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Can you imagine software that unifies core business processes that include financial, ecommerce, inventory, CRM, HR, Professional services, automation and many more through a fully integrated single system? Yes it is NetSuite. It provides the best cloud enterprise resource planning business management suite. That is the reason more than 24000 organizations and subsidiaries use it. Do you want to track all the core business activities from a single application? Ok then, Learn about NetSuite from our NetSuite Tutorial. In this NetSuite Tutorial you will learn about what NetSuite is, History of NetSuite, Why to use NetSuite?, Elements and Features of NetSuite.
Netsuite is a cloud-based business applicatio software designed to run multiple functions from a single platform. It provides a highly customizable and broad range of functionalities for both business to business and business to consumer companies in Various industries. That is why small, mid-market and Enterprise businesses run their crucial operations using Netsuite. It is accessible across the world either in smartphone, tablet or desktop. So a business can be conducted anytime from anywhere.
Netsuite unified business suite offers an end to end business system which includes Enterprise Resource Planning(ERP), Financial Management and Accounting, Ecommerce, Customer relationship Management, Inventory and Warehouse Management. It eliminates the need for a separate application for the critical business function, seamlessly connecting the business information in one unified source.
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Evan Goldberg founded Netsuite in 1998. The original name of Netsuite was NetLedger. Initially, Netsuite was started as a web-hosted accounting management software to manage business finances, customer relations, satisfaction, and other operations. Later in 2016, Netsuite was acquired by Oracle and made it a robust ERP solution which works in various functionalities to enhance the business operations. Now Netsuite was recognized as the very first cloud computing software company.
Generally, it is a challenging task to choose an ERP solution. Because Several ERP providers offer critical solutions for various businesses. Sometimes our requirement will not be fulfilled by these ERP solutions. So organizations must choose ERP software that can be customized to their specific needs. One such trusted ERP solution is Netsuite. It has good capabilities to increase business processes. Some of the important factors of Netsuite ERP are as follows:
Netsuite can run complete financial management processes like accounting, delivery chain, stock and order management very effectively in the cloud.
It is one of the approved ERP software applications for businesses which are likely to increase the customer relationship management view.
It automates businesses to plan, follow and implement projects accurately.
Netsuite allows universal business administration. It can deal with multiple countries, currencies, subsidiaries and languages inside a business.
For progressive growth and well-being, Netsuite always helps to gain agility.
NetSuite products include Netsuite ERP, CRM, one World, etc., and many more. Let's discuss them in detail.
NetSuite Enterprise Resource Planning (ERP) provides your back-end operations and financial business processes cloud services. It helps organizations to function effectively with its automation. It integrates all your needs like inventory, order processing, production, managing accounts, supply chain, and warehouse operations. With NetSuite, companies get a clear picture of their data and can perform better in their business. You can make better decisions and take your business globally with ease.
NetSuite's Financial Management will perform tasks automatically by updating accounts, invoices, ledger, tracking receivable accounts, and payable accounts. It simplifies preparing financial reports. It supports multiple currencies, and you will get real-time currency conversions so your business subsidiaries will be integrated and can generate financial statements from them.
It automates order processing and manages fulfillments with predefined rules. It handles orders in every stage, from order placement to shipping and delivering to customers.
With planning and budgeting, It provides leverage to business users to improve their business planning and prepare them for what-if scenarios in expenses and revenues.
With the help of production management, you can send products to market readily and effortlessly with real-time managemen
NetSuite supply chain management helps companies handle goods from suppliers to manufacturing and into customers' hands. It integrates inventory management, demand planning, production analysis, and work orders and ensures products are delivered on time.
NetSuite Warehouse Management System (WMS) functions on mobile devices and assists employees in receiving and pickup cycles. WMS is built on inventory management expertise, including cutaways, order pickups, barcode scans, and returning authorization.
Goods, vendor records, receipts, and billings are automatically interlinked to save the business time and enhance accuracy. It improves the complete process of procurement to payments.
NetSuite CRM helps generate a personalized view of vendors, sales, customers, and prospects for marketing and support teams and provides real-Time data. With the help of CRM, information will be accessed easily.
Sales Force Automation (SFA) improves your sales with a centralized process from order management to sales, upselling and quote management, opportunities and payments.
Reporting and Analytics enable sales, service, and marketing teams to monitor performance.
To scale up your business, you need to predict sales. NetSuite sales forecasting and quota management is a flexible tool that forecasts and configure your needs so that you can increase your business.
It converts quotes into sales orders easily. It enhances customer experience and allows them to buy, pick up and return from anywhere.
partner relationship management (PRM) will create a real-time information flow that increases partner collaboration. It enhances partner relationships to build up mutual understanding.
