Oracle NetSuite Awards
In 2016, NetSuite was awarded the top-rated sales solution in Alliance Spotlight Awards.
Discover New Ideas & Solutions in Di…
Oracle NetSuite Software
As your business expands, you need to invest in more solutions that’ll keep the business moving in the right direction. Organizations often find it easier to streamline their systems into a convenient enterprise resource planning platform. That’s where tools such as Oracle NetSuite come in.
Software Overview
Oracle NetSuite is a cloud-based software designed to streamline various accounting processes. The platform has applications to help organizations run their businesses, understand their business performance, and drive efficiency gains. The software’s ERP system helps manage primary functions such as finance and accounting, inventory orders, and procurement. The platform lets users add options such as CRM for sales, service and marketing automation, human resources for personnel records, etc. and all these modules have similar databases.
NetSuite is based on the SaaS model. Customers incur subscription charges to access the technology but are not liable for underlying servers, software installation, and upgrades. The platform does all of this on your behalf with new updates every year.
Benefits of Using Oracle NetSuite
Integration
NetSuite provides incredible APIs that ease integration with other important platforms. The process can be done directly or through iPaaS. NetSuite is most commonly integrated with Salesforce because many users prefer using the Salesforce CRM system while implementing NetSuite ERP in their organizations.
Clear Visibility
Real-time data access plays an important role in making the right business decisions. NetSuite software lets you access data instantly. Additionally, you don't need to waste your precious time trying to extract and tie data from various sources. This guarantees accurate and timely reports, which enhances quick and informed decision making. The software also pools the data across the company, giving clear insights.
Faster Business Growth
Integrations let you easily expand business locations and establish new sales channels.
Centralised Company Information
NetSuite has a system that covers the whole organization. This makes it easy to offer self-service portals that improve B2B and B2C collaboration. Additionally, the tool delivers timely notifications about partner-specific activity that speeds up the process cycles and helps you maintain your position as the favorite partner.
Scalability
Businesses that grow faster may choose to go global, and NetSuite can be scaled to such an extent. This is achievable as the tool supports multiple currencies, languages, and subsidiaries. Organizations that grow horizontally can add more clients to the subscription rather than performing the infrastructural change. If a business grows vertically to include a new operation, they can add extra modules to the ERP system. Generally, the organization can be guaranteed that the system will not limit its growth in any way.
Modifications and Extensions
NetSuite is considered the most adaptable SaaS tools in the world. The solution comes with the SuiteFlex platform, which lets you set up all the modular implementations with a few clicks rather than having to code. Additionally, through industry-specific modules, users can tailor business processes to meet their organization's specific requirements.
Product Features
The following are some of Oracle NetSuite incredible features:
NetSuite makes it easier to combine the business’ main finance and accounting system with robust compliance management. The platform also provides real-time access to financial data, helping users drill into essential details, resolve delays, and generate compliance statements. The tool offers the following accounting features:
- General ledger
- Accounts receivable
- Accounts payable
- Tax management
- Fixed asset management
- Cash management
- Payment management
Whether the business runs on one-time transactions, subscriptions, usage-based payments, or a hybrid model, the platform makes your billing operations more manageable. It also integrates with other revenue management software.
Organizations with accounting standards can comply with accounting standards by using NetSuite. The tool’s rule-based event-handling framework automates several revenue management and reporting activities like forecasting, allocation, recognition, reclassification, and auditing.
The tool also helps with auditing. It supports the business’s governance, risk, and compliance (GRC) programs to help you handle complex regulatory, functional, and compliance challenges while scaling.
The tool comes with a planning and budgeting system, which lets business owners plot out their financial future based on real-time data. With the tool, you can use business data to forecast revenue, plan for what-if scenarios, and create accurate budgets.
If your organization plans to expand its borders and go international, you’ll have to invest in financial management tools that ease international transactions and compliance requirements.
NetSuite features an incredible financial engine that guarantees maximum transparency and insights into your business across the globe. To ease international operations, the platform provides several language interfaces to help you bypass language barriers. Additionally, the tool features a multicurrency management system that supports more than 190 currencies. The system can automatically account for the account exchange rate with real-time communication.
Oracle NetSuite Pricing
Although the tool is flexible enough for different business sizes, it may be too expensive for small businesses with basic bookkeeping and invoicing needs. Here are NetSuite’s subscription plans:
The Bottom Line
NetSuite is a user-friendly software designed to streamline various accounting and finance processes. The tool boasts several features, making it ideal for mid-size and larger organizations.