Category: Resources

5 Signs You Need to Modernize your Financial Close Process

Posted on by Sarah Bensimon

In today’s fast-paced business environment, the traditional financial close process is becoming increasingly outdated.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

  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.

Salesforce Implementation Decoded: Turning Technology into Business Triumph

Posted on by Sarah Bensimon

In today’s digital landscape, a successful Salesforce implementation can be the difference between thriving and merely surviving. With Nucleus Research reporting an average CRM ROI of $8.71 for every dollar spent, the stakes are significant. However, the path to success requires more than just purchasing a license—it demands a strategic approach that aligns technology with business objectives.


“Over the past decade, I’ve watched Salesforce implementations evolve from simple CRM deployments to comprehensive business transformations,” notes Kevin Dimond, Director of Salesforce Practice at Caravel. “The organizations that succeed today are those that spend the time to understand their business processes and where they can make improvements to their overall sales process.” Dimond observed that making certain adjustments can increase the velocity of sales. “More customers today need to think about the complete 360-view of their client, from Sales, Support, Product Usage, Billing, etc.,” he explains.

The Real Impact of Salesforce Implementation

The numbers tell a compelling story. According to Salesforce’s own data, organizations that leverage their platform effectively see transformative results:

  • 29% increase in sales through enhanced customer insights
  • 34% improvement in seller productivity through streamlined processes
  • 42% improvement in sales forecasting accuracy

These results demonstrate the platform’s potential to transform business operations. However, achieving these outcomes requires careful planning and execution. Dimond points out that while these numbers are compelling, “what’s often overlooked is the opportunity to accelerate ROI through strategic process optimization. I’ve consistently found that organizations achieve the fastest returns when they take a step back to look at the entire organization as a whole and determine where the bottlenecks occur. If it takes you longer to get a quote in front of your customers than your competitor does, you’re doing something wrong.”


success through salesforce 

Understanding Timeline and Investment

Implementing Salesforce is a significant undertaking that requires careful resource allocation. According to G2, a typical Salesforce implementation takes 4–6 months to complete, with organizations seeing ROI within 12 months of deployment.


The investment required varies based on several factors:

  • Implementation approach and partner selection
  • Scale and complexity of customizations
  • Data migration volume and complexity
  • Integration requirements with existing systems
  • Training and change management needs

Understanding these factors early helps create realistic budgets and timelines while avoiding unexpected costs during implementation.


One of the most common timeline variables Dimond encounters is the scope of data migration and integration. He notes that “organizations can better plan for this by starting with a thorough system audit that includes reviewing all accounts to determine if they are still active and perhaps archiving those that no longer make sense to keep.” Dimond also added that it’s a good idea to “compare contacts against an enrichment SaaS offering service to ensure that the contact still exists and is worth keeping in your CRM.”

 

Implementation Approaches: Choosing the Right Path

Before diving into the implementation process, organizations must select the approach that best fits their needs and capabilities. Each option offers distinct advantages and considerations:

Managed Implementation

Working with a certified implementation partner provides access to deep platform knowledge and industry best practices. This approach:

  • Minimizes technical debt through proper architecture
  • Accelerates time-to-value through proven methodologies
  • Ensures scalability for future growth

Hybrid Implementation

Combining internal resources with external guidance offers a balanced approach to implementation. This method facilitates knowledge transfer to internal teams while maintaining cost efficiency through selective outsourcing. Organizations retain control over the implementation process while benefiting from external expertise where needed.

Self-Managed Implementation

While possible for simple deployments, this approach carries significant risks that should be carefully considered. Implementation timelines often extend beyond initial projections, and the potential for technical debt increases substantially. Limited access to best practices and industry insights can also hamper long-term success.

Project Phases: A Strategic Roadmap

To effectively manage both timeline and investment, successful Salesforce implementations follow a structured approach. Breaking down the project into distinct phases not only helps control costs but also ensures each aspect of the implementation receives appropriate attention and resources. Here’s how a typical implementation journey unfolds:

Phase 1: Discovery and Planning

This phase encompasses an initial assessment of business needs, current processes, and desired outcomes. This stage includes stakeholder interviews, requirement gathering, and development of the implementation strategy.

Phase 2: Design and Configuration

System architecture design, initial configurations, and prototype development are included in the second phase. This phase focuses on translating business requirements into technical solutions.

Phase 3: Data Preparation and Migration

This phase ensures data integrity in the new system. Data cleaning, mapping, and migration planning run parallel to system configuration during this stage.

Phase 4: Testing and Validation

Phase 4 covers comprehensive testing of all configurations, integrations, and workflows. This includes user acceptance testing and necessary adjustments.

Phase 5: Deployment and Go-Live

Final data migration occurs in phase 5, along with user training and system launch. This phase requires careful coordination and clear communication.


salesforce logo

Beyond Basic Lead Management: Key Strategic Elements

With the framework and timeline established, a successful implementation requires focus on three core elements that drive lasting value:

  1. Business Process Alignment

The foundation of a successful implementation lies in understanding and optimizing business processes before configuring the technology. This means taking a thorough look at current workflows and identifying bottlenecks that impede productivity. Organizations must map their desired future states with scalability in mind, then prioritize changes based on business impact and their ability to absorb change.


