Oracle NetSuite Accounting Software Review 2022

NetSuite is a virtualized enterprise resource planning (ERP) solution that comprehensively views financial management and cash flow statements. General ledgers, cash management, tax management, accounts receivable and payable, fixed asset management, and payment management are among the functions accessible. NetSuite can keep track of financial data and streamline all financial accounting by providing meaningful operational and financial performance insights.

Pricing:

Oracle NetSuite’s platform includes inventory management, financial management, point-of-sale, customer relationship management (CRM), and human resource management software, among other features. The price of the software differs based on the parameters of your organization, such as its size, turnover, and the modules you need. The system is suitable for midsize, scaling, large, and international organizations that intend to use the entire Oracle NetSuite ERP platform.

The platform starts at $99 per month per user, plus a $999 monthly licensing cost. It is a fair guess estimate of the introductory pricing; actual costs may differ substantially. Although the price is high, you do not need to be put off by it. However, throughout time, NetSuite’s integrated ecosystem can save you enough time and money that you would have otherwise spent obtaining and integrating a range of software solutions from multiple services.

Major characteristics of NetSuite

NetSuite is a financial management software used by small and large businesses alike and in any field. It also makes use of a digital app for android and Ios devices. NetSuite offers several valuable features, including:

Financial management: 

NetSuite assists organizations in structuring their financial processes and implementing them into their accounting software. Your inventory management system will also include a financial management module if you use NetSuite. Everything, including planning and budgeting to accounting and fixed asset management, can be performed by this one. Administrators also have real-time access to their financial data, which allows them to create reports and resolve problems.

To streamline and significantly simplify your systems and procedures, NetSuite contains the following fundamental accounting features:

A general ledger:

It allows businesses to store and track their financial information in a configurable ledger. Users can submit reports, do trials, and seek help with new management.

• Budgeting, spending allocation, amortization, and statistical accounts are all examples of advanced financials.
• Provide accurate information.
• Up-to-date information
• Accounts payable
• Accounts Receivable
• Tax administration
• Asset management (fixed assets)
• Managing cash flow
• Managing payments

Billing:

NetSuite can help you maximize your billing operations if your business applies a transaction, subscription, usage-based, or hybrid billing model. It gives users power and flexibility over their billing process through a centralized structure. It also supports the management of a lot of customers, vendors, or partners.

Recognized Revenue:

NetSuite enables businesses to comply with accounting standards and disclose financial results for significant acquisitions in a timely fashion at evaluations. People can instantly automate numerous revenue management and reporting operations, such as forecasting, allocation, recognition, reclassification, and auditing, just using the software’s rule-based event-handling framework.

Customer relationship management (CRM): 

It is vital for any business, big or small., NetSuite’s CRM module is simple to use with the help of four primary functions:

• Coordinating and managing customer interactions
• Marketing intelligence, interaction history, customer service, and more are just a few of the features available.
• Maintaining sales and partner performance records
• Creating quotes, managing orders, projecting revenues, and integrating eCommerce

Inventory and order management:

NetSuite provides barcoding and warehouse tools that help with inventory and order management. However, it goes above and beyond with its comprehensive inventory and order management features:

• Inventory control: It has a demand-based inventory replenishment system and a multi-location inventory control system.
• Order management: By automatically evaluating prior sales and logistical data, it aids considerably in guaranteeing a sufficient amount of each item they produce.

This system is adapted to the needs of its participants, and its automated functions allow them to focus on acquiring new things and selling them in markets.

Commerce:

You may sell through a variety of ways with NetSuite SuiteCommerce. Furthermore, you can track anything across all of your marketplace platforms without leaving NetSuite.

• It supports both B2B and B2C transactions, ensuring that you never miss a sale.
• Offers a mobile point-of-sale system with complete inventory and customer data.
• Helps in keeping track of invoice payments and order progress.

SuiteCommerce offers a cross-channel business model experience whether your customers are purchasing in-store, online, or on a mobile device.

Human resources: 

The most admirable aspect of NetSuite is that you don’t need a separate human resources platform because it’s all incorporated in it. NetSuite includes HR module sets that enable you with everything from payroll to hiring new employees and tracking the progress of their records. It allows you to adjust NetSuite to your actual requirements.

Management of the Supply Chain:

NetSuite lets you manage each point in your supply chain regardless of where your actual product is made or kept. It will aid you in improving the productivity of your inventory and commerce. It is divided into seven components, which are intended for a different level of your company:

• Procurement: With real-time data, automation, and process linkages, it improves purchasing operations.
• WMS (Warehouse Management System): Controls everything from receiving to picking, counting, and returns.
• Demand Forecasting: Predicts future sales based on data.
• Quality Assurance
• WIP (Work in Progress) & Routings: It keeps track of the production process.
• Work Orders and Assemblies: Provides a link between inventories and manufacturing.
• Advanced Manufacturing: Uses data to integrate financial reports, inventories, and outstanding orders to see how resources are being used.

NetSuite Pros and Cons:

Strengths

• Robust and fully adaptable
• Enabled us to implement CRM quickly and ERP systems 
• Provided an API for third-party integration
• Many currencies, localities, and globalization come in handy when utilizing different corporations.
• Extract PO to generate reports
• Create a Purchase Order Or Purchase Requisition
• Purchase Order Receipt
• Validate payment status
• SuiteApps integrations are also included.

Deficiencies 

• Expensive
• Overly complex for small firms
• Buffering
• not a welcoming user, especially for a newcomer
• Next approvers are perplexing
• The system is slow.
• Due to the multiple levels of project managers, account managers, and departments, it is difficult to get rapid and practical support.
• Obtaining access to a learning library necessitates the purchase of licenses for each user at the cost of at least five digits.