What Small Business Owners Need To Know About NetSuite Accounting Software

By Bill Acholla October 8, 2020
What is NetSuite?

Today you’re going to learn about netsuite accounting software.

Specifically, I’ll show you what it is, how it works and how it can benefit your small business.

Ready?

Let’s dive right in.

One necessary task of any business, regardless of whether it has just taken flight or is an established one, is the accounting and financial management.

Big companies might have a separate department altogether to take care of this issue, but managing finance and inventory becomes a massive challenge for small businesses.

The problem here is that most small businesses do not have the experience, resources, or knowledge to take care of the finance and management-related functions.

Set these worries aside because there is an excellent business management software that can provide solutions to such woes. 

Enter NetSuite, the most popular and recommended cloud-based accounting software in the market right now.

Please continue reading to find out more about this enterprise resource planning software and why users consider it the best small business accounting software.

Full Disclosure: Please note that some of the links below are affiliate links. As an affiliate, I receive compensation if you purchase through these links, at no extra cost to you. You can read my complete disclosure statement here.

What is NetSuite Accounting Software?

Before getting into the details like how this software functions and why it works, let’s look at what it is in the first place.

In simple terms, NetSuite accounting software is an enterprise resource management software.

It helps keep all the necessary business functions of any company or enterprise in one single system. 

NetSuite offers different types of services that any business might need.

Services that an enterprise might need starting from the implementation step and provide support services throughout its lifetime.

It offers professional advice to ensure that the business achieves success and maintains this success for the rest of its existence. 

The Business Solutions That NetSuite Provides

Here is a quick look at the solutions that this company management software supplies:

01) Enterprise Resource Planning 

ERP is a process that businesses and companies use for the integration of its vital parts.

These parts include planning, inventory finance, marketing, sales, and the like.

Now, what NetSuite does is give a company a clear vision of its tasks and make controlling easier. 

It also increases productivity by streamlining the business’s critical processes and allowing the company to focus on more pressing issues.

Management of finance, orders, production, supply chain, inventory, and procurement are some ERP features of this web-based software. 

02) Customer Relationship Management (CRM)

CRM helps a business gain the information needed to manage past, present, and future customers by analyzing its interactions with them.

It is a key ingredient to fill in the gaps between marketing, sales, and customer services and increase the business’s efficiency as a whole. 

NetSuite is the only client management software in the market through which users can have a bird’s eye view over its customer lifecycle.

Whether it is getting leads, fulfilling orders, renewing customers, or providing support, NetSuite is ready and equipped for it all. 

03) Professional Services Automation (PSA)

Even those people with professional knowledge and experience require assistance sometimes.

During such times, the NetSuite accounting system provides project, resource, timesheet, and expense management services along with project accounting and billing. In a nutshell, PSA helps in simplifying the process of planning and executing a project.

Professionals can make effective real-time decisions by eliminating the need to guess and providing the right project-centric information.

04) Human Capital and Resource Management 

One element of NetSuite that can be of great use for small businesses is SuitePeople that offers solutions for HR management and workforce management.

This software has ample experience and research on human resources.

As such, it makes the whole process of HR management much easier than before. 

There are unique modules like the Time-Off management in the SuitePeople element.

This module allows the organization to see if the time-off request fits into the policies and whether the employee is eligible for such time offs. 

05) Analytics

Even if a small business has all the information and data needed for making effective decisions, it is of no use if they use it the wrong way.

NetSuite offers analytic conclusions utilizing the knowledge that a company feeds it or those it records on its own.

Why is NetSuite Accounting Software Suitable for Small Businesses?

NetSuite is a cloud accounting software.

This fact means that NetSuite ERP allows users to gain access to its features over the internet.

One undeniable benefit of the best cloud ERP is that it reduces costs significantly.

Hence, making it the ideal accounting and inventory software for small businesses. 

The main advantage that users of NetSuite cloud ERP have over on-site ERP is that they can take care of their business-related applications from anywhere at any time.

There is no physical barrier or a need for additional IT support services.

The low cost of NetSuite ERP makes it the best ERP software for small businesses that do not have enough revenue to spare. 

Price of NetSuite 

NetSuite offers a one month free trial for any interested individual and potential user.

This NetSuite ERP demo gives people a peek at all the software’s solutions and services for its users.

After this one month of the free trial, the base license cost will be $999 per month.

As for the access cost, it is $99 per month for one user. 

There are different packages for different types of companies.

Thus, please make sure to check the bundles before settling on one. 

Comparison of NetSuite With Similar Software In The Market

Netsuite ERP competitors have existed for a considerable amount of time.

However, many people ask how Netsuite accounting software fairs when set up against multiple competitors that make it to a similar product suggestion list.

Let’s take a look at a comparison of NetSuite and two of the most used accounting systems software available right now:

Revenue Recognition of NetSuite

NetSuite vs. QuickBooks

As the name suggests, QuickBooks is a software that takes care of a company’s bookkeeping needs and requirements.

If there is one thing that everyone can be sure of, it is the fact that QuickBooks is a must-have for all small businesses and companies.

It allows users to access their data and run tests in real-time. 

