NetSuite Cloud Accounting Software In-Depth Review 2024

In my NetSuite cloud accounting software in-depth review, I’m sharing the results of my analysis and evaluation from hands-on testing and experimentation. Before we dive in, if you’re just starting your search for the best accounting tools, you should first check out my picks for the best accounting software. NetSuite cloud accounting software is one of the top-rated accounting tools out there, but to figure out if it's a good match for you, it's important to understand the software’s benefits and drawbacks. 

My in-depth NetSuite cloud accounting software review will take you through everything you need to know to make a more informed decision—pros and cons, features and functionality, pricing, and more—to help you to better understand its capabilities and suitability for your needs.

NetSuite Accounting Software Product Overview

NetSuite Cloud Accounting Software, an Oracle NetSuite product, is a comprehensive cloud accounting software known for its customizable modules, which cater to various business needs including financial operations, CRM, and e-commerce activities. It's popular among small to medium-sized businesses and fast-growing enterprises for its automation capabilities, especially in invoicing and other financial processes.

The tool offers benefits like real-time financial visibility, streamlined business processes through automation, and integrated business management. NetSuite adeptly solves pain points such as fragmented data systems and inefficient financial processes, largely due to its customizable modules and real-time reporting features. Its best features include seamless integration across business functions, robust financial reporting, and scalability, making it a versatile solution for dynamic business environments.

Pros

• Real-time Visibility: NetSuite provides real-time financial data visibility, enabling informed decision-making.
• Scalability: It scales effectively with business growth, accommodating expanding operations.
• Integrated Suite: Offers a fully integrated suite of business management tools, streamlining operations.

Cons

• Complex Interface: Some users find its interface complex and not as intuitive as other software.
• Higher Cost: Typically more expensive than basic cloud accounting solutions.
• Customization Challenges: Customizing NetSuite can be challenging, requiring technical expertise.

Expert Opinion

As an experienced user of enterprise resource planning (ERP) software, I find NetSuite ERP to be a robust and comprehensive cloud ERP solution. It excels in providing real-time financial visibility and offering an integrated suite of business management tools, including project management capabilities, which save considerable time and resources.

However, the complexity and higher cost of this ERP software can be drawbacks for smaller businesses or those with limited IT resources. NetSuite ERP stands out in environments that require scalable, comprehensive business management systems but may be overwhelming for users seeking simplicity and affordability in their cloud ERP solutions.

NetSuite: The Bottom Line

NetSuite stands out in the cloud accounting software landscape with its ability to offer an integrated suite of business management tools. What sets it apart is its scalability and real-time financial reporting capabilities, making it ideal for businesses that are growing rapidly. Particularly good about NetSuite is its comprehensive approach to managing various business functions, from finance to CRM, in one unified system. Its most noteworthy features include robust financial reporting, integrated business management capabilities, and scalability.

NetSuite Cloud Accounting Deep Dive

Here's a deep dive into NetSuite’s features, best use cases, pricing, customer support, and other purchase factors.

Product Specifications

1. General Ledger - Yes

2. Accounts Receivable - Yes

3. Accounts Payable - Yes

4. Cash Flow Management - Yes

5. Bank Reconciliation - Yes

6. Expense Tracking - Yes

7. Budgeting and Forecasting - Yes

8. Multi-Currency Support - Yes

9. Tax Management - Yes

10. Financial Reporting - Yes

11. Sales Order Management - Yes

12. Purchase Order Management - Yes

13. Inventory Management - Yes

14. Fixed Asset Management - Yes

15. Payroll Processing - Yes

16. Time and Expense Tracking - Yes

17. CRM Integration - Yes

18. E-commerce Integration - Yes

19. Dashboard and Analytics - Yes

20. Mobile Access - Yes

21. Compliance Management - Yes

22. Cloud-Based Accessibility - Yes

23. API for Custom Integration - Yes

24. Multi-User Access - Yes

25. Automated Backups and Security - Yes

NetSuite Feature Overview

1. General Ledger: Provides a comprehensive and flexible general ledger, allowing for detailed financial tracking.

2. Accounts Receivable/Payable: Efficient management of accounts receivable and payable streamlines financial operations.

3. Advanced Financial Reporting: Offers robust financial reporting features that stand out for their depth and flexibility.

