A Complete Review of NetSuite Software by GoodFirms
Evan Goldberg laid the foundation of NetSuite back in 1998. The company initially offered web-based accounting solutions under the original name NetLedger. It received an actual financial booster from Oracle Corporation, which acquired NetSuite in November 2016.
NetSuite Inc. is a premier and leading cloud computing company based in Austin, Texas. Indeed, NetSuite holds the tag of being the world’s first company explicitly dedicated to providing SaaS-powered business management software over the Intranet.
Today, almost after over 24 years, the software vendor is proficiently delivering a range of cloud-based office suites to more than 28,000 worldwide customers and in 200+ countries. Oracle’s acquisition of NetSuite has enabled the organization to expand and boost its customer support, offering services to businesses of all sizes and types.
“The #1 Cloud ERP,” says the tagline of the Company.
But is it the #1 Cloud ERP Software claimed by the Company? Does it prioritize making the financial operations more efficient and streamlining improved control over inventory? Does Netsuite optimize the business processes and provide the best-in-class CRM solution? Is it the leader in providing omnichannel commerce solutions? Are the features power-packed to handle today’s business challenges? Can the software support businesses of any size? GoodFirms has come up with a complete review of NetSuite Software to answer all your questions regarding the products and increase the knowledge base about the software. You must note that this review is transparent, unbiased, and the result of extensive research and analysis by the GoodFirms' expert review team.
A Comprehensive Review of Oracle NetSuite Software
NetSuite Software commenced its journey 24 years ago as a pioneer of cloud-powered enterprise resource planning system (ERP) has become a top-notch and leading business management platform with more than 10+ products that enable diverse businesses and industries of all sizes to run seamlessly by harnessing all its core benefits. Companies can also gain critical insights through real-time reports to track the performances of various departments and automate repetitive manual tasks.
"NetSuite provides us with daily accurate information whenever and whichever format we need it." says one user.
Who Uses NetSuite Software?
Almost all businesses and industries serving different verticals are implementing NetSuite products. These include-;
- Advertising & Digital Marketing Agencies
- Financial Institutions
- IT Service Providers
- Media & Publishing
- Campus Stores
- Food & Beverage
- Apparel & Footwear Stores
NetSuite ERP was the first software product unveiled by NetSuite, followed by other suites of applications such as accounting, CRM, inventory, etc. The ERP Software is the core platform that efficiently manages all other vital functions like inventory, warehousing, finance, order, and supply chain. Users can also integrate this ERP system with CRM solutions, HR software, and accounting applications. NetSuite provides a common digitized database for all these modules to access all data insights easily.
What is NetSuite?
NetSuite is the initial ERP solution provider that offers a unified business view allowing users to operate businesses from a single platform. It brings all the critical functions into one database. All information and data are inserted into and extracted from a centralized database with the option of third-party integrations. The Software-as-a-Service model enhances scalability, helping businesses quickly add additional features without worrying about infrastructure.
NetSuite offers an extensive range of versatile, handy products that streamline operations and take business processes to the next level. The product lists include-
In addition to these unique products, some more software tools certainly deserve mention. This includes SuiteSuccess for a plethora of industries, Platform tools to suffice different business requirements, custom experience solutions, and business intelligence software to access real-time analytics and reporting.
GoodFirms’ Review of Oracle NetSuite ERP
Image Source: Oracle NetSuite ERP
NetSuite ERP is a modern, scalable, and comprehensive business management software and advanced enterprise resource planning solution that enables companies to manage all operations and automate the core processes efficiently. This integrated suite of applications enables companies to make smart, accurate, and quick decisions by the powerful ERP suite. The users can also receive clear data insights and clear visibility of future market predictions to make strategies in advance.
Does NetSuite ERP Help You to Optimize Business Processes With Ease?
Netsuite's ERP next-generation business management software effortlessly handles all the core functionalities such as accounts, finance, order processing, inventory, warehouse, production, and supply chain management. Also, different teams and departments can view the same data simultaneously from anywhere.
NetSuite ERP has played a significant role in simplifying the various business tasks and automating processes that save time and money. Teams can also maximize available resources to simultaneously serve customers and discover new opportunities.
The NetSuite ERP implementation takes place through a systematic approach. The first step is identifying the objective and setting up the software, followed by configuration, data resetting, testing, and training. Netsuite has customized its ERP module to meet the specific user requirements paying more dividends to companies. Here is what one of our clients made a mention about NetSuite ERP.
The Distinguished Features of NetSuite Cloud ERP
The Enterprise Resource Planning Software is the core product of NetSuite that helps businesses to automate and streamline a wide range of business processes. The primary aim of this module is to increase operational efficiency and provide businesses with greater control over their resources. The features have been categorized based on the different business operations, including;
Financial Management- NetSuite Financial Management is an advanced solution that helps speed up the day-to-day financial transactions, curtail the budget and project costs, ensure accurate compliance, predict the market trends, and close the deals faster. The key features of NetSuite financial management software include accounting, billing, planning and budgeting, revenue recognition, financial reporting, financial consolidation, governance, risk, and compliance. Users can even access financial reports and performances in real-time. Automating your complex financial processes is just easy with the NetSuite Cloud Financial Management solution.
