Software companies operate in a rapidly-changing industry that is full of innovation and disruption. New technologies and creative solutions can lead to explosive growth — IF companies are prepared and have the right tools to take advantage of opportunities to scale up and expand.
Whether you lead a growing tech company in Miami or an established software business with plans to expand into Latin America, you need an enterprise resource planning (ERP) system that not only enables you to grow but enables you to continue innovating through each stage of growth.
For Miami-based software and technology companies, there is one clear choice: Oracle NetSuite Cloud ERP. Keep reading to discover why Oracle NetSuite is the leading cloud ERP for the software industry in Miami and Latin America.
NetSuite: the Only ERP a Tech Company Will Ever Need
In order to grow any company, you must have easy access to critical business data. An ERP like Oracle NetSuite integrates all central business processes and provides visibility and control over the data needed to evaluate performance and take action.
The basic functionalities of an ERP include:
- Business intelligence
- And more
With more than 40,000 customers worldwide, Oracle NetSuite is the world’s most widely deployed cloud ERP and has a strong presence in Miami and Latin America. NetSuite is 10 times bigger than the closest competitor, which translates to 10 times the resources for companies that implement NetSuite’s ERP.
But why is Oracle NetSuite the ultimate ERP solution specifically for software and technology companies? Simply put — because they are one. Oracle NetSuite has already traveled the journey from start-up to going public to growing into a global enterprise with customers around the world and nearly $1 billion in annual revenue.
Drawing from their own experience, NetSuite has built capabilities specifically for software and internet companies, including 300 pre-built reports and dashboards that track performance data and give visibility to users, investors and other stakeholders.
According to a recent study by SL Associates, software companies that implemented Oracle NetSuite Cloud ERP reported stunning improvements in key performance metrics, such as:
- Reduce financial close time between 40% and 70%
- Reduce compliance support time between 25% and 45%
- Increase order process efficiency between 45% and 75%
- Increase finance staff productivity between 20% and 50%
Today, NetSuite is without a doubt the best cloud ERP for software companies, as these statistics illustrate:
- 56 of the JMP Hot 100 private software companies rely on NetSuite
- 88% of Bessemer’s “Next Cloud Unicorns” run on NetSuite
- 29+ recent software industry IPOs ran on NetSuite
- 22 Wall Street Journal “Billion Dollar” Start-ups are NetSuite customers
How Oracle NetSuite Helps Tech Companies Scale, Streamline and Modernize
Scale Up with Oracle NetSuite
In the software and tech industry, having a vision is not enough — you also have the ability to scale up that vision. Oracle NetSuite provides the back office foundation that companies can build off of as they move from mid-market business or large established company to a global enterprise.
NetSuite’s features allow companies of all sizes to:
- Increase efficiency with a unified accounting platform
- Improve visibility as a company grows and transforms
- Eliminate costly and ineffective manual processes
These are the keys to successfully scaling any business or organization and taking a company to the next level.
Streamline Complex Business Processes
As companies grow and expand into new territory, important business processes become more complex. While it is tempting to just add on to the current mode of operation — new spreadsheets, new apps, etc. — all of these unintegrated solutions eventually slow down productivity.
Do not get tied down by inefficient, ad-hoc solutions!
Oracle NetSuite enables software companies to streamline critical business processes. Through strategic automation, companies can reduce manual workloads, reduce IT support costs, eliminate the use of error-prone spreadsheets, and more!
The Right Tools to Meet Modern-Day Challenges
Rapid change and new technologies mean software companies have to be agile, flexible and able to quickly adapt. However, using outdated modes of operations that rely on fragmented business systems can stifle growth and innovation.
As a 100% cloud-based ERP, Oracle NetSuite represents the cutting-edge business infrastructure that meets today’s challenges while maintaining the flexibility needed to adapt to tomorrow’s changes.
CEOs and employees that use NetSuite can access key data anytime, anywhere they have an internet connection, which drives productivity and contributes to forward progress and growth.
NetSuite Product Features Built for Software Companies
Here is a closer look at some of the specific NetSuite product features that all software companies, public or private, can take advantage of to strengthen their business and achieve growth:
- Order Management — NetSuite makes it easy to scale order capacity as your business grows! NetSuite’s order management feature allows tech companies to eliminate manual bottlenecks from the sales process by automating approvals, pricing and discounting. Streamlining the order-to-cash process increases speed and accuracy and facilitates improved customer service.
- Global Financials Consolidation — As your business grows and expands into new countries in Latin America, you will need to manage multiple currencies, tax rules, and reporting requirements. Oracle NetSuite provides companies with an unprecedented visibility at both the global and subsidiary level, comprehensive language support and multicurrency management. These global financial consolidation tools allow tech companies to expand effortlessly into international markets, including Brasil, Mexico and the entire Latin American region.
- Close the Books — Confidently close your books with speed and accuracy with Oracle NetSuite! NetSuite’s strong compliance management and accounting functionality eliminates the need for manual reconciliations, which accelerates the financial close process. General ledgers, accounts receivables, audit trails and more are all included in NetSuite’s compliance and closing features.
Why NetSuite Is the Perfect Tool for the IPO Prep Process
Preparing to take your company public can be a long and arduous process, but Oracle NetSuite can help increase company readiness and streamline the journey to a successful software IPO. Indeed, between 2017 and 2018, around one-third of all companies that filed for IPO were NetSuite customers, including an incredible 70% of all technology company IPOs in 2018.
