NetSuite ERP Software Review: Pros and Cons

The solution offers advanced CRM features such as newsletter and marketing capabilities. Furthermore, NetSuite ERP has advanced project management functionalities, making it a great fit for trading and distribution companies, construction companies, retail, and hospitality industries. If they could provide more integration options to connect with different products, that would be ideal. NetSuite Advanced Project Accounting lets you manage your professional services organization more effectively with integrated project/job tracking and reporting. With NetSuite, you can automate project/job creation when specific services are sold, and automatically track percent complete and time budgeted and spent on project tasks. Reports for utilization and backlog help you analyze your employees’ workload and efficiency.

It’s also ideal for companies that need to consolidate data from multiple locations or integrate with other enterprise systems. Lastly, when comparing the pricing of different ERP software options, it’s important to consider not just the initial license cost but also the total cost of ownership. This includes ongoing expenses such as maintenance, support, upgrades, and customization. In some cases, a software option with a lower initial cost may have higher ongoing costs, while a more expensive option may have lower ongoing costs.

You can use its long list of modules and customization tools to increase efficiency and reduce costs, no matter your size or industry. We recommend using NetSuite if you’re a mid-sized business that has outgrown its basic accounting solution and now needs functionality in inventory control, time tracking, and supply chain management. NetSuite is a popular choice in the professional services market, where distributed workforces benefit from anytime, anywhere access provided by the web-based client software. When we searched for the best accounting software for advanced features, we looked for a comprehensive platform that not only offered accounting software tools, but also integrated with every facet of a business’s operations. After much research and analysis, we recommend Oracle NetSuite as the best accounting software for advanced features, since its ERP system covers virtually everything a business needs.

It is ideal for fast-growing mid-market companies with increasingly complex business processes managed through an integrated solution. Customers include Accelerate Learning, Ambassador Foods, Art in Action, Becker Safety and Supply, Casalife, DirectScale, Easy Living Home Elevators, Good360, and Hestra USA. Used Netsuite for about 4 years and moved to a different solution because the user interface and friendliness was old and tired. We negotiated what we felt was a great deal when we initially bought for a multiyear contract.

Revenue Recognition Module

Netsuite is an all in one solution “so it claims”…it’s not actually. However, small companies with capital to invest in launching a new ERP system might find it easier to absorb these expenses. In that case, NetSuite is comprehensive, flexible, and scalable, meaning it will grow with your business.

• If you have more than twenty-five users, you’ll have to buy the premium license, which would double the price.
• As stated in many NetSuite CRM reviews, this software offers a complete, real-time, 360-degree view of the customers.
• The software provides a unified platform for managing multiple aspects of your business’s operations, helping to increase efficiency, reduce costs, and drive growth.
• I think they need to improve a little more on those aspects and make it easier on the scheduling aspect.
• A user license is required for roles such as a Controller, a Sales Manager, a Director of Operations, a Customer Service Representative, you get the idea.
• The cost of SuiteCommerce Standard is based on a monthly subscription fee, once you factor in discounts/promotions you should be spending just less than $2k/month for the subscription.

Moreover, it delivers a high-quality, high-touch experience for customers while reducing the cost of customer care to your company. + manages project and client data in one, powerful and fully integrated system. + let’s you track projects and tie this directly to the customer record for real-time visibility.

Finance and Accounting Tools

If you have multiple clients, vendors, or partners, NetSuite can streamline your billing infrastructure. It gives you control and flexibility over your billing process through a centralized framework that includes transactions, subscriptions, and projects that go directly to the billing engine. The billing function also allows you to create and manage subscriptions and recurring billing. The high price point and steep learning curve are more appropriate for businesses with substantial resources at their disposal than small operations. This accounting software does not limit the number of users, which makes it ideal for a company needing total flexibility.

Our ratings take into account a product’s cost, features, ease of use, customer service and other category-specific attributes. NetSuite is an exceptional business tool that provides an array of integrated resources to manage my entire organization. Its user friendly interface made it easy for me to navigate the system quickly and efficiently. Software Advice’s FrontRunners report ranks top products based based on user reviews, which helps businesses find the right software. Setting up the system may be difficult for customers since they will need assistance from a partner.

Features & Modules

NetSuite provides a complete financials and operations management suite for any company size—particularly those that are medium-sized or larger. One of their strongest business intelligence and finance features is SuiteBilling, advertised as the industry’s first unified order-to-billing-to-revenue recognition solution on the cloud. Other notable features in this segment of the NetSuite ERP include revenue recognition, customizable analytics and dashboards, and multi-currency transaction capabilities.

It’s completely integrated so you don’t have to run any process from accounting to get all the numbers. We pay yearly and, and you do not have to do anything on a monthly basis. Prices depend on the organization’s scale and all those things, but they are doing a good job with the pricing. Since we are also channel partners, we have the technical resources and the team. Since we also have premium support, their availability for support is quite good. At times, certain functionalities have challenges, and they say, «no, this is a change that is going to come later,» or something like that.

501c3 meaningSuccess is both a NetSuite implementation methodology as well as a productized offering. NetSuite SuiteSuccess accounts come pre-loaded with reports, KPIs and dashboards tailored for a specific industry. The goal of a SuiteSuccess implementation is to take a company live with NetSuite within 100 days. NetSuite customizations are necessary to automate processes and/or address gaps with native NetSuite functionality. When it comes to NetSuite customizations, you have two options, SuiteScripting and SuiteFlow. One of the great things about NetSuite is that its open architecture and modular license approach allow companies to add and remove modules as the business demands it.