Key considerations for process alignment include:

  • Documenting current workflows and identifying improvement opportunities
  • Mapping desired future states that support scalability
  • Prioritizing changes based on potential business impact

 

  1. Data Strategy and Migration

Data quality directly impacts system effectiveness. “Never underestimate how much time it is going to take to review and clean your data,” Dimond emphasized. A robust implementation plan begins with a comprehensive data audit and cleansing process. This should be followed by establishing clear data governance policies and a structured migration approach with validation checkpoints.


Essential components of a successful data strategy contain:

  • Comprehensive data audit and cleansing procedures
  • Clear data governance policies and ownership
  • Determining the “Source of Truth”
  • Structured migration approach with validation points
  • Ongoing data quality maintenance protocols

 

  1. Change Management and Adoption

The most sophisticated implementation fails without user adoption. Success requires early stakeholder engagement across all levels of the organization, combined with structured training programs tailored to different user groups.

 

Creating a Foundation for Success

With strategic elements in place, focus shifts to building technical foundations that support long-term success.

Integration Strategy

Modern businesses rely on connected systems that work seamlessly together. Your implementation strategy should address how these systems interact and share data. Define clear ownership and governance rules to ensure smooth operations across the entire technology stack.

Scalability Planning

Future-proofing your implementation requires careful attention to scalability. This means building flexible data models that accommodate growth and implementing modular solutions that can be enhanced over time. Thorough documentation of customizations ensures easier maintenance and updates as your organization evolves.

Security and Compliance

Protecting your investment requires a comprehensive approach to security and compliance. Role-based access controls ensure appropriate data access across the organization, while robust data encryption and security protocols protect sensitive information.


Dimond points out that “one of the most overlooked items in a Salesforce implementation is access control. There are so many instances that we find where the default option of sharing all data objects to anyone with access is enabled. In this day and age, it’s critical to ensure that you limit access to data for people that need it, versus giving it out freely. What would you do if someone walked out the door with an export of all your sensitive information?”

 

Moving Forward with Confidence

With these foundational elements in place, the journey to a successful Salesforce implementation requires balancing immediate needs with long-term vision. Organizations that approach implementation strategically—focusing on business outcomes while considering organizational readiness and change management—position themselves for sustainable success.


Remember that an implementation is not a one-time event but rather an ongoing journey of optimization and refinement. Regular assessments and adjustments ensure the system continues to deliver value as your business evolves.

 

Partner with Caravel for Implementation Success

At Caravel, we view CRM differently. Born from our ERP practice, our approach to Salesforce implementations focuses on business outcomes while considering your organization’s need for speed, dexterity, and process visibility. We understand that CRM should be an enabler, not an inhibitor.

Unlike approaches that over-engineer Salesforce environments and create technical debt, Caravel’s implementation methodology considers every aspect of your organization—not just the technology, but your people and processes. Our proven track record with integrations and back-end systems ensures you receive a robust, scalable solution that truly meets your business needs.


Through our comprehensive services, we help organizations:

  • Assess current CRM requirements and develop implementation strategies aligned with change management capabilities
  • Deploy Salesforce from requirements gathering through configuration and training
  • Provide ongoing support through proactive help desk assistance
  • Optimize configurations to match evolving business models and requirements

By focusing on these foundational elements and choosing Caravel as your implementation partner, you can create a robust, scalable solution that drives business growth and enables lasting success.

Contact us in the form below, and we will respond immediately.

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

Posted on by Sarah Bensimon

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 Sarah Bensimon

“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.

Tackling the Top Six Challenges in Construction Management

Posted on by Sarah Bensimon

From planning and budgeting to managing subcontractors and invoicing requirements, construction companies must juggle multiple tasks and data sources to ensure everything runs on time and on budget.


One of the most effective ways to address these challenges is by leveraging an integrated Enterprise Resource Planning (ERP) system like NetSuite. This robust, cloud-based solution provides construction firms with a centralized platform to manage financials, project timelines, resources, and much more. Let’s dive into the common challenges faced by construction companies and explore how NetSuite can help.

  1. Planning Projects in the Pipeline

Challenge: One of the major hurdles that construction companies face is effectively planning and managing projects in the pipeline. With multiple projects at different stages, it can be difficult to efficiently resource pre-closed-won projects or even monitor task completion on awarded projects. That’s all before getting into managing the delivery of inventory at the right time and place. Construction managers must forecast resource and inventory allocation, manage deadlines, and ensure that potential risks are mitigated.


Solution: NetSuite’s Project Management module provides robust tools for project planning and tracking. It allows construction companies to create detailed project schedules, allocate resources effectively, and maintain visibility into ongoing and upcoming projects. With real-time reporting, decision-makers can evaluate project health and adjust the pipeline as necessary, ensuring that no project falls behind.


netsuite construction projects

  1. Custom Invoicing Requirements

Challenge: In the construction industry, customers often have specific invoicing requirements that call for grouping charges in a unique way, displaying additional project level data, or including change order information. Meeting these requirements can be a complex task if using disparate and manual systems, leading to delays, errors, or customer dissatisfaction.


Solution: NetSuite’s flexible Advanced PDF Builder enables construction companies to customize invoices to meet the exact needs of their clients. Whatever the requirements, NetSuite can generate invoices with pixel perfect accuracy, pulling in data from as many sources as needed to ensure construction customers receive the invoice they want. This helps companies streamline their billing processes, improve accuracy, and ensure they meet the unique demands of each customer.