Order Management- Netsuite has developed an order management tool to efficiently manage and automate an entire cycle of orders. The process includes capturing the details of the orders, keeping its accurate record, validation, order processing, warehousing, dispatch, and shipment. The task also includes real-time tracking of orders after the dispatch. The software supports dropshipping and split shipment facilities. It further manages multiple orders, sales orders, returns, and pricing.
Inventory Management- Netsuite provides you with real-time visibility of the entire inventory available at different locations and sales channels. It helps businesses save from stockout situations and ensures that products are readily available when ordered by customers. The software also minimizes the cost of inventory and provides customers with an enhanced experience. Netsuite Inventory Management System is powered by core features such as multi-location fulfillment, replenishment, cycle counting, and traceability.
Warehouse Management- As the name implies, the NetSuite warehouse management system optimizes and streamlines daily warehousing activities using digitized technologies like RF barcode scanners. The WMS includes vital functionalities like order fulfillment, inbound logistics, managing multiple warehouses through mobile devices, and bin management. You can use an advanced process to pick up the items and put them in the right place. NetSuite Warehouse Management also eliminates manual spreadsheets to keep records and manage multiple warehouses, reducing maintenance costs.
Supply Chain Management- With NetSuite Supply Chain Management Software, companies can view the entire flow of goods from manufacturing units to viable suppliers and end-users. Supply chain management focuses on supply planning and supply chain execution. The solution ensures seamless production at all manufacturing locations with sufficient material availability. Businesses can interact with suppliers to provide quick and smooth procurement during the purchasing process.
What's New in NetSuite ERP Software
- Oracle NetSuite released supply planning workbench functionality in 2022, which plays a vital role in streamlining the supply and demand orders and provides details to manufacturers on the components of finished goods.
- NetSuite enhanced the WMS where the latest version supports zone picking allocating specific zones to pickers before packing the items, helping distributors to gain more efficiency.
- NetSuite has also worked on streamlining donor management allowing nonprofit organizations to receive online donations with ease through a payment link that can be added to a website or mobile application.
- Another exciting release has been the introduction of bulk customer payments for the software firms providing them with multiple options for billing and pricing.
- In October 2021, the company partnered with HSBC bank to introduce SuiteBanking, a cloud-based ERP with an aim to integrate Fintech as a unified solution.
The Advantages and Disadvantages of NetSuite ERP Software
Netsuite ERP is a premier business management tool that powers various business departments and teams, helping them carry out their work efficiently. GoodFirms analyzed the main advantages and disadvantages of the software, which has been summed as follows-
A Few Alternatives to NetSuite ERP
Final Verdict for NetSuite ERP
NetSuite ERP is a comprehensive all-in-one software solution that streamlines and automates various business processes such as finance, inventory, accounting, warehousing, order management, and supply chain management. Each of the solutions has its specific features. But NetSuite needs to improve the software documentation, customer support and simplify the training process. Customization can be made simple to manage.
GoodFirms' Analysis of Oracle NetSuite Customer Relationship Management (CRM)
Image Source: Oracle NetSuite CRM
NetSuite CRM is another popular and premier product unveiled simultaneously along with the ERP system. CRM Software is a sophisticated solution to augment customer interaction and manage all communications with prospective buyers. NetSuite CRM allows you to instantly and exceptionally meet customers' changing needs. The cloud-based CRM software is equipped with marketing automation, sales force automation, and a robust customer support service to empower your sales team with real-time data and accurate information.
Does NetSuite CRM Provide an Exceptional Customer Interaction?
To begin with, this CRM Software allows sales reps to communicate with all their prospective buyers, clients, business partners, and suppliers in one place. NetSuite CRM provides quota management and sales forecasting to categorize each transaction and forecast type to discover new opportunities. The tool also has other capabilities like customer service management, partner relationship management, order management, upsell and quote.
The advanced solution lets you have a seamless flow of data insights and information and view the entire customer journey and life cycle to create marketing strategies and engage more customers. You also get a unified view of customer preferences to send customized product suggestions.
The Exquisite Features of Oracle NetSuite CRM
NetSuite CRM features provide real-time data insights to your sales, marketing, and customer service teams so that they can offer a personalized brand experience to all your potential customers. The essential features include-
Sales Force Automation- Empower the sales team with capabilities like upselling, quote management, order management, sales forecasting, commission payments to derive more viable opportunities. The solution offers a comprehensive view of customer relationships, including past interactions, order history, support cases, and back-office information. Sales Force Automation additionally deals with incentive compensation management, sales forecasting, and opportunity management.
Marketing Automation- Marketing automation software from NetSuite optimizes and automates the entire marketing process, whether social media marketing, ad campaigns, email marketing, etc. The features include campaign management, landing pages, forms, lead reporting, and analytics. The tool helps in generating high-quality leads to enhance sales and revenue and helps the marketing team analyze the campaign performance. You can even track the prospective buyers' activities and check what products they search for.
