This review will give you detailed information on what is Oracle Netsuite accounting software to help you know this software better before deciding to use it.
We will see the features integrated within Oracle Netsuite, their various roles, the pricing, and any other important information to help you decide if it is worth using.
Oracle Netsuite General Overview
- The Name: Oracle Netsuite.
- Date of creation: Netsuite was founded in 1998, Oracle acquired it in 2016.
- Headquarter: San Mateo, California, USA.
- Role: Accounting and many other business management modules.
- The cost: The basic price is $499 per month.
Introduction To Oracle Netsuite
Before describing Oracle Netsuite, let me first tell you that this software was originally called Netsuite before being purchased by Oracle in 2016.
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 then 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 really huge.
In July 2016, Oracle made an interesting offer of $9.3 billion to purchase Netsuite, which was accepted by its shareholders.
It is how Oracle took over Netsuite, and I hope to have answered whether is Netsuite and Oracle the same as asked by many people.
Oracle Netsuite Key Products
Accounting Software Module
With NetSuite Cloud Accounting Software, you can easily manage the:
You will automate your accounting process, record accounting support documents in chronological order, and generate financial reports, including the general ledger.
Such an easy and flexible process will give you a general overview of your business’s general performance.
You will then make informed management decisions without counting on 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 easily and get an accurate financial situation to avoid your business from running out of cash flow.
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.
Having enough cash flow is very useful bacause you can easily fund your day-to-day activities or seize other investment opportunities that arise.
Among other benefits of the NetSuite accounts receivable management is the possibility to calculate taxes accurately on each invoice issued and avoiding 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 have full control of all the payable accounts.
Managing Fixed Assets
In addition to the above important aspects, you can also use NetSuite to efficiently manage your organization’s fixed assets.
Fixed assets are often important components for many companies because of the investments they involve.
Integrating fixed asset management into your accounting will make the 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, in-service date, estimated useful life, depreciation, and net values.
Enterprise Resource Planning (ERP) Module
This ERP solution was developed to help business owners make fast and smart decisions, leading to more competitiveness and profitability.
Its use will help to streamline your company’s essential processes and give you more time to focus on other important things for improving your business.
You can, for example, use Netsuite ERP to seize new opportunities available 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 indeed helps to manage the financial aspects, but you will still need more for managing your business or organization profitably.
In a few words, the Netsuite ERP module provides the following benefits:
- The tools to help you streamline your business’s processes, save more resources, time and accelerate its 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 new workforces, onboarding them into the new working environment, managing their performance, payroll, promotions, and lots more.
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, evaluate its various benefits, and make the necessary customizations to get the maximum of it.
Customer Relation Management (CRM)
The range of NetSuite CRM products was designed to provide you, as a business owner, with the most useful 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 a total overview of how your customers perceive the services rendered to them 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 important aspects will enable you to grow it fast and generate more sales.
You will learn how to create effective promotions 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 into a single application your partner activities, CRM sales activities, and order management.
- Gain more visibility on your day-to-day marketing efforts and track the 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 size of organization can use it.
Oracle Netsuite is for individuals or businesses who have shops for all types of goods, digital marketing agencies, or consulting firms.
Other organizations that can use Netsuite software are education services, financial services, healthcare, manufacturing companies, nonprofits, transportation, logistics companies, etc.
Oracle Netsuite Pricing
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 its prices being not somehow affordable for everybody, 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.
I have found out that the license costs $499 per month, but this information is not revealed on this company’s website for reasons I don’t know.
You must first fill the required form and submit it to get the quote suitable for you.
To help you make the right choice, I have written another review of the best bookkeeping software. I urge you to read it and learn about the other alternatives to Oracle Netsuite.
I must also mention that this software currently has only 26,000 customers while its main competitors, such as FreshBooks and QuickBooks, have millions of users worldwide.
The Final Thoughts
This is the and of this review that has helped you to know better “what is Oracle Netsuite Accounting Software” I hope you will no longer need to ask this question.
There is no doubt that 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 at 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 for 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 is Netsuite good 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.