The cost of NetSuite ERP is higher than QuickBooks.

However, it is not by much. This comparatively higher retail price is justifiable if one considers the features and solutions NetSuite provides.

When it comes to features of the two software, NetSuite has a significantly higher number than that of QuickBooks. 

The main benefit that NetSuite has over QuickBooks is that a company can use the first option even after the small business or enterprise grows and expands in size.

As for QuickBooks, its design is such that it will suit only small businesses.

It only provides accounting and finance tools, while NetSuite offers a range of other solutions.

NetSuite is also much more user-friendly than QuickBooks and has more accessibility than the mobile app.

It also offers a free trial so that a potential user can get a taste of the full package before committing.

The recommendation of NetSuite users is enough to convince anyone to give it a try. 

The overall verdict is that NetSuite is the better option, whether the user’s business is small-scale or large-scale.

It waves off the challenges that both big and small companies might face.

As this software evolves along with the business, NetSuite will help a company save time, effort, and money by being the one-stop solution for a lifetime of issues. 

NetSuite vs. SAP (Systems Applications and Products in Data Processing)

The development of SAP ERP by the German software company SAP SE marked the start of a remarkable journey towards a more integrated business process.

Much like NetSuite, SAP ERP has many modules, including but not limited to financial and asset accounting, material and warehouse management, controlling, plant maintenance, and human resources. 

There are three kinds of SAP software, namely SAP Business One, SAP ERP, and SAP S/4HANA. 

SAP Business One had only on-premise accessibility in its initial deployment stage, while NetSuite was fully cloud-based from the start.

Currently, both types of software offer cloud accessibility for all users. Regardless of whether the user is in the office or at home, they can access SAP and NetSuite.

However, NetSuite is a better choice for remote access since SAP still depends on its partners for remote mobile app access. 

SAP Business one did not have payroll and module flexibility as compared to NetSuite

At the same time, NetSuite also advertises an affordable monthly subscription fee.

This fee disclosure lets potential users know about the Netsuite cloud ERP pricing, unlike SAP ERP vendors.  

The setup process of NetSuite is slightly more complicated because it integrates with many source systems to give users better compatibility with partners and suppliers.

NetSuite has a comparatively larger number of add-ons, which are more effective than SAP’s add-ons.

Considering this point, NetSuite’s integration costs might be higher than that of SAP’s integration costs.

The analytics solutions that NetSuite offers is unique and makes this software easy to use.

Even those users who know nothing about analyzing data can easily understand what the SuiteAnalytics module brings to the table.

Even if it might just be a quick and basic study of the data and information collected, it helps the company make quick and apt decisions. 

In the end, NetSuite is a better ERP solution software for small businesses and enterprises, thanks to its fully cloud-based nature.

This feature reduces costs significantly because it does not require a physical office or labs to carry out its processes.

SAP also offers a hybrid base that allows for remote access anywhere, anytime through the cloud, but it is not as efficient or effective as NetSuite. 

Companies Using Netsuite

The number of companies that use NetSuite has crossed over 40,000 since its launch, and these companies have their base in 100 different countries.

The acquisition of NetSuite by Oracle paves the way for further growth and a very bright future.

It is not just small businesses that avail of the services but also big companies and established enterprises. 

Some of the biggest names that NetSuite is proud to call customers are:

  • The Second City
  • Quicken Inc.
  • Land O’Lakes
  • Lovesac
  • Hello Products
  • Baker
  • Kiva
  • Shaw Industries Manufacturing
  • TopDown Consulting 

The Second City, the famous comedy enterprise, is one of NetSuite’s customers.

They listed this accounting software as one of the most important aids that helped them grow and reach unparalleled success. 

This enterprise grew in ways like doubling their training center area by adding 30,000 square feet to I and adding a restaurant under their name.

It wasn’t easy for a financially uninformed lot to manage the new additions and keep everything afloat.

But with NetSuite, the financial management and reporting aspect of the business came naturally and easily. 

The provider-client relationship between NetSuite and its customers is personal, and they make the client feel like they matter.

Even if NetSuite has a large client base, they still make an effort to call each of them up every now and then to see how they are doing. 

The NetSuite integrator at The Second City recalls how easily they could have stored their data relating to their business had they had a cloud-based ERP software in the first place.

This software also serves as a damage control measure. 

Use of SQL formulas

SQL or Structured Query Language is the language that the relational database uses.

This database gives access to data and information and their relation to each other.

Using SQL, one can utilize the data stored in the database and control them.

There are some SQL formulas that the user can employ in NetSuite’s searches.

NetSuite provides a course to teach a person how to use SQL functions and transform their search results.

Knowing about the basics of SQL will help here, but it is not necessary. 

Key Takeaway

NetSuite is an easy-to-use and easy-to-learn cloud-based accounting software that is ideal for small businesses and enterprises that aim to grow and expand.

It reduces overall costs by canceling out the need for a large number of hardware and rental expenses.

It has made payroll management much more straightforward for the users. 

Over To You

Now that you know how NetSuite can help small businesses, feel free to share what you think.

Is there any suggestion or doubt that you want to put out?

Comment below and get your points across.

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