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Hands-down the best tool for accounting.
Updated February 22, 2015

Hands-down the best tool for accounting.

Anonymous | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User

Software Version

OneWorld

Modules Used

  • Accounting/GL

Overall Satisfaction with NetSuite ERP

We use NetSuite primarily as a finance and accounting tool, though it is also used to track implementation launch data (we're a software company).
  • As long as they are mainly interested in ERP/accounting I highly recommend. If buying for as an accounting tool, NetSuite is excellent.
  • The integration across your primary business processes e.g. order to cash, procure to pay is strong . If you want high level or to see the details, it does so exceptionally well.
  • Revenue recognition is one of the best out there.
  • It is excellent for international. It is the cheapest way to consolidate and add companies.
  • All main and secondary records are exposed as APIs.
  • Netsuite has demonstrated a solit commitment to its platform recently, with major improvements in functionality in recent releases.
  • There are still to many random system limitations. These are typically small at this point, as many have been fixed over the years, but too many still remain. For example, the native journal approval functionality can't be referenced in either script or workflows.
  • Price increases: NetSuite will try to increase your cost every year. It takes a lot of negotiating work to minimize this.
  • Recurring billing: their module is largely a copy of Zuora, and isn't integrated into their core platform.
  • Accounting segments: currently, they only support four segments (subsidiary, account, department, class). More would be better, as would more flexibility in the chart of accounts
  • Some of the NetSuite tax engine is good up to a point, but if your tax needs are complex, you need to look at 3rd party app vendors like Avatax.
  • If you are a larger company and want to print checks and layout checks, you need to use a 3rd party tool like CreateACheck - a non SAAS tool, but it integrates well to NetSuite.
  • They have never have been in the business of migrating, integrating data which makes initial implementations more difficults
  • Workflow tool could use improvement
  • Scalability and better control over data.
  • Reduced use of error prone Excel spreadsheets.
  • None.
If you need an accounting tool, and are too big for Quickbooks yet too small for Oracle, NetSuite is likely an excellent choice. It's still not a one stop shop for everything, e.g. manufacturing has lots of room for expansion, as does professional services support, but core support for GL, AP, Revenue, AR, etc., processes is excellent.

Using NetSuite ERP

175 - Majority in finance and other related functions
Professional services has some too
Plus a few others who need access to data (e.g. client success).
1 - We have a NetSuite developer, and an Admin who is expert in NetSuite. Both of them work on other applications in addition to NetSuite, in particular the Admin.
  • Bookings and revenue recognition
  • General Ledger
  • AP
  • Billing and collections
  • Bookings: built out custom records to track bookings
  • Professional services
  • Procurement

Evaluating NetSuite ERP and Competitors

Yes - Quickbooks, we'd outgrown it.
  • Price
  • Product Features
  • Product Usability
  • Product Reputation
  • Vendor Reputation

NetSuite ERP Implementation

I wasn't here for the implementation, but from what I've seen, I would rate it a 5-6.

I would recommend contracting with a NetSuite partner.

Data migration can be a big driver of implementation complexity.
  • Vendor implemented
  • Professional services company
We used a professional services company when we moved to OneWorld.
No - All in one go.
Change management was a minor issue with the implementation

NetSuite ERP Training

  • Online training
  • Self-taught
Online training is quite strong. I have used for specific pieces of functionality.However it is not sufficient in all areas.
Depends. As an end user, if you're generally computer software fluent then you should be fine without training. If computer applications don't come easily, then training is highly recommended. If you're a new Admin/developer, or just generally responsible for your organization's NetSuite instance, then training is critical.

NetSuite ERP Support

It has gotten better in last year or two, but as an experienced NetSuite user, I know more than many of the support reps and have to escalate. You cannot directly go higher, unless you are partner who pays for partner support.

I have the general complaint that they don’t always fix the things you want i.e. bug fixes etc. but I have gotten used to it. I average finding one defect every week, however they are usually small and unimportant. The pace of product development feels slow for this day and age. But as an admin, I don’t think I would want to go through more than two releases/year.
Yes
We are on a Gold premium support package. I think it’s necessary if you are of any size. I wouldn’t want to live without it.

Using NetSuite ERP

It’s largely consistent across different functions, such that if you learn one aspect, it’s relatively easy to figure out how different things work.

The help documentation is quite robust.

The integration between the application and help is quite effective. By contrast Concur help is poorly integrated.

NetSuite ERP Reliability

Highly reliable
No issues with access at the end of the quarter.

Integrating NetSuite ERP

  • Salesforce.com
  • Concur
Salesforce.com. Currently, limited integration in existence. Most data is re-entered manually. We are using Boomi for middleware, however there is a basic mismatch in data in the two systems (Netsuite, Salesforce.com). For example, the company P&G is represented in Salesforce.com as all the individual brands, but in NetSuite is billed at a single company level. There are parent/child structures in both, but we weren’t able to get them aligned. It could be more of an implementation issue with each application.

Concur – All payments are made out of Concur. Bill and payment record flow into NetSuite to hit the GL. Once a day in the morning, previous days approved expenses migrated to NetSuite.

My overall advice is to think through your number of end points – systems, data volume, as well as specific requirements for records. Not all Connectors are created equal. I have seen integration tools that connect to NetSuite, but don’t support the notion of add a sub i.e. not built to support OneWorld.

Relationship with NetSuite

You can get hefty discounts at the EOQ.