4. E-commerce Integration: Seamless e-commerce integration supports omnichannel business operations.

5. CRM Integration: Integrated CRM functionalities enhance customer relationship management.

6. Real-Time Analytics: Provides real-time analytics and dashboards for instant business insights.

7. Inventory Management: Robust inventory management tools cater to complex inventory needs.

8. Tax Management: Comprehensive tax management tools support diverse regulatory environments.

9. Multi-Currency and Multi-Language Support: Accommodates global business operations.

10. Mobile Accessibility: Mobile functionality enhances flexibility for on-the-go management.

Standout Functionality

1. Integrated Suite: NetSuite's fully integrated suite of business management tools is unique, covering ERP, CRM, and e-commerce.

2. Industry Adaptability: Tailored solutions for various industries, making it versatile for different business models.

3. Real-Time Analytics: Advanced real-time analytics offer deeper insights compared to many competitors.

Integrations

NetSuite offers native integrations with a wide range of software and tools, including e-commerce platforms, CRM systems, and financial tools. It provides an API for custom integrations, enabling businesses to tailor the system to their unique needs. Add-ons are available to extend NetSuite's capabilities in areas such as advanced analytics, inventory management, and industry-specific functionalities.

NetSuite Pricing

NetSuite does not publicly disclose its pricing, meaning that it is pricing upon request. However, NetSuite users generally subscribe to an annual license fee that is determined by three factors—the core platform, optional modules, and number of users, as well as a one-time set-up fee. As such, NetSuite's pricing and offerings are highly customizable and can be scaled to meet your business' needs as it grows.

Ease of Use

NetSuite's user interface is sophisticated, which can present a learning curve, especially for users new to comprehensive ERP systems. The complexity of its features requires thorough onboarding for effective utilization.

Customer Support

NetSuite provides robust customer support, including documentation, webinars, live chat, and tutorials. Some users might find complexities in navigating the extensive resources and obtaining specific solutions for complex queries.

NetSuite Use Case

Who Would Be A Good Fit For NetSuite?

In my experience, NetSuite is an excellent fit for medium to large businesses that require a comprehensive cloud accounting solution with a wide range of functionalities. The most loyal and avid NetSuite customers are those in industries like manufacturing, retail, and wholesale distribution, where complex supply chain management and financial operations are common. The tool works well in environments where businesses have the infrastructure to leverage its extensive ERP, CRM, and e-commerce capabilities. It suits companies with substantial teams who can take advantage of its diverse features for financial management, supply chain operations, and customer relationship management.

Who Would Be A Bad Fit For NetSuite?

NetSuite might not be the best fit for small businesses or startups due to its complexity and cost. The most disappointed customers tend to be from smaller operations that require a more basic, straightforward cloud accounting solution. Environments with limited IT support, businesses looking for simple plug-and-play solutions, or those with tight budget constraints may find NetSuite's comprehensive nature and pricing model overwhelming and not cost-effective.

NetSuite FAQs

Does NetSuite integrate with other business systems?

Yes, NetSuite offers robust integration capabilities with a variety of business systems.

Can NetSuite support businesses with global operations?

Yes, NetSuite is well-suited for global businesses, offering multi-currency and multi-language support.

Is NetSuite cloud-based?

Yes, NetSuite is a cloud-based ERP solution, providing access from anywhere.

Does NetSuite offer customization options?

Yes, NetSuite provides extensive customization options to tailor the software to specific business needs.

Can small businesses use NetSuite effectively?

While NetSuite is scalable, its complexity and cost may be challenging for small businesses.

Does NetSuite provide a mobile app?

Yes, NetSuite offers a mobile app for accessing its features on the go.

Alternatives to NetSuite

• QuickBooks Online: Ideal for small businesses looking for an easy-to-use accounting solution.
• Sage Intacct: Suitable for businesses needing strong financial management capabilities.
• Microsoft Dynamics 365 Business Central: A good option for companies looking for an ERP solution with deep integration with Microsoft products.

NetSuite Company Overview & History

NetSuite Inc. is a provider of cloud-based business management software, offering solutions for ERP, CRM, e-commerce, and more. It caters to a broad range of industries, with a significant presence in manufacturing, retail, and distribution. The company is a subsidiary of Oracle Corporation. Headquartered in Austin, Texas, NetSuite has a reputation for innovation and industry leadership. The company's mission is to provide comprehensive and scalable business software solutions. Since its founding in 1998, NetSuite has achieved significant milestones, including its IPO in 2007 and acquisition by Oracle in 2016.

Summary

In summary, NetSuite is a robust cloud accounting software ideal for medium to large businesses requiring a comprehensive suite of functionalities. It is particularly effective for industries with complex operational needs. However, its cost and complexity may not suit small businesses or those seeking simple solutions. I welcome comments and experiences from current and potential NetSuite users, as these insights are invaluable for others considering the software.