NetSuite Review 2023 Features Pricing Alternative

This significant set of modules is almost never present in inventory management systems. For this alone, NetSuite is a great investment for a large business. You may find that the list of features corresponds to what you’re looking for with an inventory management and finance system.

• Since then, NetSuite has advanced rapidly and intelligently.
• The Advanced Inventory user interface (UI) provides all popular costing methods, including even the waning Last-In First-Out (LIFO) methodology.
• NetSuite is a comprehensive cloud-based software solution tailored to businesses seeking to streamline their operations.
• Though Netsuite fullfilled all of our wish list items, to do so required a plethora of add-on’s and Apps.
• We recommend using NetSuite if you’re a mid-sized business that has outgrown its basic accounting solution and now needs functionality in inventory control, time tracking, and supply chain management.
• Their primary ERP’s that compete with NetSuite are Business One and Business ByDesign.

The success of a manufacturing business can hinge on the timely, cost-effective creation of in-demand products. With its cloud-based format, there is far less of a barrier to entry with NetSuite as opposed to many other ERP systems. Smaller businesses don’t have the budget to invest in lots of infrastructures and new IT staff, and deployment is quicker for larger businesses. NetSuite provides real-time dashboards so that business decision-makers can work based on up-to-date information and forecasts. These dashboards can be customised to enable individuals to visualise the data that is most relevant to them. With NetSuite pooling data from all around the company, the insights you get are more accurate and holistic.

Financial Planning and Projections

In this role, the launch screen displays key performance indicators (KPIs) that reflect Inventory status, although the screens are completely customizable regarding what KPIs and graphs are displayed. Before using or taking up NetSuite, your business must be using some kind of other third-party solution for easier business management. This can be a CRM tool, payroll software, ERP solution, sales tool, e-Commerce management tool, etc.

As your business grows out of the startup phase and into a more mature company, you may want to invest in software that will keep your operations moving forward. Companies that reach this point often find it easiest to streamline all of their systems, including accounting and financial management, into one convenient enterprise resource planning (ERP) platform. For this reason, we chose Oracle NetSuite as the best pick for businesses that are seeking advanced features. Today’s NetSuite family consists of several different integrated, cloud-based products, each with a different emphasis. NetSuite ERP focuses on financial management but is much more sophisticated and flexible than what you find in entry-level accounting software; we evaluated this element of the solution. Its core solution (which is priced from $129 per user per month on average) includes General Ledger, Accounts Receivable and Accounts Payable, Inventory, and Fixed Assets, with many other less all-encompassing features.

Inventory and order management

You can also track subordinates, visa status, employee education, and promotion histories by using the HR functions. As might be expected with a high-end inventory system, NetSuite provides extensive planning and forecasting tools. Forecasting can be performed using history, moving average, and linear progression. These forecasting capabilities are part of the Materials Requirements Planning (MRP) modules, but the MRP capabilities are seamlessly integrated so you don’t feel you’re moving from one module to another. Forecasting is tied in maintaining inventory levels at a point where you ensure that you have enough stock to fulfill anticipated and forecast orders, avoiding a stock-out while minimizing an over-stock condition.

NetSuite allows regular cycle counts to monitor inventory amounts and resources that company owners and managers can use to understand their warehouse operations fully. As a unified platform, it integrates seamlessly with other components of the suite, such as financial management, inventory netsuite reviews and order management, HR, customer management, and ecommerce, allowing businesses to focus on growth. However for many companies that have needs beyond accounting, like inventory & warehouse management, project management, point of sale, ecommerce, project management, HR, etc.

Netsuite Review Table of Contents

This architecture and deployment method is the most economical because the cost to develop, deploy and maintain the software is spread across many customers. Though we may be a bit biased, we think NetSuite is the cloud-based ERP of choice, but for those of you new to ERP there are a number of other options that you may also be considering. Oracle NetSuite offers a free trial, which begins with a demo. You would be set up with a customized plan for your business. On many screens, there’s a row of additional links below the toolbar in a horizontal bar.

This description might make Oracle NetSuite OneWorld sound more complex than it really is once you stop reading and actually put cursor to screen. There’s a logical and orderly progression of mouse clicks that quickly brings you to the transaction or report you need. It’s not quite as visually intuitive as Intacct, but go through it a few times and you should be quite comfortable. Connect with an expert team that will plan, implement, and deliver NetSuite migration, set up and operation.

What a waste of money- Netsuite

When you hover over one of these, a drop-down menu displays the activities and data that are available there (like Reports ‘ Reports Overview/Saved Reports/Purchasing/Time & Billables). Three other links on this toolbar display lists of recent records and shortcuts, and return you to the home/dashboard/preferences pages. One great thing about the system was that you could add only the modules you needed onto the system. But for the modules we needed to run our business well it was priced outside of our current budget. However, NetSuite is not a great fit for smaller companies with fewer than 20 employees.

Whatever version you are currently working in, it’s the most current. Because there is only one codebase remaining fully controlled by the vendor, you don’t have to wait for updates and bug fixes to be built, tested, then shipped out to thousands of customers. They’re simply rolled out in a continuous fashion, most happening in the background as far as users are concerned. The next feature in this NetSuite review is payroll management. If NetSuite is by your side, you don’t need to invest your funds in any other payroll software as the tool alone can take care of the payroll requirements for your business. The tool automatically records all the details related to the employees in the organization.

That’s fine but if you’re looking for something that supports multinational businesses, NetSuite is really good. If you’re looking for a system to bring your business together, NetSuite is a great choice because of its versatility and easy access. Schedule a demo and see what it offers, or jump right in with a sales call and get a customized plan.