Configure, Price & Quote- NetSuite provides the CPQ facilities where the sales team can quickly and accurately configure the price of the item and send a quote directly to the platform. The module is reliable and can create 3D product visualizations. The CPQ can seamlessly integrate with NetSuites' ERP, CRM, and e-commerce platforms and generate sales proposals. The CPQ features include configurator, dynamic pricing, proposals, bills of materials and routing, e-commerce integration, etc.
Partner Relationship Management- NetSuite has a partner relationship management solution that helps bolster the relationship between business owners and partners. It offers real-time information flow to enhance collaboration and increase transparency while sharing data and other insights related to sales, marketing, and leads. The other functionalities such as joint selling, joint demand generation, partner commissions and royalties, knowledge sharing, management, etc., also power PRM.
Mobile CRM- You can view every piece of information, whether it is customer information, sales insights, data related to marketing campaigns, past interactions, etc., on mobile devices from anywhere, anytime. You can even manage the activity calendar, set reminders, create quotes, etc., all thanks to NetSuite Mobile CRM.
Reporting & Analytics- This is regarded as a performance tracking solution that allows different teams, like sales, marketing, etc., to monitor performance using a few critical metrics constantly. The metrics include real-time analytics, built-in reporting, and intuitive dashboards.
The New Features of NetSuite CRM
- NetSuite unveiled the Advanced Customer Support Playbooks to unleash the software’s advantage and enhance their investment capabilities. It also accelerates growth and supports expanded support services.
The Pros and Cons of NetSuite CRM
A Few Alternatives to NetSuite CRM
Final Verdict for NetSuite CRM
NetSuite CRM is a frontline CRM Software solution that unlocks a complete 360-degree view of the customers, their preferences, past purchases, etc. In real-time, all information is stored in a centralized database. But NetSuite has to improve the system's speed as a few customers face that.
GoodFirms' Review of Oracle NetSuite Accounting
Image Source: Oracle NetSuite Accounting
NetSuite Accounting is a cloud-powered next-generation accounting system that streamlines and simplifies transaction recording, payment management, receivables, tax collections, and closure of the accounting books. The software also plays a crucial role in digitizing and transforming the general ledger, providing a 360-degree view of cash flow and financial performance. The users can gain greater control over asset management and access all financial data at their fingertips to take necessary actions if required. Plus, you can delve into financial regulatory compliance that includes SOX, GAAP, ASC, etc.
Can NetSuite Accounting Optimize Financial Performance?
NetSuite Accounting aligns seamlessly with the finance, taxation, and accounting core functions to efficiently manage compliance, salary, allowances, expenses, and more. This helps improve the overall business performance and close finance accurately to reduce costs, save time, and eliminate the mundane back-office jobs.
The accountants and finance professionals can view the entire data and metrics, including balance sheets, assets, liabilities, profit margins, etc., from one place. The accountants don't have to create journal entries and record every transaction or gather data from other departments to maintain the books. The data is stored in the cloud and can easily be accessed anywhere.
The Salient Features of NetSuite Accounting System
NetSuite Cloud Accounting System offers an extensive array of features that boosts accuracy, provides real-time information, and accelerates financial closure. The salient features include-
General Ledger- General Ledger from NetSuite allows accountants to gain real-time visibility, increase flexibility, and conduct in-depth reporting. It automates the core accounting tasks based on the organizational structure to meet the specific demands. You can auto-post journal entries, prepare a ledger, and balance sheet. The accounting professionals can also make accurate audit trails and customize the different account types and business requirements. The general ledger features include automation, a chart of accounts, segments, budget tracking, banking integration, multiple currencies, tax structures, books, and real-time reporting.
Cash Management- This tool helps the finance manager optimize cash flows, check account statements, and manage liquidity efficiently. The financial department gets a comprehensive overview of the Company's monetary status to make informed decisions. Cash management also involves electronic bank payments and automated reconciliation.
Accounts Receivable- The accounts receivable software streamlines invoice management, delivery and payment processing, and revenue collection to improve liquidity and reduce the credit-to-cash cycle. The solution focuses on customer records, dunning and collections, reporting, and invoice consolidation. This helps businesses to discover new areas of investment.
Tax Management- The tax management feature enables you to manage all types of taxes, global and domestic, through a single digital window. The teams can seamlessly generate reports, analyze transactions, and understand the tax structure to comply with the local regulations of the region or area. The feature also automates GST or VAT calculation, simplifies audit capabilities, complies with the US sales tax, consumption tax, and provides flexible reporting.
Fixed Asset Management- NetSuite Accounting also serves as a viable fixed asset management software solution providing you a complete overview of all the depreciating and non-depreciating assets and automating the leasing process. It deals with asset tracking, lease accounting, depreciation, and reporting. You can gain complete insight into how many assets your Company holds and their current value.
