Being part of the professional services industry, it is very important that entrepreneurs and business owners understand the difference between FinancialForce vs NetSuite.
When choosing an ERP, one of the major mistakes businesses make is comparing vendors and looking for new features rather than concentrating on their own objectives and actual company requirements.
FinancialForce has tried to build into a capable cloud accounting ERP but there are some foundational gaps that you may not find in a real ground-up accounting and financials suite like NetSuite if and when you delve deep enough.
To help you become more visible, we will outline every feature for both ERP in this article.
About NetSuite for Professional Services Organizations
OpenAir, the top PSA solution from NetSuite, can be combined with their ERP product to provide service companies with a comprehensive business management solution. With its strong professional services automation and extensive financial management capabilities, NetSuite leverages its heritage in accounting software.
Because it supports local accounting rules in numerous countries and multiple currencies, it’s an excellent fit for multinational corporations. The platform allows you to customize the solution to meet your needs. Additionally, it’s simple to use other modules, like NetSuite CRM, to add new features to the same solution as your organization expands.
NetSuite is made to be readily integrated, allowing you complete control over your solution in the unlikely event that you do need to integrate with another best-of-breed product.
About FinancialForce
A collection of cloud-based business software is available at FinancialForce.com. 2009 saw the founding of the company thanks to funding from salesforce.com and UNIT4. The resultant cloud accounting solution, Force.com, is based on salesforce.com’s cloud technology platform and features a single-ledger design that allows for real-time financial monitoring.
In February 2014, FinancialForce.com introduced FinancialForce ERP after making a number of acquisitions. Applications for accounting, billing, revenue recognition, professional services automation (PSA), human capital management (HCM), and supply chain management (SCM) are provided by the solution.
FinancialForce is closely integrated with Salesforce’s CRM applications, utilizing the data model, reporting, workflow, and user interface (UI) elements of salesforce.com.
Customers can create an order from an opportunity or quote and instantly generate bills from authorized orders thanks to the integration with salesforce.com.
You can subscribe to FinancialForce with a minimum commitment of a year.
NetSuite vs FinancialForce – Head-to-Head Comparison of Features
To choose between NetSuite vs FinancialForce, you need to understand the features of both ERPs.
NetSuite Features
1. Global Accounting
The Global Accounting & Consolidation Software from NetSuite makes it simple to consolidate at both the parent company and subsidiary levels. The administration of many currencies and subsidiaries is well-developed.
2. No Integration Hassle
As all of NetSuite’s data is global, no integration work is required across its many modules, including supply chain, HR, and CRM.
3. Seamless Customization
You don’t need to write a single line of code to quickly and easily configure processes, interfaces, roles, and reports using NetSuite’s standards-based application customization feature.
4. True Cloud SaaS
At most, NetSuite maintains 100% of its clientele on a single line of code. The newest features benefit everyone because the software is really cloud-based.
5. Planning & Budgeting
With its modeling capabilities, approval protocols, and reporting features, NetSuite makes complex departmental and company-wide planning easier.
FinancialForce Features
1. Salesforce Product
Salesforce’s CRM data is closely connected with FinancialForce solutions. Users can thus collect information on their business’s front end (sales) and back end (financials).
2. Collaboration
With the help of the “Chatter” tool, you may work together with your team on transactions and other ERP tasks. It’s like Trello or Slack but for CRM and ERP.
3. User Interface
The software’s user interface has a straightforward, eye-catching design with strong performance and visually appealing dashboards and analytics.
4. Multiple Functions
FinancialForce made acquisitions to broaden its functional base. Particularly in Supply Chain Management (Less Software), HCM (VanaWorkforce), and PSA (Appirio).
5. Analytics & Reporting
With the use of FinancialForce’s tableau and Salesforce.com’s Einstein artificial intelligence tool, users may delve deeper into their business data.
Key Differentiators: FinancialForce vs NetSuite
The following distinctions can help you understand the difference between FinancialForce vs NetSuite:
Functionality
Compared to NetSuite, FinancialForce offers less capabilities right out of the box. Users of FinancialForce must use “AppExchange” apps, which are developed for the platform by partners, in order to access additional features.
The array of industry-specific modules in a normal NetSuite implementation provides more readily available capability right out of the box. In the event that additional customization is needed, NetSuite partners’ SuiteApps can be used to do this.
Customization
FinancialForce is an intuitive ERP software solution right out of the box, but it is difficult to customize to the specific requirements and organizational structure of a corporation.
The program was created in Apex, a proprietary language that makes customization more challenging. Users of FinancialForce who want to alter the program have to rely on apps created by partners.
Because NetSuite has a more contemporary online design, it is easier to customize, and anyone with knowledge of JavaScript (also known as SuiteScript) can find professional assistance.
The system is modular, with a wide range of industry-specific modules accessible; all you have to do is “turn on” the functionality that best suits your needs to customize it for your company. “SuiteApps” created by partners enable greater platform customization.
Integration with Other Solutions
FinancialForce.com does not support integration with other enterprise systems you may already have (such as SAP or Oracle) outside of Force.com apps. It would require integration tools for anything other than Salesforce because of the way it has been developed.
The “Built for NetSuite” network offers a pool of NetSuite developers who can create new applications and integrations, as well as standardize existing ones for a wide range of business applications. NetSuite is designed to be integrated with other applications.
These “SuiteCloud” developers have undergone a rigorous verification process to ensure that their NetSuite-built applications and integrations adhere to NetSuite best practices and standards.
Multinational Capabilities
For multinational corporations, NetSuite, and especially NetSuite OneWorld, is a powerful solution. Stronger multi-currency functionality, improved support for local accounting standards, and localization for new countries are all features of the solution.
NetSuite has demonstrated the ability to handle, invoice, and record revenue for projects and products in a variety of currencies, languages, and time zones. At the 2015 UK Cloud Awards, NetSuite OneWorld was really selected as the “ERP Product of the Year.”
FinancialForce also provides a multi-national, multi-currency framework with an extensible chart of accounts. The primary distinction between NetSuite and FinancialForce is that NetSuite provides integrated CRM with ERP, while FinancialForce requires separate licenses for both ERP and CRM.
Reporting & Analytics
Not many packed financial reports are included in FinancialForce. P & L statements, for instance, are not automatically generated. The reporting engine is usually a little complicated and not for the common user.
Because NetSuite offers a comprehensive suite of reporting and analytics capabilities to guarantee that every user has a deep understanding of their organization, users profit from this.
The software’s user-friendly dashboards are pre-loaded with important data, and a wide range of pre-packaged reports let you analyze your data however you see fit.
Customized real-time reports can be displayed to gain even more information.
Which Is Better for Your Business?
FinancialForce vs NetSuite? The ideal answer will vary based on what you require. That might be a fantastic choice for you if you use Salesforce frequently and have clear requirements that FinancialForce’s native functionality can satisfy.
On the other hand, NetSuite can be the solution if you need greater flexibility to customize the system to your workflows.
Final Thoughts
We hope you have fully understood the difference between FinancialForce vs NetSuite. If you want a successful NetSuite system implementation for your business, consider bringing us on board to support your in-house team.
Be confident because we have the expertise and experience for NetSuite integration with a plethora of clients. You can get in touch with us and check out our resources at Folio3.
