A Comprehensive Review of NetSuite 2024

This detailed review of NetSuite covers all you need to know about the platform, including its features, advantages, disadvantages, pricing, and other relevant details. Many businesses use NetSuite, and you’ve likely seen it in use or heard about it in professional settings. This cloud-based platform serves thousands of businesses and is trusted by millions of professionals worldwide. One key question is whether its widespread use reflects its actual value. This NetSuite review aims to answer that.

This article thoroughly examines NetSuite’s enterprise resource planning (ERP) capabilities. We’ll explore everything from its fundamental functions to its features, advantages, and disadvantages. We will evaluate all aspects of the platform to determine if it truly deserves the praise and attention it receives.

Let’s dive into the details of NetSuite, starting with the basics.

An Overview of NetSuite

NetSuite is a cloud-based business management platform utilized by over 38,000 organizations globally. It streamlines business operations and helps companies achieve cost savings through a comprehensive suite of applications. These applications cover essential functions such as finance, accounting, inventory, orders, and procurement. Additionally, NetSuite offers specialized modules for customer relationship management (CRM), human resources (HR), project service automation (PSA), and omnichannel commerce, which support both online and in-store sales. All these functionalities are integrated via a shared database, ensuring real-time updates and access across different departments.

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Operating under a Software as a Service (SaaS) model, NetSuite enables companies to use its software on a subscription basis without the need to manage the infrastructure. This model eliminates the need for hardware setup, software installation, and maintenance tasks such as updates and patches—all managed by Oracle NetSuite. This cuts costs and labor compared to traditional on-premises systems and allows businesses to focus more on strategic goals and customer service. Additionally, the flexibility of the SaaS model supports scalability, enabling businesses to add new functionalities as their needs grow, thereby enhancing efficiency and adaptability.

Pros and Cons of NetSuite

Review of NetSuite: Advanced Features

NetSuite provides a full range of capabilities you would expect from an ERP solution. It offers all the necessary technology tools required to manage an organization effectively.

NetSuite consists of interconnected modules that utilize a shared database. This structure allows users to select and implement only the modules they need. Below is a comprehensive list of modules and features available in NetSuite:

• Finance and Accounting:

NetSuite offers a detailed financial management solution, centralizing key accounting functions to improve efficiency. Its general ledger is the central hub for all financial data, including transactions, account balances, and budgets. The platform automates accounts payable processes by managing bill payments and tracking vendor transactions through purchase orders and invoice records.

For accounts receivable, it helps generate invoices, tracks customer payments, and assists in managing collections. NetSuite also facilitates bank reconciliation, ensuring that financial records match bank accounts and promptly addressing discrepancies.

NetSuite enhances financial management with advanced reporting tools that generate balance sheets, income, and cash flow statements. These tools help businesses evaluate their financial condition and make informed decisions. The platform aids in budgeting by allowing the creation and monitoring of budgets, analyzing variances, and comparing actual results with projections. It manages fixed assets, current-standard revenue recognition, and multi-currency transactions, including automatic exchange rate conversions.

With comprehensive audit trails, automated tax calculations, and strong tax reporting and compliance tools, NetSuite helps businesses manage their finances, comply with tax regulations, and prepare and file taxes efficiently.

• Inventory Tracking and Auditing:

Inventory management is a critical aspect of logistics, heavily reliant on precise tracking technologies such as barcoding, batch tracking, and serial tracking to pinpoint item locations within a warehouse. NetSuite facilitates this process efficiently. As products are received, employees scan them at the loading dock and then move them to their designated lot, aisle, and bin within the storage facility. Each item is scanned once more when placed, allowing NetSuite to automatically update its database with its exact location and the timestamp of when it was scanned.

Furthermore, NetSuite prompts staff to conduct regular inventory audits, known as “cycle counts, ” to maintain accuracy in inventory levels.” These audits ensure that the actual quantities of stock in the warehouse match the figures recorded in NetSuite’s inventory-tracking system. The auditing function is optimized to handle these verifications efficiently by organizing products according to their value, quantity, and specific attributes like color, size, material, and type, thereby enhancing the overall inventory auditing process.

• Cash Management:

The cash management features operate smoothly and save time. It provides access to bank and credit card information, enabling accurate cash flow forecasting and effectively managing your company’s finances.

NetSuite includes bank integration, facilitating the automation of income and expense transactions. The dashboard presents charts and graphs that summarize your total balance, payables, receivables, and cash forecasts in an easy-to-view manner. This efficiency saves significant time and supports accurate financial planning and data-based strategic decision-making.

