NetSuite Accounting Review: Features, Benefits, Pricing, and Cons

NetSuite Accounting is an ERP solution that combines accounting, financial, inventory management, and CRM tools.

In this NetSuite review, we will look into NetSuite Accounting’s key features, benefits, limitations, and other important aspects, such as integration, mobile apps, and NetSuite alternatives.

What is NetSuite?

NetSuite is cloud-based business management software offered by Oracle. It was founded in 1998 as NetLedger and renamed NetSuite in 2003. Oracle acquired NetSuite in 2016 and is currently available in 219 countries and territories worldwide.

NetSuite offers a comprehensive ERP suite to manage financials, operations, and customer relationships. NetSuite accounting is part of its ERP platform and is suitable for medium, large, and global businesses.

NetSuite Accounting Features

The NetSuite accounting features include general ledger, cash management, account reconciliation, tax management, etc.

General Ledger

NetSuite cloud accounting software offers all the tools finance and accounting professionals need to maintain accurate financial records, generate detailed reports, and ensure the timely closing of books. Its general ledger (GL) streamlines core accounting systems and provides a flexible structure suitable for all organizations. Companies meet their unique business needs by customizing account types, transactions, and reporting. Real-time bank reconciliation, rules-based transaction matching, and automatic journal entry posting reduce dependency on manual data entry.

Cash Management

The cash management feature of NetSuite boosts the efficiency of the accounting team by allowing them to access bank and credit card data in real-time and accelerating the reconciliation process. Automatic data updates give finance teams a clear picture of the company’s cash status. This helps them make smart decisions about money, predict future cash needs, and create accurate financial reports.

Accounts Receivable

NetSuite accounts receivable (AR) feature lets companies easily and quickly generate and send invoices, define credit terms, and manage collections. Thus, they get the liquidity needed to fund growth, shorten the credit-to-cash cycle, and grab new investment opportunities. NetSuite ensures real-time visibility throughout the AR process, covering the status of receivables at the macro level and each invoice at the micro level.

Accounts Payable

Accounts payable of NetSuite allow business owners to have complete control over the procure-to-pay process, including review, approval, and payment of supplier invoices. It automatically matches the invoices to the accurate vendor and purchase order, helping companies maintain detailed vendor records, create purchase requests, and manage them without any mistakes. Users do not need to enter debits and credits manually; its automated journal entries ensure payments are recorded accurately.

Account Reconciliation

NetSuite Account Reconciliation automates general ledger account reconciliations in a centralized workspace. It includes bank reconciliations, AR and AP, invoice-to-PO matching, all credit card matching, and intercompany transactions. It eliminates errors and manual ticking and trying so accounting teams can focus on high-risk reconciliations and other strategic work.

Tax Management

NetSuite’s SuiteTax has a configurable tax engine for end-to-end global tax management. Though SuiteTax is an indirect tax management solution, it helps finance teams by generating detailed reports, analyzing transactions, breaking down taxes for each individual transaction, and simplifying global tax compliance. NetSuite offers built-in tax logic that automatically determines whether a tax should be applied to a sale or purchase item and calculates the exact amount of tax to charge.

Close Management

NetSuite helps finance teams finish their monthly or quarterly financial reports faster by automating time-consuming tasks, such as journal entries, account reconciliations, variance analysis, and intercompany transactions. It also reduces spreadsheet dependency while ensuring financial statements are timely and accurate. By putting all an organization’s financial information in one place, NetSuite allows convenience and permission-based access for accounting staff. It enables users to quickly obtain all the financial information and close the books more accurately, leading to enhanced efficiency and staff productivity.

Fixed Assets Management

The fixed assets management feature automates fixed-asset depreciation and lease accounting, allowing financial reporting to be more timely and accurate. It supports the entire asset lifecycle management, from acquisition to retirement, without any manual process or spreadsheet. It creates a detailed list of existing assets with data such as acquisition cost, in-service date, estimated useful life, etc. NetSuite is also useful for tracking lease agreement details like contract value, duration, and discount rate. 