CRM Marketing Automation will automate your entire marketing process and align campaigns and programs with your sales team. By measuring performance in Real-time, you can tune your campaign and increase your ROI.
Netsuite ecommerce assists B2C and B2B merchants who deliver an engaging and relevant experience. It helps obtain more traffic to your stores and transform shoppers into customers.
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Netsuite one world provides a real-time, unified global business management platform for multinational and multi-subsidiary companies. It delivers flexibility in automation and allows businesses to grow.
OneWorld is designed to provide a global view of business, including subsidiaries, to get a clear picture of what's going on in the world.
The accounting hub handles particular transactions within the business entity in which the entity's subsidiary is not using Netsuite.
Multi-Currency Management Supports currencies of more than 190 countries and can work with vendors and customers globally. It provides multiple payment options and a real-time currency conversion system.
It supports both global standard and country-specific requirements within the framework, ensuring scalability, security, and globalization of keeping up to date with updated software versions.
NetSuite provides more than 100 countries for taxes and reporting. NetSuite SuiteTax will give you a scalable and flexible tax determination, calculation, and reporting engine to support any tax rule anywhere.
NetSuite's Suite People HR management solution will provide functions that make HR services easy and efficient for everyone in the organization. It integrates HR and payroll data with financial, budgeting, project planning, and procurement processes resulting in removing multiple systems.
It has flexibility over integration with other platforms and can easily be customized with the latest releases.
Role-based security allows decision-makers and managers to support their entire team.
It provides employees with information that helps nurture and develop the company's talent.
You can access real-time information, analyze data, and report on the entire business.
It is designed so that companies can manage the global workforce in a global reach platform.
NetSuite Professional Services Automation supports full business services. It provides complete end-to-end PSA from project accounting, billing invoicing, project and resource management, and expense tracking. SuiteProjects helps organizations to finish tasks in a timely and profitable manner. It provides all the services in a single and cloud-based suite. It generates invoices and automates key aspects of your business cycles.
NetSuite Project Management allows teams and project managers to hang together on projects in real-time to monitor and report on project status. We can deliver projects on time, satisfy clients, and improve project completion records.
This feature reduces your dependency on resource management and provides a quick and simple way to assign people to projects. It tracks skills and availability of resources in a centralized manner and provides real-time data on resource profiles.
This feature allows users to submit detailed timesheets from anywhere, track working hours, and assign time to projects and tasks to complete
Project accounting enables companies to monitor and manage expenses, revenues, and profitability. It provides a complete view of the project's financial health.
NetSuite billing helps companies to manage invoices and bills. It simplifies financials and allows businesses to be adaptable and economical.
It manages the entire process and provides a single solution. It simplifies and automates the whole expense cycle from reports to approvals and invoicing. It improves the user experience.
Analytics provides reporting and dashboard tools like project 360. It monitors reports and analyzes overall project performance, budgets, profit margins, and resource utilization.
NetSuite Open Air PSA provides complete services to organizations in real-time and allows access to needed information anywhere. It offers cloud-based services.
Project management helps team members and project managers to work effectively on projects. Microsoft Project can integrate OpenAir's Project management solution, and it allows managers to find and clear problems and succeed in every engagement.
Resource management provides the correct resources to work on suitable projects. It increases resource use and manages project resources depending on employee skills, accessibility, and expertise.
With project accounting, one can monitor and manage project resources, expenses, profitability, and revenue-generating. It keeps the project within the budget and finishes it in time.
Timesheet management makes it easy and simple for employees to use. Using NetSuite OpenAir, users can easily capture detailed timesheets from anywhere.
It streamlines the process of the expense management cycle; from submission to approval, all can be done in a single click. It integrates accounting and project invoicing, and we can easily submit expenses anywhere and get reimbursement.
It provides information about reporting and analytical tools which provide real-time data.
OpenAir platform helps business leaders, teams, managers, and clients stay in touch and facilitate quality work. Without leaving your existing technology investments and business processes, you will get all the benefits of the cloud in OpenAir.
OpenAir CONNECT will seamlessly integrate the front office and back office via integration with financial applications. It allows the flow of information from sales to execution using CRM systems.
NetSuite provides a complete commerce experience from offline and online accounting inventory control and order management transactions. Its solutions to POS help businesses to grow and connect customer touch points.
NetSuite Analytics provides real-time KPIs, dashboard, and workbook features built in the NetSuite. NetSuite Analytics helps businesses recognize patterns and predict the best possible outcomes.
With SuiteAnalytics workbook, one can easily explore their data and create sophisticated filters with real-time visualizations. We can further analyze data with workbook charts, pivot tables, and interactions, and we can share them.
