NetSuite is a suite of ERP and accounting modules which is sold in various editions aimed at different size customers. The multi-country, multi-currency version is an additional module called OneWorld. Netsuite is a SaaS system and is not offered in an on-premise edition.
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PeopleSoft
Score 8.3 out of 10
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PeopleSoft Financials is a client/server financial management designed for larger organizations. Features enable organisations to control, monitor, administer, and report on financial information, accounting, and project tracking.
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Pricing
NetSuite ERP
PeopleSoft Financials
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
NetSuite ERP
PeopleSoft
Free Trial
No
No
Free/Freemium Version
No
No
Premium Consulting/Integration Services
No
No
Entry-level Setup Fee
No setup fee
No setup fee
Additional Details
Users subscribe to NetSuite for an annual license fee. Your license is made up of three main components: core platform, optional modules and the number of users. There is also a one-time implementation fee for initial setup. As your business grows, you can easily activate new modules and add users.
NetSuite's scalability and ability to report on many enterprise processes and operations are my favorite features. NetSuite's user interface is straightforward. NetSuite is flexible and expandable, allowing us to save data and transactions fast. I appreciate the help establishing new workflows to improve system processes and procedures for the entire firm, and I love the customization options and shortcuts that make my team's work easier. NetSuite is one of the best resource planning tools, but like other Oracle technologies, it requires multiple training sessions to operate properly, and its subscription rates are too pricey for small organizations to utilize.
You really need a big enterprise to take advantage of PeopleSoft. It is not entirely user-friendly, and it often requires massive amounts of customization to make it work for layers if you will. Business experts can figure it out, but if you are expecting someone to easily learn how to use the timekeeping modules without heavy customization, it's really not for you. You need to know going in, that this is not for a small business at all, and not even a medium-sized enterprise. It's geared to massive organizations that need to integrate business processes over geographic areas and multiple departments.
One of the best thing it does is it is customizable. You can implement any business logic you need. This is one of the very key assets of PeopleSoft Financials.
PeopleSoft Financials's accounting methods are in line with industry standards. You can use the process as is and ledger will be taken care of.
It supports multiple ways to integrate with other systems.
Support is not terrible but often works in different time zones and at different levels. It can be a challenge at times to resolve a problem but in fairness, we have never had a problem that wasn't solved.
Account management is an experience in growing pains. ALL, and I mean every one of our Account Managers has been world class. They have been willing to fight for our company and 'go to bat' for our needs. The one oddity from Oracle NetSuite is the number of times our Account Managers change position. They seem to always be reorganizing or employees are moving around within the company. I wouldn't consider it 'unstable', just a function of a hot company going through growth pains.
Documentation and training. One of the beauties of the software is the automatic and bi-annual upgrades to the service. There is no chance of looking up one day and finding out you are six releases back in your software. However, even though we have benefited immensely from these development cycles, the documentation and training for new resources seems to be several months behind. We have seen more than one instance where a new and glad-to-get feature has no documentation available or very limited documentation to explain the new features.
PeopleSoft Financials does not address the needs of small organizations that do not have a large enough staff to maintain the software or utilize the features it provides as it requires a moderate staff to keep track of all of the transactions and processing
PeopleSoft licensing costs are significant, which are relative to the features provided but in many cases those features may not be necessary
PeopleSoft licensing structures can be frustrating at times when certain modules would allow you to perform the complex task needed but it would require the entire module to be licensed for just that one feature (e.g. Cash Management for loading bank statements in certain formats)
I am not the decision maker for this but I believe our company will be sticking with NetSuite for the long term. A CRM like this is a big investment and not something you move away from quickly and without a lot of planning. There is a lot of data involved and importing that into a new system is no easy task.
PRISM is a great tool to track and watch numerous financial documents. I would like to see more of an integration platform that would control tracking for specific project details. There is currently only a little section for job notes which I would like to see improve. I think navigation could be improved, but isn't the worst compared to some platforms I have worked with as it provides a tree like structure on the backend which helps synchronize information together for fiscal financials.
