For many businesses, sudden bursts of growth may sometimes come at times that business owners least expect. Companies can go from small offices to corporate buildings and small commercial buildings to giant warehouses, but being prepared to do so is what makes the difference between growing and growing pains.
By implementing automation into a business, owners can be prepared for growth periods and handle it with ease. Labor-intensive tasks on an old business system can hold a business back from growing because it simply cannot handle increased workflows.
Slow Processes Impact Performance
Below are some various areas in which slow processes can negatively affect different facets of a business.
Drop Shipping. When a business is involved in drop shipping, there are multiple processes that involve receiving purchase orders, creating sales orders, and billing customers. When those processes are done by hand, there is a limit to what can be realistically completed within a day. As orders increase, the manual work becomes much more labor intensive and ultimately results in a business not operating at an efficient speed that hinders them from maximizing what goes out the door and the money that comes in.
Bank Reconciliations. With an inadequate accounting system in place, the time it would take an accounting team to download statements and reconcile accounts manually on a spreadsheet would take entirely too long. It will also open up more room for error as manually entering any kind of important data into a spreadsheet can be keyed incorrectly.
Financial Reporting. Timely financial reporting is crucial for decisions to be made for a business. With financial information being reported days, weeks, or even months after it was needed limits their effectiveness and does not provide a company with a clear picture of its current health.
Inventory Management. Frequent under and over-stocking of parts and products can be a direct result of a manually tracked inventory. Ordering too much ties up a lot of cash in inventory, but then not ordering enough causes delays for customers and reduces the cash flow of the business. Having a system that keeps tabs on inventory, in real-time, makes it much easier to keep inventory levels stocked at an efficient level.
Manual Processes Can Wear Down a Business
While manual processes leave a lot on the table for productivity and efficiency, they can even go a step further by wearing down a business and its employees. When a business begins to scale, the workload increases.
When the workload increases, it demands more out of the employees of a company. This means longer hours and more pressure to meet certain deadlines. Setting employees up with the right tools is setting both them and the business up for success.
Not to mention, with automated systems, much more can be done with fewer staff. So instead of having to panic hire during a period of growth, the systems can handle the ramp-ups with the same staff on hand.
NetSuite is Here To Automate Your Business
By implementing NetSuite ERP, improvements over manual processes will come almost immediately.
NetSuite can handle all of the above-mentioned tasks and much more for any business.
Automatic order management can be taken as far as automatically generating purchase orders, sending tracking information to customers, and billing customers. Gone are the days of having trays with stacks of order paperwork that need to be sifted through.
Keeping track of and automating the processes around accounts receivables, bank reconciliations, financial reporting, and inventory management are a breeze for a system like NetSuite. Not to mention it is ready for whatever a business can throw at it. Growing is no problem and growing pains are nonexistent when a NetSuite ERP system is in place.
Business owners and managers can relieve themselves of the time-consuming financial and inventory tasks, and be available to spend time on other important tasks. Employees will find themselves not being as overworked and more organized through all areas of the business. With NetSuite, a business will have the tools to do everything it did and much more with ease to set itself up for growth.
To learn more about the NetSuite platform and how adding automation can assist your business, reach out to AccountingDepartment.com. Our outsourced client accounting services could be just what your business needs to saddle up and grow!