Home Blog What is NetSuite? Full NetSuite Review 2021 - Details, Pricing, Features
What is NetSuite? Full NetSuite Review 2021 - Details, Pricing, Features

What is NetSuite? Full NetSuite Review 2021 - Details, Pricing, Features

What is Netsuite?

NetSuite is one of the Enterprise Resource Planning (ERP) software from Oracle that powers organizations all over the globe. It is a highly scalable ERP solution that is delivered over the web and offered as a cloud-based solution. NetSuite provides a single platform where one can streamline business process operations and automate key functional areas like CRM, Inventory, Finance, Order Management, Billing, Accounting, Ecommerce just to name a few.

Full NetSuite Review 2021

NetSuite provides a suite of tools and customizable views of the company's Key Performance Indicators (KPI) to everyone from top-level management to clerical staff within the organization.

NetSuite is targeted at mid-sized and large-sized businesses that have a huge team and lots of resources to manage. Companies that are growing rapidly can also use NetSuite to quickly scale their business.

Since NetSuite is accessed online, businesses save a lot of upfront cost of development, customization, and integration of business automation software. NetSuite is being used by 25,000+ businesses in over 200+ countries. NetSuite is probably the first and the last business management solution that your business will ever need!

Comprehensive list of NetSuite Features

NetSuite offers everything that you can expect from an ERP Solution. Anything that you need in terms of technology to manage your organization, you would find that in NetSuite. It comprises interrelated modules that share a common database. Due to this connectivity, users can select only the specific modules that they wish to implement.

Here is a detailed list of modules and features that NetSuite offers:

✅ Accounts Payable

Full NetSuite Review 2021
1. Aging Tracking
7. Fraud Detection
2. Approval Process Control
8. Invoice Processing
3. Cash Management
9. PO Reconciliation
4. Check Writing
10. Recurring Payments
5. Data Extraction
11. Vendor Management
6. Duplicate Payment Alert

✅ Accounting

Full NetSuite Review 2021
1. Accounts Receivable
6. Payroll Management
2. Billing & Invoicing
7. Project Accounting
3. Expense Tracking
8. Purchase Orders
4. Fixed Asset Management
9. Tax Management
5. Fund Accounting

✅ Accounts Receivable

Full NetSuite Review 2021
1. ACH Payment Processing
7. Online Payment Processing
2. Aging Tracking
8. Overpayment Processing
3. Billing & Invoicing
9. Partial Payments
4. Check Processing
10. Receivables Ledger
5. Collections Management
11. Recurring Billing
6. Customer Statements

✅ Apparel Management

Full NetSuite Review 2021
1. Billing & Invoicing
8. Purchasing
2. Catalog Management
9. Returns Management
3. Inventory Management
10. Shipping Management
4. Materials Management
11. Supplier Management
5. Order Management
12. Supply Chain Management
6. Product Management
13. Warehouse Management
7. Production Management

✅ Business Intelligence

Full NetSuite Review 2021
1. Ad Hoc Reports
7. Profitability Analysis
2. Benchmarking
8. Publishing / Sharing
3. Dashboard
9. Scorecards
4. Key Performance Indicators
10. Strategic Planning
5. Performance Metrics
11. Trend / Problem Indicators
6. Predictive Analytics
12. Visual Analytics

✅ Business Management

Full NetSuite Review 2021
1. Billing & Invoicing
7. Performance Metrics
2. CRM
8. Project Management
3. Financial Management
9. Purchasing
4. Inventory Management
10. Time & Expense Tracking
5. Marketing Management
11. Vendor Management
6. Order Management

✅ Distribution

Full NetSuite Review 2021
1. Barcoding / RFID
5. Returns Management
2. Inventory Management
6. Sales Forecasting
3. Order Management
7. Shipping Management
4. Purchasing
8. Warehouse Management

✅ Enterprise Resource Planning

Full NetSuite Review 2021

1. CRM
7. Order Management
2. Distribution Management
8. Project Management
3. Enterprise Asset Management
9. Purchase Order Management
4. Financial Management
10. Reporting/Analytics
5. HR Management
11. Supply Chain Management
6. Inventory Management
12. Warehouse Management

✅ Financial Management

Full NetSuite Review 2021
1. Budgeting & Forecasting
6. Investment Management
2. Cash Management
7. Project Management
3. Consolidation / Roll-Up
8. Revenue Recognition
4. Currency Management
9. Risk Management
5. Financial Reporting
10. Tax Management