Payment Management

NetSuite payment management provides businesses the flexibility to make and receive payments. Companies can use the integrated SuitePayments solution to accept customer payments via credit card, direct debit, or any other supported mode. It supports ACH payments, direct deposit, online bill pay, and other electronic funds transfer (EFT) options to make payments. All these features improve cash flow and are cost saving.

What Are the Benefits of NetSuite?

The benefits of NetSuite are outlined below.

Real-time Visibility

By eliminating delays in data access, NetSuite enhances operational efficiency and strategic planning. It allows users to view the latest and updated data on financial records, advanced inventory management, sales performance, and customer information on its user interface. This real-time visibility empowers business owners to identify trends, respond to market changes with agility, and make informed decisions quickly.

Automated Processes

NetSuite automates routine tasks in the accounting sector, such as invoice generation, expense reporting, and financial closing. Thus, it frees up valuable time for accounting professionals to focus on higher-value activities. Through automation, NetSuite reduces the risk of human error and improves the accuracy of financial processes, especially those involving multi-currency management. Automated workflows ensure that business operations are quickly completed and that team productivity increases.

Streamlined Workflows

NetSuite accounting software works as a single source of truth where all financial data is stored in one place. This eliminates data discrepancies and makes information available instantly to authorized users. Using its shared access feature, multiple users can access and update information. It also enables teams to work efficiently on shared data for improved collaboration. 

Improved Collaboration

NetSuite provides a centralized platform for data access and sharing so teams can collaborate better to achieve common goals. As users get access to real-time data and insights, they can work together more effectively, make informed decisions, and drive organizational success. Enhanced collaboration leads to improved productivity, better customer service, and stronger overall business performance.

Cloud-Based Solution

NetSuite is a cloud-based solution that allows access to the system from anywhere with an internet connection. It promotes flexibility and offers the opportunity to enable remote work. Thus, NetSuite eliminates the need for on-premises hardware and software implementation, reducing IT costs and the complexity of the process. Moreover, it automatically handles software updates and backups essential for business continuity and data security.

Customization

NetSuite accounting software offers a variety of customization options for businesses so they can tailor the application to their organizational and business requirements. Thus, companies can optimize their operations and gain a competitive advantage. This flexibility ensures that the system aligns with unique business processes even when the business grows.

Customizable Reports

NetSuite comes with powerful reporting capabilities that enable businesses to gain valuable insights into financial performance, sales trends, inventory levels, and other key metrics. Users can easily access and share these reports with stakeholders, empowering them to make data-driven decisions and identify areas for improvement.

Real-time Analytics

NetSuite accounting platform users also get advanced analytics tools for analyzing real-time data from various sources. Businesses can identify trends, patterns, and opportunities to make proactive decisions, accurate forecasting, optimize operations, and enhance overall business performance.

Compliance and Data Security

NetSuite is designed to meet industry-specific regulations and standards. It employs robust security measures to protect sensitive financial data and comply with data privacy laws and regulations. NetSuite helps businesses mitigate risks and maintain a strong reputation with these features.

NetSuite Accounting Pricing

NetSuite Accounting offers custom pricing for its customers of all sizes. The pricing structure involves an annual license fee that consists of three main components: the core platform, optional modules, and the number of users. There is also a one-time implementation fee for the initial setup. Businesses can easily activate new modules and add users as they grow. When a user purchases a NetSuite platform license, accounting features are included.

What Are the Challenges NetSuite Cloud Accounting Software Solves?

The NetSuite cloud accounting software can solve the following challenges.

• Manual Processes: Manual accounting is a time-consuming process that consumes a lot of resources. NetSuite Cloud Accounting simplifies it through automation.
• Data Accessibility: Users of a regular accounting software platform often find it difficult to access data from several sources. NetSuite accounting software provides real-time transactional, financial, and operational data in one place.
• Accuracy: Manual accounting is prone to duplicate data entry and inaccurate formulas. Using NetSuite Accounting increases accuracy by eliminating these issues and replacing traditional spreadsheets.
• Compliance: Complying with an industry’s rules and standards can be challenging. NetSuite allows companies to consistently apply the appropriate regulations for different financial processes.
• Scalability: Businesses find it hard to get scalable solutions that can keep pace with their rapid expansion. NetSuite is an easily scalable option that can grow depending on requirements.