• Employee Management:

The employee management module provides a comprehensive suite of tools to facilitate various aspects of organizational staff management. It enables users to create and maintain detailed employee records encompassing personal and professional information, job titles, and salary details.

Additionally, the module supports time and attendance tracking, allowing users to monitor clock-ins and clock-outs, schedule shifts, and handle requests for time off. Payroll functionalities are integrated within the module and can calculate and disburse employee wages while syncing with payroll tax and benefits systems.

For performance oversight, users can set up and oversee employee performance evaluations, set objectives, monitor achievements, and offer feedback. Sometimes, the module extends to talent management, providing recruitment, onboarding, employee training, and development resources. It also includes tools to ensure adherence to employee policies and compliance with various legal requirements, such as equal employment opportunity and workplace safety standards.

• Warehouse Management:

The NetSuite warehouse management system is designed to enhance and streamline warehouse operations through digital technologies such as RF barcode scanners. This system includes essential features for efficient warehouse management, such as order fulfillment, inbound logistics, and the capability to manage multiple warehouse locations from mobile devices.

Additionally, the system facilitates advanced picking and placement processes for items within the warehouse. By replacing manual spreadsheets with this integrated system, NetSuite Warehouse Management significantly reduces the need for manual record-keeping and lowers maintenance costs across various warehouse sites.

• Advanced CRM Capabilities:

NetSuite has upgraded its Customer Relationship Management (CRM) capabilities, pivotal for any thriving business. The revamped CRM module now offers a 360-degree view of customer interactions by integrating emails, phone calls, and other communication channels into one comprehensive platform.

This complete perspective enables sales and support teams to fully understand each customer’s history, improving service and boosting the potential for upselling and cross-selling. For example, before a meeting, a sales representative can quickly access all relevant customer details—past interactions, orders, support tickets, and marketing touches—enabling more personalized and effective conversations that enhance customer satisfaction and loyalty.

The CRM enhancements also include advanced sales force automation tools that streamline the management of leads, opportunities, and customer accounts. The system uses predictive analytics with machine learning to forecast sales trends and identify the most promising leads. This allows sales teams to prioritize high-value opportunities, accelerating the sales process and increasing revenue. A practical application of this feature is seen when a sales manager uses predictive analytics to pinpoint leads most likely to convert, focusing team efforts on these prospects to maximize success and drive revenue growth.

• Automation Tools:

NetSuite has significantly updated its workflow automation capabilities, enhancing SuiteFlow, its dedicated tool for automation. SuiteFlow now supports more intricate workflows and conditional logic, enabling businesses to automate diverse processes such as approval workflows, task assignments, and notifications.

This enhancement is complemented by a visual workflow builder that simplifies the creation and implementation of automated workflows, making it accessible even for users with little to no technical expertise. For instance, a manufacturing company could leverage SuiteFlow to streamline its purchase order approvals, automatically routing orders to the appropriate managers based on predefined criteria, thus minimizing delays and improving process efficiency.

Additionally, NetSuite has upgraded its automated reporting features to accommodate more complex reporting needs. These tools now facilitate the scheduling and automatic distribution of reports, ensuring that all relevant stakeholders have timely access to the necessary data without requiring manual input. For example, a financial analyst tasked with generating weekly sales reports can set these to be automatically processed and sent out every Monday morning. This saves time and guarantees that the management team receives up-to-date sales information consistently, enhancing decision-making processes.

• Real-Time Analytics and Business Intelligence:

NetSuite has recently improved its real-time analytics and business intelligence features to meet the demands of today’s data-oriented environment. With the upgraded SuiteAnalytics, users can now access advanced data visualization and reporting tools.

These enhancements support the creation of customized dashboards and reports that offer instant updates and display key performance indicators (KPIs) and other critical metrics. The improved analytics engine can process more complex queries and larger data sets, offering deeper insights and a clearer view of business performance. For example, a CEO can now track their company’s real-time performance across various metrics like sales, expenses, and inventory levels directly from a customized dashboard, enabling quick trend recognition and decision-making.

Furthermore, NetSuite has added advanced machine learning algorithms to its analytics setup, improving its predictive analytics capabilities. These tools help businesses forecast future trends, identify potential risks, and uncover new opportunities by analyzing historical data and implementing predictive models. This enhancement is valuable for strategic planning and maintaining a competitive edge.

