The beauty industry confronts unique and unprecedented business-related challenges, including constantly changing marketing and product trends. Due to rapidly evolving technologies and the introduction of social media, many in the beauty industry have experienced more change in the past few years than in the previous 100 years combined.
As a result, beauty companies must adapt to meet changing customer expectations from sourcing and ingredients, sustainability, demographic profiles, to the customer’s e-commerce experience. Those that can differentiate themselves succeed by standing apart, while those that don’t can quickly stifle their growth and fall short of achieving their goals.
Here, we answer common questions about financial systems to help your beauty company address common challenges to stay ahead in this competitive industry.
One of the most important decisions a business makes is which tool they will use to manage their finances and cash flow. As a starter system, something like QuickBooks may seem like a logical and economical choice. However, heightened customer demands, rapid growth, and increased competition mean companies can no longer rely on the business models or business management systems of the past. Today’s businesses need a scalable financial management system that can support your business as it transforms.
The ideal solution can help efficiently manage the complexities of your beauty business with:
Here’s a visual display of how an ERP system can benefit your beauty company.
Your company should change its financial management system if it’s no longer able to keep up with your business growth, customer demands, and changing industry expectations. Some indications of this are:
An integrated enterprise resource planning (ERP) system, such as NetSuite, could help eliminate some of the manual work and reporting being done by many growing beauty companies.
NetSuite can reduce the spreadsheet fatigue encountered when manually reconciling inventory and sales across multiple systems thereby connecting your front-end to your back-end. It does this by providing integrated, on-demand financial and operational reporting that can be accessed in real-time from any device. NetSuite also makes expanding into new markets—either online or brick and mortar—easier as your company grows by simplifying the process of adding additional product lines, sales channels, or new revenue streams.
Because NetSuite is a single system that covers a broad range of business processes, activities can be linked in a single workflow, and information is visible in real-time across parts of the business. Real-time inventory levels are available, and raw goods to finished goods are tracked and displayed with the accounting impact shown in real-time. This eliminates the need for the integration of multiple systems or manual processes.
NetSuite provides visibility and insight into key areas, such as:
This allows you to make better decisions based on facts, rather than guesswork or disparate spreadsheets.
Other potential benefits NetSuite provides beauty companies include the ability to:
To learn more about NetSuite or how it could streamline your operations, visit our NetSuite Solutions page or contact your Moss Adams professional.
From fast-growing startups to global enterprises, NetSuite powers businesses across a variety of industries. NetSuite provides cloud financials, customer relationship management (CRM), e-commerce, human capital management (HCM), and professional services automation management for all organizations from fast-growing midsize companies to large global organizations. Additionally, each component of NetSuite is modular, enabling it to be deployed and integrated with existing investments as required.
With more than 36,000 customers running NetSuite worldwide and dependent territories, some of the world's most innovative organizations trust NetSuite and take their financial and operational processes to the cloud.