NetSuite shines as a beacon of integrated efficiency in the vast sea of business software. With its all-encompassing suite of features, cloud-based scalability, and a unified platform that seamlessly merges ERP, CRM, and e-commerce, it’s the ace up the sleeve for businesses aiming for streamlined operations and data-driven growth. Dive into NetSuite, where innovation meets value, and watch your business soar to new heights !
Dive into the digital realm of NetSuite, where business software isn’t just about numbers and codes—it’s about revolutionizing operations and setting the gold standard for integrated efficiency.
Whether you’re a curious newbie or a seasoned tech aficionado, this article promises to unravel the mystique of NetSuite, making you wonder how you ever managed without it. Buckle up for a journey that’s as enlightening as it is exhilarating!
Read further to learn more about NetSuite, in our review we will detail its features, pros and cons with our rating, and a conclusion about why you should use it.
Click on “open” if you want to see exactly what we will talk about in the rest of this article.
NetSuite is a cloud accounting software designed to enhance financial performance through improved controls, faster closing processes, and accurate financial reporting. It streamlines the procedure of recording transactions, managing payables and receivables, collecting taxes, and finalizing the books.
The software offers real-time access to financial data, allowing users to delve into details swiftly, resolve issues, and produce statements and disclosures that adhere to various regulatory financial compliance requirements, including ASC 606, GAAP, SOX, and more.
Furthermore, NetSuite provides real-time insights into numerous financial metrics and ensures compliance with accounting standards, government regulations, and tax codes.
As a unified platform, it integrates seamlessly with other components of the suite, such as financial management, inventory and order management, HR, customer management, and ecommerce, allowing businesses to focus on growth.
NetSuite specifications
Features
Automated invoicing / Billing and Account Management / Consolidated invoicing / Customer records / ERP System with Oracle and Microsoft Compatibility / Inventory Management / Invoice Management / Multi-Language / Multiple Payment Options / Reports and Analytics / Role-based dashboards / Smart Reporting
Best suited for
Freelancers, Small businesses, Mid size businesses, Large enterprises
Website languages
Brasil / Chinese / Deutsch / English / French / German / Italian / Japanese / Korean / Multilingual
Navigating the maze of software pricing can be daunting, but with NetSuite, clarity meets value. Offering a spectrum of packages tailored to diverse business needs, NetSuite’s pricing starts from a modest $1,599/month and can go up to $9,999/month for its premium offerings.
Whether you’re a budding startup or a sprawling enterprise, there’s a price point that fits just right. Dive in to discover the perfect balance of features and affordability!
Base Package:
NetSuite offers a base package that includes both NetSuite ERP and NetSuite CRM. This foundational package is designed to cater to businesses’ essential needs, providing them with core functionalities to manage their operations.
SuiteSuccess Packages:
Tailored to specific industries, NetSuite’s SuiteSuccess packages come with pre-defined roles, dedicated process flows, KPIs, turnkey setup, and a plethora of prebuilt reports and dashboards based on industry best practices. Some of the popular SuiteSuccess packages include:
Financials First
Manufacturing
Wholesale Distribution
Retail
Professional Services
Software
Food & Beverage
Apparel, Footwear & Accessories
The pricing for these packages ranges from $1,599/month to $9,999/month, with each package available in either a Standard or Premium edition.
NetSuite ERP:
Included in each base package, NetSuite ERP encompasses a wide range of features, such as Financial Management, Financial Planning, Order Management, Production Management, Supply Chain Management, Warehouse and Fulfillment, and Procurement.
NetSuite CRM:
Also part of the base package, NetSuite CRM offers a comprehensive customer relationship management system, providing businesses with a 360-degree view of their customers. Features include Sales Force Automation, Customer Service Management, Partner Relationship Management, Marketing Automation, Quote/Order Management, Commissions, and Sales Forecasting.
It’s worth noting that the exact pricing can vary based on the specific needs and customizations required by a business. For a detailed breakdown and to understand the best fit for your organization, it’s recommended to consult directly with NetSuite or an authorized distributor.
Navigating the modern business landscape requires robust and integrated software solutions. NetSuite, with its comprehensive suite of features, stands out as a premier choice for businesses aiming to streamline their operations.
From managing financials to optimizing customer relationships, NetSuite’s features are designed to provide a holistic approach to business management. In the following section, we delve into the core functionalities that make NetSuite a powerhouse for businesses of all sizes.
Accounts Receivable Dashboard
Role-based dashboards can be personalized with reminders and links to commonly used actions and reports. This “at-a-glance” format helps finance teams focus on important information and activities to accelerate collections and minimize days sales outstanding (DSO).
Customer Records
Maintain accurate customer data, including contacts, transaction history, items purchased, open invoices, communications history, and more. Configurable user roles and privileges enable finance teams to specify who can access accounts and modify records, ensuring customer information security.
Automated Invoicing
Convert sales orders to invoices automatically as orders are fulfilled. Customize invoice templates to meet customers’ unique billing needs. Bill by mail, email, fax, or electronically.
Calculate VAT, sales, and other taxes. Posting transactions to the general ledger automatically saves time, avoids manual data entry, and ensures accounts receivable data is always up to date.
Invoice Consolidation
Streamline the billing process with consolidated invoicing. When customers place multiple orders within a single billing period, NetSuite combines statements into a unified invoice.
When payment is made, it is allocated to each order. This results in faster billing, more efficient invoice processing, and reduced days sales outstanding (DSO).
Payment Management
Accept payments via various methods such as cash, credit card, check, bank transfer, electronic funds transfer (EFT), or other electronic formats. Automatically match customer payments to open invoices or apply a single payment to multiple bills.
Track customer deposits against performance milestones for accurate billing, apply credits automatically, and manage refunds with ease.
Dunning and Collections
Proactive and consistent customer outreach speeds up accounts receivable collections. With NetSuite, companies can automatically send reminders in multiple languages and currencies before or after payment is due.
This flexibility allows companies to administer their policies while customizing communications to prioritize customers.
Reporting
Configurable AR reports, easy-to-use tools, and custom segments allow for multidimensional analysis of receivables data.
Report unpaid balances by various criteria, track payment history to identify customers that routinely pay late, and improve collections forecasts.
Its unified business management suite encompasses ERP, CRM, and e-commerce functionalities, making it a one-stop solution for businesses to manage their financials, operations, and customer relations seamlessly.
By integrating these core business processes, NetSuite empowers companies to make data-driven decisions, enhance productivity, and foster growth.
Pros:
Unified Platform: NetSuite offers a single platform for ERP, CRM, and e-commerce, eliminating the need for multiple systems and ensuring data consistency.
Scalability: As a cloud-based solution, NetSuite can easily scale with a business’s growth, accommodating new users and expanding functionalities.
Real-time Visibility: With its real-time dashboards, businesses can gain insights into their operations, financials, and customer data instantly.
Customizability: NetSuite is highly customizable, allowing businesses to tailor the software to their specific needs and industry requirements.
Cons:
Learning Curve: Some users find NetSuite’s interface to be complex, requiring a steep learning curve.
Price: Being a comprehensive solution, NetSuite can be on the pricier side for small businesses.
Integration Challenges: While NetSuite offers numerous integrations, some businesses have reported challenges in integrating third-party applications.
Performance Issues: Some users have mentioned occasional slowdowns and performance hiccups, especially during peak usage times.
