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NetSuiteAccountingis anERPsolution that combinesaccounting, financial, inventory management, andCRMtools.
What is NetSuite?
NetSuiteis cloud-based business management software offered byOracle.
Check out Geekflares list of thebest ERP Software.
NetSuite Accounting Features
TheNetSuiteaccountingfeatures includegeneral ledger, cash management, account reconciliation, tax management, etc.
Itsgeneral ledger(GL) streamlines coreaccountingsystems and provides a flexible structure suitable for all organizations.
Companies meet their unique business needs by customizing account types, transactions, and reporting.
Real-time bank reconciliation, rules-based transaction matching, and automatic journal entry posting reduce dependency on manual data entry.
Automatic data updates give finance teams a clear picture of the companys cash status.
This helps them make smart decisions about money, predict future cash needs, and create accurate financial reports.
For dedicated AR use cases, check out this list of thebest accounts receivable software.
Account Reconciliation
NetSuiteAccount Reconciliation automatesgeneral ledgeraccount reconciliations in a centralized workspace.
It eliminates errors and manual ticking and trying soaccountingteams can focus on high-risk reconciliations and other strategic work.
Tax Management
NetSuites SuiteTax has a configurable tax engine for end-to-end global tax management.
It also reduces spreadsheet dependency while ensuring financial statements are timely and accurate.
By putting all an organizations financial information in one place,NetSuiteallows convenience and permission-based access foraccountingstaff.
It supports the entire asset lifecycle management, from acquisition to retirement, without any manual process or spreadsheet.
Payment Management
NetSuitepayment management provides businesses the flexibility to make and receive payments.
All these features improve cash flow and are cost saving.
Check out thesepayment processing solutionsfor dedicated payment management use cases.
What Are the Benefits of NetSuite?
The benefits ofNetSuiteare outlined below.
Real-time Visibility
By eliminating delays in data access,NetSuiteenhances operational efficiency and strategic planning.
Thus, it frees up valuable time foraccountingprofessionals to focus on higher-value activities.
Automated workflows ensure that business operations are quickly completed and that team productivity increases.
This eliminates data discrepancies and makes information available instantly to authorized users.
Using its shared access feature, multiple users can access and update information.
It also enables teams to work efficiently on shared data for improved collaboration.
Enhanced collaboration leads to improved productivity, better customer service, and stronger overall business performance.
It promotes flexibility and offers the opportunity to enable remote work.
Moreover, it automatically handles software updates and backups essential for business continuity and data security.
Thus, companies can optimize their operations and gain a competitive advantage.
This flexibility ensures that the system aligns with unique business processes even when the business grows.
Real-time Analytics
NetSuiteaccountingplatform users also get advanced analytics tools for analyzing real-time data from various sources.
Compliance and Data Security
NetSuiteis designed to meet industry-specific regulations and standards.
NetSuite Accounting Pricing
NetSuiteAccountingoffers custom pricing for its customers of all sizes.
There is also a one-time implementation fee for the initial setup.
Businesses can easily activate new modules and add users as they grow.
When a user purchases aNetSuiteplatform license,accountingfeatures are included.
What Are the Challenges NetSuite Cloud Accounting Software Solves?
TheNetSuitecloudaccountingsoftware can solve the following challenges.
Does NetSuite Require Coding?
No, businesses do not need coding to useNetSuitebecause its out-of-the-box features fulfill most business needs.
It is user-friendly and intuitive enough for accountants to use without any coding knowledge.
However, coding knowledge is required to tailorNetSuiteto a specific business process or integrate it with other systems.
In that case, users must know NetSuites proprietary scripting language, SuiteScript.
NetSuite Customer Support
NetSuiteoffers technical support to its customers through email and phone.
Customers can also access support articles from its comprehensive knowledge database, SuiteAnswers.
TheNetSuiteSupport Community is also available to answer user queries.
iPaaS platforms like Zapier, Boomi, and Celigo enable integration ofNetSuitewith other applications.
Does NetSuite Have Mobile Apps?
Yes,NetSuitehas mobile apps for Android and iOS devices.
Is NetSuite Better Than QuickBooks?
No,NetSuiteis not better thanQuickBooks.
According to popular software directory and online review portals,QuickBookshas higher ratings thanNetSuite.
Check out ourQuickbooks Online reviewfor more details.
Companies can consider the following alternatives, depending on their unique requirements and goals.
Acumatica
Acumaticais a strongNetSuitealternative for mid-sized businesses dealing in manufacturing, distribution, service, and construction.
WhileNetSuitepricing considers the number of users as one of the deciding factors, all Acumatica plans include unlimited users.
So, companies with comparatively more users but budget constraints should choose Acumatica.
Sage Intacct
Sage Intacctis a better choice thanNetSuitebecause of its ease of use.
It is also ideal for companies looking for native Salesforce integration.
Microsoft Dynamics 365
Microsoft Dynamics 365is the perfectNetSuitealternative for organizations already a part of the Microsoft ecosystem.
Compared toNetSuite, businesses with complex manufacturing processes and industry-specific regulatory requirements benefit from Microsoft Dynamics 365.
Who Should Use NetSuite Accounting Software?
NetSuiteAccountingSoftware is suitable for medium to large businesses that need software with comprehensiveaccountingfunctionality to perform complex operational needs.
These include retail, manufacturing, and wholesale distribution.
Moreover, software, technology, food and beverage, and professional services should useNetSuiteAccounting.
Who Shouldnt Use NetSuite Accounting Software?
Small-sized businesses or organizations requiring simple operational solutions do not needNetSuiteAccounting.
Also, its steep learning curve and potentially high costs makeNetSuitean overkill for small-sized organizations.
