NetSuite Review PROS & CONS (2023) – Best Business Management Software?

NetSuite is a very popular and comprehensive software system for business management. Its specialties are accounting, finance, eCommerce, enterprise resource planning (ERP), inventory management, etc. In this NetSuite review I will show how NetSuite can help organizations grow their businesses and lower their operating costs at the same time.

The company was formed in 1999. It was one of the first businesses to create and develop a cloud-based software solution. Oracle purchased NetSuite in July 2016. The new company is now known as Oracle NetSuite.

Basic accounting resources can be enough for some companies. However, other businesses often need more advanced functions. NetSuite can provide invaluable assistance in those cases. NetSuite is one of Oracle’s many products and is considered “the world’s #1 global cloud ERP.”

NetSuite has several cloud-based resources. These tools can be used for business management, eCommerce, human resources, project management, and other essential tasks.

The bulk of this NetSuite review will concentrate on the ERP, and SRP features that NetSuite provides. Those are the topics that I think most users are primarily interested in. But I will also mention other features that NetSuite provides.

ERP stands for enterprise resource planning. It’s a complete resource for companies that are focused on inventory management. SRP is services resource planning and is intended for service-centered companies.

 

NetSuite Review

Oracle NetSuite ERP includes warehouse management and inventory management, which provide companies better control over branch transfers from warehouses to retail stores and suppliers’ orders. NetSuite allows regular cycle counts to monitor inventory amounts and resources that company owners and managers can use to understand their warehouse operations fully.

 

 

NetSuite SRP is a comprehensive project management package. Its tools and modules can improve efficiency and reduce redundancies in analytics, billing, project accounting, resource management, and other functions.

 

 

NetSuite can be used whenever you want. All you need is a reliable Internet connection. They even offer Android and iPhone apps. Even though NetSuite’s information and services are stored online instead of on individual computers, there is an implementation procedure to set up the software.

Medium-sized companies and enterprises are Netsuite’s ideal users. Overall, NetSuite is a complete business management solution for companies that need more than just accounting software like Quickbooks (see how to integrate WooCommerce with QuickBooks) or Xero (see WooCommerce and Xero integration methods).

 

ERP Features

Here are some of the NetSuite ERP features:

• Bank Reconciliation – Bank reconciliation is fully supported by NetSuite ERP.
• Budgeting – You can create plans to continue to expand your company with NetSuite ERP compound budgeting resources.
• Cash Flow – NetSuite offers a convenient cash flow management tool. It can be used to help you accurately track your income and expenses.
• Chart of Accounts – Full chart of all active accounts.
• Contact Management – This section allows you to add custom fields and contact information. There are tabs on the contact page for Address, Bank Payment Details, Communication, Company Profile, Financial, Marketing, Preferences, Relationships, Sales, Support, and System Information. Tasks and files can be added to contacts.
• Finances – This feature allows you to review invoices, pay bills, and perform other essential business functions.
• Fixed Asset Management – Lifetime tracking of fixed assets.
• Inventory – It allows you to organize and monitor all products that you sell effectively. Products can be tracked by location, which is especially beneficial for companies with multiple departments or warehouse buildings. NetSuite can even help with upsells by suggesting items that your customers also purchase.
• Payroll and Human Resources – You can manage your human resources and payroll tasks from the same location. Monitor reimbursements, incentives, and track time.
• Reports – NetSuite ERP provides an impressive assortment of reports. Every report is fully customizable. Charts and graphs, classes, and custom fields can easily be added or removed at any time. NetSuite even has country-specific tax reports built into the software.
• Vendor Management – Helps you easily manage vendors, which can come in handy if you receive inventory from all over.

 

SRP Features

Here are some of the NetSuite useful SRP features:

