Software and technology companies operate in one of the most rapidly and constantly changing industries out there, with tumultuous shifts in development, infrastructure, customer expectations, and business models. Software companies are also able to grow very fast, and can go from start-up through scale-up, to IPO and to global enterprise very quickly in the matter of just a few years. But to be successful, it’s imperative to invest in business systems that can support that kind of growth.
NetSuite is a complete business solution that caters to software companies in every stage of the company lifecycle. The system scales effectively with growth, which means that companies implementing NetSuite in their early stages can count on it supporting them all the way along their growth journey. Over 1000 software companies use NetSuite, making it the leading Cloud ERP solution for the software industry. In fact, NetSuite customers make up 63% of tech IPOs since 2011. In 2021 alone, a total of 66 NetSuite customers have gone through an IPO and 22 have been through a SPAC.
Over 1,000 software companies run on NetSuite, ranging from start-ups to global enterprises
NetSuite software customers report 25-80 % improvements across multiple areas of the business
64% of technology IPOs have been running on NetSuite since 2011
NetSuite benefits for software companies
Scalability & Integration
NetSuite supports software companies throughout the full growth journey by handling increased transaction volume and increasingly complex financial and accounting processes. As a cloud-based solution, it can handle high amounts of data without needing any additional infrastructure and can be customized to fit the needs of each individual organization. NetSuite can also be integrated with other systems, enabling streamlined business processes and data management with full visibility into the organization and no need for manual data entry.
Real-time insights
NetSuite users get insights into relevant company metrics and data in real-time, visualized on customizable dashboards and in automatically generated reports. Software companies can analyze their business more comprehensively and effectively, as the risk for manual reporting errors is significantly reduced. NetSuite has more than 300 pre-built reports and dashboards targeted for software and internet-based companies, including 15 pre-defined roles.
Global capabilities
NetSuite offers multi-language, multi-currency, and multi-subsidiary capabilities as well as built-in compliance for local tax and regulatory requirements. This is a huge benefit to software companies looking to reach a global customer base. Software companies can manage their whole organization, including subsidiaries in different countries, within a single system that consolidates data, insights, and analytics from each subsidiary in the same place to form a comprehensive view.
Automation
By automating different processes within the company, NetSuite helps software companies:
- Eliminate the use of error-prone spreadsheets
- Reduce manual reconciliations
- Speed up the financial close process
- Improve order processing efficiency
- Reduce IT support and resource costs
- Improve professional services productivity
- Gain critical controls for compliance activities
Resulting in key benefits such as rapid growth, greater efficiency, competitive differentiation, increased speed to market, global expansion, reduced cost to serve, and risk mitigation.
Words from a software company user of NetSuite
iBinder Group is a SaaS company that provides a modern digital information management platform for the construction and real estate industry. The company was founded in Sweden in 2005 and now operates in 8 countries.
To keep up with rapid growth both organically and through acquisitions, they chose to implement NetSuite for the Group’s 13 companies in 2022. NetSuite fulfilled the Group's expectations, and the following benefits were particularly appreciated:
“Firstly, it enables a single accounting process where instead of handling 13 different companies, the system handles the Group as a single company. Secondly, it enables the integration and migration of new companies in a fast and easy away. All other suppliers required almost a new implementation for each new company while with NetSuite it is an easy and simple process. Thirdly, it’s easy to get global support, as NetSuite is a well-recognized system.”
- August Tillqvist, Group Finance Manager at iBinder Group
Do you want to know more? Visit our page about NetSuite for software companies or get in touch with us!
To learn about NetSuite best practices specifically for software companies, sign up to this on-demand webinar launched on April 11.