Category: NetSuite

Adapting to New Tariffs: How to Maintain Margin and Compliance Using NetSuite

Posted on by cvp_adm

The global trade landscape is experiencing significant disruption in 2025, with recent tariff changes creating waves across supply chains worldwide.


These tariff increases have created an average tax increase of nearly $1,300 per U.S. household in 2025, according to the Tax Foundation. For businesses that rely on international suppliers, the impact is even more dramatic:

  • Higher landed costs affecting profit margins
  • Disrupted supply chains and delivery timelines
  • Increased compliance requirements and documentation
  • New pricing pressures from customers resistant to absorbing the costs

For CFOs and operations leaders, this rapidly changing trade environment demands nimble responses and strategic planning. Companies need systems that can provide real-time visibility into tariff impacts and help model various scenarios to maintain profitability.


According to NetSuite, the cloud ERP market is expected to grow from $72.2 billion in 2023 to $130.5 billion by 2028, with the volatility of international trade being a key driver of adoption (NetSuite, 2025). Gartner reports that less than 5% of clients now express interest in acquiring or maintaining on-premises ERP solutions, as cloud platforms offer greater agility in responding to disruptions like tariff changes.


Leveraging NetSuite for Tariff Visibility and Control

If you’re using or considering NetSuite ERP, there is built-in functionality that will help you navigate this disruption.


Setting Up Accurate Landed Cost Tracking

NetSuite’s Landed Cost functionality serves as the foundation for effective tariff management. This feature allows you to:

  • Track all costs associated with bringing products into inventory
  • Create specific landed cost categories for different types of tariffs and duties
  • Automatically calculate the true cost of imported goods based on weight, value, or quantity
  • Incorporate these costs into your inventory valuation and pricing strategies

By setting up NetSuite to track tariffs as a specific landed cost category, you gain visibility into exactly how these charges affect your product costs. This is critical for maintaining accurate margins and making informed decisions about pricing adjustments.


Using Procurement and Vendor Management Tools

NetSuite’s procurement and vendor management capabilities allow you to strategically respond to tariff changes:

  • Diversify your supplier base across different geographic regions to minimize tariff exposure
  • Compare landed costs, including tariffs, across multiple vendors
  • Implement automated approval workflows that flag orders with excessive tariff impacts
  • Track country of origin for all components and finished goods to ensure compliance

These tools help businesses quickly pivot sourcing strategies when tariff policies change, potentially saving substantial costs through strategic supplier selection.


Automating Alerts Based on Tariff Thresholds

Staying ahead of tariff impacts requires proactive monitoring. NetSuite can be configured to:

  • Establish cost thresholds that trigger automatic alerts
  • Create dashboards displaying products most affected by tariff changes
  • Implement workflows that route high-tariff purchases for additional review

By automating these monitoring activities, your team can focus on strategic responses rather than manual cost tracking.

Protecting Margins with Better Planning and Forecasting

In an environment where tariffs can change rapidly, scenario planning becomes essential for maintaining profitability. NetSuite Planning and Budgeting (NSPB) provides powerful tools to model different tariff scenarios and their impact on your business.

  • Integrate real-time tariff data with financial forecasts to maintain accurate margin projections
  • Collaborate across departments to create unified response strategies to tariff changes
  • Generate automated alerts when tariff-impacted products fall below target margin thresholds

Modeling Different Tariff Scenarios

NetSuite Planning and Budgeting allows you to create multiple “what-if” models to understand the potential impact of tariff changes:

  • Simulate the financial impact of various tariff levels on your product portfolio
  • Forecast cash flow impacts under different trade policy scenarios
  • Evaluate the costs and benefits of reshoring production

According to a recent Gartner report, companies that implement robust scenario planning capabilities are 35% more likely to outperform their peers during market disruptions.

Adjusting Pricing and Margin Targets

With accurate cost data feeding your forecasts, NetSuite enables you to make strategic pricing decisions:

  • Automatically update product pricing based on landed cost changes
  • Segment your product catalog to identify items where price increases can be passed through
  • Create time-phased pricing strategies to gradually adapt to tariff changes
  • Set margin thresholds that trigger automatic pricing reviews

These capabilities help maintain profitability without resorting to across-the-board price increases that could harm customer relationships.

Final Thoughts: A Proactive Stance in an Uncertain Trade Environment

The current tariff environment represents a fundamental shift in global trade dynamics rather than a temporary disruption. Forward-thinking companies are using this challenge as an opportunity to build more resilient and transparent supply chains.

  • NetSuite provides the tools needed to navigate this complexity, offering:
  • Real-time visibility into the true costs of goods, including tariffs and duties
  • Flexible planning tools to model various trade scenarios
  • Automated workflows to ensure compliance with changing regulations
  • Strategic insights to inform sourcing and pricing decisions

Is your organization prepared to adapt to the new tariff reality? Now is the time for CFOs, COOs, and controllers to evaluate their ERP systems’ readiness to handle these complex requirements. Companies with integrated systems like NetSuite are better positioned to turn tariff challenges into competitive advantages through superior cost visibility and strategic planning.

How Caravel Can Help

Caravel offers strategic guidance and support to help businesses navigate tariff complexities using NetSuite. As a multi-year NetSuite Partner of the Year (2020-2024), our team provides comprehensive services to optimize your NetSuite configuration for effective tariff management.

Our expertise includes:

  • Setting up and optimizing NetSuite Landed Cost tracking for tariff management
  • Configuring Planning and Budgeting modules for scenario planning
  • Developing custom reports and dashboards for tariff impact analysis
  • Training your team on best practices for managing tariffs in NetSuite
  • Ensuring compliance with international trade regulations

Whether you need to implement NetSuite for the first time or optimize your existing system to better handle tariff impacts, Caravel provides cost-effective packages tailored to your specific needs.

Contact Caravel today to ensure your business is prepared to maintain margins and compliance in this challenging trade environment.

Building Smarter: How ERP for Construction Improves Project and Vendor Management

Posted on by cvp_adm

Running a construction business means juggling numerous variables—crews, budgets, materials, vendors, and ever-changing deadlines. When these elements are managed across separate systems or spreadsheets, it’s easy for things to slip through the cracks, leading to costly mistakes and delays.

An ERP for construction can vastly change this dynamic. By connecting your financials, project management, and operations in one cohesive system, it offers a real-time, unified view of your business. This visibility empowers you to manage your projects more efficiently, track costs accurately, and strengthen vendor relationships.

 

In this blog, we’ll explore how the right ERP for construction can streamline project management, job costing, and vendor operations, ultimately boosting your business’s productivity and profitability.

 

construction ERP

Project Costing: More Control, Less Guesswork

Construction projects are notoriously complex, and without real-time visibility into costs, it’s easy for budgets to spiral out of control. An ERP for construction allows you to track labor, materials, equipment, and subcontractor expenses as they happen, not after the fact.

 

With an ERP tailored for construction, you get:

  • Real-time project cost tracking – Monitor actual spend vs. budget, giving you clarity on where your money is going.
  • Accurate forecasting – Access up-to-date financial data that helps you predict cash flow needs and adjust strategies mid-project.

