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Webinar
April 19, 2023
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6 min
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Webinar Highlights: Are Your Financial Tools Helping or Hindering Your Company's Ability to Scale?

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Market trends always pressure your company, from banking uncertainty to high inflation and rising interest rates. These factors can create a lot of uncertainty in the market, and the more uncertainty there is, the more volatility there can be in your business. But in these circumstances, the most successful companies find ways to grow and thrive regardless of external factors, and technology is a big part of the solution.

In the first webinar in our Scaling Growth series, hosts Samuel Miller, Product Marketing Manager at ServiceRocket, Joy Mbanugo, CFO at ServiceRocket and Tammy Been, Director of Sales Enablement at Rho, help you understand:

  • Top signs your company is outgrowing its financial tools
  • The negative impact on your business
  • How the right tools can solve these challenges

Missed the webinar or just want a refresher on the content? Then read on to get the highlights, or watch the recording below.

Why are Finance Tools Important for Your Company’s Growth?

Finance tools refer to the various methods, strategies and technologies businesses use to manage their financial operations, including accounting, budgeting, forecasting, financial analysis and financial reporting. These tools help businesses to plan, organize and control their financial resources to achieve their goals and objectives.

These tools are essential for businesses because they give you a way to measure the company's financial health and enable managers to make informed decisions. For instance, finance tools help businesses to manage their finances more effectively by providing accurate and timely financial information. They also help improve forecasting based on historical data and market trends.

In addition, finance tools help businesses identify and manage financial risks, such as cash flow problems, market fluctuations and economic downturns, and help businesses comply with regulatory requirements and financial reporting standards.

Finance tools are critical for businesses of all sizes and industries to manage their financial resources effectively and make informed decisions that support their long-term success. Essentially, they help you Do More With Less, making it easier for you to effectively run your business.

Is Your Company Outgrowing Your Financial Tools?

Without the right financial tools, managing finances, forecasting budgets and making data-driven decisions can be difficult. That’s why it's so important to recognize when your financial tools are no longer serving you, as using the wrong tools can prevent your company from achieving its growth potential.

Here are a few examples to watch out for:

  • Unnecessary delays: This could range from wasted time finding shipping order invoices to experiencing delays in order fulfillment to making unnecessary extensions for month-end close due to processing issues.
  • Financial management issues: This includes difficulty consolidating financial data from multiple sources, not having real-time visibility into financial performance and being unable to generate financial reporting easily.
  • Cross-departmental collaboration issues: This could manifest as duplication of efforts, miscommunication and lack of accountability.

How Can This Negatively Impact Your Business?

Outdated financial tools can lead to numerous impacts on your business. Here are a few examples to help you understand what’s at stake for your business:

Ignored Processes

Successful businesses rely on staff to follow the correct processes. But when tech doesn’t work properly, it can force employees to take shortcuts or workarounds simply to get the job done. Of course, as soon as unapproved processes and working methods are introduced into the business, things quickly start to go wrong. Employees might not record calls, orders and tasks correctly, and you can soon lose control of everyday processes.

Inefficiency

When a business outgrows its financial tools, it may need help managing its financial operations efficiently. This can result in delays, errors and inconsistencies that can impact the accuracy of financial reporting.

Lack of Visibility

As a business grows, its financial operations become more complex, making it harder to gain visibility into financial data. This can make identifying trends, tracking performance and making informed decisions difficult.

Lost Customers

If old technology causes your devices to run slowly, you may be unable to respond to customer inquiries efficiently or process orders as quickly as your competitors. If your competitors provide quicker, more efficient service, they’ll likely favor their services over yours.

Security Risks

Technology is constantly evolving, meaning cybercriminals are always finding new ways to penetrate your systems and gain access to your data. Because of this, using old or outdated technology can increase the risk of becoming a cyberattack victim.

Compliance Risks

When a business outgrows its financial tools, it may no longer be able to comply with regulatory requirements and financial reporting standards. This can result in legal and financial penalties and damage to the business's reputation.

Limited Capacity

Outdated financial tools may not be able to handle the volume of financial transactions and data that a growing business generates. This can lead to slow processing times, data errors and other inefficiencies.

Do More With Less

The right systems can transform your business. They streamline and automate processes, improve efficiency and provide better management and visibility into the business's overall performance, which is essential for fast-growing companies to scale and thrive effectively.

This webinar showcased two prominent solutions to help you do just that. Here’s a little more on each to help you understand the types of tools you might want to use if you’re not already:

NetSuite

NetSuite by Oracle is a cloud-based ERP platform that has helped businesses gain the visibility, control, and agility needed to build and grow successfully for more than 20 years. It is the world's #1 cloud-based ERP solution that offers a suite of integrated cloud-based applications that assists with: 

  • Comprehensive financial management
  • Enterprise resource planning (or ERP)
  • Human resources
  • Customer relationship management (or CRM)
  • Inventory and order management
  • eCommerce
  • Project management

To learn more about NetSuite, visit the ServiceRocket NetSuite page

Rho

Rho is a complete suite of financial tools to help you work smarter, operate faster, and fuel growth. It uses an end-to-end platform that combines automation with all critical corporate finance processes. Rho combines cash and spending management in a single, seamless platform that’s simple, intuitive and capable of supporting complex businesses.

Key product features include: 

  • Corporate cards with scalable limits
  • Expense management
  • Bank accounts with fee-free deposits, check, wire and ACH payments
  • Dedicated support
  • Treasury management
  • Accounts payable 
  • Accounting integrations 
  • Direct integrations with NetSuite, MSD 365 Business Central, QB Online and Sage Intacct

To learn more about Rho, visit their website.

Better Together

Integrating Rho with NetSuite means you get more control over your business’s finances. Alone, these tools are formidable, but together, they are a powerhouse for any business to leverage. For instance, companies can:

  • Save time by closing the books 80% faster with more accuracy and more control of mapping rules to meet your needs.
  • Sync all transactions directly to NetSuite, from corporate cards to banking to AP. Rho automates data entry, complete with receipts, so your team can reconcile with speed.
  • Control exactly how transactions appear in your NetSuite ledger. Create custom rules to map merchants, categories, budgets, labels and cardholders.
  • Put your AP on auto-pilot and decrease time-to-close. Rho instantly sends approved bills & bill payments directly to NetSuite, ensuring your books are always up to date.
  • Easily split a single AP or banking transaction across your NetSuite Chart of Accounts & Vendors.

So What’s The Solution?

Whether you're a business owner, CFO, Controller, CEO, COO, CHRO or financial professional, it's clear that financial tools play a critical role in a company's ability to scale and grow.

Without the right tools, your company may struggle with unnecessary delay issues, financial management issues and cross-department collaboration issues, among many others, which can lead to negative consequences like lower productivity, lost customers, and increased costs.

Companies that are not aware of these challenges and working proactively to address them will not find a way to overcome them and position themselves for success by being able to do more with less. 

To find the right solution, we encourage you to take the insights and best practices shared during this webinar and apply them to your business. You can do this by investing in modern, efficient financial tools, like NetSuite and Rho, to future-proof your business for success, maximizing your growth potential.

Ensure the highest return on your NetSuite investment with our custom development or administrative services.

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