What is NetSuite?
I used Netsuite starting in 2012 for a small architecture/project management firm, and even back then I knew the benefits of being a daily user. It really allowed the ability to work through the cloud with my CEO so that we always knew the current status of the financials. Fast forward to 2021 when I resumed using Netsuite, it’s become even more beneficial being able to work purely through the site to cut down on hard copies and having more of the organization being able to utilize each aspect.
NetSuite helps us with the automation of our processes. It has a lot of available integrations and options on how to make our work easier. Compared to the competitors, it has more functionality and flexibility. It helped us migrate our records from our old accounting system. I have adjusted easier with NetSuite compared to other accounting systems. You don’t need to have intense training to understand the system. My tasks are more associated with billing our customers and Accounts Receivable Collections. It meets our clients’ requirements on the invoices – PO Number, Attention To, the period for our services, and grouping multiple invoices into one invoice group – where we can easily match their payment once we have received this. The taxes are already automatically set up, so it’s easier for our tax compliance. The related records have helped us avoid duplicate tasks or recordings. Per transactions, there’s “System Information,” which helps us understand the history of the transactions. There’s also an accounting tab where we can quickly review the accounting entries of the transaction.
I am based in the Philippines, so it is nice that we are using Oracle NetSuite because I work from home. It’s cost-effective for both the company and me.
The best part of NetSuite is it is on the cloud. You do not need to install and configure an extensive size application aside from your internet browser. It may take some time for you to learn NetSuite, but that is the beauty of it. NetSuite offers so many features (also add the updates/release twice a year) that there is always room for learning and improvement. As an accountant, I can say that NetSuite has a lot to offer: revenue recognition and amortisation, multi-book, consolidation, fixed assets, etc. It has a lot of automation that will considerably cut all clerical and repetitive tasks. As an external auditor, NetSuite complies with the accounting standards (not only US GAAP) and tax regulations. An example will be ASC 606 for revenue recognition. Not to mention that NetSuite is always updated. As an internal and risk auditor, there are built-in controls in place that will ensure that risks are mitigated. An example will be the ability to restrict permissions for each role, which will assist in the segregation of incompatible duties. NetSuite may not be perfect. If implemented right, NetSuite will surely enhance not only the accounting processes but also related processes (e.g., CRM).
What do you dislike about NetSuite?
At times, the reports can be a bit troublesome to customize, as there’s a wide range of filters but little explanation of where that filter is derived from. I’m often having to find the right filter through trial and error, which becomes time consuming and confusing. Also, I wish there were a way to simplify income statement reports when you want to single out certain projects as opposed to using the dropdown menu, because it’s not always easy to remember which ones have already been selected when you’re going through a list of 200+ clients
The things I didn’t like about NetSuite are that it can’t draft something, has limited options on the view of the reports, and doesn’t have batch approval of sales orders and invoices. I suggest that we have the option of leaving our transactions in a draft so that I can go back to it once we have the final info. Once you have approved the sales order and invoiced it, you can’t edit the start date and contract date. This relates to sales orders with more than one-year contracts. Also, for the invoices, you can’t edit them, and you have no choice but to have a credit memo. If we can also customize which view we would like to see in each report (e.g., Instead of seeing it per Subsidiary, we could see the AR Aging report per Department). I also suggest having more real-time feeding of the transactions from another integrated system so that I can work faster.
There is no such thing as a perfect system. I can say that there are so many pros to using NetSuite. However, there are also some things I do not like:
1. Cost – this includes license fees, implementation fees (depending on NS or partner), additional costs for modules
2. Performance – there might be circumstances where loading/saving a transaction may take ages. This is true even though there are only a few customisations.
3. Not powerful reporting if compared to PowerBI – NetSuite still has some limitations on reporting. You cannot pivot data as much as you want.
4. Planning, Budgeting and Forecasting are not included – There is another tool which is the NetSuite Planning and Budgeting which is expensive. However, there are built-in apps (e.g., Cash 360) that have limited use.
What problems is NetSuite solving and how is that benefiting you?
In my current position, many of the users live all across the country; being able to have up-to-the-minute updated collaborative information through the site is extremely helpful. It’s also great that we can perform both Accounting and HR duties through NS. We love the fact that some employees can run their own reports without having to ask us to do it for them or to help them format.
It’s helping me with the tasks I am assigned. It’s easier to transact and review our billing, payment from customers and suppliers, journal entries, intercompany journal entries, and bank reconciliation. Our invoices from suppliers are automatically synced into the system, bank transactions are automatically synced into the system, and we already have automatic reminders for follow-up with our customers. It’s also effortless to generate reports, depending on my preferred format. This helps me with our monthly review. It also creates automatic reports saying what needs to be changed (e.g., Department, Profit). We also have a special revenue recognition that NetSuite was able to cater to. We can delay recognizing revenue depending on how long it needs to be recognized. Some of our customers also don’t like to have multiple invoices. NetSuite helped us to group numerous invoices into one invoice group. Sending invoices through email is also done within the system, and it’s easier for us to track the messages or conversations we have with the customer. This also helps us with easily tracking what happened or do we have issues associated with the invoices. This better allows us to collect our accounts because we can easily understand what happened.
There are no problems except the cons I mentioned above. I think the ‘problem’ always being solved by NetSuite is the user experience (i.e., NetSuite keeps improving the software).
Features
Pros
Cons
