What Is NetSuite Used For?

Running a business comes with a lot of details to track and manage. Bookkeeping, warehouse management, inventory management, and invoicing are just some of the key components to operating a successful business. It can sometimes be stressful to keep track of everything, especially if you have to use multiple software programs to do so. If you are looking for all-in-one software to help you run your business and boost performance, NetSuite could be the ideal solution for you. Learn about the features and benefits of NetSuite including what it is, how it works, and ways it can help improve your business management system.

• What Is Netsuite?
• What Are The Core Functions Of NetSuite?
• Core Features Of NetSuite
• How Can I Use NetSuite?
• Can I Customize NetSuite?

What Is NetSuite? 

NetSuite is a cloud-based management platform. It helps companies to run their businesses while allowing them to understand the performance of their business as well as drive efficiency gains and cost savings. The ERP system helps businesses manage core functions of their company's operation including finances, orders, marketing, payroll and so much more.

While the use of multiple software programs is often needed to obtain such a thorough management system, all of the modules you need to manage your business are shared on a common database. This eliminates the need for multiple software programs as well as the confusion and frustration that can come with trying to track everything across various systems. 

NetSuite also uses a central database that updates in real-time and can be accessed by authorized users across business functions. Viewing everything in real-time allows you to see which processes and departments are operating at their best as well as areas that need improvement. Additionally, businesses have the capability to add new functions to their business management system as needed without worrying about the effects on infrastructure or staffing resources. Such flexibility allows companies expandability while reducing extra costs.  

What Are The Core Functions of NetSuite?

A key benefit to NetSuite is its central data source. Information across the system updates in real-time and is accessible to authorized users across all business functions. That means the business has complete visibility and control through a single source of real-time information. Combining this feature with its extensive core functions, NetSuite is a superior business management solution. Learn about just some of the core functions that NetSuite has to offer your business. 

Finance & Accounting

Proper management of financing and accounting is crucial to the success of any business. NetSuite offers exceptional bookkeeping software for businesses. Through its financial management modules, NetSuite automatically updates general ledgers, tracks accounts receivable and payable, and submits invoices. It also supports complex revenue recognition standards and consolidates financial statements from subsidiaries with real-time currency conversion. This means that companies can track businesses in other countries. NetSuite's financial management helps to speed up the monthly closing process and also helps with the creation of financial reports. 

Inventory

NetSuite's inventory management software makes it easy to review inventory in real-time. The inventory management model offers a single view across all departments and locations. 

It also uses sales data to set reorder points and creates alerts when it is time to send out replenishment orders. Cycle counts can also be performed, giving businesses the insight they need to see the routine flow of inventory. This capability allows businesses to fine-tune the amount of inventory they need to keep on hand, avoiding over-stock and shortages. NetSuite enables businesses to successfully boost cash flow and profitability by perfecting inventory control. 

Orders & Procurement

Tracking the entire process of an order lifecycle is important not only for businesses but for customers as well. NetSuite's order management module tracks and manages the entire order from beginning to end. As orders are placed, released, shipped, and received by the customer, this module provides insight at every stage of the process. 

A bonus to this module is that it can automate order processing and manage fulfillment across channels based on predefined rules. This is ideal for orders that go out on a routine basis and has many benefits. Faster and more accurate fulfillment, increased on-time delivery rates and consistent customer satisfaction are just some of the ways NetSuite can help boost the order fulfillment process and drive business. These features make it the ideal manufacturing scheduling software.

NetSuite can also help improve procurement by assisting with the completion of the procure-to-pay process. Companies can maintain a list of approved vendors, collect quotes, and automate purchase orders in one place. This module allows the monitoring of performance and spending, as well as enabling vendor self-service. In short, NetSuite streamlines and simplifies the entire procurement process to save businesses valuable time and money.

CRM For Sales

Customer Relationship Management (CRM) is a vital part of obtaining and maintaining a loyal customer base. NetSuite CRM provides a valuable and extremely helpful look at the customer. This module provides beneficial features including sales force automation, which helps manage leads, quotes, and sales, as well as forecasting tools that help predict sales in the future.

NetSuite's CRM module also allows businesses to improve customer service by giving a full view of important data such as sales history and active support cases. Marketing is also made easy with marketing automation features that allow businesses to strategically manage advertising campaigns to reach their targeted audiences. NetSuite provides the best CRM software for professional service firms. 

HR For Personnel Records

Keeping track of personnel records can be daunting, but NetSuite's HR module, SuitePeople, makes it simple. The module stores personnel information, helps new hires through the onboarding process, tracks promotions, and more all in one data system. Additionally, it gives employees a platform with self-help tools to request time off, view directories and charts, and publicly communicate with their colleagues. Employees are also able to handle tasks much more easily, boosting productivity. Managers have the ability to easily conduct and track performance reviews, track their top performers and more. 

Professional Services Automation

NetSuite's Professional Services Automation (PSA) solutions are specifically created for services companies or services divisions that exist within product companies. The PSA module provides helpful functions including project and resource management, billing, time and expense management and more. Time and expenses can be tracked in detail and customer billing can be automated based on project milestones or schedules. NetSuite provides the opportunity for improving the use of resources, completing projects on time, and increasing profits. 

Core Features of NetSuite

Discover how NetSuite stands apart from other cloud business management systems by learning about its five unique features. 

