Grow and Scale your Small Business with Netsuite ERP from Techcloudpro

The accidental gardener in all of us

Most everyone who loves seeing things grow would have a flowerpot in the garden. Some of us plan for small things, because we are not yet prepared for the big game. We put ornamental flowers and bonsai plants in our pots instead of a simple mango seed which would one day grow up to be a full-fledged tree. Because some of us are happy with roses and lilies—some of us are still not ready to grow. Because some of us are not yet ready to leave our houses and venture into our gardens. But the constant gardener in you knows that one day this is inevitable—that those plants or even bigger trees might actually need a garden.

Problems to start with and get rid of

As a founder, when you start out small, you still don’t know what to plan, and if you do not know if you are planning it right. But we know, both you and us, that success stories are written of people who have gone the whole nine yards and even beyond. And we aspire to be like them. As a small business owner, we understand that you want one day to be with the big guns, and when your business grows, you will need something that scales just as well. Something that allows you to plan ahead and plan well. Netsuite lets you do just that and more for your company.

The Good and the bad news

And as a small business, do we have good news for you? Yes and no. But the takeaway is that all the good things outweigh the bad by a good margin. The good news is that shopping has become mobile and social and always on. Your customer’s shopping history spans several channels, and they are always online 24×7, waiting to make the next purchase. If you can get hold of the right customer at the right time by understanding the customer’s behavior, nothing like it. Let’s get the bad out of the way, before we return to the good—the competition. In today’s ever competitive ‘business-scape’, staying ahead of the competition can be difficult, with new business ideas and models ever evolving.

But mostly good news, with Netsuite

That was bad, now for more good news. Netsuite is here to help you. All the good things—ability to understanding the customer’s behavior, analyzing customer buying pattern across several channels, and updating inventory to suit the customer’s needs are all possible now very easily with Netsuite ERP+CRM. And the good things don’t stop there. Back to our problem of scaling, Netsuite ERP scales well with growing business by allowing them more freedom to grow with incrementally increasing pricing over time and a very accessible subscription model.

And still more to benefit with Netsuite for your small business

Be it a wholesale or a retailbusiness that you want to grow, Netsuite can be customized to your needs. And does a lack of hardware resources, a service disruption, or a lack of technical help as a small company affect you? It most certainly does, but with a cloud ERP such as Netsuite, not anymore. As a Netsuite partner, Techcloudpro assures your company, big or small, of 99.99% uptime, and that is something you can view online. We know what you are thinking. This is quite incredible. It doesn’t quite stop there, however. There are many other things you will encounter in your industry vertical we have already contemplated of for you. Get in touch with us to know more. Netsuite consultants at Techcloudpro are here to help you. Give us a ring to let you grow your business freely and not worry about your ERP scaling with you.

NetSuite 2019 Release 2 Puts More Capabilities Than Ever in Your Hands

The release of NetSuite 2019 has become the buzz as it is way ahead of other cloud ERP solutions giving more flexibility to work for developers with results assured in less time. What’s more it is going to cost you way less to develop. The integral part of NetSuite 2019, the SuiteCloud platform promise unlimited opportunities to be tapped.

The SuiteCloud Platform accentuates and expedites the NetSuite environment by providing innumerable ways to innovate and literally make competition go green with envy. It bring with the possibility of powerful customization that is scalable. The SuiteCloud platform invariable gives systems integrators, developers, solutions providers, analysts and ISVs more flexibility in development and integration.

The enterprise-grade cloud infrastructure built within SuiteCloud “stack” combined with the applications and development tools give more muscle and power to development with access and complete control over data synchronization. Perhaps, the most attractive feature of NetSuite is the cost factor. The ERP can provide results in much less span of time at a fraction of cost compared to other ERP platforms.

Customisation and extensibility are certainly two of the greatest attractions of NetSuite 2019 as it offers developers multiple options to scale up the development in absolute security. It also makes localization a whole lot simpler for ERP solutions working across geographical distances and time barriers.

SuiteCloud Platform Highlights

Here’s a lowdown of how the 2019 Release 2 SuiteCloud Platform supercharges the NetSuite environment:

· Enhance access to REST and SOAP services thus improving options for integration NetSuite data to external systems.

· Equally good for localization and internationalisation with a slew of features. This goes a long way in improving workflows.

· Has Improvements to SuiteScript and JavaScript ES6 which enables language support and aids in localization and internationalisation.

· Extensions to the SuiteCloud Development Framework (SDF) improves updated object support for address forms and custom transaction fields. It also goes well for simplified deployment of SuiteAnalytics workbooks and datasets to NetSuite accounts.

· Ensures a more robust SFTP client for more secure and reliable file transfers.

· A whole new range of possibilities open up or JavaScript developers working with SDF to manage account, import objects and list files with the improved Node.JS command line interface (CLI).