I give Netsuite [CRM] a value of 8 because it's very user friendly IF the user is properly trained and is dedicated to using the system as the administrator and company has intended. There are few items such as overall navigation that could be better but really that's splitting hairs as with any CRM, nothing's perfect.
PeopleSoft is HARD to use, period. Everything except for the most rudimentary functionality requires a massive amount of training and ongoing support. There is nothing intuitive about it, and that is where it leaves a lot to be desired. However, due to the way it integrates so many things, there is little in the marketplace to challenge it when it comes to large enterprises.
It has been very reliable. I can only think of 1-2 times in 4.5 years that we have had issues getting in, and in each case were able to get back in within 1 hour. There has not been a major downtime
Most of the time the performance is very good. Pages load in a few seconds; financial reports take less than 5 seconds; basic searches take a few seconds. But performance can be sporadic throughout the day and cause the run time to triple.
The high technical support is closer to a 9: they are very responsive and provide great examples for you to be able to replicate and resolve any scripting issue. The general support is about an 8: they address the issues relatively quickly and provide appropriate feedback although too often quoting NetSuite Support documents instead of providing relevant examples. For product enhancement issues it's a 5: very little feedback on when or whether they will happen.
I can't give them a perfect rating because it does often take a long time and usually more [expensive] to resolve trying issues that cannot be solved by our in-house team. PeopleSoft is complicated, and the mix and match of user-created and stock modules cause problems very often. These usually require more customization to completely fix, requiring more money spent with
I had in person training for a day when first got the software. The training was good. The challenge was that there was a large gap between training and when we went live so we forgot quite a lot
Executive involvement is critical. Make sure you have a good handle on the metrics you would like to ultimately manage. Work as a team to document your business requirements. Whiteboard often. Understand NetSuite's best practice capabilities.
Have a central person identified to handle all report and analysis requests (ie - don't allow multiple people to create reports; have one person create reports and distribute them to decision makers via the NS dashboard or whatever form). Make sure you understand critical dates and develop the project plan accordingly
I recommend that everyone pay special attention to developing a solid testing and training plan if you are even thinking of implementing PeopleSoft. Be ready to obtain good trainers and developers, otherwise, your journey can be unnecessarily painful and much more expensive. Try to stay with an implementation partner who really has your needs at heart, and actually takes the time to understand your organization!
NetSuite, by far, offers the most customizable, intuitive and user-friendly platform compared with its competition. It's superior OneWorld offering for companies with multiple subsidiaries and direct integration with other areas of the business (sales, marketing, etc.) make it the best product out there in my mind. Its role-based permissions structure and detailed audit trail are also the best I have seen across the platforms I have used.
PeopleSoft is much more appropriate for large organizations than the software programs listed here. I'm involved in a project to bring billing and accounts receivable functions out of "shadow systems" like those listed here and into PeopleSoft, and PeopleSoft is more robust, flexible, and standardizable. We've found it to be an excellent solution.
We have been able to scale our business 25X without any major overhaul with Netsuite. Its dashboard setup makes onboarding new employees very easy and allows data to be shared across multiple offices. Its cloud setup does not put any pressure on IT to scale servers or other infrastructure. We have been able to become much more efficient in all aspects of the business.
While I can't quantify the ROI it has definitely made an impact on productivity when compared to older, outdated systems. Monthly closes can be coordinated across the company and completed in a much quicker time.
Another positive impact from NetSuite is much easier access to data. Doing searches and getting data from NetSuite is easy. It doesn't require programmers to do and you don't have to memorize T codes and wait long periods for your information to update.
Provides better controls to ensure that spend does not increase beyond the PO amount.
sPro reverse invoicing provides a mechanism to only pay our staff aug firms for only the hours that entered into PeopleSoft. There is no more reconciliation between the vendor invoices and the hours that were charged within the internal time tracking system.
PeopleSoft Financials increases employee efficiency through the use of dashboards and work centers.
