TrustRadius
Outstanding platform that delivers on its promise of being the "Single source of truth" for your business
https://www.trustradius.com/erpNetSuiteUnspecified7.4323101
Sonny Spencer, ACA profile photo
January 02, 2019

Outstanding platform that delivers on its promise of being the "Single source of truth" for your business

Score 10 out of 101
Vetted Review
Verified User
Review Source

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 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.
  • 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.
I am a huge advocate for NetSuite, because the system is user-friendly (after a little training) and because it is so customizable. I would recommend NetSuite to any business with more than one company and especially businesses with companies based in more than one country. Small, medium and large companies can leverage the NetSuite platform to suit their needs, whether simple or complex.

NetSuite has a number of taxation features that can help to automate return filings, so any business looking to systematize certain tax areas will find the system very useful.

NetSuite allows great transparency across an organization and adopts a "one source of truth" methodology. If you have Finance, Accounting, Marketing, Sales, Operations, etc. all working in the same platform and working with the same data, there is less room for data discrepancies and more reliance can be placed upon the system outputs.

If a business has a disconnect between Finance, Accounting, Marketing, Sales, Operations, etc. NetSuite will allow that business to come together and automate processes within a single system. There is no need for external system connectors, saving the business time (maintaining the connections) and money (saving on subscription fees to third-party connector vendors).


NetSuite Feature Ratings

Accounts payable
10
Accounts receivable
10
Global Financial Support
10
Primary and Secondary Ledgers
10
Intercompany Accounting
10
Localizations
10
Journals and Reconciliations
10
Enterprise Accounting
10
Configurable Accounting
10
Centralized Rules Framework
10
Standardized Processes
10
Automated Invoice Processing
10
Shared Services Payments
Not Rated
Billings Management
10
Customer Receipt Applications
10
Customer Collections
10
Revenue Recognition
8
Cash Management
10
Asset Management
8
Travel & Expense Management
8
Budgetary Control & Encumbrance Accounting
10
Period Close
10
Transactions Tax
10
Subledger Reconciliations
10
3rd Party Accounting Systems
10
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
Pricing
10
Order entry
10
Credit card processing
Not Rated
Cost of goods sold
Not Rated
Order Orchestration
10
End-to-end order visibility
10
Order exception Resolution
Not Rated
Pay calculation
Not Rated
Benefit plan administration
Not Rated
Direct deposit files
Not Rated
Salary revision and increment management
Not Rated
Reimbursement management
Not Rated
Dashboards
9
Standard reports
9
Custom reports
8
API for custom integration
10
Plug-ins
Not Rated
Role-based user permissions
10
Single sign-on capability
10
Award Lifecycle Management
Not Rated
Spending Control
Not Rated
Indirect Cost Management
Not Rated
Billing
Not Rated
Budgeting and Forecasting
6
Project Costing
6
Cost Capture
Not Rated
Capital Project Management
Not Rated
Customer Invoicing
8
Customer Contract Compliance
Not Rated
Project Revenue Recognition
9
Project Financial Performance Analysis
9
Project Financials Dashboard
9
Real-time Financial Reporting
8
Embedded Business Intelligence
Not Rated
Project Planning Collaboration
8
Project Planning and Scheduling
7
Project Manager Dashboard
7
Resource Manager Dashboard
7
Task Insight for Project Managers
7
Project Manager Mobile Functionality
8
Team Member Task Collaboration
7
Team Member Mobile Functionality
8
Project Candidate Search
Not Rated
Project Candidate Comparison and Analysis
Not Rated
Defineable Resource Pools
Not Rated
Defineable Resource Pools
Not Rated
Talent Profiles
Not Rated
Real-Time Project Reporting
Not Rated
Absence Management
Not Rated
Product Lifecycle Management
Not Rated
Sourcing Team Collaboration
Not Rated
Sourcing Analysis
Not Rated
Bids Analyzed and Compared
Not Rated
Catalog Shopping E-Commerce for Employees
Not Rated
Contract Authoring
Not Rated
Contract Compliance Management
Not Rated
Contract History
Not Rated
Contract Renewal Automation
Not Rated
Contract Repository
Not Rated
Contract Standardization and Enforcement
Not Rated
Electronic Signatures
Not Rated
Invoice Automated Matching
Not Rated
Purchasing Risk and Compliance Management
Not Rated
Requisitions-to-Purchase Orders Integrated
Not Rated
Spend Compliance Management
Not Rated
Supplier Assessment
Not Rated
Supplier Communication and Collaboration
Not Rated
Supplier Management
Not Rated
Supplier Portal
Not Rated
Risk Repository
Not Rated
Control Management
Not Rated
Control Mapping
Not Rated
Control Efficiency Assessments
Not Rated
Automated Control Assessments
Not Rated
Assessment Capture
Not Rated
Issue Detection
Not Rated
Automatic Notification
Not Rated
Remediation and Certification
Not Rated
Transportation Planning and Optimization
Not Rated
Transportation Sourcing Management
Not Rated
Transportation Process Integration
Not Rated
Transportation Execution Management
Not Rated
Freight Payment Automation
Not Rated
Trade Management
Not Rated
Trade Regulatory Compliance Management
Not Rated
Customs Entry Management
Not Rated
Customs Document Management
Not Rated
Customs Document Collaboration
Not Rated
Fulfillment Management
Not Rated
Inventory Visibility
Not Rated
Warehouse Workforce Management
Not Rated
Production Process Design
Not Rated
Supply Chain Business Flows
Not Rated
Production Management
Not Rated
Contracted Manufacturing Management
Not Rated
Configuration Management
Not Rated
Work Definition
Not Rated
Work Execution
Not Rated
Advanced Fulfillment
Not Rated
Manufacturing Costs
Not Rated
Forecasting
Not Rated
Inventory Planning
Not Rated
Multi-tier Supply Chain Planning
Not Rated
Performance Monitoring
Not Rated
Ideation Management
Not Rated
Requirements Management
Not Rated
Proposal Management
Not Rated
Innovation Portfolio Management
Not Rated
Product Master Data Management
Not Rated
Vendor Portal
Not Rated
Project Portfolio Management
Not Rated