The Total Guide to NetSuite ERP : What is NetSuite ERP?
In this guide, we cover everything you need to know about NetSuite ERP integration including market-fit, pricing, features, and comparisons.
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What is NetSuite ERP?
NetSuite ERP (enterprise resource planning) is a business management software that handles a variety of processes and business functions on a true cloud platform.
NetSuite is an ERP system that works well for financial management and reporting and provides business intelligence with SuiteAnalytics. It offers actionable insights and real-time visibility for decision-making and managing KPIs. Businesses can use it to automate manual processes as well as track inventories, manage their supply chain, and improve warehouse efficiencies.
The ERP platform supports businesses that operate on a global scale with more than 190 currencies and 27 languages.
In 2016, Oracle purchased NetSuite for $9.3 billion. Today, over 31,000 companies worldwide use NetSuite ERP to manage their business.
NetSuite ERP consists of a variety of modules to meet your business needs. NetSuite ERP modules include:
- NetSuite OneWorld:
- Multi-currency support for over 190 currencies
- Multi-language support for 27 languages
- Global accounting and consolidation enables organizations to comply with different accounting and financial reporting standards
- Consolidated financial statements that simplify financial reporting across the company
- Indirect tax management streamlines tax compliance, with tax code and reporting support for over 110 countries
- Audit and compliance reporting enables organizations to stay compliant with international IT and security requirements
- Electronic payment support for global expenses
- Cloud ERP:
- Accounting software automates manual processes, simplifies regulatory compliance, and offers accounting insights in real time
- Global business management (NetSuite OneWorld) provides managing capabilities of multiple business units on a global scale
- Financial management allows organizations to track a variety of financial processes, such as bank reconciliation and revenue management
- Inventory management provides an overview of product availability across different locations and distribution channels
- Order management tracks all stages of order fulfillment, including more complicated tasks such as split shipments
- Warehouse management automates manual tasks and expedites order fulfillment
- Supply chain management helps organizations manage their goods at every stage of the supply chain, preventing stockouts and manufacturing delays
- Other Modules:
- Analytics allows organizations to measure and track business performance.
- SuitePeople Human Resource Management System (HRMS)combines HR management and payroll solutions and helps companies improve employee engagement.
- Professional Services Automation (PSA) allows organizations to manage projects and track data, from metrics to resources.
- SuiteCommerce, a B2C and B2B solution for e-commerce, allows businesses to manage separate functions in one platform, such as inventory management and customer service.
- Customer Relationship Management (CRM) includes features like Salesforce automation, creating sales forecasts, customer service management, and marketing automation.
Oracle NetSuite ERP integrates with NetSuite CRM and Salesforce for customer relationship management and other third-party add-ons for a complete software solution.
Which Types of Businesses Use NetSuite?
Public and privately-held companies use NetSuite. Business profile and size range from venture capital or high-growth small businesses and mid-market companies to enterprise-sized Fortune 100 organizations. The NetSuite cloud ERP is built with scalability to support user growth and the expansion of business needs.
In 2021, Gartner named NetSuite a Leader for “Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises” for the fourth consecutive year.
Companies planning to go public through an IPO at some point choose NetSuite as their ERP because it simplifies regulatory compliance. In fact, 65% of tech companies that had an IPO since 2011 used NetSuite.
NetSuite ERP handles growth exceptionally well. The NetSuite software provides needed revenue recognition and revenue management in accordance with accounting standards for all industries.It also includes SaaS subscription billing and accounting capabilities for SaaS software companies. The NetSuite project management module is a strong and effective solution for a business of any size.
Companies outgrowing QuickBooks move up to NetSuite as their next ERP system when they have enough cash flow or financing to afford its higher cost.
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How Much Does NetSuite Cost?
The NetSuite software cost is customized based on the number of software Suites selected and the amount of users. The licensing fee starts at an estimated $999 per month, plus $99 per month per user. First-time users must also pay an implementation fee. The starting price is lower than high-end Oracle ERP and SAP.
NetSuite cost includes SaaS software costs, NetSuite training, NetSuite implementation, an upgrade to Premium Customer Support, and third-party add-ons.
How Does AP Automation Software Integration Work With NetSuite?
NetSuite integrates with AP automation software through an API or flat file connection. Tipalti accounts payable automation software also seamlessly integrates with NetSuite ERP using an API connection.
Users can access Tipalti add-on SaaS software SuiteApp through the NetSuite login to streamline accounts payable and payments workflow.This saves time by up to 80%, starting with self-service supplier onboarding.
What Are The Primary Features and Advantages of NetSuite?
As a complete business management solution, NetSuite has numerous advantages:
• Comprehensive true cloud solution
• Scalable to meet your company growth needs
• Handles revenue recognition
• Manages subscription billing for users
• Meets public company reporting needs
• Analytics and real-time dashboards
NetSuite OneWorld is for global businesses operating internationally. OneWorld manages multiple subsidiaries and business entities with global legal compliance, multi-currency, and consolidation. According to the NetSuite OneWorld Guide, it’s available upon initial implementation or as a one-time upgrade for existing NetSuite users. Once implemented, OneWorld is irreversible.