This level of visibility not only helps you stay on top of costs but also empowers you to make informed decisions on the fly, improving your margins and keeping projects on track.

 

Smarter WIP Reporting

Work-in-progress (WIP) reporting is essential for understanding project progress and financial health. With an ERP for construction, WIP calculations are automated, so you get real-time updates on job status and percentage of completion.

 

This removes the manual effort of updating spreadsheets, ensuring that your financial reports are always aligned with the actual project status. The result? Improved decision-making and more accurate forecasting.

 

Managing Change Orders and Phased Projects

Construction projects frequently face scope changes, unforeseen delays, and other disruptions. An ERP system helps you manage these changes by automating approval workflows and updating budgets in real time.

 

Multi-phase projects are easily tracked in a single system, giving you visibility into each phase while also managing the overall budget and schedule. This ensures that change orders are documented, and budgets are adjusted accordingly without losing control.

 

Retainage and Progress Billing Made Easy

Progress billing and retainage are common in construction, but they often complicate cash flow and invoicing. An ERP simplifies these processes by allowing you to:

  • Automate milestone billing – Link billing schedules to specific project milestones, ensuring timely payments.
  • Track retainage – Manage retainage rules consistently across projects, ensuring that holdbacks are applied as needed and payments are issued on time.

By automating these elements, your ERP ensures smoother billing cycles and better cash flow management, making it easier to keep your projects—and your business—moving forward.

 

NetSuite for construction

Vendor and Subcontractor Management: Centralized and Simplified

Managing vendors and subcontractors is often a cumbersome, manual process. You have to track contracts, insurance, payment terms, and compliance on top of managing performance. Without the right tools, this can become chaotic, leaving room for errors and missed deadlines.

 

An ERP for construction centralizes all vendor and subcontractor information, making it easier to:

  • Track agreements and compliance – Monitor insurance certificates, bonding, and licensing requirements, with automatic alerts for renewals.
  • Streamline procurement and billing – Keep everything—from purchase orders to invoices—in one system, ensuring that each cost is accurately allocated to the right project.
  • Enhance vendor relationships – A centralized system fosters better communication and collaboration with your vendors, helping you avoid delays caused by paperwork or miscommunication.

With this level of organization, you can keep your projects running smoothly while maintaining strong relationships with those who help bring your work to life.

 

Procurement and Vendor Billing

Efficient procurement and vendor billing are crucial for maintaining your project budgets and cash flow. When done manually, mistakes can be costly—overpayments, missed invoices, and delays in material delivery.

 

An ERP system helps you stay on top of procurement by:

  • Matching invoices to approved POs – Prevent billing errors by ensuring that you’re only paying for what was ordered.
  • Tracking material costs by project – Allocate costs accurately, ensuring that project-specific budgets stay intact.
  • Automating approval workflows – Speed up the procurement process and reduce the risk of errors.

By automating these processes, an ERP saves you time, reduces administrative overhead, and ensures your financials are always up-to-date.

 

Compliance Without the Chaos

Construction is a highly regulated industry, and missing a single compliance document can lead to project delays or legal issues. Lien waivers, insurance certificates, safety records, and licenses are all vital to your success, but tracking them manually can lead to costly mistakes.

 

An ERP for construction ensures that you stay compliant by:

  • Automating document tracking – Get alerts for expired insurance certificates or other required documents.
  • Centralizing all compliance information – Store and easily retrieve necessary documentation from one digital hub, making it accessible to everyone in your company.
  • Maintaining an audit trail – Keep a secure, time-stamped record of all documents, ensuring you’re always prepared for audits or inspections.

By eliminating the chaos of manual tracking, an ERP reduces your risk and keeps your projects compliant and on schedule.

 

Final Thoughts: Why ERP for Construction Is a Smart Move

The construction industry is dynamic, but it doesn’t have to be chaotic. An ERP for construction helps you streamline operations, reduce risks, and boost your bottom line by connecting your financials, projects, procurement, and compliance in one system.

 

With improved visibility and better control over costs, billing, and vendor relationships, an ERP gives you the tools to:

  • Stay on budget with real-time project costing
  • Simplify procurement and vendor management
  • Ensure compliance and reduce risks

If you want to gain a competitive edge in today’s fast-paced construction environment, adopting an ERP solution could be the next step toward achieving smarter, more efficient operations.

 

Want to Dive Deeper?

Caravel specializes in helping construction companies implement ERP solutions that streamline operations, improve profitability, and reduce risk. With deep industry expertise, we understand the challenges you face—and how to design a solution that works for your business.

 

If you’re ready to explore how an ERP system can transform your construction business, we’re here to help. Let’s talk about what success looks like for you.

The Top 5 Tech Optimizations for Retail Inventory & Supply Chain Challenges

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Today’s retailers face critical challenges with inventory management across their operations. Supply chain disruptions, fluctuating consumer demands, and omnichannel sales requirements put immense pressure on retail businesses and their bottom line. The consequences are significant: stockouts that disappoint customers, excess inventory that ties up capital, and inefficient processes that eat into margins.

 

Modern technology, such as cloud-based inventory management systems, offer powerful ways to overcome these retail pain points. Cloud-based inventory management systems provide the integration, automation, and real-time visibility retailers need to make informed decisions. These advanced platforms centralize data from multiple sales channels, automate routine tasks, and deliver actionable insights through sophisticated analytics. When implemented effectively, these systems transform inventory management from a constant struggle into a strategic advantage.

 

Among the leading solutions addressing these challenges, NetSuite’s comprehensive platform enables retailers to convert inventory obstacles into competitive advantages through integrated tools that streamline operations and enhance profitability.

 

Netsuite supply chain optimization

  1. Real-Time Inventory Tracking

Successful retail inventory management begins with accurate, up-to-the-minute visibility. Without real-time tracking, retailers operate with outdated information, making it nearly impossible to make timely decisions about stock levels, replenishment, and fulfillment. The most effective inventory management systems provide a single source of truth that unifies data across physical stores, ecommerce platforms, and distribution centers.

 

NetSuite’s centralized database architecture delivers this critical visibility across all sales channels, creating a solid foundation for retail inventory management. The system automatically updates inventory balances when sales occur through any channel, whether e-commerce, in-store POS, or wholesale channels.

 

This real-time tracking prevents costly stockouts through:

  • Threshold-based alerts for low stock situations
  • Automated inventory updates across all channels
  • Cycle counting capabilities that maintain accuracy without disrupting sales
  • Real-time order status tracking for improved fulfillment

NetSuite Smart Count enhances inventory accuracy by enabling cycle counting without shutting down operations, keeping business running smoothly while verifying stock levels.

  1. Implementing Multi-Location Inventory Management

Coordinating inventory across multiple physical locations presents unique challenges for retailers. Modern inventory solutions provide unified visibility into stock across all warehouses, stores, and fulfillment centers, enabling efficient transfers between locations when needed.

 

NetSuite’s approach to multi-location inventory management includes:

  • Intelligent stock replenishment between locations to maximize sales opportunities
  • Location-specific fulfillment rules that eliminate multiple shipments for a single order
  • Enterprise-wide inventory visibility for sales associates to prevent lost sales

This comprehensive approach ensures retailers never have excess inventory in one location while another faces stockouts, optimizing overall inventory investment.

