Accounting and finance are two of the crucial functions for all businesses, which require quick and intelligent decision making, as well as, accurate growth prediction. There are various traditional methods and legacy accounting software that are used in the industry to sustain routine business operations.
However, as a business owner, you need to ask yourself if these legacy systems are really helping you in getting through the growing accounting and finance needs of the business. And to be able to come up with the right answer, you may see whether or not you are still struggling with:
- Data visibility in real-time
- Seamless logging into different systems for daily operations
- Decision making
- Forecasting / predicting
If the answer is “no” for any two or more of the following considerations, then it is high time reinvest in your business strategy by investing in the latest cloud-based ERP accounting solutions like NetSuite.
What is NetSuite Accounting Software?
NetSuite is one of the most powerful and advanced cloud-based ERP platform that has emerged as the leading integrated accounting software for businesses of all size and shapes. The powerful and resourceful NetSuite accounting software is used by over 40,000 leadings businesses across the work, enabling companies to unlock their growth potential by automating various time-intensive routine tasks like data entry and others. The NetSuite accounting software comes with high customization options to meet the unique needs of businesses and has won various international awards for its accounting and financial management system for its features and functionalities.
Features
The biggest point of differentiation for NetSuite accounting software is its integration of accounting solutions with a powerful ERP system. The complete system comes with various inter-related suites that are able to draw data through a shared database, thus enabling seamless business operations. Some of the features included in the NetSuite include:
1. Financial Management module
The Financial Management module offered in the NetSuite comes with the ability to offer business executives with real-time access to key financial data, as well as, insights into accounting and compliance management. The various tools offered in the financial management module enable users to accelerate closing, make precise reporting, and access real-time data. Some of the tools included in the financial management module include:
2. Finance and Accounting
The finance and accounting tool combines all the advance accounting functions along with the business insights and financial visibility to sustain the financial function of the company
3. Billing
The billing tool enables users to integrate sales and finance operations to ensure a smooth billing process
4. Revenue Recognition
This advance tool is used for compliance and scheduling
5. Financial Planning and Reporting
The financial planning and reporting tools come with various features and functionalities including budgeting, forecasting, planning, real-time rendering, and decision-making data
6. Global Accounting
The global accounting tool comes with additional accounting functionalities to support international compliance and regulations
7. Governance, Risk, and Compliance
The governance, risk and compliance tool help with the regulatory and risk issues
8. Order Management
The order management Module offered in the NetSuite comes with advanced functions and features to enhance the cash flow, improve delivery times, and minimize shipping costs. Some of the features included in the tool include:
- Pricing and Promotions
- Sales Order and Returns Management
9. The Production Management Module
The production management module comes with features and functionalities to enable businesses to manage global manufacturing operations, improve the delivery time, and lower the price for quality products. Some of the features offered in the module include:
- Product data management
- Work order management
- Planning and scheduling
- Quality assurance
- MES
10. Supply Chain Management Module
The supply chain management module comes with the functionalities to support real-time visibility the tool help improve the service levels and lowers the costs of shipping. Some of the features included in the module include:
- Planning
- Execution
- Collaboration
- Support
11. Warehouse and Order Fulfillment
The warehouse and order fulfilment module comes with various embedded solution options including support for global businesses and real-time updates. Some of the features included in the module are:
- Inbound and outbound logistics
- Inventory management
- Warehouse management system
12. Procurement Module
The functions found in the procurement module enable to create a smooth procurement procedure, ensure cost certainty, and enhance the quality. Tools found in this module include:
- Source
- Purchase
- Pay
13. Human Capital Management Module
The Human Capital Management Module comes with advanced features and functionalities to help HR executives and administrators to streamline the process of employees’ onboarding, employee information, payroll, and other crucial HR functions. Some of the tools found in this module include:
- Core HR functionality
- Payroll
- Employee Center
- Analytics
How is NetSuite help you in Accounting?
NetSuite offers businesses an advanced way to manage accounting and finance functions. The NetSuite accounting software automates various core accounting tasks to minimize errors and maximize the efficiency of the accounting function. Here are some ways NetSuite accounting software to help businesses with their accounting function:
Automating the Manual Data Entry
Regardless of the size or shape of the business, data remains the center point for the success of all businesses. The pressing problem faced by many businesses is the amount of data that continues to grow, making it more complex than ever to handle, process, and analyze it to the benefit of the business. Handling massive amounts of data manually into spreadsheets using legacy accounting tools may end up in lost productivity, as well as, greater chances of errors since you don’t have any control over the manual process.
The new age NetSuite accounting software comes with advanced ERP solutions to streamline the data input, processes, and analysis via an automated process. Moreover, the system enables maintaining a centralized data repository to ensure the sharing of data across different business departments for even improved efficiency.
Customization Features
It is common knowledge in the business world that each business comes with its unique needs and requirements. For instance, for manufacturing businesses, the primarily important function would be to have seamless inventory details, whereas, for a software development business won’t need that function. This means that any accounting system should offer a higher level of customization options, which are often not found in the legacy system like spreadsheets or QuickBooks.
On the contrary, the NetSuite accounting solution comes with full-scale customization options. It’s a completely customizable ERP software that is meant to meet the varying needs of businesses and help them achieve their bottom lines. NetSuite implementation partners like Folio3 can help businesses to integrate specific innovation-driven accounting solutions that meet their unique business needs.
