Outgrowing Xero? Upgrade to NetSuite
As your business grows, so do your financial management needs. What started as a streamlined operation with simple accounting requirements might now involve more complex requirements: multiple entities, complex transactions, or numerous subsidiaries.
For many businesses, Xero serves as an excellent entry-level accounting solution. However, as your company evolves and begins to include more complexities, you may find that Xero’s limitations begin to impede your progress. If this sounds familiar, it is time to explore a more robust solution such as NetSuite.
In this blog, we will discuss the problems you are likely to run into, and the options available to you:
The Growing Pains of Xero
Xero is a fantastic tool for startups and small businesses, but as your operations continue to grow, you might find yourself using complicated, manual workarounds to compensate for more advanced features that Xero simply doesn’t offer.
Multi-Company Finance
Managing finances across multiple entities is a common challenge for growing businesses. Xero’s single entity focus means that as soon as you add another company or subsidiary, you are faced with the headache of consolidating financial reports manually or juggling multiple instances of the software.
This manual consolidation is not only time-consuming but also prone to errors, making it difficult to maintain a clear and accurate view of your finances.
Fragmented data from multiple integrations and add-ons can further complicate reporting, and results in a lack of real-time insights, which can hinder your ability to make informed decisions quickly.
Expanding Globally or Locally
Going global or diversifying with new subsidiaries is an exciting milestone for any scaling business, but it also introduces a host of complexities. This is particularly true when managing multiple currencies, languages, and tax regulations.
Xero’s limited localisation capabilities often force businesses to rely on third-party tools or manual processes to ensure compliance and efficiency.
Handling transactions in different currencies can become cumbersome without robust multi-currency management, and staying compliant with various country-specific tax laws can increase the risk of errors and non-compliance.
The need for additional tools not only increases operational overhead but also fragments your financial processes, with different parts of the business living in different systems. In reality, this results in core financial data living in Microsoft Excel (or similar) and only headline numbers visible within your financial system, slowing down and restricting your ability to make well-informed decisions.
Complex Inventory Needs
As product lines expand, supply chains become more intricate. Xero’s basic inventory management features may fall short. While Xero does offer basic inventory management, it is not equipped to handle the demands of large inventories or complex supply chains. This can lead to disjointed processes, stock discrepancies, and delays in order fulfilment. The lack of advanced tools for managing complex inventories often results in higher operational costs and a greater risk of errors, which can ultimately affect your bottom line and customer satisfaction.
Billing Bottlenecks
High transaction volumes and the need for advanced billing processes can quickly overwhelm Xero’s straightforward system. Businesses that deal with recurring payments, complex billing needs, and a high volume of transactions require more sophisticated tools to maintain efficiency and accuracy.
Xero’s basic billing features may not be able to keep up with these demands, leading to manual workarounds that slow down operations and, again, increase the risk of errors. This can also result in delays in financial reporting, which hinders your ability to maintain real-time financial visibility.
Customisation Whilst Scaling
As your business evolves, so do your operational needs. Xero’s limited customisation options can force you to adapt your processes to fit the software rather than tailoring the software to meet your business needs.
For businesses looking to maintain a competitive edge, the ability to customise workflows, reports, and dashboards is essential. However, Xero’s reliance on external add-ons can lead to integration issues and slower response times to changing business needs. This lack of flexibility can impede your growth and limit your ability to scale efficiently.
Why NetSuite is the Right Fit for Scaling Businesses
As the world’s leading cloud-based finance system, NetSuite offers the comprehensive tools and flexibility you need to manage complexity with ease. Take a look below at why NetSuite is the go-to choice for some of the fastest–growing businesses today.
A Single Source of Truth
NetSuite consolidates all your business data into one unified platform, eliminating the silos that can disrupt your operations. This ensures consistent and accurate reporting, providing a complete and transparent view of your business performance.
By streamlining your reporting processes, NetSuite reduces the need for manual data transfers and consolidations, therefore increasing accuracy and reliability. With all your data in one place, you gain a holistic view of not just your finances, but your business as a whole from a financial perspective, enabling better decision-making and strategic planning.
Built for Growth
NetSuite is designed to grow with your business, offering seamless scalability, whether that involves expanding into new markets, adding product lines, or managing international subsidiaries.
NetSuite supports multi-currency transactions and multi-entity financial management, ensuring compliance with local and international regulations. This means that as your business expands, NetSuite can handle the increasing complexity without missing a beat, allowing you to focus on strategic growth rather than getting bogged down by operational challenges.
Tailored to Your Business
NetSuite’s customisable platform allows you to tailor workflows, reports, dashboards, and fields to match your business processes.
Unlike Xero, which often requires external add-ons to extend its functionality, NetSuite ensures a unified operation and better alignment with your strategic goals.
This flexibility enables you to create tailor-made solutions that enhance efficiency and support your unique business processes. As your business evolves, NetSuite adapts quickly, allowing you to modify your system without the need for costly integrations or extended downtime.
Real-Time Business Insights
NetSuite’s advanced analytics and real-time dashboards empower you with the insights needed to make informed decisions quickly.
The platform provides real-time visibility into key performance indicators (KPIs) and other essential metrics across your whole business, allowing you to monitor progress, identify trends, and respond to emerging issues promptly with a complete view of your finances.
Advanced Process Automation
NetSuite automates complex business processes, significantly reducing manual tasks and the associated risks of errors.
From billing to inventory management, NetSuite’s automation capabilities streamline these time-consuming and complex tasks, minimising errors, and ensure timely reporting. By reducing the need for manual work, NetSuite allows your team to focus on more strategic initiatives, driving growth and innovation within your organisation.
How MacroFin Ensures a Seamless Transition
Moving from Xero to NetSuite is a significant step for any business, but it doesn’t have to be daunting. MacroFin, one of Europe’s leading NetSuite implementation partners, is here to ensure your transition is smooth, successful, and tailored to your unique business needs.
Unmatched Expertise and Experience
With over 350 successful NetSuite projects and more than 60 years of combined experience as finance professionals, NetSuite implementation specialists and end users, MacroFin brings deep industry knowledge and a proven track record to every implementation. Our team understands the nuances of scaling businesses and is equipped to customise NetSuite to meet your exact requirements. We prioritise your business goals and work closely with your team to deliver solutions that align with your objectives with a timeline that works for you, ensuring that your transition to NetSuite is both efficient and effective.
Tailored Solutions for Your Unique Business
One size does not fit all and if you are considering NetSuite as your next step from Xero, you probably already know that.
We take the time to understand your business, its challenges, and your strategic goals for the future, allowing us to tailor NetSuite precisely to your needs.
Our approach is centred around delivering solutions that are aligned with your business strategy. This personalised approach ensures that NetSuite not only meets your current needs but also evolves with your business as it grows and changes.
Seamless Transition and Comprehensive Support
Switching from Xero to NetSuite shouldn’t have to disrupt your operations. MacroFin’s expert team can guide you through every step of the process, from initial planning and system migration to training and ongoing support.
We are committed to making your transition as smooth as possible, minimising downtime and maximising your productivity. Our comprehensive support ensures that your team is fully equipped to leverage NetSuite’s capabilities, helping you to get the most out of your investment and drive your business forward.
Ready for Life After Xero?
If your business has begun to suffer due to Xero’s limitations, it is time to consider a more powerful, scalable solution.
NetSuite’s comprehensive features, combined with MacroFin’s expert guidance, can help you overcome the challenges of growth and drive your business forward.
Contact us today to learn more about how we can help you make the switch seamlessly and successfully.
