Today, there is a wide range of cloud ERP solutions for the benefit of companies of all sizes, particularly in industries that have traditionally been hard to manage.
NetSuite ERP is one of them that helps to automate manufacturing processes and increase overall efficiency.
This article outlines Oracle NetSuite’s cloud ERP solution Platform’s main features, including its advantages and limitations. Let’s start reading to learn all about NetSuite.
New version: NetSuite 2023.1
Date: Will be released on March 16, 2023
What is NetSuite ERP?
It is a revolutionary cloud enterprise resource planning (ERP) solution that helps your company achieve continuous technological improvements, streamline processes, and provide accurate reporting across the business.
NetSuite Pricing
(As of writing this article, pricing details are as follows. For more updates, visit its official website).
Its license cost starts at $999 per month, and the individual user cost is $99 per user per month.
Pricing as per Edition
It offers three types of editions. They are categorized based on the number of users, the size of your organization, and the kind of functionalities you need.
| Limited Edition | This edition is a pricing plan for small industries with ten user licenses and less than 50 employees. |
| Mid-market Edition | This edition is a pricing plan for medium industries with more than ten user licenses and who are required to have merged financial reports across multiple currencies. |
| Enterprise Edition | It is a pricing plan for large industries with more than 1000 user licenses. |
Pricing as per the type of user
Netsuite price list differs per the end-user’s role, like a CEO, a sales manager, a controller, etc.
Pricing for advanced module
Apart from ERP and CRM features, NetSuite provides some add-on advanced modules. You can choose and get their license as per your business needs.
These are the modules dedicated to particular industries. For example, the NetSuite Manufacturing module is suitable for manufacturing industries. This module fulfills all the needs of the manufacturing organization.
But again, these advanced modules’ costs vary based on your industry type, like small, medium, or enterprise.
You can add or remove the modules per your requirement during the contract renewal.
Pricing for support
It provides technical support freely with the subscription license.
If you want 24/7 technical support, you need to upgrade to NetSuite premium support, depending on your software contract value.
Implementing NetSuite
The NetSuite implementation process takes place step by step.
- Introduction – The user finds its objectives and discusses the scope of implementation with its implementation partner.
- Setting up – The client setups an internal team to help its NetSuite partner implement the software.
- Configuration – To find out all business scenarios, such as finance and CRM, during implementation, the internal team is involved in work sessions and learns how the scenario requirements are converted into NetSuite best practices.
- Data resetting – The software starts consuming customers’ data.
- Learning of software – The customer’s internal team observes and learns new enhancements and finds gaps in the process.
- Final configuration – The implementation partner executes the client’s customized design and transfers all data from the client’s legacy system to NetSuite.
- Testing and Training – End users start testing the new system for its ERP functionality, and all the users of the customer company take training on NetSuite.
- Live work and support – When the customer’s company starts running its business on NetSuite software If any issues arise while running the software, the company gets help from the implementation partner, and thus implementation ends.
Supports and Services
It offers two types of support systems—basic and Premium.
Customers will get NetSuite essential support with its subscription, which includes
- Online support for complex issues during weekdays within working hours (8 am to 6 pm)
- NetSuite users support group access.
Premium support provides all facilities of essential support along with that it provides
- 24/7 supports
- Advanced notification of new releases
- Support on weekends
- Support via the toll-free technical center
NetSuite Features
1. Financial Management
- Accounting
- Billing
- Planning and Budgeting
- Revenue Recognition
- Financial Consolidation
- Financial Reporting
- Governance, Risk, and Compliance
2. Order Management
- Multichannel Order Management
- Sales Order Management
- Returns Management
- Pricing Management
3. Inventory Management
- Multi-location Fulfillment
- Replenishment
- Cycle Counting
- Item Visibility
4. Warehouse Management
- Inbound Logistics
- Order Fulfillment
- Mobile Warehouse Management
- Bin Management
- Cycle Counting
5. Supply Chain Management
- Supply Planning
- Supply Chain Execution
6. Accounting Software
- Accounts Payable
- Accounts Receivable
- Cash Management
- General Ledger
- Tax Management
- Close Management
- Fixed Asset Management
- Payment Management
7. Global Business Management
- Multi-currency
- Multi-language
- Tax Management
- Global Accounting and Consolidation
8. CRM
- Customer Service Management
- Marketing Automation
- Partner Relationship Management
- Sales Force Automation
- Configure, Price, and Quote
9. HCM
- Payroll
- Performance Management
- Workforce Management
10. Professional Service Automation
- Analytics
- Expense Management
- Project Accounting
- Project Management
- Resource Management
- Timesheet Management
11. Omnichannel Commerce
- B2C and B2B E-commerce
- Order Management
- Point of Sale
- Connectors
12. Analytics and Reporting
- Reporting and Dashboards
- Data Warehouse
Advantages
Following are a few advantages of this ERP.
Easily customizable
It provides basic features as per your subscription. But you can customize these features as per your business needs quickly.
The NetSuite platform allows you to customize forms, fields, and documents. You can also change and generate new functionalities, workflows, and business processes per your/user’s requirements.
Provides visibility
With the help of its feature, you can get a perfect customer view and track the customer quickly.
It allows you to record and analyze the contracts to the purchase history and provides real-time data to make better decisions.
Very flexible
It is very flexible software. You can effortlessly integrate it with any third-party software without losing precision and accuracy.
Limitations
Every ERP has its limits. You know NetSuite is a good cloud ERP. Still, it has some drawbacks. Let us have a look.
More support and maintenance for customization
Customizing this ERP requires more attention and support because it is very advanced.
Expensive
It is costly for small businesses.
- Extra maintenance cost:
It provides an annual subscription plan for users and the number of accounts required. You have to pay more ERP maintenance costs when users and accounts rise.
Extra costs for advanced modules and suite apps
If you need more advanced functionalities to enhance your business, you can go for advanced modules and suite apps. But you need to pay an extra fee for that.
What industries does it support?
It supports the following industries:
- Digital Marketing
- Advertising
- Apparel, footwear, and accessories
- Camus stores
- Education
- Consulting
- Energy
- Healthcare, health, and beauty
- Manufacturing
- Media and publishing
- Financial services
- Food & beverage
- Retail and wholesale distribution
- Professional services
- Nonprofit
- Restaurant & Hospitality
- Transportation
- Software companies
- IT Services
NetSuite Alternatives
- Sage Intacct
- Quickbooks Desktop Pro
- Acumatica
- SAP Business One
- Epicor ERP
- FinancialForce
- Microsoft Dynamics GP
- Sage 100cloud
- Odoo ERP
Customers
- ASICS Asia
- Covisint
- DWA Media
- Primary arms LLC
- Zev Technologies
- 7 Nation
- Channel Advisor
- School of Rock
FAQs
What is NetSuite for Accounting?
NetSuite Accounting allows the different sizes of companies which are having global businesses. This can handle different currencies, tax laws, and different languages.
Conclusion
Although NetSuite may have some drawbacks, it remains a popular cloud ERP for a good reason. It is flexible, easily customizable, and provides visibility into customer data.
Additionally, it integrates well with other software programs, making it an attractive option for businesses of all sizes.
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