Are you providing Client Accounting and Advisory Services (CAAS), and Business Process Outsourcing (BPO) services?
Are you struggling with your current desktop or cloud accounting systems to support all of your clients?
Do you find you are having to build a larger and larger tech stack just to meet the functional requirements needed to provide the services your clients require?
And if you are planning to grow your BPO practice to provide outsourced services to hundreds of different clients, you need a platform that is robust, scalable and flexible.
If this sounds like your BPO/CAAS practice, maybe it is time to migrate your practice to a full-featured system that can meet any requirements.
No, I’m not talking about multiple QuickBooks Advanced licenses. I’m talking about the NetSuite BPO Provider Program.
This version of NetSuite not only will meet the needs of your clients, but also meet the needs of your own firm with a standardized, easy-to-implement solution that offers all the bells and whistles to meet the needs of clients from small- and medium-sized businesses, and beyond.
With the NetSuite BOP Program, you license NetSuite and then create a new NetSuite instance for each of your BPO clients. As a NetSuite partner accountant, you will continue to provide your accounting, advisory and outsourced business services using NetSuite.
Many NetSuite accountants who are CPAs ultimately hold advanced NetSuite certifications, but that is just another feather in your bonnet.
While using the NetSuite BPO Program, you and your team will become proficient at using the NetSuite platform, which allows you to handle your CAAS/BPO responsibilities efficiently using the power of NetSuite in every area of your client’s business.
And, this program delivers the full power of NetSuite at a lower price point than traditional NetSuite implementations by a client.
In contrast to the traditional licensing of NetSuite by organizations with the resources to run their own NetSuite operations and possibly reduce BPO and CAAS offerings to your client, the BPO sub-licensing approach is more cost-effective for your clients.
You likely will perform additional services for your clients with NetSuite BPO sub-licensing arrangements because you will be in charge of converting their existing accounting data to the NetSuite platform.
For example, as a NetSuite BPO accounting provider, you will initially work with your client’s existing accounting platform before migrating them to NetSuite. You likely will handle everything from their monthly closes and reconciliations to fractional controller services.
At the same time, you will analyze their existing business workflows and finance/accounting practices to understand the client’s business clearly. This will assist with tailoring NetSuite to the client’s business needs.
You then can provide additional consultative services related to how the client can improve or optimize their financial strategies using NetSuite functionality.
When preliminary phase of NetSuite implementation begins, your BPO experience allows you to bring a deep understanding of the client’s business strategy, model, and finance practices, along with crucial initiatives and requirements to the assigned NetSuite’s implementation team.
Your NetSuite Solutions Team then will implement and optimize NetSuite for your firm’s environment and each client-specific NetSuite sub-license you acquire to perform your BPO services.
And because your clients don’t have to undergo the migration process themselves, they will rest comfortably, assured their financial data is being converted to NetSuite properly, and their future operations will be better than ever.
In what seems like no time at all, your client will have access to greater financial visibility, detailed reports, dashboards of current activity and financial forecasts specific to their needs. They also will have access to any needed functionalities they need to perform.
You will not only continue your role as your clients' trusted advisor, but also find yourself as their "hero" for having helped them move from their rudimentary bookkeeping system to the advanced capabilities of NetSuite.
In addition to standard features like accounting, project management and CRM, NetSuite BPO partners can add a broad range of advanced capabilities such as international localization, revenue management, manufacturing and ecommerce for a small additional cost.
The expansive suite of functionalities and features at a competitive price provides substantial benefits when compared to other solutions.
But things do change over time, clients grow larger; they staff differently; they many times want to take more control over finances; and they rely on their accountant for advisory services.
When that day comes and your client grows in terms of needs and staffing to the point they need the full features and functionalities NetSuite provides, you can easily transition their NetSuite BPO Client Instance to a full client-license without additional migration or conversion.
So, even though your client grows and expands, that doesn't mean you loose your client. You still can maintain access to their data to provide continuing CAAS or BPO services as appropriate to the situation.
To sum up key points:
- NetSuite BPO offerings extend sophisticated capabilities like Financial Management and Revenue Recognition plus Inventory, Projects, HR, ecommerce, and more, to your clients without the cost of investment in a traditional NetSuite implementation.
- NetSuite BPO Partners enjoy NetSuite offerings to their clients at a competitive cost with small business solutions. They can set up their clients with industry-specific, best practices-based set-ups in hours using the NetSuite SuiteSuccess process.
- NetSuite’s BPO Partner Program means you can support clients of any size, from mom-and-pop newbies to multi-million-dollar multi-nationals, with the power of NetSuite. And when the time comes, you can transfer their NetSuite instance to your client in a way that continues to extend and expand your client relationship.
So, when I sum it up, looks like the NetSuite BPO Partner Program is a win-win-win arrangement.
Disclosures:
Footnotes and Disclosures:
Content within this feature (including the headline graphic) has been adapted from Oracle NetSuite source materials, including webinar materials. Referenced source materials or content appearing within this Insightful Accountant feature were adapted and are furnished solely for educational purposes.
NetSuite (including the NetSuite BPO Program) and Oracle are registered trademarks of Oracle Corporation. Oracle Corporation is a publicly-traded NYSE-listed (ORCL) multinational corporation headquartered in Austin, Texas (USA).
NetSuite was the first cloud company—ushering in the new era of cloud computing. For more than 25 years, Oracle NetSuite has helped organizations grow, scale, and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 37,000 customers in 219 countries and dependent territories.
As referenced herein, QuickBooks® (including QuickBooks Advanced) refer to one or more registered trademarks of Intuit Inc., a NASDAQ "INTU" publicly traded corporation headquartered in Mountain View, California (USA).
Any other trade names used within this article, including any other vendor (app/software) discussed herein, may refer to products registered, trademarked, or otherwise held by their respective owners. They are referenced solely for informational and educational purposes.
This feature is "not" sponsored content. The article is provided for informational and educational purposes.
The publication of this article does not represent an endorsement by either the author or Insightful Accountant.
Note: Registered Trademark ® symbols have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. Every attempt is made to credit such trademarked products within our respective article footnotes and disclosures.
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