  1. Budget Impact from Project Change Orders

Challenge: Change orders are inevitable in construction, and they can be a major source of financial risk if not properly managed. A change order can impact the timeline, budget, and scope of a project, making it critical to track and manage these adjustments in real time.


Solution: NetSuite’s Project Management, Financial, and Workflow Builder modules are designed to work together to ensure that any changes made to a project are approved and accounted for immediately. When a change order is approved, it’s reflected in both the project schedule and the financials, so the budget remains up to date. This integration helps construction managers monitor project costs in real time, providing greater control over financial outcomes and reducing the risk of cost overruns.


construction budget management

  1. Managing and Reporting on Work in Progress (WIP)

Challenge: Work in Progress (WIP) reporting is crucial in the construction industry, as companies need real time visibility into a project’s completion percentage based on cost and how much they’ve billed for that comparatively. This requires detailed tracking and the ability to easily pull all relevant data as needed. Without a single source of truth, pulling these reports can prove challenging.


Solution: NetSuite offers a comprehensive solution for WIP tracking, allowing construction companies to monitor project expenses in real time and view a dashboard containing all the backup for the report. The system automatically updates project progress to reflect the true financial status of each project. This allows construction firms to make informed decisions and ensure profitability at every stage of the project.

  1. Data Duplication Across Systems

Challenge: Many construction companies use a variety of systems to handle different aspects of their operations. Whether it’s a project management tool, a payroll system, an accounting solution, or a reporting tool, the lack of integration between these systems often results in data duplication, errors, and inefficiencies.


Solution: NetSuite centralizes all key operations in a single, integrated platform. By consolidating project management, financials, payroll, and CRM into one system, NetSuite eliminates the need for duplicate data entry and minimizes errors. This seamless integration ensures that all departments are working with the same accurate data, thereby reducing inefficiencies and increasing productivity.

  1. Subcontractor Management

Challenge: Subcontractor management is a critical aspect of construction projects. Construction companies need to track subcontractor performance, ensure timely payments, and manage contracts efficiently. Without an integrated system, subcontractor-related tasks can quickly become overwhelming.


Solution: NetSuite’s Supplier and Project Management modules help construction companies manage subcontractors from contract signing to payment. Subcontractor details, including contract terms, deliverables, and payment schedules, are tracked in real time, ensuring that both parties are aligned on project expectations. By automating subcontractor invoicing and payments, NetSuite reduces administrative burdens and enhances compliance.


The construction industry is filled with challenges; but with the right tools, these companies can overcome them. NetSuite offers a comprehensive, cloud-based solution that integrates all aspects of construction project management, from planning and budgeting to invoicing and subcontractor management. By streamlining operations and providing real-time insights, NetSuite helps construction companies stay on top of their projects, reduce inefficiencies, and ultimately improve profitability.


In today’s competitive environment, having a unified platform like NetSuite can be a game-changer for construction companies looking to improve their operations and deliver successful projects on time and within budget. To further increase support for the construction industry, Caravel supplements the system through its Construction SuiteBundle, which is built directly within the NetSuite environment. It extends its functionality by offering cost code management, change order management, revenue recognition, AIA billing, and much more.


Interested in learning more about how Caravel can help your organization implement and boost NetSuite? Contact us in the form below, and we will respond immediately.

Empowering Consumer Product Companies to Achieve Sustainable Growth

Posted on by Sarah Bensimon

Steadily enjoying high performance for decades, consumer products companies have more recently been plagued with evolving customer demand, among other challenges. Dealing with issues such as the slow in population growth, consolidation of grocers, and disjointed preferences, “industry revenue grew just 2% per year from 2012-19, and while these companies sought growth, they made their earnings growth on cost reduction,” a recent McKinsey article cites.

 

 

In addition, they continue to face disruptions in supply chain while maintaining strong brand loyalty. To keep up with demand, they also face omnichannel integration issues, sustainability pressures, and rising costs.

 

 

How are these companies to maintain growth in the face of these challenges? How are they getting the support they need? Here, we take a look at how a powerful, robust platform—NetSuite—is the backbone that consumer product companies need to thrive and tackle everyday challenges that challenge the industry.

 

Evolving Customer Demand

Consumer product companies experience difficulty in predicting and adapting to rapid shifts in consumer preferences driven by trends, economic conditions, and technological advancements. They’re also under increasing pressure to offer personalized products and services, often leaving them guessing what customers need. NetSuite offers several key solutions that help navigate these challenges. Real-time data analytics by NetSuite leads to better decision-making based on facts and not guesses. Companies can gain immediate insight into customer behaviors, market trends, and product performance. Its advanced customer relationship management (CRM) solution allows for personalized engagement and offers a 360-degree view of the customer and their needs, allowing tailored offerings to target their customer bases. NetSuite’s demand forecasting tools allow companies to predict future customer needs based on historical data and trends, enhancing their ability to respond proactively and ensure they maintain the right balance of inventory. By leveraging these capabilities, consumer product companies can more effectively adapt to the ever-changing landscape and provide personalized experiences while staying ahead of market demands.

