Article
How beauty companies can unify financials and inventory with NetSuite
June 3, 2021 · Authored by Michael Parker, Jana Wright
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.
Why should my company upgrade its financial management system?
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:
- Real-time, cross channel inventory visibility from raw materials and components to finished goods
- Omnichannel order management — in-store, web, call center, mobile, kiosk — all in one place
- An automated process that connects your front-end to your back-end to provide the highest user experience while decreasing costs across your business
- A unified online and in-store experience to satisfy omnichannel customer demand and exceed buyer expectations
- Efficient and easy integration with customer payment processing platforms such as Shopify, and sales tax software, such as Avalara
- A buy anywhere, fulfill anywhere, return anywhere experience
- Empowered sales associates and customer service representatives with a deep understanding of the customer
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.
