13 June, 2024

The NetSuite Beginner’s Guide 2021

Whether you’re learning about business software or have been in the industry for some time, you might have heard about NetSuite. However, getting used to the program is easier said than done. It can be a daunting and time-consuming task. That’s why we’re here to break things down for you. We’re going to discuss the various aspects of NetSuite, from its pricing to its products. So, let’s take a look.

What is NetSuite?

NetSuite is a program that binds HR, e-commerce, CRM, accounting, automation, inventory management, and other services through an integrated system. It helps users to attain their business goals by optimizing most business activities efficiently.

You can access the program anywhere using any common-end device, thanks to cloud-based engineering. NetSuite users from various industries have used the program’s modules to operate efficiently and effectively in the contemporary business world. There are more than 24000 businesses worldwide operating on NetSuite.

History behind NetSuite

The program was founded in 1998 as NetLedger by Evan Goldberg. It initially provided web-hosting and accounting management services. NetLedger would then transition to Oracle Small Business then to NetSuite. Thus, NetSuite became the first cloud-based computing software that drew the attention of customers and investors from all over the world.

Why should you move the NetSuite way?
NetSuite has become the go-to alternative for startups and public traded companies. Here’s why.

• Flexibility
You don’t have to worry about purchasing new software whenever there are recent trends or changes in your business model. NetSuite allows you to use new business tactics swiftly. Once you upgrade, your customized settings and configurations will move seamlessly.
• Integration of multiple services
The program offers a platform to carry out different business operations from accounting, human resource management to e-commerce. This enables users to save on costs involved in hiring for multiple services in the same business unit.
• Global access
It doesn’t matter the location; you and your staff can access important aspects of your business. This works perfectly for multinational corporations with different branches across the world.

NetSuite products

There are so many NetSuite products. Each product comes with unique advantages to your company, and here we’ll discuss each.

1. NetSuite Enterprise Resource Planning (ERP)
This solution allows you to perform all your important financial business activities and back-office activities in the cloud. In addition, it helps users to improve accounting efficiency, streamlining management of orders, managing IT costs, and procurement management.

Features of NetSuite ERP
• Order management
The solution allows you to combine sales, finance, and pricing management with revenue management, thus speeding up the order management processes.
• Production management
NetSuite allows you to have real-time visibility on the production department, thus making it easier to get your goods to the market.
• Procurement
Supply chain management is an important aspect of any business. With NetSuite, you can easily track your distribution management services from one platform.
• Budgeting and financial planning
With intuitive forecasting, planning, and budgeting services, you can shorten cycle times and improve the efficiency of your business planning process.

2. NetSuite Customer Relationship Management (CRM)
This solution offers a comprehensive view of the customers. You will get all information you need about your customers across their lifecycle- from sales orders, cross-sell, renewal fulfillment, and support.

• Salesforce automation that provides the sales volume with access to order records, prospects, and customers
• Generation of customizable and role-based reports to marketing, sales, and other teams.
• Allows users to predict future sales
• Ecommerce
• Order and upsell management
• Marketing automation
• Partner relationship management

• Allows users to access customer relationship management data on their mobile devices
• Increasing your sales performance through commission, forecasting, and upselling.

3. NetSuite suite people
This solution provides robust functionality of managing human resource activities, giving the employers full control of the business. In addition, suite People takes care of the workforce and other human resource aspects, giving you an essential employee management experience necessary to conduct day-to-day activities.

• Flexibility
• Unified access
• User can manage human resources globally
• Universal data across the different subsidiaries of the business

4. NetSuite OneWorld
NetSuite OneWorld is an integrated management program designed with multinational corporations in mind. It promotes the financial and operational effectiveness of multinational corporations. Users can get real-time flexibility and visibility to meet business goals.

This program can help you to manage and track all your global transactions. Through the OneWorld Financials, you can get a comprehensive cloud management application for your finances. It allows you to change how you view data, including language, taxation, and currencies. The fact that you can track this data in real-time promotes consistency and compliance internationally and locally.

• Global Accounting
• Multi-currency conversion
• A Scalable and flexible tax engine

• Supports compliance with global standards
• Delivers real-time information about international business
• Promotes consistency across all countries and subsidiaries of the corporation

NetSuite Pricing

It’s very important to understand the costs related to purchase NetSuite. There are many factors to consider, including complexity, the overall user count, configuration. The NetSuite Limited Version is ideal for businesses operating a single entity of about 1-10 users.

The NetSuite Mid-market package is perfect for medium-sized companies with more than two legal entities. The package is operable by 11-1000 users. It can generate consolidated financial reports in different currencies. Finally, the enterprise edition is designed to Suite more than 1000 users.

While picking the right pricing package can affect your finances, it may also affect your company’s relationship with NetSuite and the support they’ll offer. Therefore, it’s important to decide the NetSuite product you want first before picking any pricing level.

Final words
With this guide, you have more than you need to know about NetSuite. Have you been seeking to find a reliable NetSuite software solutions dealer? Contact us now to learn more about NetSuite and get a quote.

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