A No-Nonsense Review of the Oracle NetSuite ERP

Looking to further boost your business operations, by getting ample support from both IT and business experts online? Well, perhaps you could try subscribing to NetSuite! According to long-time users, Oracle’s NetSuite is an enterprise resource planning or ERP platform which comes with a very strong financial management solution. And, when it comes to cost, netsuite pricing is actually customised for each user based on the requirements and circumstances of their business. Here’s a fair, honest and no-nonsense review of the NetSuite ERP platform.

It’s Ideal for Small & Mid-Sized Businesses

Before we delve into talk about netsuite pricing (which you shouldn’t be worrying about anyway because it’s so affordable and reasonable) let’s first discuss one of the many perks of using it.

Okay, for starters the platform is ideal for small and mid-size businesses, manufacturers and companies who essentially need advanced features. Yes, it’s even great for startups because NetSuite’s ERP platform is customizable, flexible and quite easy to adjust to the businesses’ circumstances and needs.

As a business grows out of the startup stage, and into a more mature level, the owner may want to invest in software solutions which could help them keep their operations moving forward.

Businesses who reach this phase often find that it would be easiest to streamline all of their systems, including accounting and financial management, into one convenient and flexible enterprise resource planning system.

Apart from its robust offering of ERP solutions, NetSuite also provides an intuitive cloud-based financial management solution which allows business to easily track their financial data, and automate many (if not all) of their essential accounting functions.

Like any top accounting software, NetSuite also offers reporting, billing and planning features, and it can also easily blend or integrate with other types of software, including of course Oracle’s suite of business solutions.

NetSuite can even be used seamlessly and efficiently with multiple currencies, which is a wonderful option for growing firms who have a global customer base. And, if your business needs to expedite its accounts receivable and payable, as well a speed up deal closings and cope with the more complicated compliance requirements (while taking advantage of a full suite of powerful business management features), then NetSuite is ideal for you. 

Pros and Cons of Using NetSuite

Since this is an honest, fair and no-nonsense review of NetSuite, well, then we should have a good discussion about the pros and cons of using it. Well, let’s talk about netsuite pricing afterward, because I’m sure you’ll be surprised at just how reasonable the subscription cost is.

Okay, let’s start with the pros of using NetSuite. First, it is hailed as an all-in-one solution which supports growth from SME to large enterprises. Well, the software actually has its roots as an accounting platform, and it provides a very strong ERP core.

Today, NetSuite has been upgraded to cover a wider range of functional areas and modules, from sales to inventory, customer relationship management, inventory, supply chain management, production and more.

The result is an ERP platform which can effectively handle core business functions. And, for any industry-specific processes which fall outside NetSuite’s capabilities, there’s the option to integrate, so users can use it with other types of software brands.

Second, NetSuite provides a truly strong financial management capability, which makes it a top choice for businesses and organizations who have requirements for inter-department or inter-agency revenue recognition and multiple billing models.

NetSuite also enhances financial management by using modeling capabilities to create truly accurate budgets at the department and company level. It also streamlines billing management across subscription, usage-based and hybrid billing models, while accurately recognizing revenue.

The platform also automates revenue scheduling, allocation and reporting to guarantee compliance with revenue recognition guidelines. It also simplifies inter-company accounting and consolidated financial reporting. Finally the platform leverages real-time financial data and analysis tools to effectively shorten the gap between financial forecasts and actual; performance.

Now, let’s look at the perceived drawbacks of using NetSuite. For starters, some argue that subscription pricing can change over time. But then again, a big draw of netsuite pricing is that you can spread out the spending over time, instead of having a big lump sum payment upfront.

You can also have a little more flexibility to add or remove users as required, and your subscription price will increase or decrease accordingly. You also have the flexibility to implement your NetSuite solution in stages or phases, and only pay for the modules or bundles as you implement them. 

With each new bundle you add, you will see an increase in your subscription price. In some instances, you could be forced to buy a new feature bundle just to access one piece of functionality that you require.

While your costs may not be as predictable over the long run, you can actually negotiate for better pricing with longer contracts (three years is the usual). But if you like an annual renewal to provide you more flexibility, you could see more variation in your expenses.

The second perceived drawback of using NetSuite is that basic support is limited, and additional support comes at an extra price. Well, all NetSuite clients are provided with a basic support package which includes 24/7 phone support for critical concerns, online support through SuiteAnswers (which is a searchable knowledge center), along with access to the NetSuite Support User Group.

Remember that your NetSuite partner will likely offer you their own support package, which will still come at an additional cost, but it would likely be lower than the NetSuite Premium Package. And, you will be dealing with consultants who know your system configuration and business processes.

Your partner will also be able to better guide your users, and help them use more effectively, instead of just addressing the technical issues. So, if you ask me how I rate netsuite pricing, well I could say that it’s fairly reasonable.

Overall, NetSuite is recommended for businesses who are outgrowing basic accounting software solutions, and for manufacturers who need to effectively manage warehouse operations, inventory and supply chain processes, while at the same time lowering operating costs and increasing revenues. 

And of course, the platform is highly recommended too for international business who need a platform that can help manage operations that span multiple countries and territories.

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