NetSuite

Summary/Overview

Cloud-based solutions are emerging in this modern era of ERP support from across the globe. Individuals are focusing on businesses more these days. Managing those businesses is hefty work to do. To solve this issue, NetSuite comes into play. It is a cloud-based software platform where anyone from a small business owner to a large company can have access to cloud storage and manage data and statistics of their businesses and perform various tasks on that data depending upon the needed factors by the users. The ERP and SRP features that NetSuite offers would be elaborated clearly to make everyone understand the need for such a platform. Among its competitors, NetSuite stands out as one of the business development and supporting toolkit platforms that give its users access to a cloud to manage data. Organizations may use NetSuite to expand their operations while it also reduces the operational expenses of their business. 

Main Introduction

A well-liked and complete company management software solution is NetSuite. Accounts, financial services, e-commerce solutions, enterprise resource planning (ERP), supply chain management, etc. are some of its areas of expertise. The business of this platform was established in 1999. It was one of the first companies to design and implement a cloud-based software system. NetSuite was acquired by Oracle in July 2016. Oracle NetSuite is the new name of the business. For some businesses, basic accounting resources may be sufficient. Other firms, however, frequently require more sophisticated features. In certain situations, NetSuite may be a huge help. It is also considered the world's number one global cloud ERP solution. Users disagree on how simple the NetSuite training is, however they all acknowledge that it is a strong piece of software with loads of customization options. It offers strong features which include salesforce, process automation, and customer care and support all in one cloud solution. As part of Oracle NetSuite ERP, inventory control and supply planning are included, giving businesses enhanced supervision over branch transference from facilities to retail outlets and supplier orders. Using routine cycle counts, NetSuite enables business owners and managers to keep track of inventory levels and resources and completely comprehend their warehouse operations. A complete project management toolkit is NetSuite SRP. In the areas of statistics, invoicing, full accounting, resource planning, and other tasks, its tools, and packages can increase effectiveness and decrease duplication. Anyone can utilize NetSuite anytime they want. A dependable Internet connection is a sole requirement. Even iPhone and Android applications are available. Although NetSuite's data and services are hosted online rather than on user desktops, the program still requires a setup process. The best customers for Netsuite are medium-sized businesses and large organizations. For businesses that require much more than an accounting system like Quickbooks, NetSuite offers a whole company management solution.

Company Services/Facilities

NetSuite has provided its users with a huge category of features related to business development. Those are listed below.

1. Integrated Versatility

With NetSuite's flexibility, anybody can scale up, spin-off, or embrace new business models with ease and speed. The setups and customizations move without a hitch with each NetSuite upgrade.

1. Business-Ready ERP

With a configurable, pixel-perfect user interface, the core business system has now transformed into a customer-facing commerce system.

1. Entrepreneur Relevant data

The user interface for NetSuite is real-time analytics. With key business information shown directly within the system, users are aware of what millennials should be performing and how their actions are benefiting the company. 

1. Adaptability to the platform

Users find NetSuite relatively more engaging than other ERP solutions available in the market right now.

ERP features

It includes reconciling the Banks (fully supported by NetSuite ERP), budgeting (creating plans to expand the company with NetSuite ERP compound budgeting resources), cash flow (accurately track income and expenses), accountable charts (complete list of all open accounts), finances (review invoices, pay bills), fixed asset management (lifetime tracking of fixed assets), inventory (organize and monitor all products to be sold effectively), payroll and human resources (manage human resources and payroll tasks, monitor reimbursements and track time) and vendor management (comes in handy if received inventory from all over). 

SRP features

It includes accounting (control an organization’s financial condition using a dashboard), commissions (set multiple price levels and commission plans), contact management (add contact data and custom fields quickly), expense tracking (monitor business expenses and assign expenses for specific tasks), job costing (evaluate profit and loss for various tasks), project management (create templates, set milestones, add baselines & budgets), reports (include graphs, charts), resources (see a person’s resume, years of experience, availability, and levels of skill) and time tracking (implementation of expense rules, fixed-rate rules, and time-based rules). 

Pros and Cons

Here are some pros of NetSuite :

1. This software consists of impressive analytics and reporting tools. 
2. NetSuite software is best suited for organizations that will help you to grow business on a large scale. 
3. NetSuite can create niches that will help you with business process workflows. 
4. This software company is considered ideal for many medium to large companies. 
5. NetSuite has advanced tools and permissions 
6. NetSuite easily integrates with all well-known business modules and software systems. 
7. It is a cloud-based CRM software that is reliable, secure, easily accessible, and affordable for business management. 
8. Their financial management tools are getting better over time. 
9. It has easily customizable functions, interface, and menu bars can be customized. Most of their customers seemed to be satisfied with NetSuite. 
10. Based on its regulations, this software can create different types of financial reports for your business. 

Here are some cons of NetSuite :

1. Their subscription authority will not be an ideal solution for those medium-sized businesses. 
2. As NetSuite takes charges for training customer service, it will be expensive for those small businesses. 
3. Users have to invest more time in learning every management tool. It could be frustrating at times. 
4. All of their features are so vast while learning, their users find it difficult. 
5. NetSuite dashboard needs to be redesigned as it has become outdated to its users.
6. It takes a long time to deploy and is extensive when it comes to customization. 

Conclusion

It can be seen that NetSuite has great potential in cooperating with several marketing tactics in a single place for its user base. NetSuite will be an excellent choice for your business. It is safe to use as it does better compared to other companies. You don't have to worry about your investment when you have decided to go with NetSuite. Their outstanding features will help you to expand and adapt to your business needs. It offers plenty of choices. It works well with medium-to-large companies with its several products and service lines. You will find it safe and secure to work with the software.