 

Supply Chain Disruptions

Consumer product companies are increasingly facing challenges in managing their supply chains due to a variety of global disruptions. These disruptions often lead to significant supply chain interruptions, resulting in stockouts, delayed shipments, and inventory imbalances. These can have a profound impact on companies, driving up operational costs that lead to customer dissatisfaction. Stockouts can cause companies to lose sales and damage their reputation, while delayed shipments disrupt customer expectations. Additionally, inventory imbalances can lead to overstocking and understocking, creating inefficiencies and unnecessary costs. In response to these challenges, NetSuite offers a comprehensive suite of solutions to enhance supply chain resilience. By providing end-to-end supply chain visibility, NetSuite enables companies to track shipments in real-time, offering insights that allow for more proactive decision-making. Its advanced inventory management features help companies improve forecasting accuracy, optimizing their reorder processes and ensuring they maintain optimal stock levels. Furthermore, NetSuite’s cloud-based platform facilitates seamless collaboration with suppliers, enabling better communication and coordination, thus improving response times to supply chain disruptions. Combined, these capabilities help consumer product companies not only navigate the complexities of modern supply chains but also enhance their operational efficiency and customer satisfaction.

 

netsuite for consumer product companies

Maintaining Strong Brand Loyalty

These companies also face the challenges of fierce competition and rapidly evolving customer expectations that make it increasingly difficult to maintain brand loyalty. In a crowded marketplace, these companies struggle to retain customers who have more options than ever before and are often quick to switch brands if their needs aren’t met. As consumer preferences shift, it becomes even more critical for businesses to offer consistent, authentic messaging that resonates with their target audience. Companies must not only differentiate themselves but also build trust and long-term relationships with their customers. NetSuite provides an essential solution to these challenges by offering omnichannel customer engagement tools that create seamless, personalized experiences across all touchpoints. These tools allow businesses to maintain meaningful connections with customers regardless of the platform they interact with. Additionally, NetSuite’s data-driven insights empower companies to better understand customer behaviors, enabling them to refine their product offerings and enhance customer service. By automating loyalty programs and executing targeted marketing campaigns, NetSuite helps companies foster repeat business and boost brand loyalty. These capabilities, combined with powerful automation, ensure that consumer product companies can stay ahead in an increasingly competitive and fast-changing environment.

 

Omnichannel Integration

Today’s consumer product companies struggle to provide a seamless shopping experience across multiple touchpoints, including in-store, online, and mobile. With the rapid evolution of consumer expectations and the proliferation of sales channels, these companies struggle to deliver consistent and frictionless experiences for their customers. Disjointed customer experiences—where a shopper’s journey may differ between channels—often lead to dissatisfaction, thus eroding brand loyalty and customer trust. Additionally, managing operations across diverse sales platforms can be complex, as businesses must coordinate everything from inventory management to customer service, often relying on disparate systems that don’t communicate with each other efficiently. This fragmentation leads to inefficiencies, mistakes, and missed opportunities. NetSuite addresses these challenges by offering a unified platform that integrates sales, marketing, and inventory management into a single, cohesive system. By synchronizing data across all touchpoints in real-time, NetSuite enables companies to ensure that customer interactions are seamless, whether the shopper is browsing online, shopping in-store, or using a mobile app. Furthermore, NetSuite’s flexibility allows companies to easily adapt to new sales platforms and emerging technologies, ensuring they remain agile and responsive to shifting consumer demands. With this comprehensive approach, businesses can streamline operations, enhance the customer experience, and drive greater efficiency and profitability.

 

Sustainability Goals and Demand

These companies are also confronted with the task of balancing sustainability goals with the demands of profitability, market competitiveness, and cost management. As consumers increasingly prioritize eco-friendly and ethically sourced products, these companies are under pressure to align their operations with sustainability objectives, such as reducing carbon footprints, minimizing waste, and sourcing raw materials sustainably. However, pursuing these goals often comes with higher costs and the need for new technologies to track and report sustainability metrics. This can create significant strain on profitability, especially in industries where cost control is paramount. Furthermore, companies struggle with the complexity of accurately tracking sustainability data and meeting reporting standards, often lacking efficient systems to consolidate environmental and social impact metrics alongside financial performance. To address these challenges, NetSuite offers a comprehensive suite of tools that enable consumer product companies to effectively manage their sustainability efforts. NetSuite’s CarbonSuite app provides robust tracking and reporting capabilities for sustainability metrics, such as carbon emissions and waste reduction, allowing businesses to monitor their environmental impact in real time. According to NetSuite, the app “helps manage ESG-related factors, such as emissions, carbon credits, carbon offsets, overall sustainability and ESG reporting.” Additionally, NetSuite streamlines procurement processes, making it easier for companies to source sustainable materials and collaborate with environmentally conscious suppliers. By integrating sustainability goals directly into financial and operational planning, NetSuite helps businesses ensure that their long-term growth strategies are aligned with their environmental and social responsibilities, while also optimizing costs and operational efficiency.

 

This integration empowers companies to meet both their sustainability targets and business objectives more effectively, creating a more resilient and future-ready organization.

 

 

Rising Costs

Inflation, labor shortages, and rising raw material costs has increasingly placed immense pressure on consumer product companies’ margins. The escalating costs of production and labor are forcing companies to grapple with maintaining profitability without compromising product quality, a delicate balance that becomes harder to achieve in this economic environment. As a result, many businesses are being squeezed between the need to pass on rising costs to consumers and the imperative to find innovative cost-saving measures to remain competitive. This has led to increased pressure to either raise prices or streamline operations, both of which come with their own risks and uncertainties.