NetSuite Analytics Saved Search Functionality has a tool that helps in filtering and matching data to answer all business questions. A saved search lists real-time results based on filters and criteria. Saved searches can be private or shared with others and exported to PDF, CSV, and Excel formats.
NetSuite analytics provides customizable and standard reports for any transaction type. Users can modify reports and create custom reports according to their needs with the help of tools that are on the platform.
KPI or Key Performance Indicators can easily add to NetSuite Dashboards, which helps in increasing business agility and efficiency. There are many ways to visualize KPIs, and users can create custom tabs for additional KPIs.
Dashboards provide customers intelligence from all areas- sales, accounting, and support. They can be customized to drive the maximum productivity of your business.
It provides the ability to archive, analyze and report NetSuite using a third-party tool or any application on any device with LINUX, Windows, or OS X operating system.
NetSuite Business Intelligence provides real-time analytics in areas like financials, customers, orders, and opportunities to get the answers they need.
Suite success integrates our sales, services, products, and delivery. It drives customer success in cloud ERP implementation and provides industry-specific expertise and experience.
Enterprise Resource Planning(ERP), Professional Services Automation(PSA), E-commerce, Accounting and financial management, Customer Relationship Management(CRM), Warehousing and Manufacturing, Inventory Management, Analytics and Reporting are some of the elements of Netsuite.
It provides back-office operations like applications for Financial Management, Item and Inventory Management, Order Management and Procurement.
It provides support for Professional service-based organizations to track and manage staff, time and expenses and provides full project accounting. For the Organizations desiring a PSA, Netsuite has two product offerings: Netsuite and OpenAir PSA.
Over 1600 Organizations use Netsuite E-commerce. E-commerce application built by Netsuite is known as SuiteCommerce. It is a fully integrated platform for online E-commerce and in-store point of sale application supporting both B2C and B2B business models.
Netsuite ERP can provide financial management capabilities and practical accounting capabilities in a single cloud-based platform. Lead to Cash, Procure to pay, order to cash and so on are seamless end-to-end business process flows. Financial Management functions in Businesses can be handled through a single source of finance, sales and customer data.
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Netsuite CRM helps to get engaged with more optimized CRM tools. Netsuite offers an effective CRM system. Benefits of Netsuite CRM are assistance in improving business relationships with customers, enhanced business capability, and streamlining the processes.
Netsuite provides extensive functions to deal with various industries like warehousing and manufacturing. It optimizes activities on financials' essential management, large scale business production, and industry-specific needs.
For deriving the potential benefits, Netsuite helps to deal with business operations, logistics, finances and inventory in a unified business platform. To manage inventory operations, Netsuite delivers a robust solution.
To drive business intelligence and generate reports to analyze business performance, Netsuite ERP provides the best tools. Using Netsuite ERP businesses can boost and gain insights on sales volume, products and services development, customer retention, better business decisions, profitability, customer satisfaction and so on.
Frequently asked NetSuite Interview Questions and Answers !!
Order-to-Cash process aligned with the Netsuite covers the complete order processing with the highest efficiency.
Netsuite provides Audit Trial Visibility to track system actions and increase accountability. It ensures clear visibility towards the trail of its initial actions, user activities, login attempts, creation of a record, data accessibility, automated system activities and administrator activities.
Procure-to-pay feature of Netsuite helps in managing the entire business process in a cloud base suite of global actions and ensures efficiency and universal visibility across the procure to pay process.
Netsuite has a very good feature to understand, track, calculate and pay different taxes according to the purchase of products, sales and service
Based on user preferences, Netsuite Fixed Assets Management feature chooses the accounting period to depreciate and allows the flexibility to annual withdrawal.
Netsuite has an efficient Workflow management capabilities that can bring complex business processes into simplified actions. It saves time by managing multiple stages, operations and transitions in an automated way.
Netsuite Fixed Assets Management delivers automated and competent parent, roll up values of sub-assets to parent, creating one journal forward.
Netsuite ERP has an efficient Financial Report Building tool which is convenient and easy to use. This tool is used to create financial statements for reporting requirements.
This feature of Netsuite allows the business to determine one payment for all including employee/vendor, per bill/expense or a user defined grouping.
This feature of Netsuite ensures that your business is ready to handle your international business operations. It maintains a core ERP suite consisting of host enhancements. It also provides engagements with revenue recognition, Service Resource Planning, Governance Risk and Compliance, Supply chain Management and billing.
This feature of Netsuite ensures that your business is ready to handle your international business operations. It maintains a core ERP suite consisting of host enhancements. It also provides engagements with revenue recognition, Service Resource Planning, Governance Risk and Compliance, Supply chain Management and billing.
Netsuite offers high data security. It prevents fraudulent activities regarding specific periods, addresses, amounts, and purchased items on particular criteria.
