8.8Expert Score

Netsuite Accounting software Review 2023

If you are looking for a comprehensive accounting software program that can help you manage your business, then you may have heard about NetSuite. This has become one of the most popular accounting software programs out there, and there are a lot of businesses that state that it helps them prove their daily operations. Does this mean that this program is going to help you do the same thing? It depends on the needs of your company and the features associated with NetSuite. So, what do you need to know about NetSuite, and how can you figure out if this is right for your company? Take a look at some helpful information below. 

Price

8

Customer Service

9

Accounting Standard Features

9.5

Reporting

9.7

Integrations

8.5

Platforms

9

Time in Business

9.5

PROS

• This is a software program that comes with a wide variety of features that you can customize to meet your needs. 
• You have access to numerous advanced permissions, which allows you to customize who sees what in the program. 
• The software is design for businesses that conduct transactions on a global scale. 
• There are numerous integration options available, which you can customize to meet your needs, making it easier for you to pass information from program to program. 
• There are numerous planning resource functionalities available that can apply to a wide variety of industries, particularly when it comes to large corporations.
• You can customize the individual workflows of your organization, taking advantage of automation tools that can help you save time. 
• This is a cloud-based accounting software program that is reliable, secure, and easy to access from just about anywhere in the world. 
• You can take a look at all the information you need to make decisions regarding your business customizable dashboard. 
• These are just a few examples of the numerous benefits you will enjoy if you decide to go with NetSuite. At the same time, it is important to think about the drawbacks before you decide if this is the right program for your business. 

CONS

• This is not the best program for smaller companies because it contains a wide variety of features that can be difficult to manage and the price point may be a bit too high. 
• You are going to encounter additional expenses related to customer service, training, and numerous other add-ons. 
• The program can take a very long time to learn, which can be a significant source of frustration for employees, managers, business partners, and companies. 
• In order to fully implement the program, it could take anywhere from a few months to a year, which can be a significant productivity hit for companies. 
• If you do require customer support, you need to pay extra for this feature. 
• Because there are so many features available, it can be overwhelming to learn how to use them. 
• Even though the dashboard displays a lot of information in front of you, it is relatively outdated, and it can be a bit clunky at times. 
• These drawbacks can get in the way of your ability to fully take advantage of the features provided by NetSuite, but it is important to compare the drawbacks to the benefits before you decide if this is the right program for you. 

NetSuite as an Accounting Software Program: What To Know

An Introduction To NetSuite

NetSuite is a comprehensive program that can help you manage your business. The company was founded in 1999, and it was one of the first cloud-based accounting software programs available. Today, it remains one of the strongest cloud-based accounting programs available for businesses today. Eventually, NetSuite was purchased by Oracle, and the entire package was renamed Oracle NetSuite.

If you are looking for a basic accounting program that can streamline your daily operations, this may be more than you are looking for; however, if you are looking for a program that can handle everything related to your accounting practices, this is probably going to be one of the best options for you. What are a few of the top features you will enjoy if you decide to go with NetSuite?

NetSuite: The Main Features

The best customers of NetSuite are going to be medium-sized businesses and enterprise corporations. Because the program provides you with access to so many features, there are plenty of customizable options available; however, this might be unnecessary for small businesses.

It is important to note that this program is broken down into NetSuite ERP and NetSuite SRP. NetSuite ERP provides access to inventory and warehouse management. This makes it easier for you to control branch transfers between warehouses and retail stores. You can also monitor inventory amounts to make sure you do not let them get too low.

In contrast, NetSuite SRP is designed for comprehensive project management. This is where you will find a lot of analytics features that can help you reduce redundancies, handle billing, and access other functions related to resource management.

It is important to take a look at the differences in features between the two programs.

NetSuite ERP

There are several important features you will enjoy if you decide to go with the NetSuite ERP program. These include:

• You have the ability to complete banking reconciliation. This is important for making sure your books are balanced.
• You can also create plans that allow you to make sure your company stays on track when it comes to its budget. This is critical for making sure you understand where the money is going and that you do not go over budget.
• There is also a convenient application that allows you to keep track of your cash flow. This is helpful for tracking your income and expenses. You can figure out where the money is coming from and where it is going.
• You also have the ability to take full advantage of a complete chart of active accounts. You can take a look at who is doing what on those accounts, allowing you to shift resources accordingly.
• Using this program, you can also manage your individual contacts. You can add custom fields, including additional contact information, and add notes to each individual account. You can include back payment details, company profiles, marketing tactics, relationships, and preferences. You can also a specific tasks to individual clients.
• Using this program, you have access to a complete array of financial tools. This allows you to take a look at your invoices, pay your bills, and complete central functions related to your business.
• There is a complete inventory management package available through this program. You can organize and monitor all products and services that you sell. If you are sending something to a customer, you can also track those individual products by location. This is critical if you have a lot of departments and warehouse buildings. This program will even suggest certain items you may want to consider upselling to your clients.
• Using this program, you can also produce a wide variety of reports. You can customize those reports to meet your needs. You can include charts, classes, grass, and custom field. You can add or remove them at any time. If you have a company that conducts international business, you can also convert currencies and taxes with ease.
• If you receive inventory from multiple suppliers, you may want to take advantage of the vendor management feature. You can take a look at who was supplying what kind of how much it costs, and whether the inventory is arriving on time.