  1. Demand Planning & Forecasting: From Reactive to Proactive

Retailers are increasingly shifting from reactive inventory management to more proactive approaches through advanced forecasting technologies. Modern systems use sophisticated analytics to anticipate customer demand patterns, helping businesses prepare for seasonal fluctuations and market changes before they occur. This forward-looking approach allows retailers to make data-driven decisions that optimize inventory levels.

 

The most effective retail inventory systems incorporate multiple forecasting methodologies and data sources to create accurate predictions. NetSuite’s forecasting capabilities analyze historical sales data alongside current market signals, enabling retailers to anticipate future needs with greater precision. This approach helps reduce carrying costs while ensuring sufficient inventory to meet customer expectations.

 

The system’s analytics can examine various data points to refine forecasts:

  • Historical sales data and seasonal patterns
  • Current demand signals from across sales channels
  • Sales pipeline and opportunity data
  • Market trends and external factors affecting the business

By balancing inventory investment with customer satisfaction, retailers can reduce costs while maintaining the service levels customers expect.

 

NetSuite inventory optimization

  1. Streamlining Operations with Modern Technology

The retail sector continues to evolve with technological advancements that streamline inventory operations. Today’s leading inventory management platforms integrate various technologies to create more efficient processes. Barcode scanning and RFID technology have revolutionized how retailers track products, allowing for precise monitoring from initial receipt through final sale.

 

Mobile applications have further transformed retail operations by putting powerful inventory tools in the hands of staff throughout the organization. These mobile capabilities enable employees to conduct inventory tasks from anywhere within the facility without being tied to stationary workstations. For retailers looking to modernize their inventory processes, solutions like NetSuite provide these capabilities in an integrated platform.

 

Implementing these technologies helps retailers achieve significant operational improvements:

  • Reduced human error in inventory counts
  • Increased operational efficiency across the business
  • Optimized picking, packing, and shipping processes
  • Improved overall supply chain accuracy

These improvements ultimately free retail staff to focus on customer service rather than inventory management tasks, creating better experiences for shoppers while maintaining accurate inventory records.

  1. Mastering Landed Costs & Vendor Pricing

Accurate retail inventory management must account for all costs associated with acquiring products. Modern landed cost management tools give complete visibility into these expenses by tracking import duties, tariffs, freight charges, insurance, and other variable components.

 

The right technology ensures profitability calculations remain accurate by:

  • Tracking all components of landed costs in one place
  • Automatically allocating costs across different items based on weight, volume, quantity, or value
  • Integrating with purchase orders, inbound shipments, and vendor bills
  • Providing real-time data on true inventory costs

By accurately tracking and allocating these complex costs, retailers gain a clear picture of their true product profitability and can make more strategic pricing decisions. This level of cost transparency becomes especially valuable for businesses with international supply chains or those dealing with variable shipping and import expenses. With properly configured landed cost management tools, retailers can avoid the common pitfalls of underpricing products, maintain consistent margins across different sales channels, and make more informed inventory purchasing decisions based on complete cost data.

Expert Implementation: The Final Piece

Maximizing the value of these advanced features requires expert implementation partners who understand both the technology and retail-specific applications. The right implementation partner can help retailers configure these tools to address their unique supply chain challenges.

 

 

Implementing inventory management technology requires expertise to deliver maximum value. Caravel, a multiple-time NetSuite Partner of the Year award winner, offers a templated model and framework to help retailers efficiently deploy and support NetSuite. Our comprehensive approach encompasses strategic guidance for implementation strategy, deployment support from requirements gathering through training, and ongoing optimization services to refine configurations as business needs evolve. With specialized experience in retail inventory management, manufacturing, and multi-location operations, our team brings both technical knowledge and industry best practices to each implementation.

 

 

Retailers who partner with experienced implementation teams can quickly adapt to changing market conditions while maintaining optimal inventory levels. These partnerships enable businesses to fully leverage advanced features like multi-location inventory management, demand planning, and landed cost tracking to transform inventory challenges into competitive advantages. Ready to revolutionize your retail inventory management? Contact Caravel today for a personalized consultation.

Breaking the Compliance Gridlock: How Financial Institutions Can Finally Get Ahead: Part 2

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In Part 1 of this series, we explored how modern financial technology helps you master multiple accounting frameworks, build bulletproof internal controls, and prevent fraud through smart segregation of duties. These foundational elements create a solid compliance infrastructure, but true financial regulatory excellence requires more.

 

Financial institutions today face equally pressing challenges around revenue recognition, subscription management, and payment security—all areas where manual processes simply can’t keep pace with regulatory demands. In this second installment, we’ll examine how the right technology solution addresses these advanced compliance needs, helping you not just meet requirements but transform compliance from an operational burden into a strategic advantage.

Revenue Recognition Revolution: Automating the Complex

ASC 606 and IFRS 15 have transformed revenue recognition, and keeping up manually just isn’t feasible anymore. Banks and credit unions face increasingly complex requirements for recognizing revenue from diverse products and services.

Advanced financial management systems like NetSuite simplify this process with built-in tools that automate revenue scheduling and allocation according to current standards. Key capabilities include:

  • Custom Recognition Rules – Create specific rules for each product or service, then link them easily to individual contract line items
  • Complex Contract Management – Automate performance obligations, milestones, and other revenue triggers, even for multi-element arrangements
  • Consistent Revenue Allocation – Apply sophisticated rules to ensure consistent treatment across all contracts

With the right platform, you can close your books faster, forecast more accurately, and have confidence that your revenue reporting meets all financial regulatory compliance requirements.

As your institution develops more sophisticated revenue streams, you’ll also need advanced solutions to manage the growing complexity of your billing models. The same technology that handles your accounting can extend to providing comprehensive subscription billing management.

 

Subscription Success: Managing the New Revenue Reality

As your bank or credit union expands into subscription and fee-based services, billing complexity grows exponentially. Managing tiered pricing models, performance fees, and various billing schedules creates significant challenges.

Modern billing platforms manage this complexity with support for multiple pricing models—from simple flat rates to sophisticated tiered and volume-based scenarios. You can implement and manage complex tiered pricing structures with automated calculations, while comprehensive tools track performance and management fees to ensure accurate billing.

These systems combine one-time, recurring, and usage-based charges, giving you the flexibility to create fee structures that align with your business strategy while maintaining full compliance.

Of course, any financial management solution would be incomplete without addressing the critical issue of payment security and compliance. Today’s leading platforms provide the comprehensive protection your institution requires.

Digital Fort Knox: Securing Payment Compliance

Security is non-negotiable in financial services. Banks and credit unions must maintain strict PCI DSS compliance, implement AML and KYC protocols, and ensure secure transaction processing—all while keeping systems user-friendly.