1. Unified View Of The Business

Netsuite allows every business to run solely from a single platform. By bringing together finances, supply chains, manufacturing, human resources, and eCommerce, managing a business has never been easier. Eliminating the need for multiple programs, it allows users to simply log in to monitor and navigate every aspect of the operation. 

2. Native Integrations

Every NetSuite module is linked to a single, central database. This means there is only one source of knowledge, eliminating the chances of depending on unreliable or outdated information. The central database updates in real-time across all modules. It also delivers a common user interface across all modules, which allows employees to become familiar with the platform and how it works much faster. The module also enables users to complete various multistep processes from a single application without interruption. 

3. True Cloud

While many other business management systems claim to be "cloud" based, they are actually hosted or hybrid cloud. This means that the on-premises software is made for access through the internet. NetSuite was actually developed in the cloud, making it an optimal solution for avoiding version lock, slow upgrades, and scalability limits. 

4. Deep Reporting Capabilities

A tremendous amount of information flows throughout a business nonstop. One of the best features that NetSuite offers is its ability to thoroughly track every detail. Every aspect of a company's operation can be viewed and used as a way to better measure or understand information. Not only that but the system provides role-based dashboards that allow everyone from executives to employees to gain access to the information they need to make important, informed decisions. 

5. Built-In Flexibility

Due to its impressive functionalities and its adaptability, the NetSuite platform is perfect for serving an array of industries including:

• Advertising and Digital Marketing
• Apparel, Footwear, and Accessories
• Consulting
• Education
• Financial Services
• Food and Beverage
• Health and Beauty
• Manufacturing
• Media and Publishing
• Nonprofit
• Professional Services
• Retail
• Transportation and Logistics
• Wholesale Distribution 
• and more.

How Can I Use NetSuite? 

Since NetSuite is considered a product that uses a software as a service (SaaS) model, customers pay an annual license fee. The license is made up of three components: the core platform, optional modules, and the number of users. An annual license fee tends to be much more suitable for businesses compared to other systems that require large, one-time payments and other costs for maintenance and support of those systems. 

However, because of the different modules available and the unique capabilities of those modules, license costs do vary based on company needs. While there is a one-time implementation fee for the initial setup, it is a good idea to schedule a free consultation with a NetSuite Partner like The Vested Group to get a detailed quote specific to your business. 

The annual license fee gives businesses access to the technology, but it also relieves them of the responsibility of underlying infrastructure and system maintenance. NetSuite manages the purchasing and setting up of servers, installing software, patching issues, and more. Not only that, but NetSuite also handles two new software updates every year, giving peace of mind and allowing companies to focus on what matters most within their business. 

One of the greatest things about NetSuite is the modular pricing design. Businesses only pay for what they need, when they need it. This means that NetSuite allows companies to fully customize a business management system that is ideal for their specific needs. As the business grows, NetSuite software can be adapted to it, making it the ideal business management system for scalability. 

Can I Customize NetSuite? 

Yes! NetSuite can be tailored to meet the unique and exact needs of your business. In fact, The Vested Group can help you with this. We specialize in the following industries:

Electronic Reuse & Distribution

The Vested Group offers an electronics processing solution, reVESTED. We understand the individual needs and processes of your business. reVESTED is an end-to-end solution offered on the NetSuite platform that can assist you with addressing complex requirements that come with after-market services, electronics refurbishing, recycling, and distribution. 

Manufacturing

At The Vested Group, our team of experienced and dedicated NetSuite professionals can assist you with any manufacturing challenges you may face. From warehouse and inventory control to scheduling and more, our manufacturing software will provide you with the support you need. Our manufacturing management software offers many advantages, including the increase company responsiveness, decrease operating expenses, and optimize partner and supplier relationships. 

Professional Services

Professional services are the focus of The Vested Group. Our seasoned NetSuite team offers decades of experience, from small start-ups to large, big-name firms. We can help with financial planning, project management, customer relations, and so much more, all through NetSuite. Users can log in on a computer or any mobile device connected to the internet for instant access to input data, make changes, and gain insight. The Vested Group and NetSuite will allow your professional services business to reach its full potential.

Oilfield Services

Whether your company works in oil, gas, or energy, The Vested Group can offer an abundance of advantages through the NetSuite platform. While the oilfield and other industrial services are often at the mercy of the market, we can give you better control over your daily operations and give your business a competitive edge. The Vested Group offers solutions that will allow your company to operate at peak levels, helping it to decrease revenue leakage and thrive in an unsure market. 

Grain Milling

The agricultural industry is nothing short of competitive. Stay ahead of the competition with the use of The Vested Group's solutions via NetSuite. Putting the expertise of multiple, successful grain milling operations and other related agricultural entities to good use, we can help you address the demands and complexities that businesses face within the industry. Our software can assist with things that matter most, including crops management and crop demand, product distribution, quality assurance, and more.

Do You Have More Questions About NetSuite? 

If you are considering NetSuite for your business but are unsure of where to start, we are here to help! The experienced and knowledgeable team at The Vested Group can assist you with every step of getting NetSuite started for your business. From answering all of your questions to helping you customize the right business management platform for your individual business needs, we have decades of experience, and we're ready to put it to work to help your business succeed. 

Whether you are brand-new to working with NetSuite or you are a long-time customer that wants to make changes for your growing business, The Vested Group can assist you every step of the way. 

To get started on creating the perfect NetSuite setup for your business, reach out! We'd love to help provide you with clarity, recommendations, demos, and even a free trial!