Netsuite Accounting Software Review

NetSuite Accounting software is a powerful yet user-friendly business solution that can supercharge your organisation’s financial processes. This cloud-based system streamlines and simplifies even the most complex accounting tasks, making routine bookkeeping faster and easier.

From creating invoices, reconciling bank accounts, and generating financial reporting and tax documents, NetSuite helps you save time while ensuring accuracy and security. With its intuitive design and robust features, it’s no wonder NetSuite is one of the most popular and trusted accounting systems around!

Netsuite History

NetSuite was founded in 1998 by Evan Goldberg and Larry Ellison. The company started with the goal of providing cloud-based business management software to small and medium-sized businesses. NetSuite’s first product was a web-based accounting system, which grew to include other business applications, including a customer relationship management (CRM) system, e-Commerce and Enterprise Resource Planning ERP.

NetSuite was acquired by Oracle Corporation in 2016. The acquisition was seen as a validation of the cloud computing model and a sign of Oracle’s commitment to the cloud.

NetSuite is now one of the leading cloud-based ERP systems on the market. The company has over 34,000 customers in over 217 countries. NetSuite’s products are used by businesses of all sizes, from small startups to large enterprises.

NetSuite is a powerful tool that can help businesses improve their efficiency and profitability. However, it is essential to note that NetSuite is a complex system that requires careful planning and implementation, but Netsuite will work with you to get the best system in place.

Advantages of Using Netsuite Accounting

NetSuite is a comprehensive cloud-based Enterprise Resource Planning ERP system that can help businesses of all sizes improve their accounting processes. Some of the advantages of using NetSuite for accounting include the following:

• Accuracy and efficiency: NetSuite’s automated features can help businesses eliminate errors and improve efficiency. For example, NetSuite can automatically categorise financial transactions, calculate taxes, and match received invoices to payments and shipments.
• Compliance: NetSuite is designed to meet the compliance requirements of businesses in various industries.
• Scalability: NetSuite is a scalable solution that can grow with your business. As your business grows, you can add users and modules to NetSuite to meet your changing needs.
• Cost savings: NetSuite can help businesses save money on their accounting costs. For example, NetSuite can eliminate the need for businesses to purchase and maintain separate accounting and human resources software.

If you are looking for a cloud-based ERP system to help you improve your accounting processes, NetSuite is a good option.

Key Features of Netsuite Accounting

Oracle NetSuite Accounting is a cloud-based financial management system that provides a suite of features to manage financial operations for businesses of all sizes. Some of the key features of NetSuite accounting are:

1. Financial Reporting: NetSuite provides real-time financial reporting that helps businesses monitor their financial performance and make informed decisions. This helps a business’s financial planning and knowing the best times to expand.
2. General Ledger: NetSuite’s general ledger provides a central financial data system that enables businesses to track and manage their financial transactions.
3. Accounts Payable and Receivable: NetSuite allows businesses to automate their accounts receivable and payable processes, improving efficiency and reducing errors.
4. Billing and Invoicing: NetSuite’s billing and invoicing features enable businesses to create and send invoices, track payments, and manage customer accounts.
5. Multi-Currency Support: NetSuite supports multiple currencies, allowing businesses to manage transactions in different currencies and consolidate financial data across regions.
6. Tax Management: It helps businesses manage their tax compliance by automating tax calculations and providing tax reporting features.
7. Bank Reconciliation: NetSuite’s bank reconciliation features enable businesses to reconcile their bank accounts with their general ledger, ensuring accuracy and preventing fraud.
8. Budgeting and Forecasting: It provides budgeting and forecasting tools that enable businesses to plan and track their financial performance against targets.
9. Audit Trail: NetSuite’s audit trail feature provides a complete history of financial transactions, enabling businesses to track changes and ensure compliance.
10. Integration with Other Systems: NetSuite integrates with a range of other systems, including CRM, e-commerce, and payroll systems, providing a complete financial management solution for businesses.
11. Fixed Assets Management: It maintains the complete cycle of an asset, from the purchase price, depreciation and end of life.
12. Remote Access: Employees and accountants can access the software from anywhere with an internet connection.
13. Security: the software uses encryption and other security, so you know the software is safe.
14. Saving time: With good software and automation with invoicing and accounts payable, Netsuite can save time with manual processes.
15. Customisation of Dashboard: The dashboard can be customised to show the most important metrics for the business first. Each user can have their own dashboard depending on their role within the business.
16. Cash Management: monitor and predict cash flows and position

Netsuite Accounting Disadvantages

NetSuite can be a great tool for businesses, but there are some drawbacks to using the system that you should consider.

Gaining expertise and knowledge: Using software such as NetSuite requires staff to have the necessary knowledge and training to use it. This can be time-consuming and costly, especially for users unfamiliar with ERP systems.

Price: Despite offering cost savings in the long run, NetSuite is an expensive upfront investment for businesses.

Usability: With its range of features, NetSuite is known for being complex and challenging to use. This can be a downside as it may take time to master the software.

Integration issues: Integration with other systems can also present challenges, requiring businesses to invest in additional development and support if incompatible.

Oracle Netsuite Accounting Pricing

NetSuite pricing is based on a subscription model, with monthly fees that vary depending on the number of users, modules, and features you need. Each business will have its own pricing.

To find out further information on pricing, fill out a simple form online, and someone from sales will phone you back. When I completed the form, I had a call within 5 minutes to go through the business requirements.

There are also Oracle Netsuite partners that can assist with integrating it into your business.

Alternatives to Netsuite Accounting

For many small businesses, Netsuite Accounting is too expensive, and they may explore other accounting platforms including.

FreshBooks: Freshbooks is an easy-to-use online accounting platform that enables businesses to create invoices and track expenses. It also offers integrations with other programs like PayPal, Stripe, and Xero.

Xero: Xero is a cloud-based accounting software that offers features such as invoicing, payments, payroll, and reporting. Xero also has apps that you can use for additional tasks like inventory, payroll, eCommerce and point of sale.

QuickBooks: QuickBooks is a popular cloud-based accounting software that offers basic features such as invoicing, payments, reporting, and inventory tracking.

Netsuite Accounting vs Quickbooks

Below is an example of how Netsuite accounting can work for your business.

Oracle Netsuite Accounting Conclusion

Oracle NetSuite Accounting is a powerful tool that can offer businesses an integrated financial management solution showing business performance.

It offers features such as fixed asset tracking, remote access and security, which make it an attractive choice for many organisations. However, the cost of using this software can be expensive upfront and requires staff to have sufficient knowledge to use it effectively.

If you are looking for alternatives, there are several options available on the market, including Freshbooks, Xero and QuickBooks. Ultimately, whichever platform you choose should depend on your business needs and budget requirements.