NetSuite for Dummies

If you have friends that are always buzzing about their businesses, those who are experts in inventory management, or those who are scratching their heads thinking about how to go about managing your business, chances are they might have heard of NetSuite but are not sure how they can grow their business with NetSuite. 

And those of you who are unsure about what is NetSuite, how it works, and how to leverage it, we are here to clarify all these questions for you.

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NetSuite is a  business management software that provides a comprehensive solution for businesses of all sizes. Whether you have a small startup or a well-established enterprise, NetSuite is designed to help people like you streamline their operations, increase efficiency, and improve growth. For someone who is new to the ERP world, NetSuite can be a little overwhelming. With a variety of features and options, it can be difficult to know where to start. 

Let’s answer all your questions regarding NetSuite.

What is NetSuite?

NetSuite is a cloud-based multi-purpose software that provides business solutions like financial management, inventory management, and customer relationship management. It’s an all-in-one solution that can help you overlook and manage your whole business using just one software. Since NetSuite is cloud-based, all your accounting and operational information can be accessed from anywhere in the world using any device. NetSuite can help your business grow, get more exposure and improve your business management.

Do You Really Need NetSuite?

One question that you might have in mind is, do I really need NetSuite? The answer lies in your business and its dynamics. Before you decide to opt for NetSuite, it is important to identify your business needs. Get some insight into NetSuite and figure out what operations and features of NetSuite you might need. Once you have all your requirements and needs chalked out, you can finally decide on what features of NetSuite you might need in the future to scale out your business.

Why NetSuite?

The core benefit of NetSuite lies in the fact that it can easily be integrated with other systems. In case you already have a system set up, you can get it integrated with your NetSuite account to ensure data synchronization between the two systems. This integration is not just limited to e-commerce stores like Shopify and Magento but also marketplaces like Amazon, and eBay can be integrated with NetSuite by getting connectors open in the market.

Folio3 is one such company that provides NetSuite ERP services, NetSuite customizations as well as NetSuite connectors that can help you integrate and manage data flow between various external systems and NetSuite.

Along with that, NetSuite also offers a wide range of support options, like online documentation, webinars, and user communities. These resources can be extremely helpful for beginners who need assistance with the platform.

How does NetSuite work?

NetSuite works on a cloud subscription model. On a higher level, this means that all the customers use the same version of the software while regularly receiving updated versions, automatically. The data of each customer is safely stored on a separate cloud, ensuring data security.

NetSuite users can access all the ERP features and functionalities through a single sign-in. Different roles can be created and set up in NetSuite to ensure limited access to functionalities by different users.

Different subscription models are available for different businesses, you can search through the catalog and select the model that best aligns with your business.

How much does NetSuite cost?

NetSuite charges an annual fee from its users for a license. The license consists of three components namely; the core platform, optional modules, and the number of users.

The core platform consists of accounting, inventory management, order management, and tax management functionalities. Further functionalities can be subscribed to as modules. Since these add-ons are modular, users can choose to get modules as per their need and as their business grows and scales and new users are added.

NetSuite is one of the most reliable ERP solutions, that fits almost all business types and can help ease your work. It comes with the added trust of Oracle, so you can rest assured that your data is secure and easily accessible. With all the information you now have in hand, the only step left to do is to do a thorough analysis of your business, figure out your needs and contact a service provider like Folio3 to get your NetSuite set up and running!