Last Updated on February 19, 2024 by Emmanuel
We feel compelled to review the Oracle Netsuite accounting software so you can decide if it suits handling your accounting transactions or if you will do a better search for another alternative.
Reviewing the Oracle Netsuite features and their various roles and providing you with other crucial information, including this software pricing, is worth it for your decision-making; let’s go straight to the point.
Table of Contents
The Oracle Netsuite Overview.
- The Name: Oracle Netsuite.
- Inception Date: Netsuite was founded in 1998, and Oracle acquired it in 2016.
- Headquarters: San Mateo, California, USA.
- Modules: Business management, including accounting.
- Cost: The introductory price is $499 per month.
What Is the Oracle Netsuite Software?
Before describing Oracle Netsuite, let me tell you that this software was initially called Netsuite before being purchased by Oracle in 2016.
The NetSuite company was founded in 1998 as “NetLedger” accounting software by Goldberg and other partners.
Goldberg and partners raised around $125 million from different investors to set up NetLedger so the company could start operating suitably.
However, the company owners changed its name in the 2002’s from NetLedger to NetSuite.
From 2002 to 2016, Netsuite’s growth has been so phenomenal that its annual revenue increased from one million dollars to around $1 billion, which is vast.
In July 2016, Oracle offered $9.3 billion to purchase Netsuite, which its shareholders accepted.
It is how Oracle took over Netsuite, and I hope to have answered whether Netsuite and Oracle are the same as many asked.
Oracle Netsuite Essential Products.
Accounting Software Module.
With NetSuite Cloud Accounting Software, you can easily manage the following:
General Ledger.
You will automate your accounting process, record accounting support documents chronologically, and generate financial reports, including the general ledger.
Such an easy and flexible process will give you a general overview of your business’s performance.
You will then make informed management decisions without counting the stressful manual data entries that often lead to difficult-to-detect errors and inaccurate results.
Cash Flow Management.
The Oracle NetSuite platform also has the tools to manage your financial accounts and the amounts in your cash registers in real time.
You will also do the account reconciliation quickly and get an exact financial situation to prevent your business from running out of cash.
Accounts Receivable.
This part includes the tools to help you prepare branded invoices quickly and send them automatically to your clients for payments.
You will find an easy process for defining the credit terms and collecting the payment on time.
Enough cash flow is beneficial because you can easily fund your day-to-day activities or seize other investment opportunities.
Among the other benefits of NetSuite accounts receivable management is the accurate calculation of taxes on each invoice.
Accounts Payable.
The accounts receivable also leads us to talk about accounts payable because the two are very close in the accounting industry.
You will find how to approve and pay invoices from your suppliers on time, keep detailed vendor records, and maintain good relations with your suppliers.
In a nutshell, the Netsuite accounts payables tools will enable you to match every invoice received to the corresponding supplier and completely control all the payable accounts.
Managing Fixed Assets.
Besides, the NetSuite accounting software is suitable for managing your fixed assets efficiently.
Businesses that want to build customized online stores or websites can also use Squarespace or BigCommerce bulders.
Enterprise Resource Planning (ERP) Module.
You can, for example, use Netsuite ERP to seize new opportunities in your niche market.
The accounting module helps manage the financial aspects, but you will still need more to manage your business or organization profitably.
You get the following benefits:
- The tools help streamline your business’s processes, save resources and time, and accelerate growth.
- Valuable analytic data to make the most actionable decisions for the good of your business.
- Possibility to leverage this business management system by customizing its functionalities as your company grows.
Human Ressources Management.
Oracle Netsuite will also help you manage your human resources and payroll better.
Whether you are an HR manager or HR professional, you will find out how to streamline the information about your employees.
You can also use this software to hire new employees; they are suitably onboard into the working environment.
Its other benefits are managing the business performance, payroll, promotions, etc.
Depending on the size of your company and your ability to delegate responsibilities, you can also allow your employees to set goals, request time off, schedule vacations, etc.
Customer Relation Management (CRM).
The NetSuite CRM features and tools include the following:
- Integrated CRM Customer Service Management that shows how your business provides suitable customer satisfaction.
- CRM helps to improve those services to satisfy your clients better.
- Marketing automation tools enable you to create effective promotional campaigns that generate highly qualified leads ready to purchase the products or services you are selling.
Partner Relationship Management (PRM) Tools.
Besides the above features, Netsuite PRM tools will give you real-time information on your organization’s partners.
You can also integrate your partner activities, CRM sales activities, and order management into a single application.
- Gain more visibility on your day-to-day marketing efforts and track sales easily.
- Share the information about your marketing campaigns and the sales generated on your partners’ networks.
Many also use the best free logo design software to brand their businesses and make them unique.
Who Can Use Oracle Accounting Software?
Oracle Netsuite is for individuals or businesses with shops for all types of goods, digital marketing agencies, or consulting firms.
Other organizations using Netsuite software are education services and financial services.
Healthcare, manufacturing companies, nonprofits, transportation, logistics companies, etc, can also use it.
Many also use the Omega amplifier to improve their weak wireless connection.
How Much Does Oracle Netsuite Cost?
As you have just seen, this software integrates the features and tools you need to manage all aspects of your business from a single easy-to-use interface.
This flexibility results in the Oracle NetSuite prices not being affordable for everybody.
It is unlike most other accounting software currently available on the market.
The cost varies per the number of modules used, the number of users, the period of the contract, etc.
The license would cost $499 per month, but this information is not revealed on this company’s website for reasons I don’t know.
You must complete the required form and submit it for a suitable quote.
Oracle NetSuite Final Thoughts.
That’s what we can tell those who ask what the Oracle Netsuite accounting software is.
Undoubtedly, Oracle Netsuite features one of the best modules to manage all types of businesses, but it is also expensive.
However, I am no here to decide on your place; we don’t know the types and size of your organization, the management goals you want to achieve, and your budget.
The best thing you can do now is to read the other reviews about the most used cloud-based accounting software, Sofware, as indicated.
You will find a summary of each of them, and I am sure you will find an accounting software suitable for you.
Now that you know if Netsuite is suitable for accounting or not, allow me to thank you for reading this post. You can leave a comment at its bottom if you wish.
MIchel says
I remember Netsuite well because I was using this software in the early 2000s, but I had no idea that it had been taken over by Oracle.
I like that this software can help make branded invoices, unlike some others that haven’t this function. Thank you also for giving a link about the other alternatives Oracle Netsuite.
Emmanuel says
Thank you, Michel, for your comment.