What is NetSuite?
As a business owner or finance executive looking for systems to scale your organization there’s a very good chance you might have come across NetSuite in an effort to transition beyond QuickBooks or a legacy ERP/accounting system.
NetSuite is Enterprise Resource Planning (ERP) software, which includes accounting software, along with many other functions central to running your business, such as: customer relationship management (CRM), inventory and warehouse management, human resource management and payroll, service resource planning, order management and procurement and more.
There are many advantages offered by an ERP system like NetSuite for high-growth companies looking to centralize data through a fully integrated solution, and minimize inefficiencies and inaccuracies due to disparate applications and manual data entry.
In other words, it’s your all-in-one command center to manage your entire business operations.
NetSuite is a multi-tenant cloud based ERP solution hosted by NetSuite and offered via a subscription model. Many small businesses find the “pay-as-you go” nature of NetSuite compelling as it reduces initial cash outlay for business systems and allows them to focus on their core business, not managing and maintaining software. Data is located in a single database within NetSuite, which allows instant access to your business reporting through point and click reports, avoiding inaccuracies that result from manual processes.
NetSuite is generally licensed as a “Suite,” meaning the license includes core functionality for both CRM and ERP that is generally used by all types of companies. For companies that have additional needs beyond the standard suite, NetSuite offers advanced modules you can license based upon your business needs. The advanced modules can be licensed à la carte or bundled together by industry.
The Suite Includes the Following:
- Marketing Automation
- Sales Force Automation
- Partner Relationship Management
- Customer Service Management
- General Ledger
- Accounts Payable
- Accounts Receivable
- Bank Management
- Currency & Tax Management
- Item & Inventory Management
- Order Management
- Employee Center (Time & Expense Management)