My Honest Review of NetSuite ERP For Accounting

My Honest Review of NetSuite ERP For Accounting | Accounting Smarts
Charles Hall

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Charles Hall

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June 10, 2022

If you are a growing business or enterprise, you will need a more complex accounting and ERP system like NetSuite ERP with a wider range of features.

If you are a growing business or enterprise, you will need a more complex accounting and ERP system like NetSuite ERP with a wider range of features.

With NetSuite ERP, you are not only getting access to advanced accounting capabilities. You also get financial management, payroll, inventory management, payroll, human resources tools, and much more. It is designed to be a one-stop solution to run all of your enterprise operations in one place.

Before you can decide on the best accounting tool, you need to understand your business first. If you are a small business, stop right there. NetSuite ERP will be expensive and is more designed to fulfill the needs of larger businesses that handle much more every month. It is far more than a basic accounting and finance tool.

The first step we take when analyzing a platform like NetSuite ERP is determining who they serve best. This allows our experts to analyze the software more accurately and make proper recommendations. This guide will tell you all about NetSuite ERP and whether or not it is the right tool for you.

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What Is NetSuite ERP?

NetSuite ERP is a business management software, which enables businesses to manage their activities from an online platform. It is a widely used software as it offers a variety of business and accounting features to its users.

NetSuite ERP helps organizations of all sizes, including small businesses, large enterprises, and nonprofit organizations, streamline their business management with their cloud-based solution.

It allows companies to operate and grow with greater efficiency, effectiveness, and speed. It helps companies identify opportunities and transform them into profitable opportunities through the use of advanced workflow automation features.

The NetSuite ERP tools include accounting, financial management, inventory management, supply chain management, and even more. These tools all seamlessly integrate together so you can basically run your entire business operation in one single software.

This is the most suitable solution for business and accounting professionals looking for a platform that can help them manage their accounting transactions, analyze data, and provide client management tools.

NetSuite ERP Features

NetSuite is an accounting and ERP software that is used by companies of all sizes. The software has a plethora of features and integrations with third-party apps and services. All in all, it is suitable for small company use cases to enterprise-level use cases.

These features make the software suitable for the management of accounts, inventory, manufacturing, HR, sales, marketing, customer service, financials - everything you need to run your business effectively without having to hire any additional staff or other IT replacement services.

Accounting

The NetSuite ERP accounting software comes with a feature that allows the users to generate statements, manage receivables, close books, and log any tax-related expenses quickly.

The NetSuite ERP accounting feature provides a number of benefits for businesses. It assists with simplifying the process to manage these financial tasks for companies. By automating these tasks, they are able to make sure that they are not wasting time on manual tasks that they don't have to do anymore.

NetSuite ERP's accounting feature is especially useful for any company with multiple locations where the central office may not have access to or information on certain transactions in their different locations.

Financial Management

NetSuite ERP Financial Management feature is a powerful tool for business owners or managers to use to analyze their financial health. It helps businesses to understand their overall performance and financial trends.

This feature provides insights into the financial state of the business, such as how much money they owe, how much money is owed, and what percentage of income is spent on different expenses like payroll and advertising.

This feature also allows businesses to see all of their forecasts in one place and run reports with specific filters like time frame or expenses. You can seamlessly integrate other platforms with this tool to be even more intuitive too.

The feature enables users to track and analyze their financial performance and operations with clarity. It gives companies the opportunity to achieve better business performance, improve operations, and increase efficiencies using data-driven insights and tools.

Inventory

NetSuite ERP Inventory feature supports organizations to bring in-house their external supplier invoices, which they would otherwise send to the external suppliers. This is an important feature for large organizations with external suppliers.

It also provides a solution for tracking and managing the inventory of items in a business. It allows users to create and maintain records of orders, track inventory levels and track inventory that is in transit.

This tool leverages machine learning to identify trends in business processes in order to provide real-time information about when it's time for reordering stock or ordering more products.

Global Business Management

NetSuite ERP Global Business Management provides a feature that enables users to use multiple currencies and tax rules. This makes it easier for them to operate in different countries and also generate reports and perform calculations.

This is a multifunctional system that is designed to match the requirements of different organizations operating in different territories with their end-to-end business needs.

It is an enterprise resource planning suite that provides integrated management activities across the organization’s financial, operational, customer relationship, marketing, human resources, project management, warehousing services.

Order Management

Order management is a must for any business, and NetSuite ERP Order Management can help businesses automate this process with ease. It also helps them gain maximum productivity by optimizing order life cycle, providing visibility on-order inventory, and managing customer service inquiries.

This feature is based on artificial intelligence and machine learning technology that analyzes the order data of a business to identify patterns and offers more accurate predictions on future orders.

This tool will increase the accuracy of your billing and invoicing process because orders are tracked properly. It also helps to drop ship and split ship with more efficiency too. And if you manage multiple fulfillment locations, this feature comes in handy even more.

Warehouse Management

NetSuite ERP Warehouse Management feature is a tool that makes it easier for the company to track their warehouse inventory and add new items to their website.