✅ Financial Reporting

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1. "What If" Scenarios
7. Consolidation/Roll-Up
2. Access Controls/Permissions
8. Data Import/Export
3. Audit Trail
9. General Ledger
4. Balance Sheet
10. Multi-Company
5. Budgeting/Forecasting
11. Profit/Loss Statement
6. Cash Management

✅ Inventory Control

Full NetSuite Review 2021
1. Barcoding/RFID
7. Item Management
2. Check-in/Check-out
8. Reorder Management
3. Cost Tracking
9. SKU/UPC Codes
4. Forecasting
10. Serial Number Tracking
5. Inventory Optimization
11. Supplier Management
6. Inventory Tracking

✅ Inventory Management

Full NetSuite Review 2021
1. Alerts/Notifications
8. Product Identification
2. Forecasting
9. Reorder Management
3. Inventory Optimization
10. Reporting/Analytics
4. Kitting
11. Retail Inventory Management
5. Manufacturing Inventory Management
12. Supplier Management
6. Mobile Access
13. Warehouse Management
7. Multi-Channel Management

✅ MRP

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1. Bills of Material
7. Quote Management
2. Document Management
8. Reporting/Analytics
3. Inventory Management
9. Safety Management
4. Order Management
10. Supplier Management
5. Production Scheduling
11. Supply Chain Management
6. Quality Management

✅ Manufacturing

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1. Accounting Integration
7. Quality Management
2. ERP
8. Quotes/Estimates
3. MES
9. Reporting/Analytics
4. Maintenance Management
10. Safety Management
5. Material Requirements Planning
11. Shipping Management
6. Purchase Order Management

✅ Manufacturing Execution

Full NetSuite Review 2021
1. Document Management
5. Quality Management
2. Forecasting
6. Supplier Management
3. Inventory Management
7. Supply Chain Management
4. Order Management
8. Traceability

✅ Order Management

Full NetSuite Review 2021
1. Backorder Management
6. Order Tracking
2. Catalog Management
7. Recurring Orders
3. Inventory Management
8. Returns Management
4. Order Entry
9. Shipping Management
5. Order Fulfillment
10. Special Order Management
Full NetSuite Review 2021
1. Agile Methodologies
8. Idea Management
2. Budget Management
9. Kanban Board
3. Client Portal
10. Milestone Tracking
4. Collaboration Tools
11. Portfolio Management
5. Cost-to-Completion Tracking
12. Resource Management
6. Customizable Templates
13. Time & Expense Tracking
7. Gantt Charts
14. Traditional Methodologies

✅ Resource Management

Full NetSuite Review 2021
1. Capacity Management
6. Resource Scheduling
2. Collaboration Tools
7. Search/Filter
3. Drag & Drop
8. Skills Tracking
4. Forecasting
9. Utilization Reporting
5. Reporting/Project Tracking

✅ Retail Management Systems

Full NetSuite Review 2021
1. CRM
8. Multi-Location
2. Commission Management
9. Order Management
3. Email Marketing
10. Purchase Order Management
4. Employee Management
11. Reporting/Analytics
5. Loyalty Program
12. Returns Management
6. Mail Order
13. ECommerce
7. Merchandise Management

✅ Supply Chain Management

Full NetSuite Review 2021
1. Demand Planning
6. Sales & Operations Planning
2. Electronic Data Interchange
7. Shipping Management
3. Import/Export Management
8. Supplier Management
4. Inventory Management
9. Transportation Management
5. Order Fulfillment
10. Warehouse Management

✅ Warehouse Management

Full NetSuite Review 2021
1. 3PL Management
7. Purchasing
2. Barcoding/RFID
8. Quality Management
3. Forecasting
9. Real-Time Synchronization
4. Inventory Management
10. Receiving/Putaway Management
5. Multi-Location
11. Returns Management
6. Order Management
12. Shipping Management

Is Oracle NetSuite the Right Solution for you?

Since NetSuite ERP is a complete ERP solution, it helps businesses of almost all sizes and industries.