Oracle NetSuite provides a high level of overall customer satisfaction and full customer support with an upgrade to Premium SuiteSupport.
How to Implement & Use NetSuite?
The ERP implementation process can take anywhere from a month to over a year. The exact timeline will vary depending on the size of your organization, but a cloud-based ERP is faster to implement than an onsite solution.
NetSuite singles out several best practices for successful ERP implementation, including:
• Put together a dedicated implementation team (which might include hiring a consultant)
• Establish goals that an ERP solution will help your organization achieve (e.g., improving customer service, lowering costs)
• Collaborate across teams to understand the purpose of an ERP solution, set expectations, and solve issues
• Plan how you’re going to migrate data, and decide whether you’ll do it manually or using automation
• Invest in employee training
• Gather feedback from users to identify challenges and improve future experiences
Resources to implement and learn NetSuite include the online NetSuite Basics guide, NetSuite videos on YouTube, NetSuite Role-Based Demos videos for the Controller, CFO, CIO, Sales Manager, Operations Manager, Support Representative, and Omnichannel. You may be able to use a trial account to learn NetSuite as well.
NetSuite ERP Top Alternatives
Acumatica, like NetSuite, is a cloud-based ERP system with an outstanding real-time user interface and AI-driven technology. Acumatica offers an innovative pricing model for unlimited users.
Xero is accounting software that competes with QuickBooks in the small business market. Like QuickBooks, Xero integrates with LivePlan software for preparing business plans and budgeting. Smaller companies may choose Xero before switching to a more advanced and comprehensive ERP system like NetSuite.
Like NetSuite, Sage Intacct is also a true cloud platform. It’s suitable for businesses of all sizes, but especially for mid-size companies. Both ERP systems handle revenue recognition and other accounting standards. They also incorporate automation to save users time.
Microsoft Dynamics 365 is the latest Dynamics ERP system offered as Azure cloud and on-premises, with a modern user interface. It supports sales, marketing, customer service, finance, commerce, and supply chain operations.
Dynamics 365 integrates with other Microsoft software, including Power BI, Power Apps for building business applications, and Microsoft Office 365 (including Excel).
Microsoft Dynamics GP (Great Plains) is an ERP solution for a wide range of industries. It has excellent inventory management, distribution, manufacturing, and project management capabilities.
Microsoft Dynamics GP can be deployed on-premises and upgraded to private cloud, Azure cloud, and hybrid.
Epicor is an older ERP system that excels at manufacturing and distribution and includes more recent IIoT (Internet of Things) technology for the shop floor. Epicor also has customers in lumber and building materials, services, and retail. The Epicor client base is mostly mid-market size.
QuickBooks Online accounting software is a true cloud product with third-party add-ons that competes with NetSuite in the small business and lower annual revenue mid-market company space.
Startups use low-cost QuickBooks Online as their first accounting system. For fast-growing companies, it’s a question of when to upgrade from QuickBooks to NetSuite.
Compared to the NetSuite true cloud ERP solution, QuickBooks Desktop is the older on-premises QuickBooks accounting software product line that can be hosted in the cloud. Startups begin using QuickBooks Desktop and graduate with its Enterprise version.
QuickBooks is considered an ERP alternative when 3rd-party add-on software apps are used to bridge functionality gaps.
DELMIAworks IQMS is an ERP system for growing small businesses and mid-sized manufacturers with global operations and multiple plants. DELMIAworks handles business processes from accounting to engineering design to manufacturing and inventory control with lot tracking.
Brightpearl is an omnichannel software for retailers and wholesalers. It features inventory, order, and warehouse management, among other capabilities. Brightpearl integrates with many platforms, including QuickBooks, Xero, Shopify, Big Commerce, Magento, Amazon, Walmart, eBay, and ShipStation.
Orion ERP is owned by 3iInfotech and serves companies in over 50 global locations. Orion ERP includes RPA (robotic process automation), IoT, voice-enabled services, and analytics for business intelligence.
E2 ERP software products include E2 Manufacturing System for repetitive and discrete manufacturers and E2 Shop System for job shops, make-to-order manufacturers, job-based, and mixed-mode manufacturers. The E2 Manufacturing System includes capabilities that help businesses with materials and order management, accounting, shipping, and more.
To Wrap Up
With tens of thousands of organizations worldwide relying on NetSuite ERP, there’s no doubt it’s a top-notch solution for business management. Whether you’re in need of warehouse management or a CRM tool, NetSuite offers modules that will suit your needs. Although implementation can pose a challenge, it’s a scalable solution that can grow alongside your business and support it to global expansion.