Last Updated on July 28, 2023 by Emmanuel
This review will give you detailed information on Oracle Netsuite accounting software to help you understand how it works and decide if it is worth it.
We will see the features integrated within Oracle Netsuite, their various roles, the pricing, and any other vital information to help you decide if it is worth using.
Table of Contents
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.
Introduction to Oracle Netsuite.
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.
The founders raised $125 million from different investors to set up NetLedger and start running it.
This company became one of the most popular in the cloud-based accounting industry.
In 2002, the owners decided to add to the existing features other applications, including CRM and inventory management.
They also changed their company’s name 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 Key Products.
Accounting Software Module.
With NetSuite Cloud Accounting Software, you can easily manage the following:
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.
This software also has the tools to manage your financial accounts and the amounts in your cash registers in real-time.
You will also do the reconciliation process quickly and get an exact financial situation to prevent your business from running out of cash.
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 bacause you can easily fund your day-to-day activities or seize other investment opportunities.
Among other benefits of NetSuite accounts receivable management is accurately calculating taxes on each invoice.
Accurate accounting helps you to avoid possible problems with the tax authorities.
The account receivable also leads us to talk about accounts payable because the two are very close in the accounting industry.
In addition to managing your receivables accounts, this software will also facilitate managing the payable accounts.
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.
In addition to the above essential aspects, you can use NetSuite to manage your organization’s fixed assets efficiently.
Fixed assets are often essential components for many companies because of their investments.
Integrating fixed asset management into your accounting will make financial reporting more accurate.
In a nutshell, Netsuite has the tools to manage all the relevant data about your fixed assets, including the acquisition cost and in-service date.
This software can also estimate the fixed assets’ useful life, depreciation, and net values.
Enterprise Resource Planning (ERP) Module.
This ERP solution was developed to help business owners make fast and intelligent decisions, leading to more competitiveness and profitability.
Its use will help streamline your company’s essential processes and give you more time to focus on other important things to improve your business.
You can, for example, use Netsuite ERP to seize new opportunities in your niche market.
This feature will also help you control many other aspects of your business and give you clear visibility on what to improve.
The accounting module helps manage the financial aspects, but you will still need more to manage your business or organization profitably.
In a few words, the Netsuite ERP module provides the following benefits:
- The tools help streamline your business’s processes, save resources and time, and accelerate growth.
- The necessary 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.
This software will also help you do many other things, such as hiring and onboarding new workforces into the new 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.
This HR management module is so flexible that I advise you to take the time to see how it works and evaluate its various benefits.
Customer Relation Management (CRM).
The range of NetSuite CRM products was designed to provide you, as a business owner, with the most valuable insights about your customers and manage them efficiently.
It integrates the following features and tools:
Integrated CRM Customer Service Management.
This feature will give you an overview of how customers perceive the services rendered.
And the best ways to improve those services to satisfy your clients better.
Marketing Automation Tools.
Using these tools to automate your business’s most essential aspects will enable you to grow it fast and generate more sales.
You will learn how to create effective promotional campaigns and generate highly qualified leads ready to purchase the products or services you are selling.
You can also use these marketing automation tools to measure marketing campaigns’ performance, make the required adjustments on time and get the best results.
Partner Relationship Management (PRM) Feature.
In addition to the above features, Netsuite PRM tools will give you real-time information on your organization’s partners.
This information will then help you to:
- Elaborate marketing campaigns appropriate to each category of partners and get more qualified leads.
- 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.
Who Can Use Oracle Accounting Software?
This software is so complete and user-friendly that every type and organization can use it.
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.
How much cost Oracle Netsuite?
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.
That being said, the cost of the NetSuite license will depend on many factors, including the number of modules you want to use, 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.
This review has helped you to know better “what is Oracle Netsuite Accounting Software” I hope you will no longer need to ask this question.
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 because I 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 review about the most used cloud-based accounting 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 so.