Since we have automated the manufacturing inside NetSuite, we will probably be going up to 30 or 35 users. The customer may or may not need maintenance, depending on their requirements. Oracle provides two major updates each year, and these updates are automatically applied to the customer’s system, even if they do not choose to do so. Therefore, if the customer does not require maintenance or support from Oracle, they do not need to pay for any maintenance. I would rate the solution eight out of ten as definitely there is a scope for improvement.

Have an expert onboard during the beginning stages ofstarting a search for enterprise software, and further along when you’redeciding which specific functionality is needed. Chad Brooks is a writer and editor with more than 20 years of media of experience. He has been with Business News Daily and business.com for the past decade, having written and edited content focused specifically on small businesses and entrepreneurship. Chad spearheads coverage of small business communication services, including business phone systems, video conferencing services and conference call solutions. His work has appeared on The Huffington Post, CNBC.com, FoxBusiness.com, Live Science, IT Tech News Daily, Tech News Daily, Security News Daily and Laptop Mag.

• As a retail and distribution company that grew out of Quick Books Desktop, Netsuite was apparently the the next solution.
• NetSuite’s pricing for small business is referred to as «NetSuite Limited Edition» or «NetSuite Starter Editions».
• It gives you control and flexibility over your billing process through a centralized framework that includes transactions, subscriptions, and projects that go directly to the billing engine.
• You can manage global manufacturing operations, increase on-time delivery, and reduce quality costs.
• The cost of NetSuite advanced modules and industry suites varies depending upon the edition type (Limited, Mid-Market and Enterprise).

Your NetSuite Solution Provider can help you determine whether or not you are a good fit for the SuiteSuccess license and implementation methodology. Generally speaking, clients that have integration needs, require 3rd party offerings or require customizations are not ideally suited for SuiteSuccess, given the limited runway for scope. SuiteSuccess is great for companies with a short go-live window and a limited scope.

After being reviewed, and any edits, additions, or deletions are made, the Purchase Order is automatically generated to be e‑mailed or faxed directly from NetSuite. Not all financial institutions are capable of automating bank data feeds. We are currently in the implementation phase but off to a great start so far.

Why Choose Oracle NetSuite ERP?

They will promise you the world and then when things go bad, they’ll point the finger at you. Obviously, they’re not going to choose somebody to implement their product unless they’ve carefully vetted them and have had good reviews. You can compare this transition to changing from tennis shoes to a flying car.

With SuiteCommerce Product Content Management you can centralize and manage structured and unstructured product data and attributes across all systems and processes. This allows you to boost the agility and efficiency of business operations. This feature enables users to provide customers with personalized and interactive service. This, in turn, helps customers complete transactions, report issues, access support tools, update their profiles, check their order status and history, and more. Those who reviewed NetSuite were extremely positive about how NetSuite was a true, “one-stop” ERP system that could scale up and grow with a business—no matter the company size.

Primarily a cloud-based ERP software, NetSuite is a fully integrated business management software that provides solutions across accounting and finance, CRM, inventorying and warehousing, work orders, and more. NetSuite offers all the traditional ERP capabilities and business processes including, order to cash, procure to pay, plan to produce, and record to report. Additionally, NetSuite offers advanced features, including all the multi’s , WMS, PSA, SCM, HCM, planning/budgeting, and Ecommerce.

In the modern supply chain, virtually every company manages operations across multiple continents and time zones. NetSuite business applications, such as order management, inventory management, CRM, and e-commerce, can be integrated seamlessly with NetSuite financial management, letting you run your entire operation with a single system. NetSuite is a 100% multi-tenant true cloud ERP software, which means that all customers use the same version of the software and share the same infrastructure. This can drive down the overall cost compared to other hosted ERP solutions, which may require businesses to pay for their own hardware and maintenance. NetSuite is very affordable for fast growing businesses that are planning to standardize their business applications on a single cloud-based platform to minimize complexity and vendor management.

There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. There are some features that are very complex that do not have to be. There are some aspects of the solution that could be simplified and this can include the documentation.

Clients further report that SuiteCommerce has a steep learning curve. Cases can be submitted online by both basic and premium support customers. Premium support clients also have the ability to submit cases by phone. Telephone case submission is available for customers who go with the premium support option. NetSuite ERP provides toll-free 24/7 phone support for high severity issues.

Amortization Schedules allow you to set up a schedule to amortize expenses over time. They are very similar to Revenue Recognition Schedules, but rather than Invoices and Credit Memos, amortization schedules are linked to Bills, Bill Credits and Journal Entries. With Amortization Schedules, you can streamline many redundant steps in your accounting processes, such as amortizing prepaid expenses. Amortization Schedules may also be linked to Jobs, so you can amortize your expenses in proportion to the Job’s percentage of completion. Quick look-up features allow you to locate customers based on name, purchase order number, transaction number, or a host of other parameters. Efficiency and features needed to support company’s growth platform.

Each product is also compared against the industry benchmark in that application area. Oracle NetSuite’s platform consists of inventory management, financial management, point-of-sale, CRM, and employee management software. Depending on the specifics of your business – such as the size of your company, its revenue, and the modules you require – the price can vary greatly. I advise potential users to first understand how the licensing works. For those that are from sales or technical, focus on the finance module as it is comprehensive and offers features that other ERPs do not have. The solution is not just accounting software, it also provides procurement and other modules.

As an ERP platform, Oracle NetSuite OneWorld clearly stood out from the pack and easily deserved its Editors’ Choice rating. One of the things we like most about the software is that its SaaS-deployment model means it’s completely scalable and thus appropriate for both small and large enterprises. On top of that, its feature set, even right out of the box, is exceptionally broad, which makes it useful for many different kinds of companies, from service organizations to manufacturing or warehousing/distribution companies.