NetSuite, an integrated cloud-based solution, helps companies navigate these challenges by providing robust cost management and profitability tracking tools. These tools enable businesses to optimize spending and make informed financial decisions. With real-time financial insights, companies can gain better control over costs and identify areas to improve efficiencies. NetSuite’s ability to integrate financial planning with operational processes allows consumer product companies to streamline their operations, improve forecasting accuracy, and ensure that every aspect of their business is aligned to drive profitability without sacrificing quality. By leveraging these capabilities, companies can stay agile in an increasingly challenging market, making data-driven decisions that support both short-term survival and long-term growth.

 

 

Consumer product companies today are navigating an increasingly complex landscape, from evolving customer demands and supply chain disruptions to rising costs and sustainability pressures. To remain competitive, these companies need a solution that integrates operational efficiency, real-time insights, and the ability to adapt to market shifts. NetSuite provides a powerful, scalable platform that addresses these challenges by offering tools for demand forecasting, supply chain management, omnichannel integration, and sustainability tracking. By leveraging NetSuite’s comprehensive capabilities, consumer product companies can not only overcome the hurdles of today but also position themselves for long-term growth, profitability, and resilience in a rapidly changing market.

 

To discover how your organization can greatly benefit from a NetSuite implementation, contact us in the form below.

Safeguarding FinTech Companies Against Cyber Threats and Enhancing Data Security

Posted on by Sarah Bensimon

Recent data breaches at large entities like Bank of America and Microsoft Azure clearly demonstrate the challenges and responses faced by the fintech industry. According to Smartdev, Bank of America customers suffered through a data breach in February 2024, “resulting from a cyberattack on Infosys McCamish Systems, an Infosys subsidiary responsible for data processing. The breach exposed sensitive information including names, social security numbers, and account details.”

It goes without saying that stringent security measures are needed across their networks to combat the vulnerability these institutions are faced with daily. The financial sector has always been a major target for cybercriminals due to the valuable nature of the data they handle. The rise of cyberattacks—from ransomware and data breaches to phishing scams and insider threats—has left many fintech companies sleepless as they scramble to protect sensitive customer information, comply with regulations, and maintain their reputations.

The Global Threat Report published by Crowdstrike revealed that cloud environment intrusions have increased by 75% year over year, highlighting the growing importance of cybersecurity for fintech.

Cyber and Data Security Worries

Valuable Data at Risk
Fintech companies store sensitive financial data, personal details, and transaction histories that can be major money-makers for hackers. Data breaches not only put customer information at risk but can lead to massive financial losses, legal consequences, and tarnished reputations. The need for strong cybersecurity for fintech is crucial to mitigate these risks.

Evolving Cyber Threats
Cybercriminals are becoming more and more sophisticated, using advanced tactics to bypass traditional and some sophisticated security measures. Fintech companies face constant threats from ransomware attacks, phishing schemes, and malware, which put both their operations and their customers at risk.

Compliance Challenges
Fintechs must adhere to strict regulations such as GLBA, FCRA, AML, KYC, and a slew of other industry standards designed to protect customers’ financial data. Non-compliance can result in financial penalties, legal consequences, reputational damage, operational disruption, and a loss of customer trust. Keeping up with these ever-evolving regulations while ensuring top-tier security is no easy feat.

 

Overcoming Data and Cybersecurity Challenges with NetSuite

NetSuite, a leading cloud-based Enterprise Resource Planning (ERP) solution, offers a robust suite of tools that can help fintech companies address these pressing cybersecurity concerns. Here’s how:

Advanced Data Encryption and Security Protocols
NetSuite ensures data protection by implementing high-level encryption and security protocols across its platform. This includes end-to-end encryption for sensitive data and multi-factor authentication (MFA) for secure user access. NetSuite’s secure infrastructure minimizes the risks of unauthorized data access, ensuring compliance with global security standards.

Real-Time Threat Detection and Monitoring
NetSuite’s cloud infrastructure is continuously monitored for potential security vulnerabilities. By leveraging cutting-edge threat detection technologies, it can identify suspicious activity in real-time. This alerts companies to potential cyber threats before they cause any damage. This proactive approach in cybersecurity for fintech helps companies respond faster and prevent breaches.

Seamless Compliance with Industry Regulations
NetSuite is designed to help fintech companies stay compliant with financial regulations. The platform includes built-in tools for generating audit trails, ensuring data privacy, and meeting regulatory requirements such as GDPR and PCI DSS. These tools not only help companies stay compliant but also reduce the risk of penalties associated with non-compliance.

Secure Cloud Infrastructure
NetSuite’s cloud platform ensures that all financial data and business operations are safely stored off-site in highly secure data centers. These data centers are equipped with advanced security measures such as physical access controls, firewalls, and automated backups. This not only protects data from potential attacks but also ensures business continuity in case of an incident, enhancing the overall cybersecurity for fintech companies..

Scalability and Flexibility
As fintech companies grow and expand, their security needs evolve as well. NetSuite’s flexible and scalable architecture allows businesses to quickly adapt and implement new security measures as threats evolve. This ensures that fintech companies can future-proof their security strategies without facing costly and disruptive overhauls.

Collaboration and Role-Based Access Control
NetSuite empowers businesses to establish role-based access controls (RBAC) to ensure that only authorized users can access sensitive information. This granular control enables fintech companies to restrict access to critical data, thereby reducing the risk of insider threats and ensuring that employees only have access to the information they need.

