Business Cloud Technology

Ultimate Guide to Understand the Core Capabilities of Netsuite

As a globally recognized business management suite, NetSuite offers an incredible set of enterprise productivity tools in one unified system, enabling organizations to maximize their operational efficiencies. Engineered for small, medium, and large enterprises, NetSuite is a cloud-based, true SaaS, robust ERP software platform that enables organizations to improve employee productivity via business process automation and cross-departmental system integration. NetSuite eliminates the inefficiencies associated with data silos and disparate systems, ensuring seamless flow of information across different departments. As NetSuite is available as SaaS (Software-as-a-Service), it reduces overheads and headcount while improving decision making by delivering real-time analytics that are required to run and grow a business. 

NetSuite is a perfect solution for organizations with outgrown business systems that are not made to talk to each other. As a unified system to run your business, NetSuite reduces manual work, duplication of tasks and costly errors, enabling decision makers to drive success while making your organization more agile. 

With the help of Netsuite’s dashboards, organizations efficiently monitor KPIs that are important. With NetSuite, top management can easily drill down the reports to understand which areas of business need their attention. As comprehensive answers to all your business needs, NetSuite offers comprehensive capabilities for financial accounting, financial reporting and analytics, payment management, order and billing management, supply chain management, inventory management, sales, marketing, & customer support.

Some of the most important features of NetSuite

Global ERP – If you’re a fast growing company, expanding across multiple countries, geographies, and subsidiaries, you need a system which consolidates all your financial data. With consolidated financial information, decision makers can easily get a business overview. 

Like most deployed cloud-based, global ERP, NetSuite supports 190+ currencies and 24+ languages with comprehensive tax calculation and reporting capabilities. NetSuite accelerates financial processes with multi-currency consolidation and real-time roll-up across accounts receivable, accounts payable, payroll, inventory, billing, invoicing and order fulfillment, from local in country operations and regional offices to global headquarters. 

NetSuite also supports Indirect Tax Compliance to ensure transparency, automation, control and simplicity. With preconfigured tax codes and a configurable indirect tax engine, NetSuite enables you to confidently conduct business across different geographies. 

With support for electronic Audit, an always-on audit trail, built-in analytics and enhanced compliance support, NetSuite rightly caters to your unique business requirements. 

Financial Management – As a robust, cloud-based accounting solution, NetSuite seamlessly couples core finance and accounting functions that deliver strong compliance management to improve business performance, accelerating financial closure, while reducing back-office costs. 

NetSuite offers real-time access to financial data, enabling decision makers to quickly drill into details to resolve issues. NetSuite supports multiple regulatory financial compliance requirements such as ASC 606, GAAP, SOX and others, enabling organizations to take charge of their prosperity. 

With NetSuite, organaizations can transform General Ledger into a dynamic business asset to meet their unique business needs and changing conditions. With enhanced audit trails and new support for multinational financial management, NetSuite delivers flexibility and visibility alongside offering richer reporting functionality. 

NetSuite also streamlines financial processes by eliminating the need for manual journal entries. NetSuite reduces the time and effort required for account reconciliation as well as period close and audit processes by automating processes with automated workflows and approvals. 

NetSuite comes with a Multi-Book engine that records all book-specific activity based on a single business transaction from the General Ledger, revenue recognition, expense amortization, depreciation, P&L allocations and more. 

Fixed Assets Management – NetSuite offers comprehensive functionality to manage your fixed assets. With NetSuite, organizations can maintain and control the complete lifecycle across depreciating or non-depreciating assets. Organizations can efficiently manage assets with NetSuite by creating maintenance schedules and insurance. 

Planning & Budgeting – NetSuite delivers world-class financial planning and budgeting across lines of businesses with comprehensive modeling capabilities, approval workflows and reporting capabilities. 

NetSuite comes with powerful calculation engine that accommodates a wide range of business logic for comprehensive analysis. With NetSuite, you can manage, prioritize, and plan capital expenses. Moreover, you can create a model for capital expenses that delivers an effective way for decision-makers to expedite the review and approval process. 

NetSuite also offers a structured set of processes with which you can build and maintain travel and expense plans as per your specific business strategies. 

You can also map financial and operational data together through a central hub to automate allocation-based business processes. With NetSuite, you can also streamline workforce planning and related expenses, such as head count, salary, and compensation planning to ensure that organizational objectives are met efficiently. A pre-built statistical modeling engine in NetSuite helps in optimizing planning and forecasting based on historical data, patterns, and trends. 

Customer Relationship Management – As a leading cloud-based Customer Relationship Management (CRM) software, NetSuite offers a 360-degree view of customers alongside ensuring a seamless flow of information across the entire customer lifecycle in real-time. 

Apart from providing the capabilities of a traditional CRM, NetSuite offers quotes, order management, commissions, sales forecasting and integrated ecommerce capabilities. With NetSuite, you can empower your sales team with unprecedented visibility into every aspect of the customer relationship across support cases and back-office information such as contracts and inventory. Better sales insights not only drive more renewals, but also enable you to meet customer expectations. 

Marketing Automation – As robust marketing automation software, NetSuite automates your entire marketing process, enabling you to better align campaigns and programs with your sales teams. With NetSuite, you can easily target, build, execute and measure the success of marketing campaigns by tracking a prospect’s activity, identifying buyer-readiness conditions. With support to run marketing campaigns across multiple channels, including website, email, events and social media, NetSuite helps you to execute Effective Campaigns to Drive Leads. 

Final Thoughts

There is no iota of doubt that NetSuite is a globally recognized true SaaS business management solution. However, the real success of NetSuite lies in the implementation process. It is always recommended that you hire a talented team of NetSuite Developers who can work in conjunction to consultants to streamline your business processes. Engineered with an industry specific approach, NetSuite comes with comprehensive capabilities. However, to map these functionalities with real-world process is a daunting task. A talented team of developers and NetSuite Consultants can help in implementing the solution in a way that can easily fit to your unique business needs.

About the author


Sapna Gupta

Sapna Gupta is a technology enthusiast who is passionate to write about ERP, Netsuite Service Providers Netsuite Developer, IoT, Crypto and much more. She believes in delivering content with a pitch that makes topics easy to understand.