• Accountant – Users can control an organization’s financial condition using this dashboard. You can monitor fixed assets, billing, perform statistical analysis, manage the financial state of the company via the chart of account, etc. You can keep track of your accounting duties with a convenient end of month checklist.
• Commissions – NetSuite SRP simplifies commissions monitoring. Commission reports can be run, and company owners and managers can easily set multiple price levels and commission plans.
• Contact Management – This feature can be used to add contact data and custom fields quickly. Tabs for Activities, Campaigns, Cases, Collection Notes, Files, Items, Messages, Opportunities, Notes, Sub customers, System Notes, Transactions, and User Notes can be set on the contact page.
• Expense Tracking – Monitor company expenses and assign expenses for particular projects. Contractors and employees can submit expense requests for approval (attachments can also be added to expenses).
• Job Costing – The project dashboard can be used to evaluate profit and loss for various projects. You can also run comprehensive reports based on this information. Lead Management: Allows you to record possible opportunities and monitor leads. NetSuite SRP provides a form that you can add to web pages. The form can be used as a lead generation tool and gather information from potential clients automatically.
• Project Management – NetSuite’s Project Management function is very comprehensive. A GANTT chart, profit, loss, tasks, and KPIs are included in the project dashboard. You can create templates for future projects, monitor discounts and markups, set milestones, add baselines & budgets, and assign tasks & phases for each project. It’s simple to see the suppliers, labor, and expenses for each project that you have. The resources feature can be used to give tasks and projects to various contractors and employees.
• Reports – It’s amazing how many different types of reports can be created using NetSuite. Each report that you create can include graphs, charts, classes, and custom fields per your needs.
• Resources – This option serves as a type of employee database that includes information about contractors, consultants, and employees. You can see a person’s resume, years of experience, availability, and levels of skill. This ensures that you’ll have the right person for a specific job every time.
• Time Tracking – Time can be tracked for anyone who has been assigned to a particular project. Employees can add comments as they send their hours worked for approval. Employees can be prohibited from tracking their time worked if necessary. Weekly timesheets can be run and billable hours sent to clients. Billing via fixed rate, time, charges, and expense are just some of NetSuite SRP choices. Expense rules, fixed rate rules, and time-based rules can be used to help simplify billing processes.

 

Integrations

Oracle NetSuite integrates easily with all modules like CRM, human capital management software, inventory management software, and other available platform modules. Its open API allows for integrations with many other well-known business software systems.

You can utilize a dedicated implementation team for an added fee if you want to connect NetSuite with other business services that you’re currently using. The team can assist with project management planning, creation of more integrations, and implementing the platform. There are also plugins and tools which you can use to connect NetSuite and WordPress. For more info you can check best tools for WooCommerce NetSuite integration.

 

Setting NetSuite

NetSuite’s implementation is usually based on company needs. The process can be rather lengthy. It could take a few weeks up to as much as six months. How long it takes to implement will depend greatly on the selected NetSuite resources and the individual organization.

NetSuite’s Success Services team will be sent out after a contract has been signed. An Experience Manager will lead the services that have been agreed upon. The Experience Manager will work with the company to identify their goals, find important issues, and discover possible opportunities for their particular system implementation. Project road maps are created during the interactions with companies and NetSuite Experience Managers.

There’s also a premium Technical Account Management (TAM) subscription service that NetSuite offers. This is a premium service that makes sure that any technical issues that may occur before and after implementation are addressed and resolved on time.

NetSuite provides a dashboard for each employee. Each dashboard will is designed according to the specific user’s role in the organization.

 

 

You won’t find the same standard template in NetSuite’s dashboard. Every dashboard is designed with features that are relevant to each user’s role in the business. Accountants, sales reps, sales managers, CIOs, CFOs, and CEOs will all have their own unique NetSuite dashboard.

Every dashboard can also be fully customized with plenty of graphs and charts that can be used at any time. Color themes can be adjusted, and users can move and resize anything on their own individual dashboard.

NetSuite has several invoice templates that can be used. Invoices can be printed and mailed or faxed to clients. Sales reps, departments, and classes can be added to invoices whenever you want. Companies can require invoices to be sent off for approval by representatives before they are submitted to customers.

Estimates are created similarly and can be emailed or faxed to possible customers. After you send an estimate, you can easily convert it into an invoice.

NetSuite fully supports key Performance Indicators (KPIs). KPIs can be implemented in the dashboard to provide brief insights into the organization’s performance. COGs and sales are just some of the items that can be shown in KPIs.

 

 

The ability to set alerts and reminders in the NetSuite dashboard is another useful feature. Reminders can be assigned to keep you on task and stay productive.

Information for detailed reporting can be separated by department, subsidiaries, location, price, and other categories. You can create as many default email templates as you need and even configure them to be sent automatically.

You can bill in 20 currencies using NetSuite. Currency exchange rates are always automatically updated every night. NetSuite’s exporting and importing functions are impressive. You can schedule reports in advance and export files in .csv, .pdf or .xls.

 

How NetSuite Dashboard Works?

One of the first things that you’ll see when you log in to your Oracle NetSuite dashboard is all of the widget options. NetSuite refers to their widgets as “portlets.” Portlets provide detailed information about specific detail when you hover the mouse over graphics. For instance, hovering over a certain dollar amount on a data table will tell you the origin of that amount.

 

 

All portlets can be resized and altered at any time. Many portlets are already predefined and separated into the Report Snapshots, Standard Content, or Trend Graphs categories. There’s also a fourth tab that shows you all of the active portlets used in Dashboard.