In an era where data security and cyber threats are at the forefront of every fintech company’s mind, having a robust, secure, and compliant platform is no longer optional—it’s essential. NetSuite offers the tools, technology, and expertise to help fintech companies combat these ever-growing cybersecurity challenges.

By leveraging NetSuite’s powerful security infrastructure, real-time monitoring, and compliance features, fintechs can safeguard their operations, mitigate risk, and focus on what matters most: driving innovation and delivering top-notch services to their customers.

Caravel specializes in helping fintech companies remain secure and thrive with NetSuite. To learn more, contact us in the form below.

Salesforce FAQ: The Top 6 Most Frequently Asked Questions

Posted on by Sarah Bensimon

Salesforce is one of the most robust and widely used Customer Relationship Management (CRM) platforms worldwide. No matter if you are new to Salesforce or looking to expand your knowledge, navigating its functions and features can seem daunting. To help deepen your understanding, we’ve compiled the six most frequently asked questions about this versatile solution. Whether you’re a beginner or seasoned user, these insights will guide you through the essentials.

The top six most frequently asked questions about Salesforce are:

  1. What is Salesforce CRM and its benefits?
  2. Which departments use Salesforce, and why?
  3. How do you ensure data quality in Salesforce?
  4. What are some challenges faced in Salesforce, and how do you overcome them?
  5. What are the top integrations with Salesforce?
  6. Do you need an implementation partner for Salesforce?

Let’s dive into these responses!

 

1.What is Salesforce CRM and its benefits?

Salesforce CRM is a cloud-based platform offering a suite of products that provide a 360-degree view of your customer and relationship with them, allowing better service overall. It allows you to understand buying patterns, improve the customer experience, and even unite departments of an organization. Salesforce is designed to help businesses manage and analyze their customer interactions and data throughout the customer lifecycle. It offers a centralized system for tracking sales, customer service, marketing, and other business operations, allowing teams to collaborate and make data-driven decisions, especially with new enhancements with data cloud.

 

The key benefits of Salesforce include improved customer relationships; enhanced sales performance through automation and AI-driven insights with Einstein; better communication and collaboration among teams; and customizable workflows that adapt to the unique needs of each business. Because Salesforce cloud-based, it provides accessibility from any location, scalability to adapt to changing demands, and continuous improvements to enhance performance and reliability.

 

  

2. Which departments use Salesforce, and why?

Various departments of an organization can use Salesforce, including but not limited to sales, marketing, finance, senior leadership, customer service, and operations. Sales benefits the most directly, as they use it to manage customer relationships, take advantage of its automated workflows, and forecast sales. Marketing teams also leverage Salesforce to run targeted campaigns, analyze customer data, and track engagement through integrated marketing tools. Customer service and support teams also utilize Salesforce to provide efficient case management, track customer issues, and offer personalized support. Finance and operations teams use it for reporting, data analysis, and process automation. And finally, senior leadership uses Salesforce to gain a comprehensive, real-time overview of the organization’s performance and strategic metrics by leveraging customizable dashboards and reporting tools. They’re able to track KPIs, monitor sales pipeline health, analyze customer trends, and assess overall business growth.

 

 

3. How do you ensure data quality in Salesforce?

Ensuring data quality in Salesforce requires a balanced approach to managing custom fields, validation rules, and ongoing data maintenance. Overuse of custom fields can lead to data fragmentation, making it difficult to maintain consistency and find relevant insights. Using the path of least resistance is to only offer those fields that are required to fill, as too many will lead to user frustration. It’s essential to carefully evaluate the need for each custom field and avoid unnecessary complexity. Similarly, while validation rules are crucial for maintaining data integrity, excessive or overly strict rules can frustrate users and hinder adoption. Striking the right balance in validation logic is key to ensuring accurate data entry without creating bottlenecks. Additionally, regular data clean-up, typically performed on an annual basis by the operations team, is critical to identify and remove obsolete or duplicate records.

 

This will ensure the system remains efficient and reliable. By periodically reviewing and optimizing fields, rules, and data, businesses can maintain a high standard of data quality in Salesforce. Leads and contacts decay at different rates. Any leads that are over a year old are probably no longer viable. Any contacts over two years old are similarly ineffective as people change jobs rapidly. Consider using an integration with ZoomInfo or any enrichment service to help de-dupe or remove unnecessary data.

 

4. What are some challenges faced in Salesforce, and how do you overcome them?

Salesforce users often face several challenges that can hinder system performance and user experience. One common issue is duplication of data, which can occur when records are created or imported multiple times, leading to inaccuracies and inefficiencies. To overcome this, implementing robust data validation rules using tools like duplicate management and conducting regular data cleanups are essential. Another challenge is too much automation, where excessive workflows, triggers, apex flows, and process builders can cause performance issues and result in integration failures. To address this, it’s important to periodically review and optimize automation, consolidating processes where possible and leveraging tools like Flow for more streamlined automation. The accumulation of technical debt is another concern, as ad-hoc customizations and outdated configurations can make future changes more difficult. Regular code reviews, refactoring, and establishing clear governance can help manage and reduce technical debt. Finally, rogue integrations—especially those authenticated with a System Administrator license, thus making it difficult to triangulate the issue origin—can compromise system integrity and security. A proactive approach includes maintaining a strict integration management policy, using middleware for controlled connections, and regularly auditing integrations to ensure they align with best practices.