Specifically, NetSuite’s cloud ERP can help support efforts to assemble your IPO team, get financials in order and increase scalability. Let’s take a closer look at each of these three pillars of a successful IPO.
Assemble the Right IPO Team
Many fast-growing tech companies must upgrade their leadership teams at certain positions to ensure they are ready for the extra scrutiny and performance requirements experienced by public companies. Independent board members with IPO experience can provide valuable wisdom and insight to help guide the company in the months leading up to an IPO.
NetSuite supports IPO teams by providing a view of key performance indicators (KPIs) via real-time, customizable dashboards. Each team member can access business metrics specific to their tasks and responsibilities as related to the IPO process. In this way, NetSuite empowers IPO teams with the data they need to make important adjustments or changes before going public.
Prepare Your Finances for a Software IPO
Public companies are subject to a variety of financial regulations from the Securities & Exchange Commission, such as publishing quarterly earnings reports. Speed and accuracy are critical to adhering to stringent regulatory requirements, which means software companies must eliminate as many tedious manual processes as possible before their IPO.
Companies that use NetSuite enjoy access to a robust compliance foundation that includes a wide variety of reports, certificates and continually updated audit trails. These features allow auditors and management to investigate and uncover activities that may impact controls, financial statements, or security. In addition, NetSuite can also help eliminate inefficient manual reconciliations and financial close processes.
By increasing efficiencies and accuracy, NetSuite helps reduce the stress of preparing for an IPO and continuing to follow financial regulations once the company is public.
Show Scalability to Prove Your Company is Worth the Investment
Ahead of an IPO, investors want to see a company that works efficiently in all aspects and has the potential to scale revenue and the capacity to handle more complex transactions as the company grows in the future. Operating with many disparate, unintegrated systems probably will not look attractive in the eyes of potential investors.
Migrating or upgrading to a fully-integrated business management suite like Oracle NetSuite gives tech companies the foundation they need to scale up. NetSuite supports multiple currencies and subsidiaries, so companies can easily expand internationally. In addition, businesses can customize their NetSuite financial modules to adjust as their company grows.
Upgrading to a cloud ERP like Oracle NetSuite signals to the investment community that a software company has the capabilities and tools to maximize revenue and growth after they go public.
Testimonials from Software Companies that Use NetSuite
- Commvault — The New Jersey-based provider of enterprise data management was struggling with outdated and expensive legacy IT systems before upgrading to Oracle NetSuite. Commvault has been able to consolidate the finances of its 35 international subsidiaries and eliminate up to six hours a day spent populating a multidimensional database.
- Venafi — NetSuite has enabled the internet security company to streamline its end-to-end financial processes and generate detailed and real-time reports on global operations. As a result, Venafi has cut roughly six hours a week from its sales and purchase order processes and reduced its monthly financial close from 20 to 16 days.
- Quicken — A personal software business, NetSuite enables Quicken to operate with a more efficient, smaller accounting team that similar size businesses. Quicken transitioned from QuickBooks Online to Oracle NetSuite in just five short months.
La Implementación FULL de NetSuite Ahora Está Disponible en Miami
Implementing a new ERP is a critical business decision, so you want to go with the experts who know how to tailor the system to reflect your industry and unique business needs. La implementación FULL de NetSuite ahora está disponible en Miami a través de OneSystem LatAm.
Since it was founded in 2009, OneSystem LatAm has grown to become the largest and most experienced team of NetSuite experts in Miami and all of Latin America. Today, our company has over 100+ employees and has worked with over 150+ international corporations in the U.S. and in 18+ Latin American countries.
As a cloud-based technology company that has grown rapidly using the power of Oracle NetSuite Cloud ERP, we are familiar with the challenges companies in our industry face and also understand how NetSuite can unlock your software company’s full potential.
LatamDojo: Online NetSuite Training en Español
The traditional mode of training new NetSuite users is being transformed by cloud-based technology. Companies no longer have to hire consultants to fly to different countries to oversee NetSuite training at each subsidiary. Instead, more and more companies are shifting their training online.
OneSystem LatAm is uniquely equipped to provide Miami software businesses with the support and training services their NetSuite users need. All OneSystem customers have access to LatamDojo, our exclusive E-learning platform. LatamDojo contains essential NetSuite online training courses en español, portugués e inglés.
NetSuite Resources from OneSystem LatAm
As the #1 NetSuite partner in Miami and Latin America, we have developed an impressive network of NetSuite resources, including webinars, demos, and more. In addition to LatamDojo, some of our most popular NetSuite platforms and resources include:
- NetSuite Demos: In-depth demos from our experts provide step-by-step guidance on how to harness the power of NetSuite.
- OneSystem LatAm Blog: Contains the latest news and tips about NetSuite in Latin America and Miami. It is updated frequently, so please check back frequently.
- OneSystem LatAm YouTube Channel: Subscribe so you never miss a new video about Oracle NetSuite in Latin America. Watch from anywhere, even on your phone!
- OneSystem LatAm on LinkedIn: Connect with us on LinkedIn to stay up-to-date with the latest developments and special offers.
Are you ready to achieve rapid growth and increased revenue in Miami and Latin America? Oracle Netsuite Cloud ERP is the business system technology that growing technology and software companies need to unlock their full potential.
Click the button below to schedule a meeting or call a OneSystem LatAm sales representative at + 1-786-600-2641.