Commonly used actions such as “Customers,” “Activities,” and others are included in a ribbon bar that appears on the top of your screen. You’ll also find other actions there, including Financials, Payroll, HR, and Vendors. Drop-down lists with the functions that can be used for that specific category will be shown when any of those actions is clicked on. The first menu option is “Overview.” Selecting this action will open up another dashboard. This new dashboard has the portlets that are the most frequently used for that category.

 

 

If you’re using the drop-down menu for the Financial category, for example, you’ll see Banking, Inventory, Lists, Reports, and other options. The “Reports” selection will bring up additional portlets. There will be portlets for Billing, Financial, Inventory, Saved Reports, etc. There will also be a plus button that appears to the left of each of these headings. Clicking on one of those plus buttons will display all available reports, and clicking on a report title launches the report.

It’s not always easy for new users to become accustomed to Oracle NetSuite as it looks intimidating at first. You will see more information than you know how to handle it. The higher your level of access is, the more options you’ll have. Thankfully, there are plenty of training videos in the online support center to make things easier.

 

NetSuite Pricing – How Much Does It Cost?

NetSuite offers eCommerce, customer relationship management (CRM), point of sale (POS), ERP and SRP options, etc. When you sign up with NetSuite, the software is tailored to your business. You can use one, several, or all of the options NetSuite offers. There aren’t really any prices set in stone because the services are tailored for individual organizations.

The price can differ based on the number of modules that are needed, revenue, company size, and other factors. Oracle sales reps can provide customized price quotes according to this information.

Small companies with simple inventory management requirements shouldn’t use Oracle NetSuite as their primary option. The software is ideal for scaling and medium-sized organizations that plan to use most or all of the NetSuite platform features.

NetSuite’s pricing may seem rather costly at first, but don’t let the amount of money deter you from using it. The combined NetSuite ecosystem can end up saving you time and money in the long run.

Feel free to address any questions or concerns that you may have by talking with a NetSuite representative. They offer free consultations so that you can better understand what amount you might be paying.

Prices for various Oracle NetSuite products can vary. They differ based on the company size and the necessary software modules, how many orders your organization fulfills, and your annual revenue.

 

How Good Is Customer Service?

NetSuite has several customer service options, from do-it-yourself training courses to regular help desk tickets. There are also Basic and Premium levels of customer support. Basic support is available for any paid NetSuite subscription. Premium support customers receive added perks such as assistance for high severity issues any time of day.

 

 

NetSuite also has a third level of customer service that goes above the Premium tier. Advanced Customer Support (ACS) is a managed service that proactively optimizes NetSiote tools. There are three levels of ACS support: Monitor, Optimize, and Architect. ACS customers are assigned their own customer service manager. That manager works with its solution team to help resolve issues quickly.

They also have a Professional Services. These are one-off services that are fee-based and designed to address specific issues.

 

NetSuite Pros & Cons

Here are some of the NetSuite advantages and disadvantages:

PROS

• Feature-rich software;
• Ideal for big companies;
• Advanced permissions;
• Multiple integration options;
• Powerful, diverse selections;
• The software is suited for organizations that conduct business on a global scale;
• Impressive analytics and reporting tools;
• The enterprise planning resource function can be applied to different types of specialties and niches;
• The ability to create your own custom process workflows;
• It’s a reliable, secure, and easily accessible cloud service;
• An intuitive dashboard that has logical hierarchies.

 

CONS

• It’s not an ideal solution for smaller companies.
• NetSuite can be too expensive for some organizations. There are also additional costs for training, customer service, and other options.
• A very long learning curve could frustrate or overwhelm users at times.
• The implementation process can take a significantly long time (a few months to a few years).
• Some users don’t like paying for customer support, and other users reported unsatisfactory customer support experiences.
• Specific roles can be challenging to set up in the system.
• The feature set is vast but can also be difficult.
• Outdated dashboard, which needs a redesign.

 

NetSuite Review Conclusion – Is It Worth It?

Oracle NetSuite isn’t cheap. The comprehensive nature of the platform can justify cost for many organizations. However, it may be too much for some businesses to use or understand.

NetSuite works well for medium and large companies with multiple product and service lines. The software works at peak efficiency when all available modules are actively operating and cooperating.

You might want to look into another dedicated inventory management tool that can be used with your current systems if you’re a smaller company or if you have less money to spend.

NetSuite offers global compliance, a wide assortment of features, and plenty of customization choices. Their software has an impressive amount of functions and features. One concern is that the learning curve might be a little steeper than expected.

NetSuite software can be a considerable investment. Prices can start at $10,000 or more annually. NetSuite may be well worth it for some companies, but you might be better off with other options if you are stunned by the cost mentioned.

If you decide to go with NetSuite, you will not have to worry about ever outgrowing it. Their features will expand and adapt as your business does. The possibilities are almost endless.