diligence.

It has all the applicable features enabled to support this due diligence and result in a smooth transitional process.

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That’s where Oracle NetSuite ERP comes at rescue! NetSuite One World is this one-stop store filled with multiple accounting options.

One of its standout features is NetSuite Multi-Book, which allows companies to support multiple accounting versions in one instance. This feature helps businesses keep two sets of accounts without high costs.

When dealing with transactions across subsidiaries, businesses often face a choice: enable Multi-Book or opt for Adjustment-Only Books. Each approach offers unique features and advantages. Here’s a quick comparison to help you decide which is the right fit for your needs.

Continue reading for to learn more about Multi-Book Accounting and how it compares to Adjustment-Only Books.

Multi-Book vs Adjustment-Only Book Accounting

Thus, depending on actual real-time business requirements, companies can choose to have either or both instilled in their ERPs for a better accounting experience.

The post What is Multi-Book Accounting? appeared first on OdeBlog.

NetSuite Multi-Book allows companies to support multiple accounting versions in one instance. This feature helps businesses keep two sets of accounts without high costs.

Available to NetSuite One World users with just a few clicks, the multi-book feature allows a business unit to show two different faces under the same organization.

With this NetSuite accounting feature, businesses can show different accounting rules, currencies, and charts of accounts in each account book. The main principal book will be termed as Primary Book while another book will be called as Secondary Book.

And that brings us to what are the scenarios which require this multi-book accounting

Why is Multi-Book Accounting essential in upcoming business models?

Varying Statutory Reporting Requirements

Many times, organizations have to follow local reporting rules per country/state. These may differ from the main parent company accounting rules. Thus, organizations prefer to maintain books of accounts for each subsidiary to avoid statutory non-compliances.

Different Tax Filing Laws

This happens when the accounting period is taken differently for different entities as per their defined tax countries. Tax codes change from country to country and state to state. It becomes easier to maintain one set of books per company than to mix up data due to manual errors.

Avoid Currency Mix-Up

Countries have their own currency. Maintaining books as per parent’s base currency might hurt certain calculations and analysis in the long run. 

Whether it be tax filings or making bank payments, it is always handy to have figures in the local currency. Thus, making secondary books a must for most of the companies!

Upcoming Mergers and Acquisitions

Mergers and Acquisitions have a significant impact on financial transactions of an organization. Thus, the pre- and post-merger figures might make a drastic graph, which need to be reported in full. Keeping two sets of accounts helps both stakeholders and auditors. This creates fairness and ensures accurate reporting.

How to Enable Multi-Book Accounting in NetSuite?

Setup → Company → Enable Features → Accounting → Multi-Book Accounting → Full Multi-Book Accounting

Features of NetSuite Multi-Book Accounting 

Adjustment Only Books

This is not a complete multi-book feature. It allows for limited adjustments beyond the Primary Books. These adjustments use the same currency and accounting period as the primary books.

Full Multi-Book Accounting

Mult-books allows up to five accounting books. That way, you can manage your business with different currencies, accounting periods, chart of accounts, and tax structures.

Foreign Currency Management

Helps in managing foreign transactions across books.

Chart of Account Mapping

Allows different account values to be used across books.

Revenue and Expense Management

Recognize and amortize revenue and expenses per book.

Extended Accounting Period Close Process

Allows independent periods close to books.

Thus, gave wings to the accounting world. Multi-book accounting is a simple solution that ensures businesses are protected under one customized accounting system.

The post NetSuite Multi-Book Accounting Feature – What We Need to Know appeared first on OdeBlog.

This basic model of accounting software only suffices during the initial stages of organizational growth. As businesses grow, their needs for an accounting system change. This shows the need for a better ERP system in place to overcome the limits in features and customization in QuickBooks.

If your organization has outgrown QuickBooks, Migrating to a more comprehensive ERP like NetSuite can provide the scalability and advanced features necessary to support your expanding business needs.

Here are top early signs to notice for a swift move from QuickBooks to NetSuite.

When to Move from QuickBooks to NetSuite 

1.Your Business Indulges in Dealing with Volumes of Data

QuickBooks is a good option for managing a defined set of financial data. But as the business expands, so do business processes. This makes it evident that there is a need for an ERP which will cover and govern all its processes at one glance.

As a cloud-based model, NetSuite can accommodate large volumes of data efficiently. It takes in new business processes and builds validation within the software. This makes it more reliable, secure, and trustworthy.

2. Brining-In Real Time Scalability Sounds a Tedious Process

Updating in patches is no longer preferred by businesses as it often leads to more confusion for the stakeholders.

NetSuite brings in time-bound and defined upgrades for its businesses which brings all the stakeholders on the same page, on the same day.

NetSuite also offers real-time reporting with simultaneous updates, providing a solution to the inflexible reporting framework of QuickBooks.

3.Cost Is Increasing Progressively

QuickBooks uses a subscription-based model and has its cost determined based on the access a user needs for its features and functions.

QuickBooks further charges a business for every add-on customization and add-on modules.

Whereas NetSuite eliminates upfront IT expenditure and delivers automatic upgrades to the entire system.

4. Reporting and Customizations Are Not as Per Set Expectations

QuickBooks does not actively support advanced reporting capabilities, customized statements and detailed search reports. It also brings a barrier in real-time reporting.

NetSuite, on the other hand, comes with its pre-built 300 reports. It can also be further customized, consolidated and derived based on the laws of each country where it operates. 

These reports can further be drilled down to its actual source transaction making businesses take informed decisions.

5. Manual Processes Are Ruining the Governance and Integrity of the System

QuickBooks involves a lot of manual intervention while it performs its accounting functions, data entry and reconciliations.

On the other hand, NetSuite can:  

• Accelerate the order-to-cash process by 50%
• Have workflows to automate processes as requested
• Bring in financial automation and security into the business with added 2 factor authentication for every user.

6. Integration Is Becoming Cumbersome

Every company has an IT landscape, and its main ERP has to integrate with these boundary applications. QuickBooks, however, does not possess this capability of offering this required connectivity with the boundary applications resulting in increased complexity for the business owners.

NetSuite here has its own Suite Connectors: SuiteTalk and SuiteScripts. These are used for integrations across various ERP platforms to bring in a smooth inflow of data and streamlines the entire back-end office into the ERP.

Takeaways

With NetSuite, businesses can streamline their processes and eliminate manual intervention while reducing costs and improving the overall efficiency as per changing market conditions!

Plus, bringing in up-to-the-minute data insights further improves our informed decisions taken at a longer-run.

The post 6 Signs Your Business Should Switch from QuickBooks to NetSuite appeared first on OdeBlog.