In the fast-paced business world, where things are constantly evolving, flexible and personalized software solutions are more crucial than ever. NetSuite is one of the best software (as most business reviews indicate). It’s a comprehensive cloud-based platform that can truly change the game. It offers many core functionalities that seamlessly streamline your business operations. There are countless benefits for your business, and let’s use this blog to understand what NetSuite can do for you.
NetSuite Core Functionalities
When you start your journey with NetSuite, you’ll have access to a wide range of fundamental modules that serve as the foundation for managing your enterprise. The CRM module goes beyond just Marketing Automation and Sales Force Automation (SFA). It also includes Customer Service Management and Partner Relationship Management functionalities, giving you complete tools to optimize your customer relationships.
On the other hand, the ERP module consists of essential components like General Ledger, Accounts Receivable, Accounts Payable, Bank Management, and Multi-Currency and multi-language support. It also covers item management, order management, purchasing, and an employee center, enabling you to efficiently handle various aspects of your business operations. With these comprehensive modules, NetSuite empowers you to streamline and enhance your enterprise management processes.
Expanding Possibilities with Add-On Modules
What truly enhances the NetSuite experience is the remarkable opportunity it provides to expand and augment its functionalities with a wide range of add-on modules. These modules, which can be licensed individually or bundled as industry suites tailored to specific business verticals, bring a whole new level of versatility and depth to the platform.
The beauty lies in their unrivaled flexibility; these modules can be seamlessly integrated at any point during your subscription period, empowering businesses to evolve and adapt according to their unique growth trajectory and operational demands. With NetSuite and its extensive add-on modules, the possibilities for optimizing and elevating your business operations are virtually limitless!
NetSuite Add On Modules
Fixed Assets
This module lets you closely monitor your company’s fixed assets. It gives you the power to efficiently manage and track the entire lifecycle of tangible assets, including depreciation, maintenance schedules, and valuation. Plus, with its comprehensive reporting capabilities, you can ensure compliance with tax regulations and accounting standards. You can easily monitor acquisitions, disposals, and modifications, optimizing asset performance while minimizing risks associated with regulatory non-compliance or inaccurate asset valuations.
Revenue Management
Simplify and automate intricate revenue recognition processes with precision. Ensure you comply with evolving accounting standards like ASC 606 and IFRS 15. NetSuite module offers advanced tools for revenue allocation, deferred revenue schedules, and sophisticated calculations. This helps you accurately recognize and report revenue across various business models and streams. Gain confidence in financial reporting, simplify audits, and ensure regulatory adherence.
OneWorld
OneWorld is designed for businesses with a global presence, offering centralized management across multiple legal entities and international markets. With this module, you can effortlessly handle different currencies, languages, taxation rules, and compliance requirements. Gain granular visibility and control over operations in various regions while consolidating financial data. It’s all about scalability and flexibility, supporting your company’s growth and adaptability in a complex, multinational landscape.
SuiteBilling
Easily manage subscription plans, billing cycles, and revenue recognition with NetSuite. Customize pricing structures, handle complex invoicing scenarios, and adapt to changing subscription terms seamlessly. SuiteBilling provides businesses with the agility and accuracy they need to navigate evolving subscription-based revenue models, ensuring efficient revenue management and customer satisfaction.
Advanced Inventory
Want to stay ahead of the competition? Optimize your inventory control and management! NetSuite module offers advanced tools for tracking inventory, forecasting demand, and managing warehouse operations.
With features like serial and lot tracking, bin management, and demand planning, you’ll have better visibility into stock levels, lower carrying costs, and ensure orders are fulfilled on time. Get real-time insights to make informed decisions and meet customer demands more efficiently.
Project Management
Improve project planning, execution, and monitoring within the NetSuite ecosystem. Ensures allocating resources effectively, tracking milestones, and managing budgets while ensuring seamless collaboration among team members.
You can also leverage detailed analytics and reporting to gain actionable insights, allowing you to make proactive decisions and achieve successful project outcomes. From task management to real-time project tracking, this module helps you deliver projects efficiently, fostering productivity and earning your business objectives.
SuitePeople (HCM)
Equip your organization with a complete suite of Human Capital Management (HCM) features. Streamline HR processes, from hiring to retirement, with integrated tools for payroll, benefits administration, compliance management, and employee self-service. Boost talent management strategies by leveraging powerful analytics and performance management tools. SuitePeople enhances organizational agility, fosters employee engagement, and supports strategic HR initiatives, ensuring a motivated workforce aligned with business goals.
Pricing: Each of these NetSuite add-on modules, while adding depth to the NetSuite experience, comes at varying costs, typically within the range of $499 to $599 per month. The investment aligns with the immense value they bring in optimizing and fine-tuning business operations.
Conclusion
In essence, NetSuite is not just a platform; it’s a canvas waiting to be painted with the colors of your business’s unique requirements. The add-on modules create a universe of customization possibilities. Whether you need to fine-tune existing functionalities or seek specialized solutions beyond the core, NetSuite, with its diverse ecosystem, is geared to address the most intricate business demands.
Are you interested in witnessing a live demonstration of a NetSuite add-on module or about the associated costs? Feel free to explore and discover how NetSuite can be tailored to sculpt the perfect solution for your business needs. You can also reach out to us and schedule a free NetSuite consultation. Let us know if there’s anything specific you’d like to delve deeper into!
