In an increasingly virtual and technological world, the workplace has also been modified and has managed to get decentralized and start operating in alternative ways.
However, having the right technology is vital for your business to prosper; and we believe NetSuite is the best option for it.
Although it may have some disadvantages, such as the small community, the investment it requires in the first instance, and the need for backup recovery to still be improved, we are sure it’s the best tool you can get your hands on.
We want you to be fully aware of its benefits, so we have made a complete list with all the pros and cons it has.
What is NetSuite
Basically, an ERP software works as a central system for your business, integrating processes such as finance, planning, purchasing, invoicing, sales, marketing, inventory, human resources, and much more.
This means you can have all your data in one system, so you can get instant access to it without the delays and inaccuracies of other programmes and softwares.
And because NetSuite is deployed in a multi-tenant cloud-based environment, it hosts a lot of business.
This helps distribute the costs of development and maintaining, while keeping everyone safely apart.
Don’t forget to read this post to get more information about what NetSuite is.
NetSuite and your company size
One of the main benefits of NetSuite lies in its versatility in terms of the scale of your business.
It doesn’t matter if you are a start-up or a multinational corporation, it works just as well in any case.
NetSuite stands out from the rest of the available options thanks to the variety of solutions it offers from the same platform and database.
This means that it can compete both in the SMB and enterprise space across many types of business models (and has the highest overall market presence in those areas).
Price and types of licenses
NetSuite can represent a significant investment (just as with any ERP software), but having a centralized system (just one platform, database, and application) can easily end up saving a lot of money and problems for your organization.
Besides, NetSuite offers different models and prices for different types of companies and budgets.
There are three options available, each of one with foundational (CRM & ERP) functionality; but NetSuite also offers several advanced modules you can license based upon your specific needs.
The three options are:
- Limited Edition (for small and medium sized businesses, with less than ten users).
- Mid-Market Edition (for medium sized businesses, with less than one thousand users).
- Enterprise Edition (for very large enterprise sized companies, with thousands of users).
NetSuite pricing starts at $999 per month for Limited Edition plus $99 per month per user.
This can be a little pricey compared with other softwares.
Intacct starts at $425 per month, QuickBooks Enterprise costs around $880 per year, FinancialForce starts around $9,000 per year, SAP Business One costs around $150-$200 per user.
However, once you realise how helpful it is as a platform it really begins to make a lot of financial sense.
And although it’s true that you can expect prices to increase overtime, this is also the reality for most softwares, since it’s also expected that your organization will be provided with incremental value in proportion to your investment.
A great advantage of NetSuite is that it’s built to support application integration.
NetSuite is not only an integrated set of software applications, but also a platform (SuiteCloud), which provides the tools to allow customers, partners and software developers to customize NetSuite to meet specific needs.
There are some cases where a software application already has a native NetSuite integration because it is built on the SuiteCloud Platform.
If this is not the case, there’s generally three approaches to NetSuite integrations:
Connectors are integrations that help solving common use cases.
This type of integration is usually sold as a subscription and contains the “Built for NetSuite” badge, which ensures that the connector has been tested prior to the latest NetSuite release.
NetSuite Integration Platforms
Also referred to as iPaaS, they enable the development, deployment and governance of data to flow between applications.
They are required when companies are looking to tie multiple systems together.
NetSuite Integrations (Custom)
Custom integrations are developed for special business requirements for a concrete case.
SuiteTalk allows customers or developers to use any programming language or platform that supports the SOAP standard or lightweight REST-based applications.
For smaller organizations that can’t afford or support multiple system integrations, however, it’s always a good idea to use NetSuite’s native features whenever possible.
With SuiteScript you can create custom fields and forms, customized documents, different types of workflows, highly complex scripting and integration via NetSuite web services or restlet through NetSuite’s APIs.
Almost anything is possible with NetSuite depending on your budget and project timeline.
When it comes to customization, the options are infinite.
NetSuite offers basic support free of charge if you get subscribed to any of NetSuite’s software solutions (even though is limited to on-line submission and during local business hours).
There are two paths for all things related to NetSuite support.
One of them, known as The Channel, includes two programs: NetSuite Solution Provider Program and the NetSuite Solution Development Network (SDN) Program.
First of all, NetSuite Solution Providers (SP) are in essence ERP resellers providing counsel to companies considering NetSuite for the first time.
They take care of selling, implementing and supporting NetSuite licenses.
NetSuite users should use their NetSuite Solution Provider for support related issues and questions, since they will have more information about a particular NetSuite environment and potential changes or solutions.
Secondly, NetSuite Solution Development Network (SDN) are NetSuite partners that develop software solutions to improve specific functionality in NetSuite.
A second way is to contact NetSuite’s own sales team, professional services and support organization.
The NetSuite Professional Services and Support organization is very helpful and competent, though since the Oracle acquisition NetSuite has downsized its internal professional services and brought on more partners to help with professional services.
In case you may want to contact NetSuite Support outside these conditions, you will need to purchase NetSuite Premium Support along with your NetSuite license contract.
What about the NetSuite competition?
Most companies today use a mix of systems for various departments, but once a business scales to a certain size, this approach starts to provide diminishing returns.
That’s why it’s very important to think through it and make the right choice both for the present and for the future of your company.
There are some competitors who are similar to NetSuite, so we have gathered some comparisons between NetSuite and other softwares that companies usually make when they consider obtaining it.
NetSuite vs FinancialForce (FF)
Both FinancialForce and NetSuite are good options in terms of financial management, project & resource management and billing management.
Besides, they both easily integrate with Salesforce CRM.
However, FinancialForce may have trouble competing in areas of wholesale distribution, manufacturing, retail and ecommerce; areas in which NetSuite responds great.
NetSuite vs Intacct
Both are good and solid alternatives for companies in terms of financial management capability.
However, for many companies that have other needs beyond accounting (inventory & warehouse management, project management, point of sale, ecommerce, etc) Intacct may not be enough.
NetSuite is the more suitable choice in this case.
NetSuite vs QuickBooks
QuickBooks is, with no doubt, the undisputed choice when it comes to accounting solutions for startups and small businesses, and it also meets many of the users needs right from the beginning.
Nevertheless, as the company grows and expands, QuickBooks begins to fall short.
Some features such as multi-currency, multi-language, multi-subsidiary intercompany transactions and consolidation, multi-book accounting, fixed assets management, or revenue recognition, are hard to implement, and here is where NetSuite does not disappoint.
NetSuite vs Microsoft Dynamics
Essentially all of Microsoft ERP products contain a similar theme very hard to change or even impossible to customize, and expensive to maintain.
NetSuite is much more dynamic in this sense, which is fundamental.
For example, Microsoft partners and customers are frustrated that previous investments in NAV add-on products do not work with Business Central and will require complete redevelopment for customers that want to take advantage of Business Central in the cloud.
NetSuite vs SAP
SAP has two primary ERP’s that compete with NetSuite: Business One and Business ByDesign.
Both Business One and ByDesign have strong manufacturing capabilities, however they both have deficiencies when compared to NetSuite.
SAP was never fully committed to cloud ERP for the mid-market and has had to make significant acquisitions to be a contender in the space.