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What You All Need to Know about NetSuite - The First Cloud ERP

NetSuite - The First Cloud ERP

Enterprise Resource Planning (ERP) software helps companies streamline and optimize their business processes. Additionally, it provides a single source of data, including inventory, order, and supply chain management. Plus, helps with production, procurement, distribution, and fulfillment. From human resources to finances, nearly every department can benefit from the judicious use of the right ERP software.

When it comes to purchasing ERP software, there are few products you’ll hear again and again in the market. NetSuite is one such popular ERP software and calls itself “the first ERP system to be built for the cloud from the ground up.” According to IT research firm Gartner, NetSuite ranks as a leader for three consecutive years in a row in Cloud Core Financial Management Systems for enterprises.

But what exactly is Netsuite, and why is it the best ERP platform for your business? Keep reading this for everything you need to know about NetSuite.

What is NetSuite?

NetSuite is a cloud-based ERP business management platform used by more than 26000 fast-growing organizations across the world. It works as a central source of information for managing all core functions of business - sales, finance, marketing, and human resources.

This gives a 360° view of the business so that leaders can see which processes or departments are excelling and which need a boost.

NetSuite was first under the name of Netledger in the initial days by Evan Goldberg in 1988. First, it was started as web accounting software to effectively manage business finances, customer relations, and other operations.

It serves the requirements of businesses of all sizes in a cloud environment. Later Oracle took over, and nurtured the growth of Netsuite from a small business suite to a Powerful ERP solution.

The NetSuite business suite provides an end-to-end business system that includes Enterprise Resource Planning, Financial Management & Accounting, Inventory & Warehouse Management, Customer Relationship Management, and more.

To keep yourself up-to-date with this most in-demand business management platform, check out this NetSuite Training.

How does NetSuite support Inventory Management?

Inventory management is critical for all businesses that sell products and track their inventory as per current sales. An inventory management system helps to account for all incoming and outgoing stocks of the organization to meet customer demand and reduce expenses. This impacts every essential business function, including warehouse management, accounting, production, sales, etc.

Netsuite provides a single, real-time view of inventory across all sales channels and locations, allowing businesses to find better deals and generate savings on the product. By enhancing inventory levels and product availability across various channels, NetSuite Inventory Management supports businesses in keeping inventory costs low while exceeding customer expectations.

To add an inventory item in NetSuite, the user should first create the inventory item record, stating the item’s characteristics, such as units of measure and cost items (LIFO, FIFO, average, etc.) replenishment method, and more. Some of the critical benefits of NetSuite Inventory Management are below:

  • Enhance Inventory levels: Demand-based planning using historical demands, seasonality, sales forecasts ensures you have the right amount of stock.
  • Boost profitability: With Netsuite, managing inventory is more efficient and cost-effective with company-wide inventory visibility.
  • Reduces costs: Minimizes handling expenses and shipping costs.
  • Automate Inventory tracking: with NetSuite, your business can track inventory across numerous locations by automating inventory management in one solution.

How does NetSuite Support Accounting?

NetSuite cloud accounting transforms the process of recording transactions, receivables, managing payables, and collecting taxes, greater control of financial assets, and accurate reporting. With practical access to financial data, you can quickly dig into details to resolve issues and generate statements complying with multiple regulatory financial requirements.

With Netsuite, all the accounting insights can be found in one place, including inventory margins, profitability ratios, fixed assets, liabilities, and more. NetSuite seamlessly couples core accounting and finance functions with strong compliance management. Thereby, increasing the performance of the business and close financial efficiency while reducing back-office costs.

As a single platform, NetSuite accounting software integrates seamlessly with all the other parts of the suite. Some of the critical benefits of NetSuite Accounting Cloud are below:

  • Real-time information: Real-time metrics and dashboards help you keep an eye on the business.
  • Improves accounting accuracy: Eliminates data entry duplicates and inefficient spreadsheets.
  • Close with Confidence: Stimulates the financial close and handles compliance with accounting standards.

How Does NetSuite Support Billing?

Oracle NetSuite SuiteBilling is an industry-leading billing solution. As one of the best solutions in the market, it helps to streamline and simplify the process between consumers and companies they transact with. The platform adds more transparency during the billing process and adds more accountability to the companies that use it. It consolidates invoicing, automates rating processes, and supports multiple pricing models. SuiteBilling provides transparency around all billing activities. Some of the critical benefits of NetSuite SuiteBilling are listed below:

  • Maximum flexibility: Multiple pricing and billing options to meet the needs of businesses and subscribers.
  • Accurate Billing: Supports automated scheduling for consistent invoicing with few errors.
  • Easy Revenue Recognition. This helps to bring revenue management and billing together so companies comply with accounting standards.
  • More Efficient Billing Operations. Increases efficiency and saves time by eliminating manual billing processes.