Does NetSuite Require Coding?

No, businesses do not need coding to use NetSuite because its out-of-the-box features fulfill most business needs. It is user-friendly and intuitive enough for accountants to use without any coding knowledge.

However, coding knowledge is required to tailor NetSuite to a specific business process or integrate it with other systems. In that case, users must know NetSuite’s proprietary scripting language, SuiteScript.

NetSuite Customer Support

NetSuite offers technical support to its customers through email and phone. Customers can also access support articles from its comprehensive knowledge database, SuiteAnswers. The NetSuite Support Community is also available to answer user queries.

NetSuite Integrations

NetSuite offers several tools for integration with other platforms, business systems, and applications. NetSuite SuiteTalk is the API companies can use to access their NetSuite data while building custom applications.

Using SuiteApps service, businesses can extend NetSuite features according to their business and industrial needs. NetSuite Connector automates data transfer between NetSuite and third-party applications such as Amazon, Shopify, Magento, etc. iPaaS platforms like Zapier, Boomi, and Celigo enable integration of NetSuite with other applications.

Does NetSuite Have Mobile Apps?

Yes, NetSuite has mobile apps for Android and iOS devices. Using NetSuite mobile apps, users manage expenses, log billable time, manage the NetSuite calendar, log business calls (inbound and outbound), attach files to record, access the dashboard, and attach receipt copies.

Is NetSuite Better Than QuickBooks?

No, NetSuite is not better than QuickBooks. According to popular software directory and online review portals, QuickBooks has higher ratings than NetSuite.

NetSuite Accounting Alternatives

NetSuite Accounting is a popular cloud-based world-class ERP system, but it is not ideal for all businesses. Companies can consider the following alternatives, depending on their unique requirements and goals.

Acumatica

Acumatica is a strong NetSuite alternative for mid-sized businesses dealing in manufacturing, distribution, service, and construction. While NetSuite pricing considers the number of users as one of the deciding factors, all Acumatica plans include unlimited users. So, companies with comparatively more users but budget constraints should choose Acumatica.

Sage Intacct

Sage Intacct is a better choice than NetSuite because of its ease of use. It is also ideal for companies looking for native Salesforce integration. For organizations that do not need a complete ERP suite and do not have complex processes, Sage Intacct is a better option than NetSuite.

Microsoft Dynamics 365

Microsoft Dynamics 365 is the perfect NetSuite alternative for organizations already a part of the Microsoft ecosystem. Instead of choosing Oracle’s NetSuite, Microsoft Dynamics 365 allows them to integrate seamlessly with Office 365, Power BI, and other Microsoft tools. Compared to NetSuite, businesses with complex manufacturing processes and industry-specific regulatory requirements benefit from Microsoft Dynamics 365.

Besides, businesses with limited budgets and simple operational requirements can choose a basic accounting software application from this list of accounting software for small businesses.

Who Should Use NetSuite Accounting Software?

NetSuite Accounting Software is suitable for medium to large businesses that need software with comprehensive accounting functionality to perform complex operational needs. These include retail, manufacturing, and wholesale distribution. Moreover, software, technology, food and beverage, and professional services should use NetSuite Accounting.

Who Shouldn’t Use NetSuite Accounting Software?

Small-sized businesses or organizations requiring simple operational solutions do not need NetSuite Accounting. Companies with limited budgets, growth expectations, lack of technical resources and expertise, and unique industry-specific needs should not use it.

NetSuite Verdict

NetSuite Accounting is a powerful cloud-based financial management solution that helps mid-sized to large enterprises manage financial operations efficiently. Its core strengths include automating complex financial processes, real-time visibility, and seamless integration with other business applications. For its robust functionalities, NetSuite receives the Geekflare Excellent Innovation Award.

While it is packed with accounting functions like general ledger, cash management, accounts receivable, and accounts payable, its complexity might be overwhelming for small businesses. Also, its steep learning curve and potentially high costs make NetSuite an overkill for small-sized organizations. For medium and large enterprises looking for a scalable, feature-rich accounting solution to manage complex financial operations, NetSuite is definitely worth considering.

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