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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Planful
Score 8.1 out of 10
Enterprise companies (1,001+ employees)
Planful is a cloud-based enterprise performance management (EPM) suite. It includes financial applications for modeling, planning, consolidation, reporting and analytics.
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Pricing
NetSuite ERP
Planful
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
NetSuite ERP
Planful
Free Trial
No
No
Free/Freemium Version
No
No
Premium Consulting/Integration Services
No
Yes
Entry-level Setup Fee
No setup fee
No setup fee
Additional Details
Users subscribe to NetSuite for an annual license fee. The 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. New modules and users and can be added as a business grows.
Quickbooks is a great tool for startup companies. It provides all the basics; AR, AP, and Financials. However it does not provide anything with regards to advanced modules.
Sage Intacct is actually a very well made ERP system. Our company was considering both NetSuite ERP …
NetSuite ERP it probably the best of the ERP systems I have used. Quickbooks is really intended for smaller companies and SAP for very large (though it is not very flexible and navigation of the system is a nightmare). Openbravo was probably the most flexible of the systems but …
NetSuite is a good source of information and holds its own with the other ERP systems I have used. There are some advantages and some disadvantages, but being able to grow our company using NetSuite has been very helpful and we will continue to use the software and implement …
Zuora - does one thing and not that well. The best thing about it is consolidated invoicing. It's a point solution that thinks it's a platform. It's difficult to navigate, the navigation doesn't make much sense, and any customization is really just a deceptive crutch. NetSuite …
Planful seems to have the best price to performance option against the tools listed. Some of the more premium options on the market have outdated UIs and dont get updated as frequently and other in the same price category dont seem to have the same level of options and "ease" …
Against other financial planning software systems, Planful allows the greatest financial visibility. While the same data may be housed in other financial planning software systems the functionality of the Planful reporting module and dashboard modules makes visualizing, …
Besides Planful, I have experience with Sage Intacct Budgeting and Planning. While SIBP could be perfectly fine for a company already on Sage Intacct and with higher level budgeting needs, I'd say Planful is a more versatile software to work with because of how the data can be …
Planful is lightyears better than Adaptive in the way it allows you to customize and do things on your own. It doesn't use it's own formula language so it's very intuitive for average Excel users.
Verified User
Partner
Chose Planful
Cognos, TM1, Anaplan, Adaptive, Vena, Longview, etc.
If you are looking for customization and automation, NetSuite excels. It is really great for transactional accounting and business processes—reporting and visibility into your accounting and transactions are outstanding. However, I might not choose NetSuite if you run a business that uses process manufacturing or very complex products. It certainly would be able to handle it, but it is not ideally suited.
Planful makes it very easy to roll forward forecasts and conduct scenario analyses. I'm also a big fan of their reporting and how easy it is to distribute a report burst to satisfy all the needs and questions of our SLT. Lastly, their latest developments in the AI space make it easy to quickly identify outlier projections.
Revenue recognition. We get information from Salesforce and we build the revenue recognition engine that I'm really pleased. We avoid a lot of manual work by doing this.
We send out invoices electronically from the system. We use it for the fixed asset now with the new lease opinion that we just adopted in January 2022. We leveraged technology, specifically the features in NetSuite to help us account for that.
Creating forecasts for the month, quarter, and year
Creating new variables by using variables pre-defined and that are new in the system
Having a very simple setup in the reports section - not straying away from the old Excel model which most people are used to. I can speak for a lot of people when I say that tools that look new can easily be frightening! 😅
Certain exports out of the system. There are some pages that you can export to Excel and some pages you can't, I don't know why. So it seems like it should be all functionalities there.
Some of the bank feeds have broken quite a bit and I'm not sure why. So we have to constantly go in there and readjust that on the reconciliation tab. I know that's new and robust and it's going well. It's more of taking out GL data instead of what's remaining in that account. As far as if I'm looking at a rec for a particular asset, I know there's GL data that goes through there. What I want to know is what's the balance in that account made up of as far as what's remaining there. So that's the kind of stuff I would buy with advice.
Multiple currency calculations/ consolidations support IFRS accounting
Ability to inactivate old data dimensions
Reporting - Need ability to expand all/collapse all lines easily
Reporting - Formula exceptions added to a report do not update when information is revised.
Automatic Sandbox refreshes initiated by Planful - When Planful does an automatic refresh of the sandbox environment, it copies any Boomi/integration connections.
Limited to 8 data dimensions in core application
Add more API connectors to make data integration easier
ability to transfer sandbox tests to production environment
NetSuite is able to cover all of our needs, spanning multiple departments and managerial levels. We use it daily for a multitude of functions, including creating promotions, estimating inventory, pulling historical reports, forecasting sales, and more. Overall, we're very satisfied with NetSuite as an ERP solution and recommend it to medium to large businesses.
Our new Comptroller understands the value of Planful, and we plan to utilize it further in the organization to enhance external reporting. Strangely enough, Planful had not previously been embraced by the former CFO, who argued that we were running two sets of books (of course, we were not). Fortunately, the before mentioned reconciliation of EBITDA to Net Income demonstrated that to the banks.