This tool is a powerful tool that keeps an eye on warehouse inventory and manages the purchasing process. With this tool, companies can use NetSuite’s inventory management software to find what they need in stock and order in bulk quickly and easily.

This feature keeps track of all of your items in real-time, so you can know what you have on hand before you need it. You also have access to real-time updates about your business, such as product sell-through rates, case counts, and more.

Supply Chain

NetSuite ERP Supply Chain Management feature is a tool that helps you manage the entire life cycle of your business, from orders to invoices.

This tool allows you to properly manage multiple locations and with scheduling machinery or labor resources internally. It will completely transform your communication processes with more automated scheduling and tracking techniques.

This tool is unique and helps organizations strategically plan their supply chain activities to reduce costs and improve customer relationships.

Why Is NetSuite ERP Good For Accounting?

NetSuite is a cloud-based software platform for managing all aspects of a company's business operations. It includes a suite of applications that can be customized to fit your needs.

NetSuite is good for accounting because it helps the business make more money by increasing efficiency and productivity, while also being easy to use. Workflows are streamlined and easier to master when using this tool within your daily business operations.

This is an integrated platform for businesses to manage their operations. It is designed in such a way that it does not require any specialized skill sets for employees to use it.

NetSuite ERP also provides an automated process for reporting. There are many companies that find this ERP software easy-to-use and can handle their needs with one platform.

The NetSuite ERP user-friendly interface makes it easier for users to understand how the system works without any prior knowledge of accounting software or its inner workings.

The accounting feature allows you to automate all repetitive tasks, tag, and log transactions, and keep better track of internal financials. It also integrates with the full suite of tools within the ERP system to effectively manage billing, payroll, and inventory together.

NetSuite ERP Plans and Pricing

NetSuite does not offer the traditional monthly plans like some of the smaller accounting software competitors do. Instead, they offer custom pricing based on individual needs with a base fee to get started on the platform.

The base pricing to get started with the NetSuite ERP platform is $999 per month along with $99 per month per user license. However, this will give you access to every primary module like accounting, inventory, order management, etc.

Depending on the size of your business, it can get very expensive to run your business with NetSuite ERP. This is why they aim to fulfill the needs of larger enterprises and we tend to guide small business owners in a different direction when upgrading their accounting software.

To get a specific quote for your business, simply contact NetSuite here to speak with a professional sales representative. They will learn about your business and provide a detailed recommendation about the software and your custom plan needs.

NetSuite ERP Pros and Cons

Pros

  • Multiple version updates per year
  • Highly customizable
  • Wide range of available integrations like CRMs
  • Lightning-fast performance in all areas
  • Advanced and detailed reporting capabilities
  • Easy to understand with plenty of resources to learn
  • Most versatile accounting software available

Cons

  • High pricing for enterprise customers especially to get every feature
  • Customizing user roles is clunky

NetSuite ERP Alternatives

Accounting software and a reliable ERP are the backbones of a company. It is a central system that manages and tracks all aspects of the company’s operations, from accounting to customer relations and beyond.

It also helps in streamlining processes and improving business performance. For many organizations, an ERP is the only way to manage a business with scalability. If you do not believe NetSuite is the best for you, there are other alternatives to consider too.

Sage Intacct

Sage Intacct is a software that helps companies manage their accounts and finances. It has features like accounting ledgers, online tax filing, and financial analysis.

Sage Intacct is a great option for any business looking to implement accounting software. It has a variety of features that offer value beyond the traditional ideas of what an accounting application should do, like the ability to create reports, email invoices, and sync data across different devices.

The interface is simple enough for anyone to use quickly and allows more advanced users to keep track of all their transactions in one place without any extra steps. It can be easily installed and integrated into your day-to-day operations.

One of the major strengths of Sage Intacct is its ability to aggregate data from various systems in the business. This allows businesses to analyze their financial data in real-time and make better decisions on how to grow their company.

It also has an integrated payroll function that is easy to use for employees with many options for customization. Sage Intacct is one of the most balanced accounting software solutions for businesses of many different sizes.

QuickBooks Online

QuickBooks Online is a software that helps small businesses to manage their finances and financial records. It is a cloud-based accounting software that allows users to easily access their data from any device.

One of the most useful functions of QuickBooks Online is its ability to review transactions. The interface allows users to quickly access financial information about their company's activities, including week-to-week trends, month-to-month comparisons, graphs, graphs for expenses by category, and more.

With its multi-currency support, QuickBooks Online allows for quick updating to reflect changes in global markets. Additionally, the software automatically saves all formatting changes made during formatting conversions so that any adjustments made are not lost when converted back into the original currency.

QuickBooks Online software is versatile and can be used in multiple industries. All of the powerful features that are included are well-suited for small businesses making this an ideal solution for any business that needs bookkeeping.

Charles Hall

Charles Hall

Charles has spent 25 plus years in the world of accounting and business. His experience includes working as a CPA/Auditor international accounting firms. He has worked as a controller and as a COO for small to medium sized companies.

Learn more about Charles Hall