Payment Management- Payment collection, receiving, and management get simplified with this tool. The feature includes electronic bank payments and payment processing. The software also allows customers multiple payment options that save time and minimize processing costs to enhance cash flow.
New Features in NetSuite Accounting
- It must be noted that NetSuite had released a new feature known as intercompany invoices and bills in 2020. In 2022, this intercompany accounting feature gets enhanced with additional functionalities like intercompany credit bills and credit memos.
- With Cash 360, the company gets real-time visibility of the current cash position and also makes a future prediction regarding the cash flows.
The Pros and Cons of NetSuite Accounting Software
Alternatives to NetSuite Accounting
Final Verdict for NetSuite Accounting
NetSuite Accounting is a top-rated accounting tool with many features that help streamline the entire accounting and financial process. But reviews suggest that you may require proper training to understand the features and use them to unleash their advantages. Also, NetSuite Accounting isn't a viable option for startups and small businesses as it may prove expensive, and there are other affordable options.
GoodFirms' Assessment of NetSuite Global Business Management Software
Image Source: Oracle NetSuite Global Business Management
Are you searching for advanced business management software that can proficiently manage all your businesses and other multiple subsidiaries? If yes, then NetSuite Business Management Software is a viable choice to help you manage domestic and international entities from a single forum or location. It is also known as NetSuite OneWorld. You can innovate the business process and get more visibility across different geographical areas to make informed decisions.
NetSuite OneWorld also manages the different elements such as finance, sales, marketing, and customer services. The platform is also suited for NGOs and nonprofit organizations that run multiple subsidiaries and have locations in various countries.
Can NetSuite Global Business Management Software Efficiently Manage Multiple Subsidiaries?
With NetSuite OneWorld, it becomes much easier to work with global suppliers and customers as you can effortlessly comply with the country-specific regulations related to accounting, tax, and other business laws. The software also performs the role of an ERP system where it monitors the performance of financial and operational processes in real-time.
NetSuite OneWorld plays an essential role in automating most finance and accounting tasks that include sending and managing quotes, predicting the sales forecasts returns, managing the commissions, payments, and more.
The Prominent Features of NetSuite Business Management Software
NetSuite One World offers a wide range of features that help organizations manage all global operations efficiently and with real-time performance visibility. These are-
Multiple Currency- Netsuite offers support for more than 190 currencies with exchange rates. Companies also have numerous payment options allowing them to do business and conduct transactions with worldwide customers with ease. Apart from that, they also receive support for financial consolidations and real-time currency conversion.
Multiple Language- NetSuite also offers support in 27 different languages with translation facilities. This means that you can effortlessly interact and communicate with clients where language will no longer be a barrier.
Indirect Tax Management- NetSuite has introduced TaxSuite to simplify global tax management, automating the entire compliance process. The tax engine even minimizes errors, saves time, and curtails costs. It has pre-configured tax codes and reporting abilities for 110 countries. You can calculate the tax instantly and abide by the tax regulations of EU countries.
Consolidated Financial Statements- Because data related to each transaction is readily available at both local and headquarter levels, you can quickly generate the consolidated financial statements. NetSuite OneWorld also extends its support to a standard general ledger structure helping to create customized charts of accounts.
Global Accounting & Consolidation- NetSuite OneWorld provides global accounting and consolidation with the help of multi-book accounting, which can adjust the difference between financial and accounting reporting at local, regional, and global levels.
Audit & Compliance Reporting- This feature is related to the governance, risks, and compliance management that ensures that the Company has adhered to all international IT security standards. There is a constant ongoing audit trail, automated workflows, access logs that simplify reporting and documentation. The SOX also gets easier with the standardization process.
Electronic Payments- You can easily make electronic payments, such as bills, purchasing a product, or service from anywhere across the globe.
New Release Features for NetSuite Global Business Management
- Recently in Feb 2022, NetSuite introduced a new program called NetSuite Accelerator that helps business owners and budding entrepreneurs to build a successful business and increase their ROI.
- In order to fully understand and maximize the data usage, NetSuite has released a feature called SuiteAnalytics dataset linking that helps to easily link multiple datasets with the new interface. This simplifies the task of data visualization.
NetSuite Global Business Management Software: Ups & Downs
A Few Alternatives to NetSuite OneWorld
Final Verdict for NetSuite Global Business Management Software
NetSuite Global Business Management Software or NetSuite OneWorld has helped corporates, companies, NGOs, and nonprofit organizations to manage their subsidiaries, standardize the process, and comply effectively with global tax rules. But here again, you have first to learn the software to use it to its fullest potential, which means bearing additional costs.
GoodFirms’ Review of NetSuite SuitePeople Human Resource Management System (HRMS)
Image Source: Oracle NetSuite Human Resource Management System
NetSuite Human Resource Management System (HRMS), also known as SuitePeople, is the best-in-class HR Software that enables the HR team and professionals to optimally manage human resource elements and workforce that escalate the overall employee experience. The system also efficiently works the financial and payroll services and project planning, budget management, and procurement process. It becomes easier for the HR managers to hire the best talents and even them for the long term.
