What is NetSuite ERP?
Every organisation needs to manage many back-office processes to keep the business running. ERP helps enterprises increase productivity and profit by defining protocols for each process and link them together, so there is no need to consult different applications to keep track of the main KPIs. NetSuite is designed to rapidly adjust to changes in technology and business, maximising enterprise agility.
The NetSuite advantage. You can either choose a horizontal offer that lends best-in-class functionality, regardless of your vertical industry or specific configuration, or you can customise it to be unique. A typical ERP has different modules that can be purchased separately depending on the specific needs of the organisation. Instead, NetSuite ERP comes with all main modules that can be tailored, and offers advanced functionalities to upgrade – see the ERP modules to complete this incredible tool.
NetSuite ERP Features
NetSuite ERP integrates all the organisation’s departments, divisions, lines of business and geographical locations into a unified, enterprise-wide information system. Have a comprehensive view of your accounts, linked to customer information, sales pipelines and marketing. And because everything is based in the cloud, you can access up-to-date information anytime from any device.
Seamlessly couples core accounting functions such as general ledger, accounts receivables and accounts payable with strong compliance management; flexible revenue recognition capabilities; sophisticated expense management; a detailed, always-on audit trail; and multi-currency transactions and revaluation capabilities.
Easily convert quotes into approved sales orders, which then flow to the finance team for invoicing and revenue recognition. Integrates order fulfillment with inventory management and suppliers, improving efficiency at every step.
NetSuite is integrated with top shipping carriers, allowing you to manage all of your shipping needs from within NetSuite. Access up-to-date shipping rates, increase efficiency and lower your fulfillment order processing costs. Automates onerous tasks such as bulk fulfillment and label printing.
With NetSuite’s seamless quote-to-order-to-bill process and centralised customer data, NetSuite’s invoicing software maximises your cash flow. Real-time dashboards and detailed visibility into customers and invoices allow you to stay focused on managing receivables. Identify aging trends and arm employees with the right information to optimise collections.
Real-time, end-to-end business management for strategy, planning and execution. Key features include budgeting and forecasting tools, modelling and administration, and reporting and dashboards.
Gain complete visibility into the entire procure-to-pay process for a clear perspective on spending throughout the organisation. Employees can open and track purchase orders and other transactions themselves. Automatically routed approvals eliminate unnecessary spending while enforcing corporate policies.
SuitePayments is a complete payment management solution allowing you to accept a variety of payment options and accommodate all of your customers’ preferences. Helps control fraud and liability, and delivers powerful reconciliation capabilities. Integrates seamlessly with NetSuite to provide updated accounts, inventories and customer records in real time.
If you’re wanting to learn more about NetSuite and it’s products, the datasheets below provide a perfect starting point for all.
NetSuite ERP Benefits
Improves Process Efficiency Across the Organisation. Automating key processes such as order management, fulfilment, invoicing, cash collection, expense approvals and financial consolidation, amongst many others, allowing a more restrained workforce and assigning higher-value activities to employees. According to Nucleus Research, on a NetSuite ERP ROI study: accelerates financial close times by + 50%; increases sales productivity by 12.5%; increases inventory turns by 50%, and cuts order processing time by 66%, amongst other efficiencies.
Real-time visibility is important in making timely informed decisions. When information can be accessed instantly from almost anywhere you gain better informed employees and faster and more accurate decisions.
IT Time and Cost Savings. No more procuring, installing, and maintaining multiple systems and time consuming integrations between them means a significant reduction in operational costs.
Accelerated growth: With an integrated software system, expansion to multiple locations and additional sales channels can be accomplished a lot faster because of unified order and accounting management processes and data. Companies can also upsell and cross-sell more efficiently to their existing customer base because of the improved visibility they obtain.
User-Driven Innovation: It is the system that works for the organisation. Because of its ease of use, authorised personnel can tailor processes and applications in a way that improves performance.
NetSuite ERP Modules
NetSuite’s ERP solution links accounts, customer information, sales pipelines and marketing initiatives to give you a comprehensive view of your business as a whole. And because everything is based in the cloud, you can access up-to-date information anytime, anywhere and from any device.
NetSuite Advanced Financials offers companies a range of solutions for managing their finances, including budgeting, expense allocations and more flexible billing management tools. This makes it easy for finance departments to automate billing processes and cut down on the amount of manual labour required.
NetSuite Advanced Inventory provides firms with tools to ensure their inventory systems are aligned with business goals and can easily serve customers. The integrated solution gives wholesale distributors and product manufacturing companies the ability to make their inventory management easier, smarter and more streamlined.
NetSuite Advanced Revenue Recognition helps businesses stay on top of their revenue recognition, which can be a major challenge due to the fast-changing rules that complicate the area. However, with this module, you can improve productivity while making sure you’re compliant with all relevant standards.
The NetSuite Contract Renewals module enables businesses to more easily streamline and optimise their recurring revenue streams, including income from software licenses, support and maintenance contracts. Being able to manage these effectively is vital to the long-term future of software providers.
NetSuite Demand Planning enables businesses to effectively meet anticipated demand for goods, something that is a vital part of a strong inventory management procedure. If firms are not able to do this, they may frequently find themselves carrying either too little or too much stock for current conditions.
NetSuite Incentive Management allows businesses to improve the creation, monitoring and payment of sales commission plans. This enables sales teams to access a clear view of their incentives through automated commission reporting tools, which ensures that all personnel understand their incentives and how these align with wider business goals.
NetSuite Recurring Billing enables companies that are offering services on a subscription or pay as you go basis a simple platform from which they can manage all of these revenue sources. It is often the case that these payment models create complex billing scenarios that are difficult to handle, but with this module firms can make these processes much more efficient.
NetSuite Fixed Asset Management helps your company improve its asset management processes by eliminating manual operations such as spreadsheets, which can be inefficient, time-consuming and prone to error. Its integrated and easy-to-use tools ensure that you’re always working from a single version of your information and can be confident it is up-to-date and accurate.