Did you know that manufacturing downtime now costs businesses an astonishing $260,000 per hour on average? This financial burden falls particularly hard on small to mid-sized manufacturers who often lack the cash reserves of larger competitors. Recent industry research shows these costs have increased by nearly 30% in the past five years alone. The impact […]
As the business operations landscape for manufacturers and distributors continues to change at an expedited pace, managing operations across multiple states presents both opportunities and challenges. We’re pleased to share key insights to help you maintain compliance while optimizing your financial operations. Mastering Multi-State Compliance The regulatory landscape across states continues to grow in complexity. […]
Looking to make the finance team more efficient and improve business operations? Today’s enterprise resource planning (ERP) systems integrate and automate essential financial and operational functions and provide a trove of data insights from sources including general ledger (GL), accounts payable, accounts receivable, payroll and financial reporting. Modern ERP systems also help with inventory, order […]
In this article, we’ll cover: · What Are Production Costs? · 24 Ways to Reduce the Cost of Production · Reduce the Costs of Production With NetSuite · Production Cost Reduction FAQs One of the most successful ways that manufacturers can improve their profitability and their business viability is by reducing the cost of […]
Lisa Schwarz | Senior Director of Global Product Marketing @ NetSuite An inevitable consequence of business growth is that companies often quickly add new applications to their IT ecosystems to fuel greater productivity and efficiency — from human resources (HR) systems to new employee collaboration tools. And although these systems can indeed offer significant improvements, […]
In the ever-evolving landscape of finance, maintaining a streamlined Chart of Accounts (COA) is not just an operational necessity; it is a cornerstone of financial clarity and organizational growth. As businesses evolve, their financial frameworks must adapt quickly. An outdated and cluttered COA can obscure the true financial picture, resulting in inefficiencies, inaccuracies and poor […]
The pandemic has thrown a wrench into the gears of manufacturing and distribution. Supply chain chaos, labor shortages, unpredictable demand—it’s been a wild ride. And if you’re still using an outdated ERP system, it’s like trying to navigate this storm with a flip phone in a world full of smartphones. How Outdated ERP Systems Are […]
In the fast-paced business world of 2024, staying ahead means adapting to change. One key area demanding attention is Enterprise Resource Planning (ERP) software. Upgrading your ERP system can revolutionize your business’s efficiency, agility, and overall success. Here are four key reasons why now is the perfect time to consider an upgrade: 🔹 Embrace Technological […]
Many companies find themselves entrenched in outdated systems, believing that they are saving money by avoiding the transition to newer technologies. However, this mindset often overlooks the hidden costs associated with such solutions. Manual data entries are not only time-consuming but also prone to errors, leading to significant inefficiencies and potential financial discrepancies. Moreover, an […]
Scott Beaver | Sr. Product Marketing Manager The accounts receivable turnover ratio is one metric to watch closely as it measures how effectively a company is handling collections. If money is not coming in from customers as agreed and expected, cash flow can dry to a trickle. Conversely, when collections are managed efficiently, a business’s […]