The HR team gets complete access to the entire employee data, including their attendance, leaves, approvals, and, most importantly, their performance. The tools help companies remove third-party integrations, enhance data accuracy, and create a more productive workforce working to accomplish their goals. The centralized database maintains the employee records.
Will NetSuite HRMS or SuitePeople Enhance and Manage HR Practices?
NetSuite has unveiled SuitePeople with a specific aim to streamline the various HR practices, manage and insightfully engage the workforce. SuitePeople is a powerful tool that emphasizes four key areas that include -
- Continuous Lifecycle Engagement- This platform manages the employee lifecycle where HR professionals can get data related to employee transfers, promotions, leaves, resignations, etc.
- Leading Practices- This platform monitors the job positions, tracks the new hire requisitions, approvals, and budgeting; it is also connected to an applicant tracking system (ATS) and helps to manage global employee records and onboarding workflow.
- Business Intelligence- Business intelligence solutions provide pre-built reports and data-based dashboards, all from real-world people.
- Intelligent Phased Implementation helps businesses drive results with a more agile and systematic approach created after several deployments and rich expertise.
The Key Features of NetSuite HRMS or SuitePeople
NetSuite HRMS helps HR teams to streamline the HR process and manage employees through the following functionalities.
HR Administration- The HR administration deals with advanced processes to simplify and automate the administrative tasks and adopt a more strategic approach in hiring candidates. They can leverage meaningful KPIs and intelligent dashboards to make informed decisions. They also access an employee directory, effective dating, and more controls.
Payroll- NetSuite has built the payroll solutions, processing, and management to pay workers in the US quickly. The platform is fully updated and entirely complies with the US labor laws and local jurisdictions. You can also automatically file the payroll taxes and check financial reports and account balances in real-time.
Workforce Management- NetSuite has divided the workforce management capabilities into three categories; time-off management, compensation, and benefits tracking, and workforce planning.
Compensation and benefits tracking allows HR teams to track employee compensation and other benefits in real-time. The time-off requests from employees get automated with a faster approval process where both management and employees are notified about the time taken as off. Workforce Planning enables HR teams to plan their budget and decide on hiking the new candidates by getting the headcount information and automating the workforce needs.
Performance Management- The performance management system helps the HR professionals set goals for employee goal management and analyze their performance. The tool also improves collaboration between managers and employees and amplifies their productivity. Performance management is backed by goal metrics, rating scales, review templates, threaded interactions, reports, approvals, and acknowledgments.
Workforce Engagement- It is again categorized into three categories; self-service, recognition, and onboarding or offboarding.
The Self Service platform lets managers and employees perform a few everyday tasks such as updating the address, adding the bank accounts, monitoring the goals and time-off balances, checking expense reports, and more. It helps to reduce the burden on the HR team.
Welcome new employees with seamless onboarding and assign tasks to employees with ease. Employee Recognition is a viable feature to help retain the employees and recognize their achievements to unleash a positive work culture. The data from NetSuite Kudos help to identify the best performer of the month and reward him for that.
Analytics- NetSuite Analytics provides the HR team with role-specific dashboards to track the workforce performance. It has industry-leading KPIs that enable HR to drill down the recent turnover trends, revenue, headcounts, etc., based on per employee. This enhances the communication between the HR team and employees.
New Enhancements in NetSuite HRMS
- NetSuite 2022 Release 1 saw improvements in SuitePeople Performance Management that boosts the relationship between employees and managers.
- The automatically generated report card displays the high and low points related to performance, giving managers insights into the areas that need improvement.
- Managers and employees can efficiently manage the goals and make modifications easily. The feature surges employee engagement and increases the retention rate.
- The top management can also view monthly updates on the team’s performance and development through the new manager digest feature.
Advantages and Disadvantages of NetSuite People/ NetSuite HRMS
A Few Alternatives to NetSuite People or HRMS
Final Verdict for the NetSuite HRMS
NetSuite HRMS has simplified the HR administration and automated the process, which helps to minimize the overall costs. The HR team can view data related to all employees, and new recruits in one place. But the software needs to become more accessible to the latest digital technology and NetSuite should improve the payroll services.
GoodFirms' Analysis of NetSuite Professional Services Automation (PSA)
Image Source: Oracle NetSuite Professional Services Automation
NetSuite Professional Services Automation, also called SuiteProjects, provides end-to-end professional services automation to drive optimal performance. The innovative solution is for companies providing professional services and support with a single cloud-powered platform. This is also a robust project management software that adeptly manages resources, time, and expense tracking, apart from billing and invoicing. The application enables teams to complete projects within the stipulated deadline and end their task on a profitable note. The sales team can also generate accurate invoices and reduce the accounts receivable cycle time.
Even the cloud-based NetSuite OpenAir provides Professional Services Automation (PSA), helping organizations to manage the service-based business deftly. It almost provides the same functionalities as SuiteProjects with complete visibility and control over the projects.
It is crucial to note that when you align SuiteProjects with another powerful tool NetSuite OneWorld, you can unleash a series of benefits.