 

 

5. What are the top integrations with Salesforce?

 

Salesforce offers a wide range of integrations that enhance its functionality and streamline business processes. One of the top integrations is with HubSpot (utilizing HubSpot Selective Sync), enabling seamless syncing of marketing and sales data. This helps teams align efforts and improve lead nurturing. ERP integrations, such as NetSuite, allow businesses to connect their financial, inventory, and supply chain data with Salesforce, providing a unified view of operations. This is typically done with middleware such as Celigo, Workato, Boomi, or Mulesoft. DocuSign is another popular integration, simplifying the contract management process by enabling users to send, sign, and manage documents directly within Salesforce. For sales teams, Gong.ai, integrates conversation intelligence into Salesforce, providing valuable insights from customer interactions that can drive sales strategies and improve deal forecasting. Lastly, Jira’s integration helps development and product teams collaborate more efficiently with sales teams through ticket synchronization. Jira can sync your cases with your tickets to see how many customers are impacted by an issue or a change that someone may have made.

 

6. Do you need an implementation partner for Salesforce?

Technically, you do not need an implementation partner for Salesforce, but it’s highly recommended. When implementing Salesforce, you can make simple errors early on that often lead to a lot of technical debt. A good implementation partner will have deep knowledge of best practices to share with your team that will set you on the right path. If you opt to handle on your own, you will likely need to hire someone expensive in-house to unwind all the mistakes that were made during the initial implementation.

 

 

These experts bring specialized knowledge and experience, ensuring that Salesforce is configured and customized to meet your business’s unique needs, helping to maximize its potential. With a deep understanding of industry standards, an implementation partner can accelerate the setup process and minimize disruptions. They also provide valuable training and support to ensure your team can fully leverage the platform, leading to quicker user adoption and higher productivity. Additionally, an implementation partner can help with data migration, integration with other systems, and ongoing optimization, ultimately ensuring that Salesforce is aligned with your evolving business goals and driving long-term success.

 

 

Need help with your Salesforce environment? Contact Caravel in form below and we will get back to you immediately.

NetSuite FAQ: The Top 6 Most Frequently Asked Questions

Posted on by Sarah Bensimon

As one of the leading ERP platforms worldwide, NetSuite has made its way into many organizations looking to streamline business processes, automate tasks, manage revenue, and more. But what is NetSuite, and what benefits can it provide to growing companies? Let’s look at the most frequently asked questions about NetSuite:

  1. What is NetSuite ERP, and why should growing organizations consider it?
  2. Which departments of an organization should use NetSuite, and why?
  3. Does NetSuite offer customization?
  4. Does NetSuite offer integration with other systems?
  5. Do you need a NetSuite implementation partner?
  6. How is NetSuite priced, and what factors affect total cost?

What is NetSuite ERP, and why should growing organizations consider it?

A cloud-based platform, NetSuite Enterprise Resource Planning (ERP) is a solution that helps businesses manage their core functions including financial, inventory, customer relationships, supply chain, revenue management, and so much more.


Expanding companies should consider implementing NetSuite for various reasons, including its scalability—it’s purposely designed to grow along with your organization. It’s customizable and flexible so companies can tailor it to their specific needs. Most importantly, it greatly improves efficiency through automating routine tasks, allowing users to focus on more important things. NetSuite also offers comprehensive reporting and analytics capabilities, helping users gain insight into performance and make data-driven decisions.


NetSuite has global capabilities that many other ERPs do not offer. For organizations looking to expand worldwide, NetSuite supports multiple currencies, languages, and compliance with various regulatory requirements.


NetSuite users can also take advantage of a strong community and support system, as it offers access to its large network of customers, making it easy to find resources and solutions to challenges.


organizations using netsuite

Which departments of an organization should use NetSuite, and why?

The answer is far and wide. Finance and accounting departments should take advantage of NetSuite’s streamlined financial reporting and compliance, as well as automated billing and invoice processing. NetSuite also provides real-time visibility into financial performance, allowing users to see areas in need of improvement and what is actually working for them. NetSuite also offers Planning and Budgeting (NSPB), which helps financial departments streamline their budgeting, forecasting, and financial modeling processes.


Sales and marketing departments can also benefit from NetSuite, as it offers a built-in centralized Customer Relationship Management (CRM) tool. It tracks leads, opportunities, and sales performance so that all members on the team can keep tabs on growth and make decisions based on what is working and what needs to be optimized. NetSuite CRM also integrates marketing automation tools for campaign management and provides analytics for better decision making and targeting.

Another department that would highly benefit from NetSuite is supply chain and inventory management. NetSuite optimizes inventory levels and reduces carrying costs; it automates order management and fulfillment processes, provides transparency into supply chain operations, and enhances demand planning and forecasting. It even allocates resources and schedules production.

Human resource departments can also use NetSuite, as it manages employee records and payroll processing. NetSuite automates recruitment and onboarding processes, as well as tracks employee performance and training. And, of course, it offers analytics for workforce planning.


Customer service and support teams should utilize NetSuite as it centralizes customer interactions and support tickets, enhances case management and resolution tracking, offers self-service options for customers, and analyzes customer feedback for service improvements.


Project management teams also benefit from NetSuite for its ability to track project budgets, timelines, and resources. It integrates with financial data for accurate project costing and facilitates collaboration among team members. NetSuite also provides insight into project performance and profitability.

Manufacturing departments can use NetSuite as it streamlines production planning and scheduling, manages materials requirements and production costs, enhances quality control and compliance tracking, and provides visibility intro production metrics.


