Item: NetSuite ERP
Rating: 9
Author: Verified User

Overall Satisfaction with NetSuite ERP

Use Cases and Deployment Scope

We have started using NetSuite ERP as our ERP primarily for Financial Reporting, Planning and Budgeting, and Forecasting. We have shifted over from a sunsetted software based program to NetSuite ERP's Cloud Platform and this has introduced elimination ledgers to our accounting where it was not previously available with the old program. This has improved the Financial Reporting aspect with more customizable financial statements for presentation purposes.

Pros and Cons

Pros

Customizable Reports and Saved Searches allow much more maneuverability
Elimination Entries that are driven by advanced intercompany journal entries
Journal Entries can be entered in as basic or advanced intercompany to better represent the type of transaction occurred for reporting purposes
Training through the LCS module can help shed knowledge on a range of topics at a self paced learning basis
NetSuite ERP offers to all users a SuiteAnswers platform to pose frequently asked questions with answers generated from a combination of NetSuite ERP experts, users, and more recently AI based.

Cons

The area for the largest improvement needed is the implementation process. Especially when it comes down to an accounting based ERP setup rather than a CRM model. The experts should have accounting backgrounds in addition to the system knowledge for implementation.
There should be more training focused on the Dashboards and the maneuverability of the data focused for each graph or report within the dashboards.
The AP system is a little problematic with more complex company hierarchy. Due to the AP Invoice headers being driven by "main line" but the expense distribution being driven by journal entries - the AP aging is hard to verify the accuracy and can be distorted by different types of transactions.

Return on Investment

With NetSuite ERP, we were able to reduce our Accounting Close process by 20%
Interdepartmental Expense Approval turnaround time has reduced by 30%
Manual Entries have been reduced by 70% with the ability to upload entries for Advanced Intercompany Journal Entries and AP Invoices

Usability

In most areas, NetSuite ERP is a very user friendly system with a lot of areas that can be customized by the company to meet different reporting needs. The area that I have the most reservations on is related to the Accounts Payable system and the corresponding reports. The complexity of the company's subsidiary hierarchy and AP processing procedures directly affects the accuracy of the reports and requires a lot of different reports to verify the efficiency of the Aging.

Alternatives Considered

Sage 100

NetSuite ERP is superior to Sage 100 in that it provides better reporting flexibility and a self run elimination ledger in the accounting close process. We went with NetSuite ERP for their affordability and flexibility providing more "bang for the buck."

Key Insights

Do you think NetSuite ERP delivers good value for the price?

Yes

Are you happy with NetSuite ERP's feature set?

Yes

Did NetSuite ERP live up to sales and marketing promises?

Did implementation of NetSuite ERP go as expected?

Would you buy NetSuite ERP again?

Yes

Likelihood to Recommend

In my opinion, NetSuite ERP is a well suited setup for a company that has a very simple structure with limited variance in each subsidiary setup and basic hierarchy. The system does provide for multi-currency transactions within the organization in a way that many systems do not. The system is less appropriate where AP invoices are shared among different subsidiaries and entered on a parent company basis then distributed down. The system has trouble providing transparency on the AP Aging regarding the distributions and when credits are involved those often do not reflect on the Aging.

NetSuite ERP Feature Ratings

Comments

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NetSuite ERP - for Finance and Accounting

Software Version

Modules Used