Home

Product and service reviews are conducted independently by our editorial team, but we sometimes make money when you click on links. Learn more.

Oracle NetSuite Review

Nicole Fallon

Oracle NetSuite is an enterprise resource planning (ERP) platform that includes a robust and intuitive financial management solution. With Oracle NetSuite, businesses can keep track of their financial data and automate all of their accounting functions. 

Oracle NetSuite

Oracle NetSuite

The Best Accounting and Invoice-Generating Software for 2021

The Verdict

Oracle NetSuite's Financial Management is a robust solution that is perfect for businesses using an ERP platform. It offers all of the tools needed to manage your finances in the present and prepare for your company's financial future.

This multifaceted solution can expedite an organization's financial transactions, such as accounts receivable and payable, as well as keep track of a company's compliance obligations. It has many reporting, planning, and billing features and is designed to be used globally and with multiple currencies. It can be easily integrated with other software, including Oracle's suite of business solutions. For these reasons and more, we've chosen Oracle NetSuite as the best accounting software with ERP tools.

Visit our best picks page to see all of the best accounting software options.

Pricing

Oracle NetSuite's platform consists of inventory management, financial management, point-of-sale, customer relationship management (CRM) and human capital management software. Depending on the specifics of your business – such as the size of your company, revenue and the modules you require – its price can vary greatly.

To get an accurate price estimate, you'll need to speak with an Oracle sales representative, who will prepare a custom quote for you based on your company size, industry and specific needs. Based on the research we conducted, the platform reportedly starts at $99 per user per month, plus there is a $999 monthly licensing fee. While this base price can be used as an estimate, your costs may vary significantly.  

Oracle NetSuite may not be the best choice for a small business with more basic accounting and bookkeeping needs. Instead, midsize, scaling, large, and international businesses that anticipate a use for the entirety of Oracle NetSuite's ERP platform are best suited for the software.

While NetSuite's pricing may be expensive, don't be deterred by the costs. If your business manages a lot of complexity, NetSuite's integrated ecosystem can save you time and money that would otherwise be spent acquiring and integrating many different software solutions from a variety of vendors. 

FYIFYI: To get an accurate price estimate, you'll need to speak with an Oracle sales representative, who will prepare a custom quote for you based on your company size, industry and specific needs.

Timesaving Features

Some of the key features of Oracle NetSuite's financial management solution include:

Financial process and operations management

NetSuite helps businesses design and implement their own financial processes into their accounting software. It seamlessly provides the ability to connect accounting functions with management systems. Managers have real-time access to their financial data, giving them the ability to create reports or solve delays. 

Its general ledger gives organizations the ability to input and monitor all of their financial data in a customizable ledger. Through the general ledger, users can report functionality, enhance audit trials and create support for new management. 

NetSuite's accounts receivable and payable features integrate all financial data into an easy-to-use system that functions automatically. They also have easy-to-use management programs for taxes, fixed assets, cash and payments.

Billing

If you have multiple clients, vendors or partners, NetSuite can streamline your billing infrastructure. It gives users control and flexibility over their billing process through a centralized framework that includes transactions, subscriptions and projects that go directly to the billing engine. Their billing function also allows users to create and manage subscriptions and recurring billing. 

Revenue recognition 

For large purchases at evaluations, NetSuite allows companies to comply with accounting standards to report financial results in a timely manner. The revenue recognition services help businesses schedule, calculate and report revenue on financial statements swiftly.  

Financial planning and reporting 

NetSuite doesn't just help businesses manage their finances in the present. Through its planning and budgeting functions, this solution can help companies financially plan for the future. By evaluating your financial and operational data, NetSuite can forecast revenue and what-if scenarios, as well as produce budgets. The system can also take your current data in future projections and turn them into reports. 

Global account management and consolidation 

Running your business internationally or introducing your products and services into an international market can present challenges. Through NetSuite's financial engine, businesses can manage their finances across the organization globally. The software comes with multiple language interfaces that can help users bridge communication or language gaps.

Did you knowDid You Know? NetSuite also has a multicurrency management system that supports over 190 different forms of currencies. The software automatically considers the exchange rate for real-time conversion.

NetSuite also has a multicurrency management system that supports over 190 different forms of currencies. The software automatically considers the exchange rate for real-time conversion. it also provides a variety of payment options so international transactions can be resolved seamlessly.   

Government risk and compliance (GRC)

NetSuite helps organizations set up and monitor their systems so that they comply with their company's GRC programs. It provides the ability to change systems as your company scales and is audit ready so any financial issues can easily be viewed and investigated. NetSuite complies with regulatory requirements such as ASC 606, GAAP, SOX and others.

The program can also transform your GRC program in real time by establishing a sustainable risk management and compliance process that anticipates risks in order to prevent them from happening. This feature can save businesses money in the long run, as it predicts any major issues.