NetSuite can be used by eCommerce teams for a myriad of reasons. It seamlessly integrates online sales channels with back-end operations, as well as manages inventory, orders, and customer data. NetSuite also provides them with tools for managing promotions and customer engagement and boasts analytics to optimize sales performance.


All these departments (among others!) can achieve greater efficiency, improved collaboration, and enhanced decision-making by working off a single source of truth. This often leads to more cohesive and strategic business operations.


netsuite customizations

Does NetSuite offer customization?

NetSuite enables companies to tailor functionalities to meet specific business needs while also integrating seamlessly with various third-party systems. Regarding customization, users can create custom fields to capture unique data relevant to their business processes. These fields can be added to records like customers, transactions, and items.


With SuiteScript, a Java-based API, developers can create custom business logic, automate processes, and enhance user interfaces. It can also be used for client-side scripts, server-side scripts, and scheduled scripts. SuiteFlow is a tool that enables users to design and automate workflows without coding. It allows businesses to create custom approval processes, notifications, and task assignments.

Users can create customized reports and queries to extract specific data, while saved searches can filter, sort, and display information based on various criteria. With custom records, businesses can define their own record types to capture information that doesn’t fit into standard NetSuite records, allowing for greater flexibility. Dashboards and KPIs are also customized to display relevant metrics and key performance indicators, making it easier to track performance at a glance.


User roles and permissions are also customized to ensure that employees have access to only the information and functionality they need. Custom templates and documents such as invoices, sales orders, and packing slips are also available in NetSuite to reflect personal branding and layout preferences.

Does NetSuite offer integration with other systems?

One of the key features of NetSuite’s integration capabilities is its SuiteCloud platform which provides a robust environment for developers to create custom applications and integrations. Through SuiteTalk, NetSuite’s web services API, businesses can connect their ERP system with other applications, enabling real-time data exchange and enhanced workflow automation. This allows organizations to synchronize financial data, customer information, and inventory levels across multiple systems.

NetSuite integrates with a variety of third-party applications, including popular CRM platforms like Salesforce, marketing automation tools such as HubSpot, and eCommerce solutions like Shopify and Magento. NetSuite supports integration with various logistics and supply chain management systems, such as ShipStation and FedEx, which can help optimize shipping processes and improve delivery times.


It also integrates with popular payment processors including PayPal and Stripe, and HR management tools such as ADP and Workday, which allows for workforce management data for better financial and operational insights.


For business intelligence, it can integrate with Tableau for advanced analytics and visual reporting, as well as Power BI to create interactive dashboards and reports. NetSuite can also integrate with POS systems such as Square and Clover, which syncs transaction data to provide real-time sales insights and inventory tracking.


There are many more apps and systems that integrate with NetSuite that help streamline operations, improve data accuracy, and enhance overall business efficiency. Just ask Caravel for more information.

Do you need a NetSuite implementation partner?

Working with an implementation partner for NetSuite deployment ensures that it’s not only done correctly, but efficiently as well. Organizations who choose not to work with an implementation partner will need to hire a team of in-house experts to perform the deployment and management of the platform, and that can become very costly.


Implementation partners have specialized knowledge and experience in deploying NetSuite, ensuring that best practices are followed. They can help tailor the system to meet specific business needs and optimize processes and workflows. Partners can accelerate the implementation process, minimizing disruptions to your business operations. They even provide training and support for teams as well as ongoing support, helping to ensure that users are comfortable and proficient with the system. These partners can help with change management, easing the transition to a new system for the organization. Experienced partners can identify potential pitfalls early on and mitigate risks associated with the implementation process. They can also assist with future upgrades and enhancements, ensuring that NetSuite evolves with your business needs.


Overall, a good implementation partner can lead to a smoother, more successful NetSuite deployment, ultimately driving better results for your organization.

How is NetSuite priced, and what factors affect total cost?

NetSuite typically uses a subscription-based model, which can include monthly or annual fees. Pricing often depends on the number of users who will access the system—the more users, the higher the cost. NetSuite also offers different editions with varying features and pricing; additional features such as advanced inventory management, project management, or specific industry solutions come with additional fees. Some pricing models factor in the volume of transactions processed, which can affect costs for companies with high transaction levels. To get a precise estimate, it’s always best to contact NetSuite.


Caravel is here to answer all your questions—big or small. Contact us in the form below and we will get back to you immediately.

A Comparative Breakdown of NetSuite vs. Sage Intacct

Posted on by Sarah Bensimon

In the rapidly evolving world of cloud-based accounting and ERP solutions, selecting the best
suited platform can be a pivotal decision for any business. Two well-known names in this arena,
NetSuite and Sage Intacct, offer varying tools designed to streamline financial operations,
enhance visibility, and drive growth.

 

How do these platforms stack up against each other?

 

Which one aligns best with your organization’s unique needs and goals?

Business Features NetSuite Sage Intacct
Target Audience Small, mid-sized and enterprise organizations. Small-to-mid-sized organizations.
Scalability Highly scalable for all sized organizations. Scales well for small-to-mid-sized organizations.
Industry Focus All industries and industry-specific editions. Software, services, and non-profit editions.
Cost Pricing varies based on modules selected and number of users. Pricing varies on requirements, complexity, and number of users.
Licensing Multi-entity functionality with unlimited licensing in one instance available. Multi-entity in a single system available.
Download the Full Chart

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