First, you can effectively manage all your multiple subsidiaries and global business entities, legal firms, NGOs, etc.
You also get the advantage of doing business in any country by abiding by its local taxation rules and fulfilling the necessary criteria for operation.
You also get real-time access to financial management, billing, and invoices, and manage resources from a single system.
Is NetSuite Professional Services Automation the Best Project Management Software?
One of the significant highlights of NetSuite PSA is that it is an all-in-one solution to manage project activities, resources, expenses, project accounting, and more. The cloud-powered tool helps escalate the ROI and nullifies the additional hardware and software maintenance costs. NetSuite claims to provide extensive support to mobile users as well.
Project managers and employees can collaborate to discuss the timeline and project issues. The employees can maintain the progress to complete the work in time. This helps to keep the budget and ensure that it does not exceed. The managers can go for optimum resource utilization and know who is working on which project and the current status.
You can link or connect the project directly with the finance and accounting department to ensure timely budget allocation and send the billing once the project is completed.
The Key Features of NetSuite Professional Services Automation
The essential features of NetSuite Professional Services Automation or SuiteProjects have been underlined below-
Project Management- When it comes to project management, organizations can gain more visibility and track all financial metrics related to the project. The managers can view the project progress in real-time, note down the issues and challenges to resolve them quickly, and ensure the optimal customer experience. They can also create estimates and plan budgets for the project. The sub-functionalities include project setup and dashboard, project center and budget, and project CRM.
Project Accounting- Using the project accounting features, companies can manage revenues, expenditures, and profits. The accounts and sales department can accurately send the invoices to clients in time, even simplifying the complicated revenue calculations. The higher management can view the entire status and project's progress from a single point of view. This also involves job costing allocations, forecast tracking, reports and dashboards, invoicing, and revenue recognition.
Resource Management- Resource management deals with the forecast and allocation of resources to automate resource utilization. The software even allows you to conduct advanced searches to allocate resources to the right people and track their utilization. The tool optimizes profit margins and productivity. The features include project staffing, resource prediction, utilization tracking, reporting.
Expense Management- Expense management deals with setting rules for allocating funds for projects, consolidating expenses for multiple projects, and creating a single report for all expenditures. The managers can track, approve, or reject the cost reports in real-time and view previous spending history. Expense management is sub-categorized into approvals and workflows, expense entry, credit card integration, and mobile support.
Timesheet Management- The timesheet management informs both employees and managers about the time taken to complete a project. The employees can submit their timesheets anywhere, whereas the managers can fix an allotted time for a specific project. This helps to send an accurate bill to the client. The solution also includes timesheet entry, timesheet approvals, and mobile access.
Project Reporting & Analytics- As the name suggests, this particular feature is dedicated to providing real-time reporting and critical insights with the help of robust dashboards and analytics. The sub features include project profitability reporting, reporting and analytics, personalized dashboards, and budget versus actuals. The managers can track the project's overall performance with critical metrics such as resource utilization, profit margins, and total expenditure.
What’s New in PSA
- NetSuite brings project reporting and analytics features providing real-time visibility of the projects’ performance and financial status.
- The feature also provides insights into project profitability and glance through user-friendly graphs and reports.
- The data to dashboards feature enables management to monitor key performance metrics (KPIs) and real-time results.
- In January 2022, NetSuite announced a new dashboard within the NetSuite SuiteProjects to help service-based businesses effectively manage client projects with a 360-degree view of project report status. It is known as Project 360, which integrates with all other solutions like CRM, ERP, HRMS, etc.
Benefits and Drawbacks of NetSuite Professional Services Automation
A Few Alternatives to NetSuite Professional Services Automation
Final Verdict for NetSuite Professional Services Automation
NetSuite Professional Services Automation is best known for optimum resource management, resource allocation, and its best utilization. The software also focuses on project planning, management, and accurate execution with the help of timesheet management, real-time reporting, and analytics. But a few areas, such as user interface reporting and search abilities, need to improve.
GoodFirms' Review of NetSuite Omnichannel Commerce
Image Source: Oracle NetSuite Omnichannel Commerce
NetSuite Omnichannel Commerce, also called SuiteCommerce, is a leading and top-rated e-commerce solution that enables both B2B and B2C to provide exceptional customer experiences with the additional support of PoS Software. It connects online and offline businesses and all sales channels with all customer touchpoints. The tool also focuses on other vital aspects of e-commerce, including streamlining online transactions, accounts, order management, inventory management, and stock control.
Does NetSuite SuiteCommerce Provide Seamless Commerce Experience?
NetSuite SuiteCommerce InStore is also the Point of Sale solution, allowing online businesses to unleash top PoS features like multiple transaction options, updated inventory, real-time customer information, simplified invoicing, and more. The main objective is to augment the shopping experience of customers.
NetSuite B2B & B2C Ecommerce Platform helps e-commerce boost online traffic and convert more visitors into potential customers. Netsuite Commerce is mobile-friendlier and simple to manage, providing complete B2B and B2C e-commerce on a single platform.