The best financial management platforms support your regulatory compliance requirements with robust security features:

  • PCI DSS Protection – Role-based access controls, multi-factor authentication, and comprehensive data encryption ensure payment processing compliance
  • AML and KYC Integration – Seamless configuration options to work with specialized compliance tools for enhanced verification and monitoring
  • End-to-End Transaction Security – Secure checkout processes and detailed audit trails protect financial information throughout its lifecycle

With these security features in place, you can process transactions confidently while maintaining compliance with relevant regulations. But effective compliance isn’t just about implementing controls—it’s about maintaining visibility into your compliance posture at all times. This is where comprehensive monitoring capabilities deliver exceptional value.

 

From Regulatory Burden to Business Advantage

Cloud-based financial systems such as NetSuite deliver powerful monitoring and reporting tools through real-time dashboards that give you an instant overview of your compliance status and alert you to potential issues. You can track activities as they happen, enabling you to address compliance concerns before they become problems. When audit time comes, you can provide auditors with everything they need through intuitive reporting tools, transforming what was once a stressful audit season into a routine process.

Financial regulatory compliance requirements will continue to evolve, but with the right technology platform, you don’t have to play catch-up anymore. You can finally get ahead of compliance challenges with a comprehensive solution that addresses everything from accounting standards to transaction security.

By implementing a leading cloud financial management solution like NetSuite, you’ll reduce compliance risks, streamline processes, strengthen controls, and enhance reporting capabilities with real-time visibility. An integrated platform offers the tools banks and credit unions need to tackle the complex compliance challenges we’ve discussed throughout this series.

Your Path to Compliance Excellence

Throughout this two-part series, we’ve explored how modern financial technology can transform your approach to regulatory compliance. From the foundational elements of multi-book accounting and internal controls to the complex challenges of revenue recognition and payment security, the right solution provides the integrated capabilities your institution needs to thrive in today’s regulatory environment.

Caravel, a multiple NetSuite Partner of the Year award recipient, offers implementation services tailored specifically for financial institutions. Our team understands the unique compliance needs of banks and credit unions and provides services from initial strategy through deployment and ongoing optimization.

Ready to transform your approach to financial regulatory compliance? The right technology platform with proper implementation can help you break free from compliance gridlock and turn what was once a burden into a strategic advantage for your institution.

Breaking the Compliance Gridlock: How Financial Institutions Can Finally Get Ahead: Part 1

Posted on by cvp_adm

This is the first installment of our two-part series exploring how modern financial technology solves compliance challenges for financial institutions. Part 1 covers multi-book accounting, internal controls, and fraud prevention, while Part 2 will address revenue recognition, subscription management, payment security, and compliance monitoring.

 

Financial institutions have long struggled with the mounting pressures of regulatory compliance, but there’s good news on the horizon. Today’s advanced technology solutions offer banks and credit unions a path to overcome these traditional pain points. By leveraging cloud-based financial platforms, your institution can transform compliance from a source of constant frustration into a streamlined, efficient process. In this series, we’ll examine how these technologies address specific compliance challenges facing financial institutions today.

Beyond the Books: Mastering Multiple Accounting Standards

In today’s fast-paced global economy, financial leaders face the daunting challenge of navigating multiple accounting frameworks. The complexity of reconciling GAAP, IFRS, and local requirements can drain valuable resources and hinder strategic growth. The ability to streamline and unify your financial processes across jurisdictions is not just a matter of efficiency—it’s a strategic advantage. By eliminating the need for manual reconciliation and ensuring compliance with diverse regulatory standards, your finance team can redirect their focus from tedious accounting tasks to high-impact strategic initiatives.

 

This is where modern financial management solutions like NetSuite come into play. As financial institutions increasingly adopt cloud-based technologies to solve compliance challenges, NetSuite has emerged as a leading platform for addressing multi-book accounting complexities.

 

NetSuite offers key advantages in this area:

  • Unified Management: Seamlessly map different charts of accounts across standards like GAAP and IFRS, ensuring consistent alignment and reporting.
  • Automatic Transaction Flow: Transactions automatically post to the appropriate ledgers based on your predefined rules, significantly reducing the risk of errors and the need for manual intervention.
  • Built-In Local Compliance: Support for local currencies and country-specific mandates ensures that your organization remains compliant with all relevant regulations, no matter where you operate.

Imagine the potential of your finance team when they are freed from the burdens of reconciliation. They can focus on strategic analysis and decision-making that drive your business forward, rather than constantly playing catch-up with compliance requirements.

 

But accounting standards represent only one piece of the compliance puzzle. Equally important is the establishment of robust internal controls required by regulations like Sarbanes-Oxley.

SOX Appeal: Building Bulletproof Internal Controls

Sarbanes-Oxley requirements aren’t going away, and the documentation burden can be overwhelming. For banks and credit unions, establishing and maintaining proper approval workflows, audit trails, and internal controls often becomes a major operational challenge.

 

Advanced financial platforms transform this challenge into a streamlined process through customizable approval workflows that enforce proper review and create an auditable trail of activity and decisions. Always-on audit trails track every change to your system, giving you and your auditors the ability to quickly investigate compliance questions. By automating preventative and detective controls, you’ll strengthen your compliance posture while reducing manual work.

 

One particularly valuable feature in modern compliance technology is the ability to require that journal entries be reviewed and approved by someone other than the creator—a key requirement for SOX compliance that’s difficult to enforce manually.

 

These automated controls not only satisfy regulatory requirements but also provide the foundation for another critical compliance area: fraud prevention through proper segregation of duties.

The Great Divide: Fraud Prevention Through Smart Segregation

Preventing fraud requires establishing proper segregation of duties (SoD), but implementing this without creating operational bottlenecks is challenging. Many financial institutions struggle to define appropriate user permissions and monitor potential conflicts.

 

Today’s financial systems help you implement proper segregation of duties by defining granular permissions based on job functions. Your employees receive access only to what they truly need, making your system both more secure and more user-friendly.

 

Modern technology includes automated controls that prevent unauthorized activities and flag potential conflicts before they become compliance issues. Built-in analysis tools constantly monitor user permissions and activities, helping you spot and resolve SoD conflicts quickly.

 

What about smaller teams where perfect segregation isn’t realistic? The best financial systems offer compensating controls like detailed audit trails and real-time monitoring to mitigate risks while maintaining financial regulatory compliance.

Building a Foundation for Compliance Success

The compliance challenges we’ve explored in this first part—multi-book accounting, SOX compliance, and segregation of duties—represent the foundational elements of a robust financial compliance strategy. By leveraging modern technology solutions like NetSuite, your financial institution can transform these traditionally burdensome processes into streamlined, efficient workflows that enhance both compliance and operational performance.

 

As regulatory requirements continue to evolve, having a solid technological foundation in place will position your institution to adapt quickly and confidently. The time and resources your team previously dedicated to manual compliance tasks can be redirected toward strategic initiatives that drive business growth and enhance customer experience.

 

In Part 2 of this series, we’ll explore how modern financial technology helps you tackle revenue recognition challenges, manage subscription billing, secure payment compliance, and build effective risk monitoring systems. We’ll also discuss how implementing the right technology can transform compliance from a burden into a business advantage.

Caravel Expands Integration Services with NetSuite Integration Platform (NSIP)

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Caravel is excited to announce the expansion of its integration services with NetSuite Integration Platform (NSIP). This enhancement will allow customers to natively connect and centrally manage their Oracle NetSuite ERP environments to Third Party Applications leveraging built-for-Oracle technology.