For instance, a marketing team might use these predictive analytics to forecast the results of future campaigns, adjusting their strategies and budget based on past campaign results and current market analysis to improve outcomes and more effectively target the right audience.

Ease of Use

Many existing customers find NetSuite user-friendly. Relative to other business and accounting software solutions, NetSuite features simplified options that are straightforward to use and integrate with existing workflows.

However, NetSuite’s main dashboard, which shows crucial business metrics, has a complex layout filled with numerous tools and dropdown menus. While NetSuite might be easier to use than some other ERP systems, its interface complexity can occasionally pose challenges for small business accounting.

Customer support is consistently accessible, although the level of support provided varies based on the subscription plan.

Integration Options with NetSuite

NetSuite provides built-in integrations with various software and tools, including e-commerce platforms, CRM systems, and financial tools. It offers an API for creating custom integrations, allowing businesses to modify the system according to their needs. Additional add-ons enhance NetSuite’s functions in advanced analytics, inventory management, and sector-specific features.

NetSuite also connects with leading e-commerce, point-of-sale, and logistics software, such as:

• ShipStation
• Amazon Supply Chain
• BigCommerce
• eBay
• Shopify POS
• Walmart
• WooCommerce

Recently, NetSuite introduced new capabilities for Amazon and Shopify users. Shopify payments can now automatically synchronize with NetSuite, removing the need for manual entry. NetSuite users can buy shipping labels directly through Amazon, streamlining the shipping process.

Furthermore, a specialized implementation team is available (for a fee) to help integrate NetSuite with your other business software. This team is equipped to develop further integrations and assist with project management planning.

Pricing of NetSuite

NetSuite does not offer standard pricing plans. Instead, you select the modules you want to add to the core platform. The pricing can vary significantly since NetSuite encompasses a wide range of functionalities needed to manage a business of any size—such as accounting, CRM, human capital management, professional service automation, and ERP.

To begin, you’ll need to arrange a free product tour and discuss your business needs with the sales team to get a custom quote. The cost includes a monthly subscription fee (charged per user), a monthly licensing fee, and an initial setup cost.

The cost structure for Oracle NetSuite includes a subscription fee starting at $99 per user each month, a licensing fee of about $999 monthly, and a setup fee ranging from $10,000 to $300,000, depending on the business size. These varying factors make it difficult to accurately predict the total expense of using NetSuite. Notably, NetSuite stands out as one of the more costly business management platforms, mainly if its use is intended primarily for accounting functions.

NetSuite Cloud Accounting Customer Reviews

NetSuite Cloud Accounting software has mixed-bag reviews. Many users value NetSuite’s comprehensive features, such as financial management, CRM, and e-commerce tools, consolidated into one platform. This centralization simplifies business operations by uniting data and processes, facilitating easier management of finances, sales tracking, and customer interactions. The software’s adaptability is also well-regarded, as it allows companies to modify the system to meet their particular requirements.

Conversely, some customers have pointed out difficulties due to NetSuite’s complexity. The extensive range of features may overwhelm new users, and it often requires considerable effort to master. Additionally, despite its strong functionality, there are reports of the system running slowly at times and customer support falling short of some users’ expectations. While NetSuite is recognized for its practical and comprehensive solutions, prospective users should anticipate a significant commitment of time and resources to utilize its capabilities fully.

Is NetSuite Right for Your Business?

NetSuite might be a good choice for medium to large businesses that need a scalable and customizable software solution. It provides a wide array of integrated functions, such as CRM, accounting, human resources (HR), and payroll, making it suitable for organizations that need a complete set of tools to handle different operational aspects.

However, for startups, small businesses, or those looking for a simpler solution, NetSuite might not be the ideal choice. Its complexity and extensive features could be excessive for smaller or less complex businesses.

Conclusion

NetSuite 2024 presents a robust and versatile platform for businesses seeking comprehensive ERP solutions. This review has explored its extensive features, including finance, inventory management, CRM, and more, highlighting both its advantages and potential drawbacks. While NetSuite’s broad capabilities and integrated applications cater well to medium and large enterprises, smaller businesses may find it complex and costly.

The platform’s flexibility and scalability are key strengths, making it a valuable tool for companies needing detailed customization and integration options. As with any significant business investment, evaluating NetSuite against your specific operational needs and resources is crucial to determining if it is the right fit for your organization.

Frequently Asked Questions