Outstanding platform that delivers on its promise of being the "Single source of truth" for your business
January 02, 2019
Outstanding platform that delivers on its promise of being the "Single source of truth" for your business
Score 10 out of 10
Vetted Review
Verified User
Software Version
NetSuite Enterprise Edition
Modules Used
- AdvancedFinancials
- Advanced Project Module
- Advanced Software
- Contract Renewals Module
- Fixed Asset Module
- OneWorld (multi-country and multi-currency)
- Recurring Billing
- Revenue Recognition
Overall Satisfaction with NetSuite
NetSuite is currently being used primarily by the Finance team to manage financial statements, fixed assets, procure to pay and some billing.
NetSuite solves many business problems, including the ability to track financial data in multiple currencies and subsidiaries, while automating the consolidation process. It provides an excellent audit trail for system changes. It provides the flexibility needed for ever-changing business requirements and needs. It has helped to systematize the accounts payable process, which can often be very manual.
NetSuite solves many business problems, including the ability to track financial data in multiple currencies and subsidiaries, while automating the consolidation process. It provides an excellent audit trail for system changes. It provides the flexibility needed for ever-changing business requirements and needs. It has helped to systematize the accounts payable process, which can often be very manual.
Pros
- NetSuite OneWorld allows a business to automate its intercompany elimination processes at month's end. If set up and maintained correctly, the system can fully automate this process, which for many businesses involves a lot of manual work (in Excel!)
- NetSuite's audit trail throughout the system is outstanding, tracking changes by user, change type, date/time. You can easily see who made which edits to the database and when. This is often lost or non-existent in other platforms.
- NetSuite is highly customizable to your business' requirements. Through specific modules, SuiteFlow and SuiteScript, the possibilities are almost endless, but what is great about NetSuite is that the standard functionality is suitable for many businesses.
Cons
- NetSuite does have great customization capabilities, however, this can also make it difficult to track and maintain custom workflows and scripts as business needs change, especially with different subsidiaries having different process requirements. Essentially, the more you customize the system, the more you need to maintain documentation for reference.
- NetSuite has a fantastic reporting tool called a "Saved Search." For financial and other similar reports, you must use the NetSuite "Report" feature. This reporting feature is not as flexible as the Saved Search and I have found that certain reports cannot be customized as required using the "Report" feature.
- The Project Management module still has some work to go before it is flexible enough for companies to use NetSuite for their own customized processes. The module is fairly inflexible, and at a previous company we had around 10-15 enhancement requests alone relating to this module.
- Through the automation of business processes, NetSuite has allowed the business to focus on other projects in addition to the day to day system administration tasks. As such, the system is providing excellent value in terms of the time saved by the administrative arm of the company.
- Access to data. The platform has great flexibility in it's "Saved Search" feature, that allows the business to report on pretty much any and all data stored in the database. These can drive user dashboards and make it extremely easy for users to get the information that they need in a matter of seconds. Instead of the CFO requesting a report from the Controller, the CFO can simply refresh their dashboard with a single click and they have the information they require.
- Transparency. NetSuite allows collaboration across the entire business and maintains an excellent audit trail. Transparency is often lost where business use multiple systems across departments, so having everyone housed within the same financial system allows for greater collaboration and trust in the data.
- Not a member of any user groups
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.
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.
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