 

Contact us today in the form below to learn how Caravel’s NSIP integrations can revolutionize your NetSuite integrations. 

 

NetSuite 2025.1 Release: Everything You Need to Know About the Latest Updates

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As businesses continue to prioritize efficiency and productivity in 2025, NetSuite has responded with its latest release packed with powerful new features. NetSuite 2025.1 brings significant enhancements across the platform, from new connectors and procurement solutions to AI-powered tools and manufacturing improvements. Let’s dive into how these updates can help streamline your operations and boost your business performance.

More Connections to External Systems

NetSuite 2025.1 introduces three new connectors that will help you eliminate data silos and reduce manual data entry:

  • NetSuite Connector for Salesforce: This connector automatically shares data between NetSuite and Salesforce to accelerate your order-to-cash and revenue recognition processes. With aligned data in both systems, you’ll gain improved visibility into order records, customer insights, and financial data. Available in North America, this connector is powered by Oracle Integration Cloud, letting you set up and monitor data flows through a self-serve interface.
  • NetSuite Connector for Shopify B2B: Map data between NetSuite and the Shopify B2B ecommerce platform to streamline your operations. This connector syncs business customers, payment terms, and price lists, keeping NetSuite as your single source of truth for customer, catalog, inventory, and sales data.
  • NetSuite Connector for Microsoft Outlook: Keep your CRM records up to date by syncing emails and calendar events from Outlook with NetSuite CRM. This integration automatically creates and updates leads directly from Outlook.

Enhanced Procurement with SuiteProcurement

The 2025.1 release introduces NetSuite SuiteProcurement, an indirect procurement solution powered by Oracle Business Network (OBN). This new module helps you:

  • Track and control purchases of operating supplies
  • Increase accuracy by automating approval processes
  • Manage documents electronically
  • Shop on suppliers’ ecommerce sites with access to volume discounts

When making a purchase, SuiteProcurement creates a purchase request, initiates the approval process, and automatically transmits the order once approved. Amazon Business and Staples Business Advantage are the first supported suppliers, offering significant benefits to SuiteProcurement customers.

Streamlined Field Service Management

Field technicians and managers will benefit from several new features in NetSuite Field Service Management:

  • Automatic Time Bills: The system now automatically creates time bills based on the start and end times of each job, helping you track field service activity more accurately and reduce billing errors.
  • Bulk File Uploads: Technicians can now upload multiple files at once to the mobile app, saving valuable time when providing proof of work or documenting repairs.

Manufacturing Enhancements

NetSuite 2025.1 introduces two key tools to optimize your manufacturing processes:

  • NetSuite Manufacturing Scheduler SuiteApp: This tool helps production managers optimize production by allocating tasks across multiple work centers while considering constraints like operation duration, dependency sequences, and unique work center calendars.
  • Auto Serial Numbering SuiteApp: Automate serial number generation to improve traceability, simplify inventory management, and reduce manual errors. You can define unique serial number formats for different item codes and automatically assign them at every stage.

AI-Powered Reporting and Analytics

Finance teams will appreciate the new AI capabilities in NetSuite 2025.1:

  • NetSuite Narrative Reporting: This new feature in NetSuite Enterprise Performance Management (EPM) uses generative AI to quickly create narratives and explanations from your financial and transactional data.
  • Enhanced Cash Forecasting: NetSuite Cash 360 now incorporates amounts and due dates from installments to more accurately forecast cash inflow and outflow from customer invoices and vendor bills.

Improved Bill Capture and Financial Management

The 2025.1 release includes several enhancements to NetSuite Bill Capture:

  • Reference number column and duplicate detection warnings
  • Ability to add user notes that carry over to the bill
  • Option to remove uploads in bulk
  • Templates per subsidiary and vendor combination
  • Support for NetSuite SuiteTax, discounts, and payment holds
  • Side-by-side split view of uploaded files and generated bills
  • UK support when used with NetSuite SuiteTax

Additionally, NetSuite has expanded its bank connectivity with a new financial aggregator that allows connections to over 14,000 financial institutions in the US and Canada, including OAuth connections to over 700 banks.

Simplified Compliance and Grant Management

Compliance is easier with these new features:

  • NetSuite Compliance 360: Access new, reusable templates for recurring audits, enhanced audit documentation functionality, and improved user experience with intuitive visuals.
  • Grant Management SuiteApp: Add grant management functionality to any SuiteSuccess edition, including segments, records, KPIs, and reporting to support organizations that receive both commercial and government revenue.

Warehouse Management Improvements

NetSuite WMS gets several efficiency-boosting updates:

  • Break down larger pick tasks into smaller quantities
  • Replenish multiple bins using a cart
  • Import CSV files in bulk for bin transfer
  • Receive items in any configured unit of measure during a tally scan

Customer Experience Enhancements

The 2025.1 release brings several improvements to enhance your customer relationships:

  • Direct Invoice Payment Option: Generate invoices with email links that direct customers to your NetSuite SuiteCommerce site, allowing them to easily access and pay specific invoices.
  • Enhanced Customer 360: Access new charts, metrics, and lists to quickly get up to speed on a customer’s status and relationship history. New features include an opportunities and estimates tab, orders and returns tab, and an enhanced overview tab with more transaction types and dynamic sales headlines.
  • Theme Refresh for Commerce Solutions: NetSuite SuiteCommerce gets a facelift, improving usability and interface inclusivity.

Security and Development Updates

For developers and administrators, NetSuite 2025.1 includes:

  • End of SuiteSignOn (SSO) support, requiring transition to NetSuite as an OIDC Provider
  • End of support for RSA PKCSv1.5 (OAuth 2.0), requiring migration to the RSA-PSS scheme
  • New custom objects for prompts and Text Enhance actions in SuiteCloud Development Framework
  • Removal of the outdated Ext JS library to encourage migration to modern frameworks

Additional Enhancements

  • Specialized User Roles: Lower-priced licenses for users who only need access to specific records, reports, and features.
  • Enhanced Rebates Calculations: Calculate rebates on sales orders from NetSuite SuiteCommerce and based on data elements unique to individual operations.
  • SuiteTax Improvements: Better US tax reporting and support for combining time items and detail items on invoices and expense reports.
  • Workforce Management Features: New region-based override options for managing pay for noncompliant meal or rest breaks, plus pre-configured wage agreements for the hospitality and fast food industries in Australia.
  • Digital W2 Form Access: Employees can now access their digital W2 forms themselves through the employee center.

Getting Started with NetSuite 2025.1

NetSuite 2025.1 is rolling out in phases between February and April 2025. You can check your specific upgrade date in the New Release Portlet on your NetSuite dashboard. For hands-on access to see how these new features will work with your data, workflows, and customizations, don’t forget to request your Release Preview test account.


With these comprehensive enhancements, NetSuite 2025.1 provides you with the tools you need to increase efficiency, streamline operations, and stay competitive in today’s fast-paced business environment.