Full NetSuite Review 2021

Any organization that wishes to achieve the below-mentioned things is an ideal candidate for using NetSuite as their ERP:

1. Optimize their financial processes

2. Reduce IT costs

3. Cut down Infrastructure costs

4. Improve Scalability

5. Eliminate Operational Inefficiencies

6. Gain Business Intelligence

7. Get better reporting

8. Automate Business Processes

Due to the scalable nature of NetSuite, small, mid-sized, and Enterprise businesses can manage their organization using NetSuite. It is the perfect ERP solution for B2B and B2C companies alike. Companies from various industries and verticals can opt for NetSuite implementation on their premises even if they are a multinational and multilingual company.

However, small-sized businesses aren’t the most ideal organizations for using Oracle NetSuite.

How NetSuite ERP Adds Value to an Organization?

Full NetSuite Review 2021

There are various ERPs available in the market that offer various features and at a cheaper price. Then, why should one choose to use the NetSuite software in their organization? Here are the main reasons why:

Crowned the World’s No. 1 Financial Management Solution

Finance Management is the backbone of any organization and there is no better software for Accounting Management than NetSuite ERP.

Full NetSuite Review 2021

NetSuite accounting tools are used by thousands of companies to take care of their accounting needs, that include:

1. Expense Management

2. Financial Close

3. Auditable Revenue Management

4. Real-time Financial Reporting

5. Budgeting & Forecasting

6. Currency Management

7. Risk Management

8. Tax Management

Not only is this useful in itself, the accounting management seamlessly integrates with other tools such as Order Management, CRM, Inventory, and E-Commerce. This integration makes it a must-have tool to manage every aspect of a company's finance.

According to a lot of NetSuite reviews from NetSuite official partners, NetSuite developers, NetSuite consultants, and NetSuite customers, it is the best tool when it comes to Financial Management.

Data-Driven Decision-Making

Oracle NetSuite has built-in business intelligence tools that are highly efficient and useful in helping the decision-making process. These Business Intelligence tools crunch data from various sources such as your finances, production, sales, etc. for the most accurate suggestions/predictions.

Full NetSuite Review 2021

Using these tools, you can also convert these numerical figures to various charts and figures to monitor the health of your business. You can create custom visual analytics charts with different data points to customized summaries and generate actionable insights for business growth.

Data Security

With such a large ERP tool containing all your business data, security becomes a great concern. On top of that, running your business from any device all over the globe poses an even greater security concern.

Full NetSuite Review 2021

But, unlike other tools that live on your system, NetSuite ERP runs on the cloud. Therefore, it is more resistant to hackers and offers greater data security. The possibility of a data breach is highly unlikely as the data is encrypted and accessible only by authorized personnel. NetSuite reviews from existing customers confirm that their data is very secure.

Highly Scalable

There is nothing worse than building/using a system that works great up to a certain extent and then starts to choke either because of computing limitations, bandwidth, or functionality. Such conditions have a direct impact on the growth and development of a business directly and can be a cause of concern.

Full NetSuite Review 2021

NetSuite ERP has been in the ERP industry for a very long time and companies trust NetSuite for a reason - It is highly scalable. You would rarely be in a position where you wish to scale your business processes but are limited. NetSuite from the get-go is highly scalable and is efficient at it.

NetSuite Solution Providers such as Kanak Infosystems LLP. understand that businesses need to scale and hence provide NetSuite Consultation and NetSuite implementation accordingly.

Efficient and Error-Free Automation Processes

Entering data manually into systems doesn't just slow down your operations, it is also a source of greater mistakes. NetSuite offers various modules to create seamless transitions between various business processes.

Full NetSuite Review 2021

Using NetSuite's management modules such as billing management, you can easily create an efficient workflow for your sales, finance, and fulfillment operation teams. Not only that, you can improve quote accuracy, reduce billing errors, automate invoicing, and reinforce revenue recognition.

Similarly, you can use various modules that share the same database for creating an automation process that suits your requirements.

Optimize Employee Capabilities

Oracle NetSuite's Human Capital Management enables you to understand the productivity levels of different employees. This allows you to create better roles and responsibilities for key people in your organization while reducing the management cost.

Full NetSuite Review 2021

Moreover, this module gathers data about the day-to-day functioning of your company to offer cost-effective solutions to create a motivated, diverse, and efficient workforce.

A One-Stop-Shop for All Requirements

NetSuite ERP is most probably the only software solution that you will ever require for your business. It covers almost all the areas of business management from Production to Customer and everything in between. From a single platform, you can govern and run an entire firm efficiently.