NetSuite has also introduced SuiteCommerce Advanced which performs almost a similar role as NetSuite Commerce but is much faster and more engaging.
The Explicit Features of NetSuite SuiteCommerce
The primary and critical features of NetSuite SuiteCommerce have been discussed below.
Ecommerce- NetSuite SuiteCommerce extends its support to B2B and B2C merchants simultaneously. B2B commerce helps in enhancing sales and creating improved brand awareness, while B2C delivers a personalized customer experience.
Point of Sale (PoS)- The PoS system seamlessly integrates with the backend. It becomes a single source of information focusing on customer purchase and orders, returns, shipping details, inventory data, etc. It also deals with dynamic merchandising, access, and permissions. All info can be accessed on mobile.
Inventory Management- NetSuite Inventory Management allows businesses to gain accurate inventory visibility across the enterprise. They can easily count the stock periodically to check which items need to be restocked and goods that haven't been sold over a period. Thus, the system provides more control over the inventory. It deals with multi-location fulfillment, replenishment, cycle counting, and traceability.
Order Management- This is an advanced solution helping e-commerce sites efficiently manage their orders from multiple channels. It is a centralized repository of e-commerce that digitally carries out a wide range of functions, including customer order processing, contributing to purchase fulfillment, and optimizing inventory management. It offers added benefits like cross-channel order orchestration, dropshipping & endless aisle, order fulfillment, inventory visibility, and customer service.
CRM- The CRM platform brings all the siloed data insights and information into a single database providing complete visibility of customers across all the channels. It simply helps e-commerce sites to know the personal tastes and preferences of potential customers and create a robust profile to provide the best-personalized service and experience.
Connectors- Integrate all your data related to inventory, orders, and fulfillment in NetSuite along with the marketplace, storefronts, and PoS and 3PL providers.
New Features of NetSuite SuiteCommerce
- NetSuite has elevated the digital customer experience by sending emails and mobile invoices to get faster payments providing payment links.
- You can offer Automated Clearing House (ACH) payments to make large payments.
- NetSuite offers advanced analytics to understand and track customer behavior and gather insights quickly.
- The software offers an accelerated website setup process so that it becomes easier to penetrate into new markets and channels.
Pros and Cons of NetSuite SuiteCommerce
A Few Alternatives to NetSuite SuiteCommerce
Final Verdict for NetSuite SuiteCommerce
NetSuite SuiteCommerce may be a leading e-commerce solution provider, but it lacks in a few areas. Firstly, the reviews suggest that NetSuite has to simply upgrade a few of its features, add more options for payment gateways, and make it more user-friendly software.
GoodFirms' Analysis of NetSuite Analytics and Reporting BI Tools
Image Source: Oracle NetSuite Analytics & Reporting
NetSuite Analytics & Reporting is a next-generation business intelligence software that informs top management of how the organization has performed in real-time its operational and financial capabilities. This tool helps create a pre-built and customized report card through in-depth data analysis to leverage the required information. The KPIs and role-based dashboards help to track business performance.
Can NetSuite Analytics and Reporting Provide an Actual Performance Picture?
The business intelligence tool can help you accurately forecast and identify the latest trends to stay ahead of the competition and make more strategic, informed decisions. The platform is also equipped with embedded analytics to view all meaningful and relevant data required to optimize financial and operational performance.
You can even simply streamline the financial and operational processes reporting, improve communication amongst the key decision-makers, and find answers to questions without any external support. NetSuite also claims to provide unmatched robust security with control over access to data permission.
The Main Features of NetSuite Analytics and Reporting
Reporting & Dashboards- The tool provides dashboards, KPIs, and reporting abilities, all in real-time. You can view all your data through a single-window anywhere, anytime, whereas embedded analytics help you provide meaningful insights. You can quickly consolidate and reconcile to make much more confident and accurate decisions by analyzing the current and future business processes trends. The features include dashboards, reports, KPIs, workbooks, third-party systems, and saved searches.
Data Warehouse- It is also known as NetSuite Analytics Warehouse, which is a cloud-powered warehouse and analytics platform that fortifies the different data sources to take actionable insights. It also provides data governance and management, drill-down details, discovery and collaboration, data export, and access. You can deploy it quickly, and it is also extensible and customizable.
SuiteAnalytics Workbook- This is another incredible feature that allows users to quickly and safely access all their data, build criteria filters using real-time visualizations. The Workbook contains pivot and chart functions and drag-and-drop capabilities that can explore the data even further. Uses can save, share, or reuse it with ease and deploy it simply on NetSuite dashboards. Apart from pivoting and charting, Workbook also offers an updated data model, datasets, templates, and dashboard portlets.
SuiteAnalytics Saved Search- This is the search functionality and filter tool from NetSuite that helps to find answers to all business-related questions. You can search the results in real-time based on the filters. There is also an option of saving the searches or sharing the same with others. Saved searches create their own portlets, providing quick access to customized metrics. You can quickly and easily update them or even export them in different formats.
