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If you talk about billing software, NetSuite ERP is the best solution, ranked as no.1 among top Invoicing Apps. Not only that, NetSuite ERP is the 2nd best option as a Cloud ERP tool. Furthermore, the app attained 5th position as the most favorable option as Activity Based Costing Software.
If you belong to a large enterprise sector, you’d know the importance of ERP software. If not, this article will elaborate on the details for you. As it is already established that NetSuite ERP is an excellent tool for businesses, let’s start this review with how it works and what features it offers for businesses.
What is NetSuite ERP?
Enterprise Resource Planning or ERP software is a tool to manage day-to-day business processes, including project management, risk management, accounting, and compliance. Moreover, ERP software can help businesses in procurement, supply chain management, and other business operational tasks.
NetSuite is an all-in-one software for the corporate sector that helps businesses manage work operations locally and globally. The Oracle Netsuite offers multiple software for business management, such as accounting software, CRM, HRM, and many others.
So, if you own or manage a multi-national or divisional company, NetSuite is your best solution.
How Does NetSuite ERP Works?
NetSuite ERP empowers businesses to regulate taxation, currency, and compliance at the local level. Moreover, it helps ventures with regional and global operations integration and compilation. In simpler words, NetSuite ERP enables companies to manage tasks, payroll, finance, and other business activities.
What NetSuite ERP Offers to Businesses?
In real-time, multi-national ventures can use NetSuite ERP to enhance work productivity and accomplish exceptional business visibility worldwide. It offers consistent and easily manageable solutions for organizational networking and complaint management.
Let’s take the example of NetSuite OneWorld. This software can create single and multiple charts of accounts against different company operations. Such as, you can use NetSuite OneWorld to generate a chart for expense allocation describing all the expenses allocated via inter-company branches. Local taxes are promptly managed across Omni-channels of multi-national companies. NetSuite allows companies to multiple tax scheduling for GST and VAT. Moreover, ventures can calculate and manage general sales tax to consumption finances using this single software.
Here are some other features that NetSuite OneWorld offers to businesses.
- Financing reporting (local and international)
- Compliance
- Revenue recognition
- Global order management and sourcing
With NetSuite ERP software, businesses can manage inventory from remote locations and oversee product items stock globally.
Top 5 Netsuite Products & Their Features – A Detailed Overview
NetSuite, in general, offers a bunch of products and features. Here, in the following segment, we have tried to cover all the products and their corresponding features to deliver a detailed overview.
NetSuite ERP Software:
It helps businesses boost operational and financial performance with real-time automated processes. The features of NetSuite ERP software are as follows:
Accounting:
It optimizes AR (accounts receivable) system and the cash flow with fully automated AP (accounts payable). It also transforms the General Ledger system of the business.
Financial Management:
It delivers tools to plan, budget, and predict business expenditures and helps companies manage their finances.
Global Business Management:
With NetSuite ERP, businesses can manage multiple currencies and taxation rules. Moreover, it enables the company to manage operations across geographies remotely.
Inventory Management:
It reduces handling costs with an automated inventory management solution. Businesses can manage products and view available stock from an online dashboard.
Order Management:
It is the best tool to reduce oversight in order processing. This feature streamlines the order flow and allows businesses to enhance productivity.
Supply Chain Management:
Ventures can automate the transport of goods and keep a clean record of delivered items with an automated supply chain management solution.
Warehouse & Fulfillment:
It eliminates the product handling cost and reduces bottleneck errors by delivering AI-based warehouse management solutions.
NetSuite Accounting Software
NetSuite Accounting software is a blessing for businesses as it enables ventures to record all the transactions across different business channels in real-time. Here are the features of NetSuite Accounting software:
Cash Management:
It helps manage liquidity, monitor bank accounts, and optimize cash flow.
Tax Management:
This one-click solution manages local and global taxes across different business branches.
General Ledger:
It has eased businesses by eliminating manual entry of ledger accounts. Companies can seamlessly record and report ledger accounts and view details from a single software.
Accounts Receivable:
It offers streamlined payment processing, invoice delivery, and collection management.
Accounts Payable:
This feature delivers a trackable solution for all invoices and reduces the steps involved in payment review and approval.
NetSuite Global Business Management Software:
If you have a multi-channel business, you need this NetSuite solution to manage the subsidiaries and branches of your company with a single software.
Global Capabilities:
It supports multiple languages, currencies, and tax rules to provide rackable business solutions for multi-national enterprises.
NetSuite Customer Resource Management Software:
As the name indicates, a CRM or customer resource management tool lets businesses view the details of all their clients and prospects anytime, anywhere. The features of NetSuite CRM software are as follows:
Marketing Automation:
This feature lets businesses initiate and manage marketing campaigns. Ventures can target audiences and execute marketing campaigns from this feature.
Sales Force Automation:
It integrates the sales process and enhances sales generation using technology.
Customer Service Management:
Enterprises can manage customer services and cater to all the client needs with this feature.
Partner Relationship Management:
It empowers businesses to take control of the marketing process and manage partner-focused sales.
Price, Quote Configuration:
Businesses can configure prices and quote with 100% accuracy and trackable results.
Read more about NetSuite CRM in our full review here.
NetSuite Human Resource Management Software
Every business, small or big, needs HRM software to regulate internal operations. NetSuite HRM software makes human resources tasks more accessible and convenient.
Some features of NetSuite HRM software are as follows:
Human Resource Management:
It enhances the employee experience by delivering exceptional HR tools to streamline office operations.
Payroll Management:
Such a feature efficiently automates the payroll processes and helps businesses manage the general ledger accounts in real-time.
Performance Management:
It helps set KPIs and employee task goals to deliver measurable employee performance results.
Workforce Management:
From shift scheduling to automating wage calculations, this feature does it all.
Some Other Products of Oracle NetSuite:
The Oracle NetSuite is a comprehensive software with multiple products and features suitable for different business operations. It delivers professional service automation and commerce solutions to cater to diverse business needs. However, the real-time analytics and reporting feature is available for all products.
THE BOTTOM LINE
Oracle NetSuite is a cloud-based business management software. It focuses on delivering all the tools a business requires for internal and external operations. Oracle NetSuite is designed for everything from solving finance issues to streamlining HR operations.