NetSuite for FinTech

Five ways NetSuite can save FinTech and financial service businesses time

Time. Does your business need more of it? What could your teams do with an extra 8 hours per week? For example, UK SMEs collectively lose £8.72 billion annually managing company expenses let alone large organisations with greater overheads. Time is money and every second saved has a financial value. FinTech, like many industries, enjoys lower operating costs in order to create new opportunities and revenue streams. This means maximising your time, which can be achieved with ease with the help of the right Enterprise Resource Planning software (ERP). As NetSuite is the No.1 cloud ERP solution, also preferred by firms like yours in the financial services sector, please read on to understand how your business could reap the benefits.

So, what is NetSuite ERP?

Simply speaking NetSuite is the greatest time-saving investment you could make for your business. Offering more than standard on-premise ERP, NetSuite is a scalable cloud-based ERP solution that automates and consolidates all your business processes across multiple departments, countries and regions. From workflow management and digitised accounting to financial consolidation in multiple currencies plus customer relationship management, the benefits of a cloud-based ERP system are fundamental to advancing business efficiency and growth. Here are just five benefits NetSuite offers to save your business precious time:


1. Meets Compliance Standards

The FinTech industry is under constant pressure from regulatory reform; we understand all too well the challenge to meet compliance versus the need to deliver pioneering technological advancement. Security is paramount in your business and data protection is something you monitor daily, yet with ERP you can be safe in the knowledge that you’re protected. That you meet industry best-practice and comply with all GDPR, FCA and data security standards.

What’s more, you can save valuable time securing individual systems per department by replacing them with one. A single system for the whole business that simplifies your software needs while maximising your security. Protecting your business from data breaches and cyber-attacks. And, as the FinTech industry is governed by the FCA, you can ensure you maintain regulatory compliance at the same time.


2. Consolidated IT

NetSuite ERP is a single solution to unite all your divisions and streamline your IT processes. Gone are the days of maintaining custom interfaces for separate software systems for operations, accounting and customer relationships – NetSuite combines them all. Furthermore, NetSuite delivers two seamless releases each year with no need to spend time reworking customisations and interfaces. All customers move to the new release within a few days so effectively you are always on the current version along with every other customer. This means you can always take advantage of any new features and functionality as soon as it’s available. With NetSuite, there is no such thing as being version locked on an old version.


3. No Server Requirements

A NetSuite solution does not require any server or networking equipment on site locally. As a result, a specialist server rack or indeed server room is no longer required. Over time, all hardware needs to be upgraded to accommodate more advanced software or a growing user community. NetSuite takes care of all of that, all the customer needs is a client device, i.e. laptop, PC etc. with a browser. Consequently, the inevitable business disruption caused by hardware upgrades is also a thing of the past. This also has the added advantage of no separate costs for hardware, operating system and database licencing as well as the associated support costs.


4. Intelligent Financial Data

Which business doesn’t want to gain clear visibility of internal and external challenges with the click of a mouse? NetSuite reporting and dashboards allow multiple users to access one shared database and view role-specific real-time reports, KPI’s and drill through dashboards from summary to core transactions. We guarantee that we can reduce the time your teams spend preparing and auditing data with accurate analytical reports, helping you forecast, identify trends and make informed decisions more cost-effectively.

Even more time is released to the business at the period end where, in our experience, the time to close is reduced from mid-month at best to a matter of days, also giving vital management information quicker.


5. Multi Company, Multi-Currency Global Solution

The world’s a small place and many FinTech companies operate globally, dealing with the challenges of different time zones, languages and currencies daily. With NetSuite, you can wave goodbye to any constraints. Enjoy a multi-language user interface that offers unparalleled visibility of your business in real-time locally and globally, allowing you to run your day-to-day operations seamlessly. NetSuite’s multi-currency management currently supports 190+ currencies and exchange rates and 100+ tax regimes as well as financial consolidation across operating subsidiaries and divisions as standard.

Have the advantage over your competitors

Saving time is just one benefit of NetSuite ERP, allowing businesses to improve efficiencies to leverage additional advantage over competitors. Contact us today to discuss how BrightBridge Solutions can consolidate your systems, empower your business and unlock your growth potential with NetSuite, as it has with other successful firms in the FinTech space.