What is Oracle Netsuite?
Oracle NetSuite is a cloud-based enterprise resource planning (ERP) software that simplifies accounting and finance business processes. It’s an all-encompassing business management solution that has several other functions, such as HR, CRM, and supply chain management.
The platform provides you with real-time visibility and control of your organization’s financials. You can streamline the process of recording transactions, and managing accounts payable and receivable. You can also manage your taxes and regulatory compliance from within the app.
With Oracle NetSuite, you can ensure accurate reporting with enhanced visibility, giving you greater control of your organization’s financial assets. Data is updated in real-time, allowing you to audit your bookkeeping, identifying and resolving issues before they become problems.
All NetSuite data is easily accessible from the dashboard, and it’s stored in the cloud. You and your employees can access it from anywhere, at any time, with any device. NetSuite also uses a role-based access control system, so employees can perform required duties without risk.
What popular features do you get with Oracle Netsuite?
- General Ledger
- Cash Management
- Accounts Receivable
- Accounts Payable
- Tax Management
- Close Management
- Fixed Assets Management
- Payment Management
- Warehouse Management
- Inventory Tracking
- Inventory Auditing
Customer Support is available at Oracle Netsuite
Oracle provides extensive customer service for all NetSuite customers. Users of the platform can learn about the product and its capabilities through the education services available. This comes in several formats, including an extensive knowledge base with lots of support articles.
Online classes that teach the basics of the platform exist for those that prefer videos over written guides. If more personal help is required, real-time support is available all hours—24/7. The main website also has a chatbot that can solve problems and connect you to a rep.
What kind of business is Oracle Netsuite ideal for?
Because Oracle NetSuite scales on features, functionality, and pricing, it’s ideal for most sized businesses. However, because of the reported starting price of the platform, it might be too expensive for smaller startups. If a four-figure monthly cost is too much, NetSuite isn’t ideal.
The ERP platform is suitable for a wide spectrum of different industries, including:
- Wholesale distribution
- Transportation and logistics
- Professional services
- Media and publishing
- Restaurants and hospitality
- IT services
- Financial services
- Food and beverage
- Health and beauty
- Apparel/clothing and footwear
- Digital marketing/advertising agencies
- Campus stores
Pros and Cons
- All-in-one solution that combines HR, CRM, and supply chain management
- Streamlines several business workflows and improves operational efficiency
- Decreases your back-office cost
- Makes accounting/bookkeeping easy and efficient
- Helps with paying taxes and maintaining financial compliance
- Extremely customizable
- Too expensive for very small SMBs that can’t afford a monthly four-figure cost
- A complex platform that requires a commitment to learning
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- Over 650+ different business app integrations
- Extensive record-keeping
- Real-time, accessible accounting and bookkeeping solution
- Powerful business insights dashboard
- User friendly interface
- Regular updates on glitches and software improvement
- Financial reporting
- Works with multiple payment partners
- Can handle multi-state returns
- Financial reporting
How much does Oracle Netsuite cost?
*based on information provided by the vendor. Actual cost may vary.
There are two monthly costs that NetSuite users pay: a licensing fee and a per-user fee. According to our research, the minimum price is a $999 licensing fee, and a $99 per-user fee.* There’s also a one-time installation fee as well.
The licensing fee, the per-user fee, and the installation fee will all vary depending on your unique business situation. Please get in contact with an Oracle NetSuite sales representative to get an accurate quote for your company.
The licensing fee is determined by what suite your business needs. There are three basic suites: the NetSuite Starter Edition, the NetSuite Mid-Market Edition, and the NetSuite Enterprise Edition.
The suite your company needs depends on several factors. Some of these include how many employees you have, and how many users you need on NetSuite. The size of your business, what features and functionalities it requires, and how your employees use the platform.
For most small businesses with fewer than 50 employees, the NetSuite Starter Edition is the recommended choice. It’s cost-efficient and it’ll have all the core accounting features that were listed earlier in this review. This suite usually has no more than 10 users.
For larger SMBs that need more than 10 platform users, the NetSuite Mid-Market Edition is the ideal suite. After 150 users, you’ll need to upgrade to the NetSuite Enterprise Edition. Most small to medium businesses won’t need to have these many users.
It’s also worth mentioning that not all users are the same. Oracle NetSuite classifies two types of users on its platform: full user licenses and self-service licenses. Users with a full license have more access to the platform and will cost more. The self-service is cheaper and more basic.
What user license an employee needs will depend on their role within your organization. Full user licenses are for those that require transactional access to the platform. Examples include the CEO, finance department, or the sales department.
The rest of your employees that need lesser access to Oracle NetSuite only require self-service licenses. These users can enter expense reports, log time entries on projects, and access HR functions.
Oracle NetSuite is a powerful, yet complex software; when it comes to pricing, there are a lot of variables. Get in contact with a sales representative for a quote and an accurate picture of the potential costs.
Oracle NetSuite is a convenient, all-in-one enterprise resource planning (ERP) platform that makes managing your business’s finances easy. It’s an integrated solution that combines accounting software with several functionalities, like CRM, HR, and supply chain management.
It’s a fantastic software for small and medium-sized companies that want to streamline their back-office workflows. With it, you’ll save money, improve operational efficiency, and also employee productivity.