Increasing Efficiency: How Netsuite Transforms Businesses

Netsuite is an all-in-one platform that offers worthwhile features such as accounting, supply chain management, e-commerce, customer relationship management and other key functionalities of an enterprise resource planning (ERP) system.

With its goal of providing integrated and agile applications, Netsuite is leading to be a cost-effective software firm that helps organizations simplify their complex accounting and financial processes, promotes centralized operations, gain accurate and real time visibility to data and optimize key processes.

And whether the business is operating in different industries such as private equity, non-profit, retail and wholesale distribution, manufacturing, software and services, healthcare, media and advertising, energy and engineering, Netsuite has tailored solutions and leading practices to cater the business requirements of these various sectors.

Below are the key functionalities that made Netsuite as the premier ERP software and greatly impact not only the productivity of businesses but also their audit and tax compliance across the globe.

Effective Role and User Management

Netsuite offers pre-built roles that can be further customized to observe segregation of duties and be audit-compliant. Apart from the existing roles, a company may create new roles to meet its business needs. A user can also be assigned to multiple roles and view business data for different subsidiaries.

Adaptable Workflows and Scripts

Netsuite supports simple to complex customizations through its comprehensible workflows and scripts. A company could implement an approval workflow with multiple hierarchies and assign it to different transactions. Moreover, scripts can be deployed to set a default value on a specific record or run it by schedule for bulk end processing.

Intuitive Dashboards and Pre-built Reports

Netsuite users may access readily-available dashboards and reports based on their roles and permissions. For example, a Procurement Manager can easily view and monitor new and existing Purchase Orders directly on her dashboard without the need of going to the transaction record. A Warehouse Manager on the other hand, can practically track items on his dashboard that need to be picked, packed, shipped or received. The company may further customize these features to be aligned with the business requirements.  

Flexible API Integrations

Integrating the company’s CRM application, warehouse management system or e-commerce is achievable with Netsuite through its native API unification or Integration Platform as a Service (iPAAS) like Celigo, Boomi, Jitterbit and others. With Netsuite supporting third party applications resulted to less coding.

Supports Multi-Currency and Consolidation

The process of calculating the currency revaluation and performing the consolidation plays crucial part during the month end and year-end close. Fortunately, Netsuite streamlines these procedures with its Advanced Accounting features and OneWorld account. When the company has different entities operating globally and for instance, one of its Subsidiaries has a local currency of GBP and it is transacting in USD, Netsuite automatically performs the conversion or currencies real time and automatically calculates the remeasurement once we run a consolidated Balance Sheet or Income Statement.

Pragmatic Revenue Management

To be compliant with ASC 606, Netsuite has released the Advanced Revenue Management feature to support both straight-line or customer specific revenue recognition.

Many companies benefit from this feature because it automates the forecasting and recognition of revenue, accounting for reclassification and readily-available reports such as the Deferred Waterfall Summary Report, Revenue by Item or Customer and Billing and Revenue Summary.  

Other scalable features in Netsuite such as the Planning and Budgeting module, Account Reconciliation, Multibook, Advanced Projects, Material Requirements Planning, Country-Specific Tax Localization, Case Management, CRM are also available to Netsuite customers to boost its productivity.