Full NetSuite Review 2021

With NetSuite, every aspect of your business can be tracked, managed, integrated, and optimized from a single tool. Not only that, the data from various touchpoints are accumulated into a single point allowing for greater control over the workings of your business.

Perform Advanced Tasks

NetSuite ERP does way more than just basic housekeeping. It can deal with businesses in multiple countries, languages, subsidiaries, and currencies. On top of having support for different currencies, NetSuite can comply with various international accounting standards. No wonder it is ranked as the No. 1 Financial Management solution.

Full NetSuite Review 2021

Not only does NetSuite help you track your income and expenses, but it also facilitates advanced revenue recognition management. Since the software handles the entire supply chain, you can do more than just tracking inventory and your bills. You can even automate routine and mundane processes, or create rule-based workflows, or look at various data points from various perspectives.

The number of advanced tasks that you can perform with NetSuite is endless and NetSuite developers are highly trained to gather any requirement and help you achieve what you want to do.

Pricing/Affordability

Every business is different with different processes and different requirements. Therefore, instead of charging the same for each organization, NetSuite pricing system is tailored to each customer's specific requirements. The NetSuite pricing for a company depends on the use-cases, ERP Configurations, Add-Ons, No. of users, Contract Length among other factors.

Full NetSuite Review 2021

The NetSuite license has a subscription model which can be paid annually or at any other convenient interval. NetSuite also offers a free product tour in case you want to examine the features of the product before having a NetSuite login.

If you are unable to understand the complicated NetSuite pricing policies you can always consult an official NetSuite partner such as Kanak Infosystems to help you.

Where Does NetSuite ERP Lack?

There are tons of advantages and benefits of using NetSuite software, but of course, nothing is perfect. NetSuite helps organizations all over the globe to achieve their goals, but there are a few shortcomings of this great ERP tool as well.

Subscription Cost

Full NetSuite Review 2021

The entire NetSuite ERP software lives on the cloud and handles all your operations. As the number of users increases, the cost of their annual subscription also starts to increase too. Every penny spent on NetSuite is worth the Return on Investment, but the costs do keep growing over time.

Sophisticated Customization Process

Full NetSuite Review 2021

Since NetSuite is a mammoth ERP, it has a lot of moving parts. To add customization on NetSuite requires constant support and maintenance from the NetSuite developer team as every customization is unique. Customizations do require a lot of effort from the NetSuite team, but they ensure that your business isn't burdened by it.

Inability to Support Small Businesses

Full NetSuite Review 2021

NetSuite is targeted at medium-sized to large-sized businesses that are growing rapidly. But due to the no. of software features and size, it becomes unaffordable for small businesses and they are unable to take advantage of the ERP.

How Kanak Infosystems helps with NetSuite Implementation

Having served multiple clients across the globe for more than 8 years, we have earned a stellar track record in NetSuite implementation. No matter the size, type, and nature of your business, our certified NetSuite professionals follow the industry’s best practices for NetSuite ERP Implementation in your company.

Kanak Infosystems is an official NetSuite implementation partner and so we follow the standard procedure of implementing NetSuite as follows:

1. Requirement Analysis: Understanding the company processes and possible implementation areas to boost productivity

2. System Design: Planning, Designing, and configuring NetSuite before implementation

3. Development: Experienced NetSuite professionals start developing an MVP of the solution

4. Test Data Migration: Migrating existing data into NetSuite

5. Internal Testing: Our implementation expert starts using NetSuite to ensure all functionalities are working correctly.

6. Training: Rigorous training is then provided to the actual user

7. Complete Data Migration: All data now migrated to NetSuite

8. Going Live: NetSuite successfully implemented in your company

9. Post Live Support: Our NetSuite expert will be available for providing support

Wrap Up

NetSuite is an industry-standard ERP solution that is loved by thousands of companies all over the globe. Getting started with NetSuite implementation for your organization isn’t a simple process and it is highly advisable to opt for a NetSuite solution provider to help you along the implementation journey as they have more experience.

As NetSuite Partners, Kanak Infosystems provides a variety of NetSuite Services such as - NetSuite Consultation, NetSuite Integration, NetSuite Developer, NetSuite Implementation, etc. For any queries, you can reach us at sales@kanakinfosystems.com

Also, Read : 9 Signs Which Signify that your Business Requires an ERP like NetSuite.

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