Benefits of Implementing NetSuite Software to a Business

Ease of NetSuite Integration

With an integrated approach, NetSuite encompasses a range of solutions for specific needs. NetSuite has it all in one suite from integrating your CRM and eCommerce to Inventory and Advanced Warehouse Management, Human Resources, Services Resource Planning, and Professional Services Automation.

The deployment of a single system across organizations enhances financial reporting, employee productivity, and integrated complexity leads to improving proactive decision-making across the business.

By integrating NetSuite ERP, you no longer need to worry about how to procure, install, and maintain multiple application systems and integrations between them. The time and money you save can be put back into the organization to enhance your business operations further.

Provides Real-time Visibility to Make Informed and Timely Based Decisions

Real-time visibility is vital when it comes to making the best decisions. You can access data instantly, and don’t need to waste time extracting data from numerous sources. In turn, this allows for more accurate and timely reports that translate into quick decisions. With NetSuite, you can access KPIs such as orders, forecast, sales, etc., anytime and anywhere. As a result, it allows you to accelerate business decisions and sharpen your competitive edge.

Workflow Automation

NetSuite ERP standardizes processes and automation of events to ensure the management and execution of customer engagement is consistent. Workflow automation helps in identifying problems initially and suggestive corrective action in customer management.

Pricing Approach

Also worth mentioning is the pricing approach of NetSuite. This enables users to select and license the modules only they need. Additionally, this empowers the users and reduces the cost.

Unified Solution for Your Company

NetSuite offers a single solution that seamlessly translates all the information throughout the departments. This, in turn, helps the employees entering data inputs manually while sending reports to multiple departments. Manual inputs often lead to errors and inaccuracies in the information.

Scalability

Companies sometimes go global, and NetSuite helps to scale to that extent, thanks to its support for multiple currencies, languages, subsidiaries, and related functions. If any company grows, the number of users subscribed increases exponentially rather than undergoing an infrastructure change. It expands vertically into the latest operations, additional modules can be added to the existing ERP system. In general, businesses can be assured that the system won’t limit their growth.

Customization

NetSuite is the most customizable Software-as-a-Service (SaaS) solution in today’s market. This high degree of customization is possible through NetSuite’s SuiteFlex, by which users can set up some modular implementations with clicks rather than coding.

Also, through the industry-specific modules, you’ll tailor the business processes particular to the company-centric requirements.

Extends the Processes to the Supply Chain

Every company today wishes to collaborate closely with customers, suppliers, and partners. With Netsuite, it’s possible to offer self-service portals that make B2C and B2B collaboration better. It includes timely specific notifications about partner events that help to speed up the process cycles and keeps you as a partner of choice.

Best Practices for a NetSuite Successful Implementation

Netsuite implementation is a sophisticated process and requires special attention. In this section, we’ll highlight some of the best practices of implementing NetSuite:

Know the Business

Before implementing, gain insights into the business processes and functions. It's advisable to have a deeper understanding of the legacy business before migrating it into NetSuite. Businesses need to scrutinize all the details of the project from their implementation partners.

Best Implementation Partners

You need to find the best implementation partners to take care of all your implementation processes. With their proven expertise and intriguing nature, they ensure your implementation will be a success.

Avoid Complex Customizations

Highly complex customizations lead to defective impacts. The customizations need to be added only when it is necessary for business processes. Complex customizations result in a lack of operational efficiency and speed of Netsuite functioning.

Invest Your Time in Training

It’s unrealistic to expect employees will work immediately with ERP systems proficiently. Targeted, ongoing training matching the needs of many groups and roles can help users accept the system and get the most benefits from it.

For the employees, NetSuite might be an entirely different platform, and you should invest your quality time in training your employees to run the business because efficient use is going to decide your business success

Ensure Proper Collaboration and Communication

Successful projects revolve around building Clear communication and a collaborative approach between implementation partners and the business representative who implements the NetSuite. The proper communication ensures the business processes are running in the system perfectly or not.

Conclusion

NetSuite is a number one choice to run CRM, financials/ERP, and more in the cloud. From emerging startups to Fortune 500 companies, Netsuite empowers modern companies to reach their goal. We hope this blog on “What you need to know about NetSuite” improves your knowledge.

Author Bio:

Vinod Kumar Tanem is a Digital Marketer, and a passionate writer, who is working with MindMajix, a top global online training provider. He also holds in-depth knowledge of IT and demanding technologies such as Salesforce, Cybersecurity, Software Testing, Data analytics, Project Management, and ERP tools, etc. Follow him on LinkedIn

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