As a user, it is a steep learning curve with little to no guidance. Oracle relies pretty much only on their massive documentation library and does very little to guide users in context. As an Administrator, it's frustrating that field naming is totally different depending on your context.
Planful is very easy to use for end users. The budget templates can be customized to meet the business needs. They just released business user experience functionality which you to take a complicated budget template and filter it down to meet departmental needs to avoid sending more lines than needed
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
I only give a 9 rating rather than a 10 rating because it seems that every day around 2pm we see a slowdown in the use of Planful. I have requested our internal IT department verify that it is not an internal issue and have been assured it is the tool. We have not yet reached out to Planful to do extensive research to solve this issue.
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.
Again, the system is very reliable and, for the most part, runs very quick and smooth. When running larger queries, it does take some time, and during budgeting season our users experienced slower loading times, but nothing that raises concerns outside of normal network issues. Occasionally, as with any software we use, it will crash and you have to restart, but that does not happen very often.
I would like to give 8 rating for NetSuite support and reason for that is below: Whenever we faced any technical or functional issues we tried to reach out to NEtSuite support but response was not immediate. We told them about the urgency of the issue but still we were not getting response on time. Then, we have to reach out to AE to get things resolved.
Sometimes we get great help when using Planful's support team and other times we don't. In particular, there is one person that often responds to our support tickets who is less than helpful, hence the reason for the 5 out of 10 rating. As a result, most of the time we reach out to our Planful consulting group as they provide faster and better support
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
We got little training on the tool after implementation. Did a lot of "trial by fire" learning about Planful. I don't think RSM really provided us all the details we needed to understand the tool and to know what we needed to train on. I don't know we knew enough about the tool to even ask the right questions and then they left and we used Planful support a lot.
A few years ago I participated in a lot of their online learning. Their references have grown over the years and continue to get better and better. We use it throughout the year to update the information we hold internally for documentation and to educate ourselves on all of the new release notes and features within Planful.
I felt NetSuite Professional Services did an excellent job of guiding us in the implementation. I also felt our internal teams were a little resistant to the change and engagement of new software. Had we performed better engaging and buying into the new software, I would be able to rate the implementation better. Therefore, the lower number should not be viewed as a deficiency with the software or the professional services teams, but as an reminder of how important complete buy-in from the local users is.
After going through the initial implementation with Host Analytics and a re-implementation with Cervello (due to an ERP change, not due to a poor initial implementation), I've learned that you really must rely on your internal staff to bear most of the implementation burden. Use the vendor or partners for ideas and best-practice suggestions, and some of the easy-but-time-consuming work. Since you will ultimately be using and maintaining the application, you should be able to do most of it yourself.
Well, the reason why I'm with NetSuite is because obviously it beats out those other options quite considerably. It gave us the whole ecosystem that gave us everything we needed. I didn't need a dedicated administrator whose full-time job is to deal with it like our current system would need to really be useful. I can find people or train people how to use it right away. So for us, that really beats it out compared to the Sage and QuickBooks where we were looking at it from a perspective of, yeah, we can find people who are experts in those fields. They don't scale up to the size that we need as we're going to really quickly go from R&D company into doing tens of millions of dollars a year in revenue and activities. So that's where it beats us out over say Sage or QuickBooks is it's got that complete scalability. We can go to multiple subsidiaries, foreign currency, not a problem. It's got that full functionality.
Planful seems to do a better job of pulling things in a format that is more understandable to an accounting-minded person, whereas the other platforms seem more focused on operations. From a detail perspective, Planful provides more powerful and complete data, in my experience. When using a platform for financial planning and budgeting, the details are critical and the ability to match the GL structure and pull full P&L data has been a big improvement from Qlik, which we used previously.
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.
I give this rating simply because I have first-hand knowledge of the scalability of Planful when working across departments in our company that use different financial systems. We have one team on InEight and another using SAP. When we implemented it, we only customized the system to accommodate one of these financial platforms, but when we considered expanding the use of Planful to other departments, we were able to make the necessary adjustments to accommodate our needs.
Positive impact, again, it's our source of truth, so we are able to not have questions about how much money we have in the bank or do we have enough material to build this job. Being able to know those things immediately is super valuable.
I mean it's the grease that skids the wheels that gets us to accomplish the things that we do in our business.
We have saved a large amount of time on reports that we previously manually compiled in Excel via MS Dynamics. Planful was linked to Dynamics through automatically scheduled DLR's, reports were created, and now our manual processes are as simple as accessing and refreshing a report.
Dashboards have improved our budgeting process specifically with our production leaders as they can visualize their P&L's, their current actuals, current budget, and see where they are forecasting with their proposed budget for the next year
With the use of templates, structured planning, and the Simulation Engine, it has added a lot of value and automation to our annual budget process, allowing for plug-and-play type data loading and viewing various scenarios easily