NetSuite ERP – what is it and how does it work?
A NetSuite ERP system is an enterprise resource planning system that includes modules that run on a cloud platform and can handle a wide range of corporate activities and functions. The use of NetSuite simplifies business management, business intelligence, financial management, and financial reporting. NetSuite gives you real-time visibility to decision-making, actions, and KPIs. NetSuite is owned by Oracle.
NetSuite ERP modules/software suites include the following:
- OneWorld from NetSuite
- PSA (Professional Services Automation)
- Financial Management
- Order Management
- SuiteCommerce / Omnichannel Commerce
- Management of the supply chain
- Production Management
- Fulfillment & Warehouse
- Accounting Software
- (HCM) Human Capital Management
- Management of global businesses
- Email Marketing
- Financial Planning
Warehouse & Fulfillment includes NetSuite Warehouse Management System (WMS) and advanced inventory management for retail and wholesale distribution.
Order management in NetSuite automates and manages client sales and billing from order to cash.. Point of sale software is an example of commerce software. As part of a complete software solution, Oracle NetSuite ERP integrates with NetSuite CRM or Salesforce for customer relationship management and other third-party add-ons.
Which types of companies use NetSuite?
Enterprise-sized Fortune 100 companies and small companies funded by venture capital or private equity use NetSuite, as do mid-market and small enterprises funded by venture capital. Cloud ERP systems such as NetSuite are designed to scale based on the number of users and the needs of the business.
As the world’s leading cloud ERP software provider, NetSuite claims to have great financial management software for mid-sized, large, and global companies.
For companies planning an IPO in the future, NetSuite is the ERP of choice.
NetSuite ERP software excels at handling growth. NetSuite software enables revenue recognition and revenue management for all industries as well as subscription billing and accounting for SaaS software companies. NetSuite’s project management module is excellent.
When a company outgrows QuickBooks, it may upgrade to NetSuite as its next ERP system if it has the cash flow or financing to cover the extra cost.
Can NetSuite set you back a lot of money?
NetSuite pricing is determined by the number of software Suites chosen as well as the number of users. NetSuite pricing is determined by individual bids. The expenses associated with NetSuite include the application, NetSuite training, NetSuite setup, a Premium Customer Support upgrade, and third-party add-on software.
How Does NetSuite Integrate With AP Automation Software?
NetSuite accounts payable automation software integrates seamlessly with NetSuite ERP using APIs or flat file connections. Tipalti accounts payable automation software uses API connections to connect smoothly with NetSuite. Start with self-service supplier onboarding. A SaaS add-on from Tipalti, SuiteApp, in NetSuite streamlines accounts payable and payments workflow, saving up to 80%.
What Are the Main Benefits and Features of NetSuite?
- Provides a complete cloud-based solution
- Scalable to meet your company’s expansion needs
- Responsibilities include revenue recognition
- Manages subscription billing for users.
- Complies with the reporting requirements of public companies
- Dashboards and analytics in real-time
- One World Initiative
OneWorld from NetSuite is designed for multinational companies, offering global compliance, multi-currency, and consolidated reporting. NetSuite OneWorld can be installed at initial setup or as a one-time upgrade for existing NetSuite users, according to the NetSuite OneWorld Guide. Once deployed, OneWorld is irreversible.
When you upgrade to Premium SuiteSupport, Oracle NetSuite provides complete customer support as well as a high level of overall customer satisfaction.
What do I need to do to set up and use NetSuite?
A NetSuite-certified consultant and trainer can help with implementing and learning NetSuite. They can help with guides and videos for the Controller, CFO, CIO, Sales Manager, Operations Manager, Support Representative, and Omnichannel, as well as role-based demos. You may be able to learn NetSuite by using a trial account.