Real-time Visibility
Today, businesses need to be pace-driven to compete and sustain in a highly competitive environment. Accounting systems that require users to log in and search for their desired details are too obsolete and slow to add any value to businesses. Businesses that don’t have real-time data visibility are adversely impacted by poor and delayed decision making, thus negatively influencing them in a competitive industry.
NetSuite on the contrary comes with advanced data visualization and accessibility features that enable real-time data visibility and allow business executives to make well-informed and quick decisions with complete control over data flow across different business departments.
Adaptability and Scaling
Agility and scalability are two important components that contribute greatly to the sustainability and growth of businesses. Agility and adaptability are especially important for businesses looking to grow beyond the existing boundaries, but struggling with the language, currency, and other barriers.
NetSuite ERP solution comes to support various languages and currencies that make it easier for businesses to expand their horizon and venture into new markets without having to worry about the adaptability or compatibility issues/
NetSuite Benefits in Accounting
As a leading accounting software solution, there are various NetSuite benefits in accounting from automation to scalability. Below we have come up with some of the more prominent NetSuite benefits in accounting that makes it the ideal choice for all businesses.
Single Platform Solution
As said above, the biggest benefit of the NetSuite accounting solution is that it isn’t just standalone accounting software, rather a complete ERP solution that integrates all-important business functions for seamless and fast operations. With a single integrated system, businesses are able to move the information across all departments and teams to minimize the delays, increase productivity, and maximize profitability.
Better Decision-Making
NetSuite enables business leaders and executives to make well-informed and data-backed decisions using real-time dashboards. The dashboards are fully customizable to meet the preference and needs of different individuals. The system brings together the insights and data from all across the business and generates concise and interactive reports to improve the decision-making capacity of business leaders.
Low Entry Barrier
Since it’s a cloud-based solution, NetSuite accounting system is much easier to integrate with existing business systems than some of the other ERP systems found in the market. The accounting solutions offered by NetSuite are especially suited for small and medium businesses with limited cash for infrastructure. Such businesses not only save time by implementing the NetSuite solution into their systems but also improve their efficiency and productivity using robust and advanced features of the system.
Scalability
Like some of the other advance cloud-based systems, NetSuite is completely scalable, giving businesses the opportunity to scale with the business. Most of the businesses require more users into the system as they grow horizontally, however, with an on-site system, this may not be the most affordable solution especially for small and medium businesses. However, with NetSuite cloud-based accounting software, businesses can easily add or remove the number of functions of users depending on their needs and budgetary constraints.
Remote Access
Since NetSuite is a cloud-based system that works over the internet, it allows businesses to access all data maintained in the central repository from any remote location through a web browser or even using the official NetSuite app. With 24/7 remote access, the system makes it easier for organizations to improve their efficiency and maximize profitability.
Secure
The security of cloud systems has long remained the topic of debate, however, NetSuite has developed a highly secure platform that offers businesses robust high-level cybersecurity; protecting crucial business data. As the leading tech company, NetSuite continues to invest in data security features to bring its users a robust and highly secure system keeping up with the cybersecurity threats.
Folio3 is Your Best NetSuite Accounting Tech Partner
At Folio3, we are the official NetSuite partners. Our team of expert and experienced developers work closely with the clients to develop, implement, and integrate innovative and customized NetSuite accounting solutions. Over the years, we have delivered hundreds of successful NetSuite implementation projects for global companies with unmatched customer support.
At Folio3, we excel in delivering customized NetSuite integration services such as ebay, shopify, woocommerce and amazon. Thanks to our team of most experienced developers and engineers, we are proud to be one of the leading NetSuite implementation partners with the capacity to undertake even the most complex operations and delivering innovative solutions that meet the unique needs of businesses.
NetSuite Accounting Tutorial in 2020
When we talk about the world’s leading accounting software solution cum ERP, it’s only natural that there’s a plethora of NetSuite accounting tutorial which can easily be found online. For starter, the official NetSuite accounting tutorial can help beginners to get the feel of the system and develop basic skills, before moving on to more advanced tutorials. Below are some of the tutorials that you may find helpful to understand the working and operations of the NetSuite accounting solution:
- https://www.anchorgroup.tech/free-netsuite-course (Free basic training course)
- https://www.aminian.com/video-demos/ (introductory videos for various NetSuite Functionalities)
- https://mindmajix.com/netsuite-training (Advanced training)
- NoFrills NetSuite Training (Paid)
- A2Q2 NetSuite Blog (Free)
NetSuite Accounting Pricing – How Much Does NetSuite Cost
The best part about NetSuite accounting pricing is that it is kept to meet the needs of individual customers. As we said above, it’s a scalable system that grows with the business, thereby, small and medium businesses can start with the basic plan and continue to expand as they grow.
For baseline the license costs at $999 per month, with $99 per user/month access cost. The license can be renewed annually or even at a longer interval depending upon the users’ preferences. There are also various subscription bundles available for users, which come handy to meet unique business needs.
The NetSuite license operates as a subscription model and may be renewed annually or over longer intervals. Several pre-bundled vertical editions of NetSuite are also available, which can be useful in quickly identifying the package and modules that would satisfy a customer’s needs.
Is NetSuite accounting easy to use?
NetSuite comes with a highly interactive and intuitive interface that makes it easy for users; front office, as well as, back-office individuals to get used to all the functions and features of the software.
What is NetSuite used for apart from accounting?
NetSuite is a complete Enterprise Resource Planning (ERP) solution that gives the business a single platform to control and manage all of their business functions from accounting and finance to inventory stocking and to customer relationship to supply chain solutions.