Netsuite Payment Processing allows you to automate payment categories matched with the chosen criteria.
It helps in controlling and balancing the processes associated with the balancing of demand and supply.
It maintains an Inventory level. Modelling Inventory Levels operate the Gross Requirement Inquiry. It helps in the generation of expected sales and purchase orders.
This feature operates a list of functionalities. It helps in creating Supply Chain Intelligence with MRP and leverages MRP parameters in total with real time and in-depth view into a key supplier, inventory and procurement indicators.
Related Article: NetSuite for Dummies
It is a powerful feature of Netsuite. Improved productivity and better tracking along with compliance are the benefits of this feature. Cost Management helps to maximize the timeliness and accuracy of expense reporting.
This feature is adaptable to any warehouse. It provides the facilities like pick, pack and ship functionality and integrates the same with shipping providers.
For maintaining inventory accuracy, Inventory Control is an effective tool. This feature allows businesses to experience improved inventory tracking. It helps to create and active control over business assets.
This feature is useful in tracking cycle counts, multiple locations inventories, safety stock, distribution requirements planning, reorder points, demand planning and multiple location inventory.
To optimize processes inside an integrated workflow, Netsuite has powerful capabilities. Netsuite has a web based business software solution and offers aligned business processes.
Over a single screen, Netsuite allows the users to manage the activities easily. The activities include the action on accumulation of requirements, choosing vendors, receiving bids, engaging communications and pricing updations. All these activities are monitored, controlled, maintained and managed in a centralized vendor environment.
For managing approvers in an organization providing authorization of purchases, adequate internal controls and so on, this is one of the best practices.
This feature drives real time updates and indications via traditional barcoding and interactive tablet application. It helps in planning and recording of events on the details of manufactured products and its functionalities.
In manufacturing industries, routing helps make production BOMs and provides the manufacturing item's path. It holds the Master data that enhances the process requirements of a given product.
This feature helps the user to arrange the items, list of parts, components, assemblies and other material needed to make the product. It also provides the instructions on how to assemble product ordered as fragmented to create a system.
Related Article: Netsuite ERP Modules
Materials Resource Planning users can make balancing between demand and supply. It provides agility to explore the Bill of Material and also check inventory and safety stock levels, review requests and analyze the amount even before generating a planned order.
Netsuite offers flexibility in creating different billing schedules as per the business requirements.
Netsuite Integrated Workflow management feature maximizes the business agility with ad hoc workflow changes. Using these features, a user can create easy to use workflows and trigger the events according to the requirement.
This feature integrates HR functionality within the suite of applications. It is considered as an effective solution to remove repetitive and manual processes.
This feature is useful for accomplishing absolute control over the core HR process. It helps in accessing the employee directories and maintaining organizational charts, supporting employees to request time off, recording employee hires, cross monitoring upcoming vacation schedules, public recognition of good work, etc.
This feature facilitates the creation and delivery of year-end Form W-2 and Form 1099-MISC. It also possesses editing skills.
This feature is available as an additional module to the customers of Netsuite. It allows fair treatment and facilitates improved accountability in transactions.
With the help of this feature, all the employee files can be recorded digitally. It has an enterprise-class HRIS that provides a complete historical record. It also helps to motivate, manage and retain employees to work towards achieving business goals.
Related Article: NetSuite Reporting Tools
NetSuite's SuiteCloud provides tools for cloud customization to develop new applications or extend NetSuite for business needs. SuiteCloud Developer Tools provide comprehensive functionality from workflows and scripting to analytics and web services to enable you to customize, develop, test, and build applications on NetSuite.
The NetSuite Certification Programme is becoming popular with many users looking to develop more extraordinary skills and increase their knowledge. Clients are looking to utilize this platform.
Netsuite offers two types of certifications are
One needs to have foundational knowledge and skills to understand and use the reports, searches, and dashboard features of NetSuite. If one passes this exam, they become NetSuite Certified Suite Analytics users. Six months of experience building searches and reports in NetSuite using the SuiteAnalytics platform is recommended.
By qualifying, this exam confirms that users have the foundation knowledge to work on the NetSuite system and understand core NetSuite accounting and finance functionality. Candidates passing this exam are called NetSuite Certified Financial Users.
Conclusion
Netsuite is one of the Best ERP that unifies core business processes including ecommerce, inventory, financial, HR, automation and many more via a single integrated system. Choosing Netsuite ERP for your business will allow you to expand your business without additional costs like IT or staffing. In this Netsuite ERP Tutorial, we have learnt about Netsuite, its uses, elements and features. I hope you found this content helpful. If you have any queries or if you think we have missed anything, you can reach out to us.
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