5 Signs You Need to Modernize your Financial Close Process

Posted on by cvp_adm

In today’s fast-paced business environment, the traditional financial close process is becoming increasingly outdated. Companies struggling with manual processes and disconnected systems often find themselves unable to achieve real-time financial reporting, leading to delayed decision-making and increased compliance risks. As businesses grow and financial regulations become more complex, modernizing your financial close process isn’t just an option—it’s a necessity for survival and growth.

The Warning Signs: Is Your Financial Close Process Holding You Back?

  1. Manual Data Entry and Documentation Gaps: Reliance on manual processes and lack of standardized documentation
  2. Spreadsheet Dependency: Multiple Excel files for critical accounting tasks and reconciliations
  3. Fragmented Data Systems: Information scattered across various platforms, preventing real-time financial reporting
  4. Extended Close Timelines: Monthly close taking more than 10 days to complete
  5. Insufficient Controls: Weak compliance measures and inadequate audit trails
 

  1. Manual Data Entry and Documentation Gaps

The foundation of an efficient financial close process lies in clear documentation and automated workflows. A well-run process begins with a set of clearly defined steps, the order in which they should be performed, and a timeline for completing them. Without this kind of structure, it’s difficult to know if the process is running smoothly or identify problems that may be affecting performance. Historically, this has been a manual process, with bookkeepers and accountants spending much of their time reviewing paper documents and performing data entry.

Manual processes not only consume valuable time but also:

  • Increase the risk of human error
  • Lead to inconsistent procedures across teams
  • Make training new staff more challenging
  • Create bottlenecks during critical close periods

Modernize your financial close process 2

  1. Spreadsheet Dependency

While spreadsheets are useful tools, using a spreadsheet application to perform routine accounting tasks like amortizing expenses, managing revenue, or tracking depreciation is a clear sign of a broken financial close process. The information these spreadsheets contain ultimately has to be entered into the accounting system — an extra step that adds needless risk to the financial close process.

 

This over-reliance on spreadsheets creates multiple points of vulnerability in your financial processes:

  • Spreadsheets are inherently insecure, especially when shared
  • Files can be easily modified, perhaps unintentionally
  • Changes can result in significant accounting errors
  • Spreadsheet applications lack detailed audit logs
  • There is no way to track changes or determine when they were created
  • Version control becomes increasingly difficult with multiple users

  1. Fragmented Data Systems

In today’s digital age, real-time financial reporting shouldn’t be a luxury—it should be standard practice. The financial close touches many departments. The accounting department may need information from sales or project management to prepare customer invoices. They may need confirmation that goods have been received to pay vendors, or inventory data for the balance sheet. When your financial data is scattered across multiple systems, departments, and locations, achieving real-time visibility becomes impossible.

 

This fragmentation leads to:

  • Delayed access to critical financial information
  • Hours spent on manual reconciliation
  • Increased risk of data inconsistencies
  • Limited ability to make data-driven decisions
  • Multiple systems requiring complex reconciliation
  • Technical expertise requirements for data transfer
  • Increased potential for errors in financial reports

  1. Extended Close Timelines

Automation can significantly reduce the time to close. Without automation, the month-end close processes can take up to 10 days to finalize, and in many cases even longer. This delay means business leaders are left without the data they need to back key decisions.

 

By implementing automated workflows, organizations can significantly reduce their close time while improving accuracy through predefined rules and controls. Extended close timelines don’t just affect the accounting department—they impact the entire organization by:

  • Delaying critical business decisions
  • Reducing financial agility
  • Increasing staff overtime and costs
  • Creating stress and burnout among finance teams
  • Limiting the time available for financial analysis

  1. Insufficient Controls

With increasing regulatory requirements and compliance standards, robust financial controls are non-negotiable. Publicly traded companies in the United States are required to follow generally accepted accounting principles (GAAP) as defined by the Financial Accounting Standards Board (FASB). Many privately-owned businesses either need to or choose to comply with these standards as well.

 

Weak controls and inadequate audit trails expose your organization to:

  • Compliance violations
  • Audit challenges
  • Increased fraud risk
  • Reputation damage
  • Inconsistent approval processes
  • Lack of separation of duties, preventing checks and balances
  • Difficulty maintaining proper documentation

The Modern Solution: NetSuite Financial Close Management

NetSuite offers a comprehensive solution to modernize your financial close process and deliver real-time financial reporting capabilities. The platform puts all financial information in one place, providing convenient, permission-based access for accounting staff. This increases efficiency by making it easier to obtain financial information quickly, generate reports, and close the books faster and more accurately.

 

With NetSuite, finance teams can accelerate the financial close by:

  • Automating inefficient manual tasks
  • Streamlining journal entries
  • Facilitating account reconciliations
  • Conducting variance analysis
  • Managing intercompany transactions
  • Reducing reliance on spreadsheets

Key benefits include:

  • Automated account reconciliations and transaction matching
  • AI-powered anomaly detection
  • Standardized close processes with built-in checklists
  • Real-time financial reporting and analytics
  • Embedded controls for compliance
  • Support for US and international accounting standards
  • Proactive identification of financial anomalies
  • Automated financial statement distribution
  • Custom reporting formats for different audiences

Why Choose Caravel for Your NetSuite Implementation

As a multiple-time NetSuite Partner of the Year (2020-2024), Caravel brings unparalleled expertise to your NetSuite implementation. Our comprehensive approach ensures a smooth transition to modern financial processes and real-time financial reporting through our proven methodology.

 

Do not let an outdated financial close process hinder your business process. By leveraging Caravel’s expertise in NetSuite implementation and optimization, you can revolutionize your financial operations and attain real-time financial reporting capabilities that empower informed business decisions.

 

Are you ready to modernize your financial close process? Contact Caravel below for a comprehensive assessment of your current processes and explore how NetSuite can transform your financial operations.

Mastering SaaS Customer Retention: A C-Suite Guide to Metrics and Acquisition Costs

Posted on by cvp_adm

In today’s competitive Software as a Service (SaaS) landscape, customer retention has become the cornerstone of sustainable growth. As companies face increasing pressure to not only acquire but retain customers, the ability to effectively manage retention alongside key metrics and acquisition costs has become critical to long-term success. With the global SaaS market projected to reach $307 billion by 2026, mastering SaaS customer retention isn’t just about maintaining revenue—it’s about creating a foundation for scalable growth in an increasingly competitive landscape.

The Triple Challenge: Retention, Metrics, and Acquisition Costs

The SaaS Customer Retention Challenge

“According to Accenture, companies lose $1.6 trillion per year due to customer churn. And according to a study by Bain & Company, increasing customer retention rates by just 5% can boost profits by 25% to 95%,” quotes TheCMO.com. Unlike traditional businesses, SaaS companies must continuously demonstrate value to maintain subscriptions. Research from Custify indicates that it costs 6–7 times more to acquire a new customer than to retain an existing one, making effective SaaS customer retention strategies a crucial focus for executive leadership.

The Metrics Maze

SaaS companies face a unique challenge in tracking and interpreting the right metrics. Many organizations struggle with fragmented data and inconsistent metric tracking across their operations. This challenge becomes particularly acute as companies scale, with many relying on disconnected spreadsheets and various tools that don’t communicate effectively with each other.

