Netsuite Accounting Software

In the latest times, organizations have been developed with the latest technologies and processes to run the business efficiently. As an organization, it involves multiple processes and departments such as marketing, sales, finance, etc. An organization must select and implement all the functionalities of the organization through software. Netsuite Accounting Software is one of the software most commonly opted by the organization to plan, run, and organize the business objectives efficiently. In this tutorial, you will get an idea of Netsuite software, its architecture, and features along with the pros and cons of the software.

What is Netsuite Accounting Software?

A Netsuite Accounting Software is the software designed to perform enterprise resource planning. Netsuite Accounting Software is developed to build customer relationships and manage them based on their requirements. Hence, it is a cloud-based business management and customer relationship management software designed for all kinds of industries.

Netsuite Accounting Software helps in designing, transforming, and streamlining the processes and operations. It is the platform that allows the organizations and financial teams to enhance their business by attaining economic efficiency with reduced costs. This software provides real-time access to the data enabling the users to work on their operations at the right time efficiently.

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ERP Software planning refers to all the operations and departments which are a part of the organization. Multiple departments include sales, inventory, marketing, human resources, planning, purchasing, etc. Every department has its level of working and operations to be taken care of. Multiple tools for every department would be challenging to maintain and also do not allow the users to work in an organized format as they do not have access to any of the department information that they might require. This is the situation of every organization, which is leading to concerns and a lack of customer relationships and experience.

To avoid such aspects in an organization, a centralized tool has to be designed and implemented to run and meet the business requirements. Netsuite Accounting Software is one of the centralized platforms that help in organizing and performing the operations with respect to all the departments at a single place. Netsuite is software that follows the multi-architectured format. Let us take an example of an apartment wherein many families live with their own set of doors, walls, and security. This tool also works in the same way with every department having its own level of security and objectives.

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Features of Netsuite Accounting Software

Netsuite Accounting Software is the platform that is built and developed with multiple features that would help the organization in managing the business effectively. Let us have a quick review of the features of the Netsuite Accounting Software.

  • Financial Planning:
    Every organization will plan and organize its working strategy beforehand, as it is vital to run an organization. Budgeting and planning are some of the essential phases or features that the organization focuses on. The Netsuite Accounting software provides quick adoption to the business planning across all the different lines of the businesses that the organization deals with. This tool gives the users and the planning teams to review and analyze, setup the modeling capabilities, and collaborate the workflows and reporting in one single platform. The Netsuite Software comes up with an integrated way of planning, budgeting, and forecasting, and making precise decisions for the betterment of the organization.
  • Financial Reporting:
    Reporting of any task performed will help in performing the analysis in many different aspects. Netsuite also provides its extensive support by enabling the feature of providing financial reporting. As Netsuite helps in working with real-time data, it is also flexible in providing the reporting with real-time insights. Using Netsuite Accounting Software, the finance team is capable of receiving automated and accurate financial statements. This will help in proper decision making and improve organizational performance.
  • Finance and Accounting: 
    Netsuite accounting software provides the users to deal with the finance and accounting part of the organization. It is designed and developed to offer their support to the finance teams to create, transform, and streamline their work procedures and functions with the deliverables as expected. It keenly helps in improving efficiency with reduced costs. As an organization, the teams would definitely look for profits and betterments in their processes. The finance and accounting feature would help the organizational units in gaining the details quickly for advancements in the organization leading to improvement in the business performance.
  • Billing:
    Billing feature is also available in the Netsuite Accounting software enabling the organization and its team to build a strategic transformation. It includes the framework that helps in performing and tracking the transactions following different user-based models. This software is a solution-driven to many organizations with the capability of connecting to the projects, subscriptions, operations to the billing engine and sending the same to the financials. It also allows the creation and management of rating models, which are mostly developed to handle large transactions.
  • Revenue Recognition: 
    Revenue Recognition is one of the primary features in the Netsuite Accounting Software tool allowing the organization to comply with the accounting standards and help in reporting the revenue on time. This feature is built and developed by using a rule-based framework that includes multiple phases like allocation, forecasting, reclassification, auditing, etc. Netsuite helps in scheduling, calculating, and presenting the revenue on your financial statements. No matter at what time the transaction occurs, be it a single transaction or multiple transactions, the software has the capability and compatibility to work accordingly and project the results on a timely basis.

Related Article: NetSuite for Dummies

  • Governance, Risk, and Compliance:
    Netsuite offers the feature of Governance, risk, and compliance that helps in managing, monitoring, auditing, adapting, and complying with the controls related to the organization. Netsuite abides and follows the guidelines and is compatible with the GRC programs and their processes to handle the operations effectively. The tool and the programs are designed and developed in such a way that they are capable of performing customization, automation, and reporting as well. 