· Access to more objects and better manageability of objects and script scaffolding with an updated WebStorm IDE.

· NetSuite 2019 provides the ease of Sign-on once and seamlessly change roles with OpenID Connect SSO authentication. Also, simplified access with NetSuite’s 3-stage token-based authentication makes everything more convenient.

· Features like the network health dashboard and outbound email logging add significantly to improve account transparency.

In short, SuiteCloud Platform enhancements available in the NetSuite 2019 release certainly allows customers to meet unique requirements of their organizations. They now get to enjoy feature like SuiteTalk for extensible cloud integration, SuiteFlow for workflow process customization and SuiteAnalytics for business intelligence. And this is not all.

Learn More About NetSuite 2019 Release 2

Check out the release notes for a comprehensive view of benefits that NetSuite’s latest release can offer to a spectrum of organizations. Much information can also be accessed through the blogs explaining the utilization in different organizations.

And don’t forget to ask for a hands-on primer, be sure to access your included preview account as soon as it’s available. Get to know the new features that will work wonders for you using your own data and get a real experience of NetSuite 2019 Release 2.

Six Reasons Services Resource Planning is a Game-Changer for Services Organizations

Services resource planning (SRP) is poised to be just as transformative for software and professional services as materials requirement planning was to the Manufacturing industry 3 decades earlier.

SRP provides a consistent and comprehensive platform for services organizations to manage the entire client lifecycle, from lead to project to cash. Here are six reasons why service organizations need SRP:

1. Integration — Integrating project management, resource optimization, project accounting and client management is now essential. It is virtually impossible to provide real-time insights to all stakeholders when dozens or even hundreds of simultaneous projects are being managed on spreadsheets, email, and stand-alone systems.

2. Decision making — Until accounting, sales, human resources, project management and field professionals all communicate on planning and execution, it is impossible to make coordinated decisions that lead to better client outcomes and increased efficiencies.

3. Globalization — MRP brought centralized and consistent controls to every step of the manufacturing process at a time when globalization was shrinking the industrial world. American, Asian and European businesses vied with one another for the same customers with the same product lines. MRP provided the manufacturers with tremendous cost and efficiency advantages. The market for professional services and other knowledge-based businesses has become global, and competitive pressures are coming from all corners of the world. SRP delivers the same edge to services businesses today that manufacturers needed in order to succeed three decades ago.

4. Coordination — In the past, organizations used professional services as a loss-leader to secure a larger piece of business, such as a long-term software contract. This is no longer possible with the market for professional services being so competitive. Becoming a profit center requires coordination, and that means SRP.

5. Growth — Accounting and sales departments need to understand future revenue and profit opportunities, which is difficult to do when information about professional services projects and resource utilization is not readily available. SRP gives sales the information they need to understand resource availability when pitching new business, and provides accounting with the insight they need to produce more accurate forecasts and timely invoices.

6. Profitability — The features of Services Resource Planning expose the profitability of every resource and every project. That’s the level of detail professional services organizations need in order to make competitive strategic decisions in the face of global competition.

Software Companies Still Navigating the New ASC 606 Standards

Mapping the Unchartered path of New ASC 606 Standards

Software companies are treading softly the unchartered path of new ASC 606 Standards. Most organizations are still using the old technology and find themselves inadequate support ASC 606 compliance.

Considered a major accounting change, ASC 606 is often seen to be in the league of Sarbanes-Oxley as far accounting is considered. This all new revenue-recognition standard is envisaged harmonize US and international revenue recognition standards under a new principals-based model, simplifying revenue recognition to a great extent.

Easier said than done, the transition is getting on the nerves of many. The transition has thrown up scenarios where complicated revenue-recognition policies are becoming a hindrance for software companies who find themselves in a spot as their ability is being questioned. They are trying their best to fully comply with the new standard.

Though the deadline for implementation (Jan 2019) is long past, the truth remains that many are still trying to go in through the transition. While some see the process to take few more weeks, others feel that they may require the whole year to get into act. Adapting to internal policies and operations before end-of-year audits is the target now. And for all such companies, an insight of challenges and opportunities presented by ASC 606 is imperative.

To begin with:

1. Need a comprehensive view of the impact of ASC606 on existing revenue policy.

2. Re-present revenue for past fiscal periods

3. Know to switch on the new 606 revenue policy

And to switch on the new ASC606 policy means more bottlenecks. Software companies are challenged by three hurdles in the process.

Revenue Allocation.

Though not a new feature, the revenue allocation rules of ASC 606 are a wee bit different from ASC 605. The grey areas are gone and each and every allocation has to be reported in detail. This is seen as a major shift in revenue management.

Performance Obligations.

The standard by which performance obligations are defined and recorded changes in the new ASC 606. Unlike its predecessor, ASC605 which used the satisfaction of contractual terms to identify performance obligations, ASC 606 considers the transfer of control of goods or services as defining a performance obligation.