 

Grant Packo, NetSuite Senior Consulting Manager at Caravel, states, “Clients have utilized saved searches and advanced reporting tools to gain real-time visibility into key metrics such as ARR and MRR. These insights have also enabled them to identify and diagnose patterns and root causes of customer churn, including trends related to specific products and locations.”

The CAC Conundrum

Customer Acquisition Costs (CAC) have risen by an average of 55% over the past three years in the SaaS industry, according to ProfitWell. This dramatic increase puts enormous pressure on companies to not only acquire customers more efficiently but also to retain them longer to achieve a positive return on investment. The challenge intensifies as markets become more saturated and competition for customer attention increases.

 

SaaS customer retention

Transforming Challenges into Opportunities with NetSuite

Data-Driven SaaS Customer Retention

Successful SaaS companies are implementing multi-faceted strategies powered by robust technology. NetSuite’s advanced customer retention features include:

 

– Predictive Churn Analysis: Built-in AI algorithms analyze customer behavior patterns to identify at-risk accounts before visible signs of churn appear. Best practice implementation involves setting up custom-alert thresholds based on your industry’s typical engagement patterns.

 

– Customer Health Scoring: NetSuite automatically aggregates multiple indicators including product usage, support tickets, and billing history into a comprehensive health score. For optimal results, configure weighted scoring based on your most reliable churn predictors.

 

– Automated Engagement Tracking: The platform monitors customer touchpoints across all channels, providing early warning signs of disengagement. Implementation best practices suggest starting with core usage metrics before expanding to more complex engagement indicators.

Mastering SaaS Metrics

McKinsey research shows that companies excelling in metrics management generate 40% more revenue. NetSuite’s robust reporting capabilities help companies track and analyze crucial SaaS metrics, with best practices built into the platform for each. According to NetSuite, here are the most crucial KPIs for SaaS companies to be monitoring:

 

Net Revenue Retention (NRR)
The most critical metric for SaaS growth is measuring revenue retained from existing customers including expansions and contractions. NetSuite’s revenue recognition capabilities automate revenue scheduling, allocation, and reporting. Best practice according to NetSuite is to “create specific recognition rules for each product or service you offer, then easily link them to individual line items in customer contracts. [NetSuite] automatically recognizes revenue based on predefined schedules or milestones in compliance with ASC 606, IFRS 15 and other standards.”

 

Monthly Recurring Revenue (MRR)
Monthly recurring revenue (MRR) tracks the consistent income generated each month from new sales, upgrades, and renewals. If you have an existing churn rate, MRR should account for it by subtracting the churned revenue.

 

Annual Run Rate (ARR)
Also referred to as annual recurring revenue, ARR represents the yearly counterpart of MRR. This key performance indicator (KPI) enables you to forecast your future income, if your business maintains consistent customer acquisition and retention rates.

 

Churn Rate
Churn rate measures customer attrition, indicating the percentage of customers who cancel their subscriptions within a specified time frame. Typically, this KPI is evaluated over periods like 30 or 90 days, depending on the other metrics you’re using in conjunction with churn rate, such as Monthly Recurring Revenue (MRR).

 

Revenue Churn
Revenue churn refers to the loss of revenue rather than the loss of customers, though customer attrition contributes to it. To calculate revenue churn, begin by determining the number of customers lost during the period and the amount they were paying.

 

Conversion Rate to Customer
The conversion rate is the percentage of users who move from the free version of your software to the paid version. It can also refer to the percentage of website visitors who sign up to purchase your product, or the number of sales leads that ultimately become customers. Regardless of the specific process you focus on for measuring conversions, the calculation remains consistent.

 

The Average Revenue per Account (ARPA)
ARPA represents the average payment amount per account over a specific period. It helps companies assess the average revenue generated from new customers over time, providing insights to optimize sales strategies and pricing. Additionally, ARPA can identify which products generate the most revenue. Since customers may have multiple accounts, this KPI should be calculated at the account level. Choose a consistent time frame for calculation, such as monthly (using MRR) or annually (substituting ARR).

 

Customer Lifetime Value (CLV or LTV)
CLV represents the total revenue a customer generates over the duration of their contract. Churn rate plays a significant role in this metric, particularly when calculating the average across all customers. As a result, it’s important that the time periods for churn rate, ARPA, and CLV are consistent in this calculation.

 

Customer Acquisition Cost (CAC)
Customer Acquisition Cost (CAC) is a KPI that measures the amount a business invests to acquire new customers. It also indicates how long it takes to recover that investment through the revenue generated by those customers. This KPI focuses on the expenses associated with sales and marketing efforts.

 

Net Promoter Score (NPS)
NPS is a metric used to assess customer satisfaction and loyalty. It indicates the likelihood of customers recommending your products to their friends and colleagues.

SaaS metrics

Building a Scalable Infrastructure

Integrated Financial Management

Accurate revenue recognition and financial management are crucial for sustainable growth. NetSuite’s financial management features ensure compliance with standards like ASC 606 while providing real-time visibility into key metrics including:

 

– Customer acquisition costs by channel

– Revenue recognition schedules

– Churn rate impact on revenue

– Customer lifetime value calculations

Global Operations and Analytics

For companies scaling internationally, NetSuite OneWorld supports operations across 217 countries, 27 languages, and 190 currencies. This global capability enables companies to:

 

– Track regional variations in CAC

– Monitor SaaS customer retention rates across different markets

– Analyze metrics by geography and market segment

– Optimize customer acquisition strategies based on regional performance

Advanced Metrics and CAC Management

Real-Time CAC Tracking

NetSuite’s advanced analytics platform includes sophisticated features for optimizing CAC:

 

– Multi-touch Attribution: Track the complete customer journey across all marketing channels, with built-in models for attributing revenue to specific touchpoints.

 

– Cohort Analysis Tools: Automatically segment customers by acquisition date, channel, or other criteria to identify your most profitable customer segments.

 

– Predictive CAC Modeling: NetSuite’s AI-powered forecasting helps predict future acquisition costs based on historical trends and market conditions.

Comprehensive Metrics Dashboard

Research by ClientSuccess shows that companies actively monitoring comprehensive metrics can reduce churn by up to 30%. NetSuite’s customizable dashboards allow executives to:

 

– View all critical metrics in one place

– Set up automated alerts for metric thresholds

– Generate detailed reports for stakeholders

– Track progress against industry benchmarks

Implementation Best Practices for Success

To maximize the value of NetSuite’s capabilities, successful companies typically follow these implementation guidelines:

  1. Phased Rollout: Begin with core metrics tracking before expanding to more advanced features. This approach allows teams to build confidence with the platform while establishing reliable baseline data.
  2. Custom Dashboard Creation: Develop role-specific dashboards for different departments, ensuring each team has access to their most relevant metrics. Start with executive-level KPIs and gradually add operational metrics.
  3. Automated Alert Configuration: Set up intelligent alerting based on your specific business thresholds. Best practice suggests starting with conservative thresholds and adjusting based on actual performance data.

