What is Netsuite ERP?
A cloud-based ERP solution, NetSuite ERP is most effective for rapidly growing, mid to large scale organizations. With the help of this software, a company can automate their entire front and back-office processes. The top automated processes included financial and revenue management, billing, fixed assets, and others. Hence, this software provides clear performance metrics to all members of a company right from the top management to important clerical staff members.
- Company: NetSuite
- Website: https://netsuite.com
- Founded in 1998
- United States
Key Metrics of NetSuite ERP
Fast track quote-to-quote process
Manual data input not only slows your operations down; it also increases the chances of mistakes in computations. In turn, you can improve quote accuracy, reduce billing mistakes, and reinforce revenue recognition. Users of NetSuite Oneworld also get the opportunity to improve and speed their order-to-cash processes as they can automate recurring tasks like approval, invoicing, and other payment management activities.
Streamline fulfillment flow and keep customers happy
Customer, order, invoice, and shipping information are centralized to help reduce fulfillment errors and avoid costs of reconciling shipping information. Oracle NetSuite modules integrate with top shipping carriers (ex. FedEx and UPS) to help you manage your shipping needs, such as updated shipping rates and order processing costs, within the NetSuite system.
Accurate revenue recognition management
Comply with accounting standards and generate timely financial reports with this module. NetSuite manufacturing revenue recognition management allows you to calculate and create accurate financial statements for both product and service sales transactions occurring either on a single point in time or across various milestones.
Optimize your employees’ capabilities
NetSuite cloud ERP allows you to maximize your key people’s productivity while keeping down the cost of managing them. Likewise, the module adapts to your organization’s growth by offering cost-effective, flexible solutions to scale up a growing, diverse, or dispersed workforce.
Get the most out of your recurring revenue streams
This NetSuite manufacturing module integrates your front- and back-office workflow for a subscription-based revenue model. It allows you a complete, up-to-date view of customer information and interactions, which will help you retain customers better and ensure continuous business growth.
Make more informed and entirely data-driven decisions
Oracle NetSuite ERP also comes with built-in business intelligence features and associates those to your financial and production management data for maximum accuracy. You can use it to turn numerical data into high-quality visual analytics and monitor the health of your business at any point in time. Moreover, with the aim of creating custom data summaries, you can also avail of different types of reports and insights.
Grows side-by-side with your business
Another great feature of NetSuite ERP software is its scalability. For example, a user can add custom functions easily to leverage the tool to meet all their end-to-end business management needs. This completely eradicated the need for any third-party software investments.
NetSuite implementation services are an indicator of their thoroughness and flexibility. It provides numerous customizable screen layouts that can be configured for particular company roles. Employees can personalize their dashboards if permitted by the administrator.
The real-time dashboards help you analyze and report the system data and track Key Performance Indicators (KPIs) such as your account balances and the number of outstanding bills or invoices. In short, they enable a company to evaluate performance versus their organizational goals. The dashboards also assist in dealing with routine details by providing reminders of deadlines, calls, meetings, etc.
Top-notch ERP functionality
NetSuite’s ERP implementation begins with simple financial management tasks but it accommodates more such jobs compared to its competitors. The basic configuration presents detailed transaction forms and record formats that accounting staff can utilize for their tasks.
The advantage is you can pay bills, create invoices, and submit purchase orders. On top of that, you can provide timely and accurate product delivery to your customers as you will be aware of the number of stocked widgets and thus can streamline the shipping procedure. You can also track expenses and time, manage documents, generate reports, and maintain precise records of your engagements with contacts. For payroll, you need to register with an integrated partner.
Perform advanced tasks
Oracle NetSuite cloud ERP goes far beyond basic bookkeeping. On top of multi-currency capability, it can comply with numerous international accounting standards. Plus, it can manage your entire fixed asset lifecycle. It not only helps you track income and expenses but also facilitates advanced revenue recognition management. With this software, you can go beyond merely tracking inventory as it effortlessly handles the whole supply chain. Finally, you can automate routine, rules-based workflows, where possible, to enhance efficiency and productivity.
Netsuite ERP Pricing
NetSuite ERP cost is available on a by-quote basis. Please contact the company directly to get a customized quote for your company. NetSuite implementation cost is based on modules, the number of users per month, and add-ons.
While Oracle NetSuite software doesn’t provide free trials, you can avail of a free demo here!
NetSuite ERP Features
- Audit Trail Visibility
- Tax Management
Fixed Asset Management
- Flexible Depreciation Management
- Workflow Management
- Fixed Asset Roll forward
- Integrated Financial Reporting
- Flexible Payment Acceptance
- Global Ready
- Fraud Prevention
- Flexible Payment Processing
- Demand Planning Engine
- Gross Requirements Inquiry
- Supply Chain Intelligence with MRP
Inventory Control and Warehouse Management
- Cost Management
- Order Fulfillment
- Inventory Control
- Inventory Visibility
Purchasing and Vendor Management
- Integrated Process Workflow
- Centralized Vendor Management
- Routing and Approval
- Shop Floor Management
- Product Costing
- Manufacturing Routing
- Bill of Materials
- Materials Resource Planning
Billing Management and Invoicing
- Flexible Billing Scheduling
- Integrated Process Workflow
- Shipping & Fulfillment
- Revenue Recognition Management
- Financial Planning
- Human Capital Management
- Core HRIS
- Payroll Services
- Incentive Compensation Management
- NetSuite TribeHR
- Recurring Revenue Management
Netsuite ERP Pros and cons
- This software is excellent in time management, managing expenses and project management. NetSuite transportation management gives you very good and detailed reports. The customer support is excellent.
- Netsuite / Oracle is the total package for small companies looking for an ERP/CRM and eCommerce platform all rolled into one product. The software is cloud-based and is updated twice per year and give news capabilities.
- Solid performance, cloud-based, easy to create users, and superb security. You can really rest assured that with Netsuite ERP solutions, your business will be well served.
- What is excellent about Netsuite ERP is that it enables the company to use the ERP systems in a low-cost manner. Netsuite ERP for administrators offers complete modules to run a business just like Inventory, Accounting, and CRM.
- Oracle NetSuite benefits have many capabilities and you want to make good of use of it within your company. Sometimes that requires customizations that take more time and money than you would like.
- Takes a long time to implement not to mention you have to implement through a third-party reseller.
- When mass creating manufacturing work orders for NetSuite ERP inventory management, it duplicates a lot of the orders and pulls up orders that we are out of stock on bulk or unable to complete at the time.
Netsuite ERP Integration
NetSuite ERP offers the following integration options:
- Can integrate with your existing CRM and web investments
- NetSuite CRM
- NetSuite Ecommerce
- Professional Services Automation (PSA) NetSuite
NetSuite also has an extensive network of third-party solutions, such as:
- Dell Boomi
- Monthly payment
- Small Business
- Medium Business
- Cloud Hosted
Netsuite ERP Support
NetSuite offers the following support options:
Netsuite ERP Competitors
Here are some Netsuite ERP alternatives Toolsmetric recommend you to see before opting this software for your business :
Our support team can see what sales, finance, and professional services are doing with a customer. They can see case history for all the users at the customer. Ease of use is a really good, but the sales team struggles (but their focus should be on selling so they don't use the system as often).
- Access in the cloud was a big plus for us. But the full view of the customer has been the bigger gain.
- The search constraints don't allow for too many layers in a single search. Case reports cant look into invoice pricing as the invoices are on the customer. A customer search can se that, but if you are starting with case parameters to understand a product profit margin from support, it requires some cross referencing in excel.