Clearly, there are a lot of features available through the NetSuite ERP package. You need to figure out if these features are right for your business.

NetSuite SRP

The other major package available through NetSuite is called NetSuite SRP. There are a number of features you will enjoy if you decide to go with NetSuite SRP. These include:

• First, you will have access to complete the counting tool. You can maintain complete control over the financial condition of your organization using this dashboard. You can take a look at analytics, handle building, and keep track of fixed assets. That way, you do not have to worry about being blindsided by any numbers. You can increase the financial transparency of your organization.
• If you need to set up a variety of price levels and commission plans, you can do that using NetSuite SRP. You can customize your commissions to meet the needs of your company.
• Using this package, you have access to the same contact management features as the ERP program. This allows you to maintain control over who gets what, who sees what, and how you interact with your potential customers and clients.
• This program also gives you access to complete expense tracking capabilities. You can take a look at the expenses of your business, assign overhead expenses to a particular project, and approve expense requests from your contractors and employees. This makes it easier for you to keep track of your overhead expenses and budget accordingly.
• You need to keep track of profit and loss statements related to various projects. You can do that using the job costing capabilities through NetSuite SRP.
• If you are trying to close deals, you can keep track of how you are interacting with your leads with ease. You can record opportunities, nurture those leads, and gather information related to your potential clients.
• This program also gives you the ability to generate a wide variety of reports. You can customize those reports to meet your needs, making sure you have access to all the information you need to figure out what to do next.
• As you assign people to individual projects, you need to keep track of how much time they spend working. There are numerous time tracking capabilities available through NetSuite SRP, allowing you to bill your clients accurately for each project.
• This program also gives you access to a wide variety of resources. You can keep track of information related to your contractors, consultants, and employees. You can take a look at individual resumes, track years of experience, figure out who is available, and make sure you select the right people for the job.

Clearly, there are a lot of features you will enjoy if you decide to go with NetSuite SRP. You need to think about what you need for your company, compare those needs to NetSuite, and figure out if this is the right program for you.

The Pros and Cons of NetSuite

Even though there are a lot of features provided by NetSuite, you still need to think about whether this is the right program for you. To do this, you need to consider the benefits and drawbacks of NetSuite.

NetSuite: Pricing and Plans

Of course, you would like to know how much you are going to pay for NetSuite, but the problem is that the price can vary widely depending on the size of the company in the features you need. If you are interested in purchasing NetSuite, you need to contact Oracle directly to learn more about your options. There are multiple plans available, including options to take advantage of NetSuite ERP and NetSuite SRP. If you feel like you are going to require both programs, you need to let them know ahead of time.

After you have expressed your interest in the product, you should receive a quote. Then, you can negotiate with Oracle to figure out what features you require and what features you may not need. This is going to impact the amount of money you pay for the service.

Even though the price light can vary widely from company to company, understand that this is something that is only meant for larger businesses and corporations. If you have a small company, the price is probably going to be too expensive for you. As a result, you may be better off going somewhere else.

NetSuite Mobile Functionality

Given that this is one of the most comprehensive accounting programs available, it should come as no surprise that you also have access to a fully functional mobile application. All you need to use this program is a reliable internet connection. There are comprehensive iPhone and Android applications available.

Furthermore, you also have access to a wide variety of cloud capabilities. This is perfect for companies that have a lot of employees on the go. No matter where your employees or clients are located, they can access NetSuite if they must.

A Word on NetSuite Customer Service

If you require help, there are numerous training model stand videos that you can access for free. Apart from this, customer service at NetSuite is divided into different tiers depending on what you need. Basic customer support is available no matter what type of plan you have. This is where you can submit a help desk ticket and get an answer back from a member of the NetSuite team.

Unfortunately, if you require anything more than this, you are going to have to pay more for the service. For example, there is a Premium customer service plan that gives you access to professional assistance at any time of day. That way, if you have a serious issue, you can get it taken care of as quickly as possible.

If you need something that goes above and beyond Premium, there is also Advanced Customer Support, which can be expensive. At the same time, you may receive access to an individual customer service manager that can take a look at your account and proactively address any issues that might come up. That way, they can rectify any problems before they start to impact your business.

Finally, if you have a one-off issue that needs to be addressed, you can enroll in Professional Services for a one-time fee. This is ideal if you are having significant issues that need to be addressed by an expert.

Summary: NetSuite Is One of the Strongest Accounting Software Programs Available

Top Ten Ranking: #3

Ultimately, there are a lot of benefits you will enjoy if you decide to go with NetSuite. This is arguably the most comprehensive accounting software program available, and you can use it to manage just about every area of your business. With access to numerous customization and automation features, you can tailor your experience with this program to meet your needs. That is why it has one of the top spots on our list.

On the other hand, there are a few drawbacks as well. This is a program that is not meant for small businesses. If you have a medium or large business, then you may be able to justify the price tag, which is tailored to meet the individual needs of your company. Even though the dashboard can be a bit clunky and customer service leaves a bit to be desired, this remains one of the strongest accounting programs available today.