The architecture of Netsuite

Every software is built and developed based on its architecture. It is essential to have an idea about the architecture and the process that goes behind the working of the software. Let us have a quick review of the architecture and learn more.

The architecture of Netsuite is designed and implemented in multiple phases. Netsuite categorizes its security efforts into different categories, called Product security and data center security. We will have a look at every layer or aspect of the group that will help us gain more understanding of it. Let’s go with the Product security category first.

  • Application Only Access: The architecture of the Netsuite software is divided into layers that separate the application data. Every individual who logs in is only allowed to access the application layer. The login option helps in maintaining the security of the application. 

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  • Prevention of Malicious Acts: Netsuite software helps in taking preventive measures to make sure that the application is secured and safe. All the systems have to be safe from any internet attacks. Netsuite makes use of protective firewalls that help in the prevention of users accessing the services without any discrepancies. Netsuite also holds additional firewall protection level and gives access only to the recognized hosts based on the production databases.
  • Security Architecture: Netsuite architecture is developed and designed to enhance the performance with security as a feature. Netsuite development teams and other teams have put up their efforts to develop and deploy the software to build it with the aspect of Security of the data, transactions, and intelligence.
  • Data encryption of SSL layer: Every organization maintains security by allowing access to the required employees by using the username and password. Right from the time the person is on the Netsuite instance, the data is always secured, and it is developed in that way. The username/Id or the password that we use is encryption with SSL connection to enable the security aspects without any issues.
  • Role-level access, Account lockout, and Idle disconnect: Netsuite has come up with the options where the user can be provided with the specific role access and permissions so that the tasks can be performed based on their role. Netsuite also comes up with additional options like account lock-out and idle disconnect. When the user leaves a system unused for some time, the NetSuite software will lock the system immediately. If an unknown user is trying to access your account by using guess passwords, it will be locked after three attempts as we know.

Related Article: Netsuite ERP modules

  • Continual Monitoring and data backup: The NetSuite architecture is designed in such a way that it helps in ensuring security by detecting the intrusions and adding port scans. Netsuite keeps monitoring and blocks unauthorized access. The team will monitor the attempts made and configure the log management of such instances. On a daily basis, the data is backed up to tape. This helps in making the data available whenever there is any issue or security breach.

Pricing of Netsuite:

The organization has to invest some amount for purchasing or licensing of the software or the products. All the organizations that we’re unable to secure their data and networks in the past, Netsuite Accounting Software is the solution that made their work easier. 

With respect to Netsuite, some editions are offered in three different tiers, let us have a quick review of them.

  • Limited Edition: The limited edition version is used by small and medium-sized businesses with less than ten users.
  • Mid Market Edition: This edition is used by medium-sized organizations allowing at least a maximum of 1000 users.
  • Enterprise Edition: This edition is used by large scale organizations with multiple thousand users.

Netsuite pricing starts at a rate of $999 per month per user for a limited edition. It sounds to be costly, but still, the organizations opt for this software suite as this could solve their problems and prevent new problems arising.

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Advantages of Netsuite

Netsuite is the software that holds many advantages. Let us have a quick review of the advantages.

Integrated:
Netsuite is integrated as it encompasses and works with all the different departments in the organization. It is a single suite that provides all the access to the departments and their tools at a single place. There is no need for separate integration as it is already integrated within the tool. This integration is helping the organization to make decisions precisely.

Real-time visibility:
Netsuite offers the options of reviewing the data related to the organizations in a customizable format. It could be either in graphs, charts, tables, etc. It helps you in analyzing the data and provides real-time visibility to the data, allowing you to categorize the key performance indicators. 

Workflow automation:

NetSuite ERP is a software developed with the processes and automation of events to assist in ensuring that customer management is reached and executed consistently. Workflow automation helps an organization to be proactive in customer management by identifying problems early and suggesting corrective action.

Related Article: NetSuite Reporting Tools

Disadvantages of Netsuite:

  • User Interface problems: The users of Netsuite are not satisfied with the user interface. The users have posted that the interface is complex and not engaging as well.
  • High Customer support costs: Netsuite software is using high customer costs, using additional recurring fees, which is higher than the other competitors.

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Conclusion

Netsuite Accounting Software is designed and developed with increasing results in the development and improvement in organizational growth. An individual who runs a business or the employees in the organization should have a clear idea of different departments in the organization, and Netsuite does provide the opportunity. I hope the above tutorial is helpful. As an employee, training and certification on Netsuite would be a plus. Learn more and dive more to learn and gain an understanding of the concept behind it.

Other related articles:

1. Netsuite Bundle

2. NetSuite Administrator Guide

3. NetSuite Sandbox

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John
John
Cloud Technologies & Cyber Security
John is a Post Graduate in Computer Science from Andhra University .She is currently working as an IT developer at hkr trainings.com. And he has great experience includes both IT development and operational roles. Connect with him on LinkedIn and Twitter. Thank you

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