SuiteAnalytics Reports- It provides customized and standardized reporting abilities to suit all types of transactions. You can easily make a change in the report and create one based on the specific needs of the business. Viewers can view both the summary as well as the details in real-time and make decisions to get better results.
SuiteAnalytics KPI- The key performance indicators represent the critical business data and information directly from the dashboard to save valuable time. It may display performance metrics, show how various departments are performing. It helps to improve agility and productivity.
SuiteAnalytics Dashboard- It is an advanced business intelligence software feature that provides users with real-time metrics from all concerned company departments. They can customize the dashboard to boost productivity and get actionable insights to meet the changing business needs.
SuiteAnalytics Connect- You can efficiently analyze, report, and archive the NetSuite data with the help of a third-party application. NetSuite allows you to perform this activity on any device or an operating system.
More Facilities Added in SuiteAnalytics
- One is already familiar with the benefits of SuiteAnalytics Workbook, SuiteAnalytics Dashboard, SuiteAnalytics Report, and others. But there is also NetSuite Analytics Warehouse that offers various enhancements and prebuilt analytics.
- You get 6 pre-built dashboards to manage sales, orders, inventory, procurement, finance, and customer growth. Also, there are 3 more snapshots for datasets representing inventory, expense reporting, and work orders.
- NetSuite has added 18 more types of transactions and new types for employees and banking.
- The NSAW data model now comes with customized fields for entities and items.
NetSuite Analytics & Reporting: Strengths & Weaknesses
A Few Alternatives to NetSuite Analytics & Reporting
Final Review for NetSuite Analytics and Reporting
NetSuite Analytics and Reporting is a business intelligence tool from NetSuite that comes with the essential features. Yes, you accumulate all your data in one place and track operational and financial performance in real-time. But since there is no pricing displayed on the website, users may opt-out from it.
How Much Does NetSuite Software Products Cost?
Oracle NetSuite is available at a monthly licensing fee, in addition to a per-user fee payable per month or per annum. Although this is just the base price, do note that the cost may vary significantly based on your specific business requirements. The general review on the pricing is that its high price factor makes the software unsuitable for startups and small business groups.
It is essential to note that NetSuite charges an annual license fee. A single entity company's subscription fee is approximately $999 or $11,998 per year. However, if you are a single user, you might have to pay a starting fee of $99 per month. Usually, the license fee contains three vital components or elements. These are-
- The core platform or software you are choosing
- The optional modules you are selecting
- Number of users using that platform
Apart from these, you also have to pay a one-time fee for the initial setup. You can select new modules or upgrade them once your business grows revenue.
NetSuite Per Entity Pricing
The GoodFirms’ review team found that the module or license cost depends on the "Suite." It is again categorized into three categories-:
- NetSuite Limited Edition
- NetSuite Mid-Market Edition
- NetSuite Enterprise Edition
NetSuite Pricing Based on Per User
NetSuite uses two approaches to charging a licensing fee based on per user. These are Named User Pricing and Concurrent User Pricing.
- The first approach is pretty simple. The software price is fixed based on the total number of users who would be using it.
- In the second approach, you have to tell the NetSuite sales team how many concurrent users would use the software at a given time. The price is fixed upon that.
In addition to these, there are NetSuite Advanced Modules. By choosing this, you will use the standard version of the software, such as an ERP or CRM, with the benefit of many add-ons. And this is again categorized into three modules; Limited, Mid-Market, and Enterprise Edition.
Is NetSuite the #1 Software to Manage Your Business Finances, Operations, and Customer Relations? GoodFirms' Final Take
NetSuite, no doubt, is a popular brand name when it comes to listing ERP systems, accounting solutions, or CRM software. It has been in the software industry for more than two decades since its initial launch in 1998. NetSuite has revolutionized cloud-based software products and played an instrumental role in automating the business processes, whether it is streamlining the operations, optimizing the finance, or enhancing the marketing skills.
NetSuite ERP is the most popular and leading product with a plethora of advanced features and core benefits. The same can be said for NetSuite Accounting and NetSuite CRM, which have been exceptional in providing optimal solutions and boosting customer experience.
Indeed, NetSuite has a few significant disadvantages, like any other software product. One of them is that it does not display pricing on its website. Those interested in buying the solution will have to contact the sales team. Also, it charges fees on the number of users, which may prove a bit expensive. The Company also needs to improve its customer service as only basic customer service is available for free.
The system tends to slow down, and implementing a few features can be cumbersome. NetSuite needs to make the software more intuitive and user-friendly, and technology-centric.
But NetSuite is a unified and adept business management module that offers built-in flexibility, real-time visibility, and scalability to drive the business seamlessly. Also, if you have used any of the Oracle NetSuite products on a previous note or currently using it, please share your thoughts and reviews on our platform.
Are you interested in reading full-length reviews about other popular software products? You can go through the reviews of HubSpot CRM, Xero Accounting, Zoho Business Suite, and NetSuite's main competitor Salesforce CRM.
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