Integrations

As an ERP platform, Oracle NetSuite offers seamless integration with all modules (accounting, inventory management software, CRM, human capital management software, etc.) available on the platform. NetSuite integrates with many leading business software providers and offers open APIs for new integrations.

TipTip: To integrate NetSuite with other business software you use, a dedicated implementation team is available, though for an additional fee.

To integrate NetSuite with other business software you use, a dedicated implementation team is available, though for an additional fee. The team offers implementation of the ERP platform itself, as well as the development of additional integrations and project management planning.

Additional Features

If you plan to use Oracle NetSuite as part of a larger ERP solution, you can integrate your accounting processes with other functions, such as inventory management, for a more holistic view of your business's income and expenses. For businesses looking to do this, here are a few additional useful features of this platform:

  • Warehouse management. Oracle NetSuite's warehouse management and fulfillment module helps businesses control inbound logistics, outbound logistics, and warehouse inventory management. Using NetSuite, businesses can generate and send purchase orders to their suppliers, setting high-priority tickets to an "expedite" list for faster processing. Outbound logistics tracks goods leaving the warehouse, which are shipped directly to stores or consumers. This tool includes a "pick, pack, and ship" feature, which informs warehouse employees and distribution employees that a product is ready for transport. As an item moves through the warehouse, Oracle NetSuite updates its records to reflect the accurate number of quantities remaining in your inventory.
  • Inventory tracking. The logistics tools are dependent upon accurate inventory management, which incorporates barcoding, batch and serial tracking to determine where items are located in a warehouse. When employees scan a received product into the storage facility, they move it from the loading dock to the appropriate lot, aisle and bin. Once placed, an item is scanned again, and Oracle NetSuite automatically updates its records with the location of the item and the date and time it was scanned.
  • Inventory auditing. Once an item is stored in the warehouse, Oracle NetSuite regularly alerts staff to perform "cycle counts" or inventory audits. These audits reconcile the actual quantity of stock in storage with the records maintained by Oracle NetSuite's inventory-tracking tool. Oracle NetSuite's auditing features are also designed to streamline inventory audits by cataloging products based on their value, quantity, and specific characteristics like color, size, material, and product type.
  • Order management. The order-management tool helps warehouses ensure an adequate quantity of each item is always on hand without over-ordering and ending up with "deadstock," or products that cannot be sold promptly. NetSuite automatically analyzes historical sales and logistics data to determine optimal reordering points for each product, replenishing stock to an optimal threshold when it runs low. NetSuite also accounts for lead times identified through the inbound logistics tools, factoring in how long it takes suppliers to fulfill new orders and adjusting the minimum quantity accordingly.
  • Multiple location management. Oracle NetSuite also includes a multiple location management tool, which is useful for a warehouse that supplies several locations. Through lot tracking, bin tracking and serial tracking, you can monitor the flow of goods across your entire business in real time, and NetSuite automatically adjusts optimal stock levels to support demand across all your locations.

Oracle NetSuite Pros

Oracle NetSuite is truly an all-in-one solution that can help your business streamline many of its operations, including accounting. By taking advantage of the full product suite, your business's various departments and systems can work in tandem to provide real-time information that benefits your entire staff.

Oracle NetSuite Cons

Oracle NetSuite is expensive. While the cost is justified by the holistic nature of the platform, it may be too comprehensive for smaller businesses, which may find the software unwieldy and overwhelming. Instead, NetSuite is ideal for midsize and large businesses operating a complex operation – NetSuite performs best when all of the modules are used in conjunction with one another.

Customer Service

Oracle NetSuite provides extensive customer service for all of its software, including accounting systems. They provide education services, where users can learn about the software they're using and be up to date on any new features or versions of their products. These services come in the form of both documents and online classes.

Real-time support for industries, as well as individual users, is available 24/7. The chatbot on NetSuite's website can provide users with simple explanations or put them through to a customer service representative.

If you are a smaller business or on a tight budget, consider investing in a dedicated accounting software solution that can be integrated with your other systems and keep track of your finances.

Image Credit: utah778 / Getty Images
Oracle NetSuite

Oracle NetSuite

The Best Accounting and Invoice-Generating Software for 2021

The Verdict

Oracle NetSuite's Financial Management is a robust solution that is perfect for businesses using an ERP platform. It offers all of the tools needed to manage your finances in the present and prepare for your company's financial future.

Nicole Fallon
business.com Member
Nicole received her Bachelor's degree in Media, Culture and Communication from New York University. She began freelancing for Business News Daily in 2010 and joined the team as a staff writer three years later. Nicole served as the site's managing editor until January 2018, and briefly ran Business.com's copy and production team. Follow her on Twitter.