What is NetSuite? 4 advantages to using this popular ERP system

It is a truth universally acknowledged that enterprise resource planning systems (ERPs for short) can make life much easier for businesses. But implementing an ERP isn’t a one-size-fits-all solution, nor is it right for every company. 

This article will dive into the benefits of one ERP in particular: Oracle NetSuite.

But first, let’s cover the basics. An ERP is software that integrates core business functions including finance, HR, procurement, supply chain, and other services. These tools become necessary once a company reaches a certain size and having these functions separated becomes impractical.

ERP software is known to be complex and time-consuming to set up, so it’s worth taking the time before jumping in to be sure that you really need one. There are quite a few options available on the market, and you must do your research to determine which one (if any) is best for your company.

What is NetSuite?

Beloved by more than 37,000 companies worldwide, Oracle NetSuite’s ERP is a top leader on the market thanks to its comprehensive capabilities and extensive customization options.

Like most ERP systems, NetSuite has a suite of applications that companies can choose from, depending on their needs. It streamlines processes and automates tasks, ensures data security, and is a scalable solution for companies who plan to grow. 

NetSuite ERP is highly rated on both G2 and Capterra, with 4.0/5 stars and 4.1/5  stars respectively. It’s a cloud-based solution, meaning employees can access it from anywhere and data is stored securely on the platform. 

NetSuite was originally a bookkeeping and accounting platform, and grew to include ERP functions. It operates on a subscription-based model, so companies pay for a license and then monthly or yearly subscription fees. Other fees may include implementation, customization, and consultant costs, depending on the package and modules you choose.

Why choose NetSuite?

When it comes to ERP systems, NetSuite is one of many excellent options to choose from. Here are the top four benefits of NetSuite ERP and the reasons why you might consider it over other software solutions available on the market:

1. Variety of functions and features

The beauty of an ERP solution is being able to streamline all your business processes into one platform. NetSuite hosts a suite of applications that manage common business functions. Some of the most popular systems include (but aren’t limited to) the following:

Finance and accounting: record transactions, manage payables and receivables, collect taxes, close the books, maintain control over financial processes

Inventory management: get an overall view of inventory in real time, automate inventory tracking, manage orders

Human resources: manage payroll, improve data accuracy, group financial and HR data, increase employee engagement

CRM: manage interactions with current and potential customers, store partner and supplier data, handle sales forecasts and commissions, and manage the entire customer lifecycle

2. Great software integration options 

One way NetSuite stands out from competitors is the ability to integrate with dozens of other software platforms. This crucial capability means that teams can automatically transfer their data to and from NetSuite seamlessly, saving loads of time and reducing the risk of errors.

Other ERPs have integrations too, of course. But NetSuite is known to combine particularly well with other modern business tools, streamlining workflows and increasing efficiency. 

The system integrates with popular software and platforms such as:

• Hubspot and Salesforce (and other CRM systems)

• Stripe (and other point of sale systems)

• Shopify (and other inventory platforms)

• Amazon (and other ecommerce platforms) 

• And many more (supply chain management, logistics platforms, warehouse management…) 

Some companies prefer to keep their existing software and integrate it with NetSuite. Another option is to get rid of the current software and switch the entire tool stack to the ready-made functionalities within NetSuite (CRM, inventory management, accounting and finance, etc.). 

Integrating NetSuite and Spendesk

Spendesk’s native integration with NetSuite is one such example. 

Spendesk users can integrate their spend management platform with NetSuite, saving time every month on accounting tasks and financial management. 

This is especially helpful because most employees in the company don’t actually interact directly with their ERP system. It’s just a few trained finance or FinOps team members who use the ERP day-to-day. Integrations cut out the middleman and avoid costly errors associated with manual data entry.

Non-finance employees can upload their receipts, invoices, and budgets to Spendesk, and all the finance team has to do is push it to NetSuite. In other words, rather than creating manual entries in NetSuite to go with each expense and invoice, the finance team can transfer the data in Spendesk straight to NetSuite. No more manual entry, no more hassle.

Spendesk is just one example of many integrations available for NetSuite users.

3. Cloud-based platform

If the Covid-19 pandemic and ensuing challenges taught us anything, it’s that cloud-based software is a necessity for companies now. Cloud ERPs are no exception.

NetSuite is entirely cloud-based, so employees don’t need to come into the office to use the platform. This ensures data security, transparency, accessibility, and efficiency.

In general, cloud-based software has tons of benefits, such as:

• Flexibility

• Data recovery

• Accessibility

• Scalability

• Automation

• Easy backups

• Mobility

• Increased collaboration

NetSuite is no exception. It’s the top cloud-based ERP system on the market and there’s little risk of interruptions to service. According to their website, the platform is more than capable of handling all its users’ activity:

“NetSuite supports over 37,000 customers with over 1.5 billion data requests per day and more than 6 petabytes of data under management. The system has been designed to accommodate routine surges and spikes in usage, and to scale upward smoothly to address increased transaction volume. Oracle NetSuite is continuously expanding the delivery of its service to new global data centers and regions.”

4. Oracle’s excellent support network

Oracle is a household name when it comes to SaaS products. Years’ worth of experience in this field places their product support teams in a league of their own. 

There’s a great ecosystem around NetSuite. Because there are so many users that span regions and industries, you can easily find help and support when and where you need it.

This includes professional third party providers, partners, and a huge network of users you can lean on. There’s doubtless NetSuite users in your sphere. You can rest easy knowing that such a popular system has users around the world – you’ll easily get the support you need.

Learn more about NetSuite and Spendesk

Are you curious about how exactly NetSuite and Spendesk work together? Check out our interactive demo and try it out for yourself.

If you’re already a Spendesk and NetSuite user but you haven’t yet linked them, learn more about the process here: How to easily connect Spendesk to your ERP.