Oracle NetSuite is an ERP (Enterprise Resource Planning) platform. It offers a powerful solution for financial management. NetSuite is suitable for mid and large-sized businesses, companies, and manufacturers seeking advanced software.
NetSuite uses cloud software to offer financial management services. Users can track economic data and automate accounting processes. Like most accounting software, NetSuite has billing, reporting, and planning features. It can integrate with existing software and supports different currencies.
The majority of ERP platforms provide tailored, customizable solutions for users, which results in variable prices. NetSuite, operating in the same fashion, has an equally diverse operating cost.
Oracle, the company behind the software, uses consultations to provide quotes for pricing. A sales representative will provide a business with a complete list of platform features and identify specific needs to give a final quote.
Typical market research suggests NetSuite has a $999 licensing fee per month. Individual prices will vary between businesses according to specific needs.
NetSuite Accounting Tools
As part of a robust financial management system, NetSuite has many features.
Accounting and Finance Tools
NetSuite allows users to combine core accounting and finance tools with compliance management. The tools available will enable a business to access financial data on a real-time basis.
There are many accounting features available with NetSuite. These are listed below:
- Accounts (receivable and payable).
- Tax Management
- Cash Management
- Fixed Asset Management
- Payment Management
- General Ledger Tools
NetSuite has tools to help businesses manage billing. The solution supports transaction, usage-driven, subscription, and hybrid billing methods. These methods integrate into revenue management and compliance solutions NetSuite can offer.
Revenue Recognition Tools
Many businesses have obligations to report finances. NetSuite has tools to remain compliant with accounting standards such as IFRS 15 and ASC 605/606. Companies can use the tools to automate revenue management and functions, including allocation, auditing, forecasting, reclassification, and recognition.
Financial Reporting and Planning Tools
NetSuite can give businesses the ability to plan, forecast, and budget. The platform can use existing business data to create revenue forecasts, create budgets, and generate potential future scenarios.
Global Consolidation and Account Management Solutions
Businesses planning worldwide expansion need a robust financial management system to remain compliant and manage transactions. NetSuite allows companies to maintain transparency and real-time visibility worldwide to manage operations.
NetSuite functions in multiple languages and offers an interface tailored to geographical locations. The management system supports 190+ forms of currency and automatically provides the current exchange rates to ensure accurate real-time conversion of funds.
Compliance, Risk and Governance Tools
NetSuite ensures a business is always ready for an audit. The platform supports compliance, risk, and governance programs to allow smooth sailing.
The platform is also capable of creating a compliance and risk management process. These tools will give companies the ability to anticipate risks before they occur.
NetSuite can integrate all ERP solutions and can work with other business software. Thanks to an open API system, NetSuite can create integrations with ease.
NetSuite ERP Tools
Businesses using NetSuite in conjunction with other tools can integrate the financial management solution with other Oracle products. By doing so, a company will have a broad overview of all aspects of its business operations. The following are different functions within NetSuite.
Order Management Tools
NetSuite provides warehouse management and ordering tools. The solution can analyze existing inventories to identify the ideal quantity of items. With this information, the software can determine the optimal reordering period for all products.
Production Management Tools
Businesses can use NetSuite to provide real-time visibility into the production process. The platform works with end-to-end tools to allow for informed decisions regarding business operations.
Supply Chain Management Tools
NetSuite can be used to manage every part of a supply chain. It doesn’t matter where a physical product is stored or manufactured; NetSuite can track the process and provide management tools.
Fulfillment And Warehouse Tools
Companies can use NetSuite to assist with inventory management, as well as inbound and outbound logistics. The solution helps to streamline warehousing operations and cut costs. A warehouse management solution comes as standard that allows managing distribution using real-time reports.
NetSuite allows businesses to purchase products and services in a cost-effective yet speedy manner. Real-time analytics gives a company a better overview of how money is spent, while workflow and automation integrations allow for a more realistic procurement and payment process.
Human Capital Management Services
NetSuite has a human capital management (HCM) system called SuitePeople. The system allows businesses to collect information for new prospects, gain real-time visibility on workforce operations, and streamline employee onboarding.
NetSuite Pros and Cons
NetSuite is, like any software, a solution that comes with pros and cons.
- NetSuite offers an all-in-one solution.
- NetSuite has a complete product range that manages all departments of a business.
- NetSuite offers real-time updates, making it easy to keep track of day-to-day operations.
- NetSuite can be expensive for small businesses, effectively “locking” it off to them.
- NetSuite has more functionality than many businesses need, making it unnecessary.
NetSuite Customer Service Options
Oracle provides a range of educational resources for all products, including NetSuite. Businesses can use these to learn how to operate the different tools. NetSuite has 24/7 customer service via email, phone, and a chatbot. The chatbot can connect users to customer service representatives on request.
Oracle NetSuite is a robust, diverse, and comprehensive financial management system. It is ideal for larger businesses and can function effectively globally.
NetSuite has many features to enable real-time support and integrate with existing software. The tools provided are capable of connecting with existing solutions or replacing them entirely.
Understanding all of the features offered by NetSuite is vital for success. There are many resources to assist in education and reliable customer support to help with specific problems.
The costs for a business can vary depending on criteria such as business size, complexity, and individual needs. NetSuite is a worthy investment, albeit an investment that should be carefully considered before purchasing.