To put it simply, take the case of a software being deployed in an organization. While ASC 605 would consider deployment as performance obligation met while ASC 606 would like to know whether further customisation was requisite for it to be integrated with existing system and be used.

Contract Cost Deferral.

ASC 606 matches parameters like contract costs, such as sales commissions, with contract revenue – the extent of this factor can have far reaching impact, much beyond the internal conversations. Therefore, the revenue policy must be exact and correct on all these. An error in any of these will show up later and get questioning glances from auditors. As such, companies must be equipped to face such situations in a professional manner.

NetSuite is a perfect partner for smooth transition to ASC606. NetSuite has focussed on the main hurdle’s companies face and has come up with reliable solutions.

Revenue Allocation.

NetSuite’s robust allocation engine addresses and supports the common practices of companies to maintain different bands of customers which in turn affects the Standalone Selling Price (SSP) for each. NetSuite can allocate appropriate SSP t properly allocate revenue and even accommodate further purchases under the aegis of existing contract. This identifying and linking of purchases for revenue allocation is an advantage of NetSuite.

Performance Obligations.

The flexibility of NetSuite allows it to support and present a bundled offering to the customer while calculating and handling the revenue in such a manner as befits the company’s policy.

Contract Cost Deferral.

The best part is that NetSuite automatically matches contract costs with contract revenue.

Several companies are enjoying the benefit of using NetSuite while several other ERP platforms are finding it hard to be ASC 606 compatible. The foresight and sustained development have given the customers the advantage of fast deployment with maximum flexibility.

The Five Big transformers of Future of Retail

Change is the only constant. And this is most true for the retail segment. Here yesterday’s amazing is today’s expected, and the consumer is ever demanding more. This is perhaps the most important thing that retailers should keep in mind, according to Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group. Telsey presented an overview of the transforming retail segment during NetSuite’s recent webinar, Revolutionizing Retail. And in that presentation, they pointed out the key trends affecting the industry and the five top things that are sure to transform the future of retail.

Pointer #1: Experiential retailing

The millennial consumer demands experience – both actual and virtual. They must be able to touch and feel. And they are choosy too. According to Telsey’s research, the millennials, across demographics, are not impulsive spenders. They practise discretionary spending, are tech savvy, and have to have convenience of digital interaction. The retail industry is living up to this expectation with a slew of attractions in store like virtual fitting rooms to yoga.

Pointer #2: The Online Store

Online stores are in. The sudden growth and spread on online store is here to stay. E-commerce and mobile commerce dominate the market share. Purchasing online and through mobile will continue to dominate the buying experience in future too.

Pointer #3: Streamlined Omni channels

The expectation of the consumer is changing as fast as the technology involved. The priorities are changing and so is the shopping behaviour. Retail segment has been trying to keep pace with these patterns. In management of change, adaptation is just one of the things you require. With better technology and solutions in place, innovation is another key factor that brings in a better experience with streamline technology for omnichannel.

Pointer #4: Uncertainty today, opportunity tomorrow

As the retail landscape evolves with time, certain sectors are facing slump while some new sectors are striking rich. This, according to Telsey, is normal and part of the cycle. The way to get around the decline lies in adapting and modifying themselves to the new environment. Reinvent, remodel, and remerchandise – is the mantra. Even the darkest of clouds have silver lining. So, dig in the heels, and give it your best and reinvent.

Pointer #5: Retail Space still prime

The slowdown or downturn may result in ‘shut shop’ for some. But the retail space always finds new buyers who want to begin new businesses. They move into the space left by old businesses, refurbish and set shop for their new ventures. The retail space shift. Though some blame online

stores for slack business, the truth is that the consumer still likes the in store experience. The promise of a new and varies experience always pulls in the consumer.

Reading these transformative pointers, what will the future of retail look like?

Personalization, localization and customization.

The future will be focussed on three key factors, namely Personalization, localization and customization. Targeted ads and promotions don’t drive in customers. The approach has changed to include customized communication and personalized experiences to influence purchasing. However, what attracts one may not attract another. The innovative thinking for better reach into the target market segment is the key. Also, retailers need to fully deliver on the omnichannel experience. If convenience is a millennial favourite, so is the efficient technology part for payments. Besides these, one has to remember that integrated systems and immediate gratification will only continue to dominate as speed and ease of use become the major buying influencers.

Global Reach

The world is now but a small village. Geographical distance, language barriers and logistic hurdles don’t matter anymore. The global reach often helps brands to grow big at a never before pace. Technology is making things easier with ease of payments.

Store to customer

All said, the most important driver will still be the store experience. While personalization of the buying experience and convenience of shopping will be welcomed, the retailers will need to truly focus on what their brand means to consumers and how best they can serve their customers with a superlative experience.