Moving your accounting and finance operations onto NetSuite’s ERP has many benefits.
Once integrated and set up, finance teams can add value by streamlining workflows, automating processes, and accessing real-time data.
NetSuite ERP is a leading enterprise resource planning system, fully deployed on the cloud. Alongside day-to-day financial management, it has modules designed for business intelligence, business management, and financial reporting.
Getting NetSuite set up correctly is critical to leveraging all its capabilities. When moving to NetSuite, you will need to consider how it will integrate with other platforms your company uses and whether you are taking advantage of all its features to save time and money and benefit from business insights.
A Leading Scalable ERP Solution
NetSuite was founded in 1998. In 2016 it was acquired by Oracle for $9.3 billion, and today NetSuite is considered one of the world’s leading fully cloud-based ERP software providers.
Over 31,000 customers use NetSuite across public and privately held businesses and sectors, ranging from small venture capital firms and private equity-backed high-growth enterprises to Fortune 100 companies. Its scalability translates to an ERP solution well-suited for companies planning an IPO.
If your company’s committed to using NetSuite, you’ve either outgrown your SMB accounting solution such as QuickBooks or got into good habits and best practices to future-proof your growth.
You might also consider moving over to NetSuite due to new layers of complexity being added to your business, such as international expansion, the introduction of group subsidiaries, or a growing number of transactions.
Pricing
Unlike SMB accounting solutions, which tend to charge for a single license, NetSuite’s pricing plan is per user. This includes SaaS subscription costs and training. Basic Customer Support is included with all licenses, with a Premium Customer Support option available for an additional cost.
Exact pricing tends to be provided upon request after calculating the level of support and features needed. If you intend to purchase multiple licenses over several years, it may be possible to negotiate pricing (sales representatives may need to hit their monthly targets) or discounts.
NetSuite’s Main Features
NetSuite ERP includes the following products:
- ERP: a cloud-based management system for financials, orders, inventory, warehousing, and supply chains
- Accounting Software: simplified software for accounts payable, accounts receivable, fixed assets, and general ledger
- Global Business Management: standardize processes, fulfill compliance requirements, and gain visibility across geographies with a single ERP, with support in 27 languages and 190 currencies
- CRM: universal view of prospects, customers, and vendors with real-time visibility to drive sales and enhance customer experiences
- NetSuite SuitePeople Human Resource Management System: a single system that connects HR and payroll data with financial, project planning, budgeting, and procurement processes
- NetSuite Professional Services Automation: automation of analytics, projects, and expense management
- Omnichannel Commerce: unify every part of commerce experiences, including B2C and B2B eCommerce, order management, and point of sale
- Analytics & Reporting: insights via embedded dashboards and data warehouses to improve decision-making across all business functions
- SuiteAccess: bespoke NetSuite tools for solving challenges related to growth and change
- Platform: customizable features that allow businesses to adapt NetSuite to their needs with options like no-code customization and business application development
- NetSuite Cloud Infrastructure: security, availability, and data management to run your business in the cloud from anywhere in the world. NetSuite’s infrastructure has security baked in throughout and is covered by a 99.7% Service Level Commitment
The global nature of NetSuite means that financial compliance requirements, including IFRS, SOX, and GAAP, are supported, saving additional time when consolidating entities at a group level.
The software also supports tax obligations in over 100 countries, making it easier for organizations to accurately complete tax filings on time.
NetSuite’s web-based services give employees access from anywhere in the world. NetSuite also offers a mobile app (for iOS and Android) that enables expense reporting, time tracking, and KPIs while on the go.
Get NetSuite Set Up for End-to-End Automation
While NetSuite provides modules across a range of business applications, organizations also have the flexibility to integrate third-party tools.
Third-party tools are integrated via SuiteApps. These are native NetSuite applications developed by external software vendors via NetSuite’s SuiteFlex developer tools.
Installing SuiteApps is relatively easy. They are available in Bundles, are stored on the company’s database and servers, and can integrate with web services that connect NetSuite and other SaaS solutions.
Third parties can be used to incorporate alternatives to existing functionalities or to fill gaps not provided by NetSuite. For example, while NetSuite has its own CRM tool, companies may already use a scalable equivalent such as Salesforce that fulfills all related requirements.
Alternatively, NetSuite’s Accounts Payable (AP) capabilities are not sophisticated enough to fulfill the needs of growing companies. Their solution is similar to other ERPs in that it does not provide in-depth payables execution and cannot cope with process-heavy payables departments needing to pay 100+ suppliers simultaneously.
The lack of connectivity across the payables lifecycle means companies relying on NetSuite have to backfill their AP function with staff to fulfill this need. This creates additional costs and impairs efforts to access real-time data.
Wider Efficiencies of AP Automation From Third-Party Tools That Connect to NetSuite
An integrated AP automation tool will help maximize your ERP investment in NetSuite by taking advantage of its centralized and robust finance and operations workflows. It will also generate further time-saving efficiencies from a fully connected AP system.
Conquer the last mile of NetSuite with a third-party payables tool that creates one self-contained future proof solution covering:
- Intelligent supplier onboarding
- Identify and validate tax data collection
- Supplier payment/bank detail collection and validation
- Invoice and purchase order workflow and processing
- Payment remittance (domestic and cross-border)
- Payment reconciliation across payment methods and entities
- Supplier communications
Benefits of integrating AP automation tools include:
- Features not available on NetSuite
- Authorized access to dashboards, data, and information throughout the business
- Further automation of manual tasks and data entry
- A single integrated ERP user interface and login for each user
Next Steps
You can learn more about NetSuite by referring to their NetSuite Basics guide, their YouTube channel, or by trying out a free trial.
When you are ready to make the switch, seek a NetSuite certified consultant and trainer to make the transition. This will help you understand the timeline and needed logistics, alongside any potential business disruption.
As ERP solutions can take time to implement, considering an AP automation tool that partners with NetSuite may be worthwhile before you take the plunge. Doing so now will allow finance teams to immediately take advantage of streamlined AP processes and become familiar with this new way of working before switching over to NetSuite.