The Future of SaaS Customer Retention

As we look ahead, artificial intelligence and machine learning are reshaping how companies approach retention, metrics, and CAC. According to Deloitte’s Tech Trends report, AI-powered tools can improve customer retention rates by up to 25% while reducing CAC by 20%. NetSuite’s continuous platform evolution, with bi-annual automatic updates, ensures companies stay ahead of these technological advances.

 

“As SaaS retention strategies continue to evolve, AI is set to become an essential tool in driving customer loyalty and minimizing churn. By harnessing the power of AI-driven analytics, companies can gain a clearer understanding of the key factors that influence customer retention—identifying not only why clients stay but also detecting early indicators if dissatisfaction or churn risk,” said Grant.

In today’s competitive SaaS landscape, success requires mastering the triple challenge of SaaS customer retention, metrics management, and CAC optimization. By implementing comprehensive solutions like NetSuite, organizations can build sustainable growth models that transform these challenges into competitive advantages.

Take the Next Step in Your SaaS Growth Journey

The path to mastering SaaS customer retention, metrics management, and CAC optimization requires not just the right tools, but the right implementation partner to unlock their full potential. As businesses navigate these challenges, having a proven NetSuite expert can make the difference between basic adoption and transformative results.

 

With over a decade of recognized excellence, including multiple NetSuite Partner of the Year awards, Caravel brings deep technical expertise and strategic guidance to help organizations maximize their NetSuite investment. Whether you’re looking to enhance your metrics tracking, optimize your revenue recognition, or build a more scalable financial infrastructure, our comprehensive service offerings can be tailored to meet your specific needs.

 

Ready to transform your SaaS metrics management and customer retention strategy? Our team of NetSuite experts is here to help you build a solution that drives sustainable growth for your business. Fill out the contact form below to start a conversation about your specific needs and discover how Caravel can help you achieve your business objectives.

Q&A with an Expert: Unlocking Success in Professional Services Organizations

Posted on by cvp_adm

“The Professional Services market worldwide is set to achieve a staggering revenue of US$77.42bn by 2025,” Statista states.  In today’s fast-paced business environment, professional services companies are facing a unique set of challenges that can significantly impact their operations and growth. From managing resources and tracking skills, to streamlining quoting and proposal development, improving client retention, maintaining billing flexibility, handling project change orders, and ensuring employee satisfaction—the hurdles are many. Fortunately, technology solutions like NetSuite offer comprehensive tools to help navigate these challenges, improving efficiency, profitability, and long-term success.


We sat down with Donavan Lemaster, an experienced NetSuite implementation expert in the field of professional services, to answer some questions on gaining success with NetSuite.


How can professional services companies better handle resource management and skills tracking?


Effective resource management is at the heart of every professional services company. These organizations rely on their talent to deliver high-quality services, which makes efficient allocation and tracking of resources crucial. Without proper insight into which employees possess the right skills, experience, and availability, companies risk overbooking, underutilization, or poor performance outcomes.


NetSuite’s native resource management capabilities enable companies to easily track employee skills, availability, and utilization rates all in a single place. The software provides real-time insights into resource capacity, ensuring that the right people are assigned to the right projects at the right time. This helps optimize workforce productivity, minimize downtime, and ensure that projects are staffed with the right expertise.


Can professional services organizations ensure better quoting and improved proposal development?


For many professional services firms, creating accurate and timely quotes and proposals is a time-consuming, manual process that can lead to delays, errors, or missed opportunities. Often, it requires pulling data from various systems, creating complex spreadsheets, and ensuring alignment between sales teams and service delivery.


NetSuite offers seamless linking between quoting, proposal generation, and project management. With its tools for automating and customizing quotes and proposals, businesses can quickly generate professional, accurate documents that reflect real-time pricing, project scope, and timelines. The ability to track approvals and ensure alignment between sales and service teams leads to faster proposal turnaround times and higher win rates.

 

How can professional services companies greatly improve client retention?


Client retention is the lifeblood of professional services firms! Building long-term relationships requires delivering value consistently, providing exceptional customer service, and responding to client needs effectively. However, without the right tools to track client preferences, satisfaction, and project performance, maintaining these relationships can be challenging.


NetSuite’s Customer Relationship Management (CRM) system helps track all client interactions, project milestones, and service history in a single place. The software enables firms to gain a 360-degree view of their clients, ensuring they can anticipate needs, resolve issues quickly, and offer personalized services. The CRM capabilities can also track client satisfaction, automate communication, and provide insight into account health, which is crucial for improving retention and loyalty.


Is billing flexibility attainable for professional services companies?


Billing in professional services is often complex, with projects that may involve fixed fees, time-and-materials billing, or milestone-based payments. Managing this variety of billing models—especially when they change over the course of a project—can be a significant administrative burden. Inaccurate billing leads to delayed payments, disputes, and strained client relationships.


NetSuite’s charge-based billing functionality is flexible enough to accommodate different billing models, including fixed-price/milestone, time-and-materials, and hybrid. It automates billing processes and integrates with project management and accounting to ensure accurate, timely invoicing. With NetSuite, companies can easily modify billing terms, add new charges, and create customized invoices, all while maintaining compliance and transparency.


Can professional services companies better manage project change orders and timeline impacts?


Change orders are common in professional services projects, and they can have significant impacts on budgets and timelines. Managing these changes efficiently is crucial for maintaining project profitability and client satisfaction. Without proper tracking and communication, change orders can lead to scope creep, delays, and budget overruns.


NetSuite provides robust project management tools that allow firms to manage and track change orders in real-time. Project managers can easily modify project scope, timelines, and budgets as changes occur, with automatic updates to financials, billing, and scheduling. This visibility ensures that change orders are handled quickly and that both clients and internal teams stay aligned on expectations and timelines.

 

 

 How can professional services organization ensure better employee retention?


Employee retention is a critical challenge in professional services, where talent is the primary asset. High turnover can disrupt service delivery, erode company culture, and increase recruitment and training costs. To retain top talent, organizations need to ensure that employees feel valued, engaged, and equipped for success.


NetSuite’s suite of Human Resources tools helps companies manage employee performance, engagement, and development. The platform offers capabilities for tracking employee skills, certifications, and career progression, enabling HR teams to identify opportunities for growth and training. Additionally, NetSuite’s integrated financial and project management tools allow employees to see how their contributions directly impact the company’s bottom line, fostering a greater sense of ownership and job satisfaction.

 

The Power of NetSuite for Professional Services Firms


Professional services companies face numerous challenges that can affect their ability to deliver exceptional client outcomes, manage resources efficiently, and maintain a competitive edge. NetSuite provides an integrated, cloud-based solution that addresses these challenges head-on, offering tools for resource management, skills tracking, quoting and proposals, client retention, billing flexibility, project change management, and employee retention. By leveraging NetSuite’s capabilities, professional services firms can streamline their operations, improve decision-making, and ultimately drive better business outcomes.


Investing in NetSuite’s comprehensive solution means not only solving current challenges but also positioning your company for future growth and success. Whether you are a small firm or a large enterprise, NetSuite can empower your organization to achieve greater efficiency, profitability, and client satisfaction in an increasingly complex market.


Looking to implement NetSuite in your organization? Let Caravel help! Contact us in the form below, and we will respond immediately.

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