Technology serves at its best for making business operations and manufacturing faster, but managing all functional areas is another level headache. NetSuite is a unified ERP allowing businesses to streamline workflow in different functional areas. For businesses, NetSuite ERP is a blessing as it manages and optimizes business processes on the same page. As a result, businesses get accessible, scalable, and customizable.
Moreover, NetSuite is the first cloud-based software company that helps organizations with business management apps. In 1998, Larry Ellison (Executive chairman of Oracle) funded Evan Goldberg to build NetSuite ERP.
NetSuite went public in 2007 and saw considerable development after recruiting a professional executive team. Software supplied through the Internet was the way of the future back then. NetSuite pioneered Saas technology as a type of business management due to its commitment to the value of internet-based services. As a result, the company’s run rate jumped from around one million to one billion in a matter of months.
Oracle officially bought NetSuite in 2016, combining its efforts to serve better small and medium businesses as well as multinational organizations. Over 21,000 businesses and organizations now use NetSuite’s software in over 200 countries and territories.
10 NetSuite ERP Features To Manage Your Business Process
NetSuite has a wide range of features with the briefly described dashboard. Furthermore, it is easy to collaborate with and easy to access, whether or wherever you are.
NetSuite ERP has a lot of features integrated within it. In fact, it further improves the efficiency of company processes. We’ve compiled a list of some of them for you.
Order-to-Cash
The NetSuite-aligned O2C workflow efficiently covers the whole order processing process. It aligns the outcomes from accounting log entries in books with the moment of payment.
Workflow Management
Workflow management capabilities in NetSuite allow any unique business process to be efficiently aligned with the NetSuite system. Businesses may use these capabilities to automate business operations and save time on tedious tasks. In fact, this feature has the ability to turn more complicated business processes into simpler activities. Workflows can also automate the management of various phases, transitions, and activities, saving time.
Audit Trail Visibility
An audit trail allows you to track users’ data, initial activities, registration and login attempts, administrative support, and automated system activities via backtracking and clear visibility. As a result, it ultimately supports insight data tracking and evaluation at the end of the day.
Procure-to-Pay
NetSuite ERP’s procure-to-pay capability is also an essential component. It facilitates the management of the complete payment business process in the cloud. Moreover, using a set of global actions provides efficiency and universal visibility throughout the procure-to-pay process.
Tax Management
NetSuite provides unique functionality to handle taxation and subsidies on multiple products and services. It is hectic to add and evaluate tax management manually, but NetSuite got us covered. It allows you to perform actions to analyze, track, compute, and pay various taxes based on product and service sales and purchases that vary regionally. The development of NetSuite tax management is on a solid basis. In fact, it enables transparency, automation, and effective tax administration and management in a worldwide setting.
Flexible Depreciation Management
The NetSuite Fixed Assets Management functionality allows users to specify the accounting period for depreciation. Additionally, it will enable yearly asset withdrawal and depreciation on the basis of user preferences.
Financial Reporting
The Financial Report Builder feature in NetSuite ERP is informative, graphical, as well as simple to use. The tool enables the compilation of financial statements for reporting purposes. Additionally, it sorts out data into easy-to-analyze chunks like the clear visibility of expenses, payable, bank balance, budget reporting, etc.
Global Ready Feature
The global-ready functionality assures that your company system is capable of handling worldwide business activities, regardless of location. The global-ready function keeps a core ERP suite up to date with host upgrades. The functionality is dispersed throughout the global financial system. Governance, Risk, and Compliance (GRC), revenue recognition, Services Resource Planning (SRP), Supply Chain Management (SCM), and billing will all be covered.
Fraud Prevention Feature
This feature keeps the system protected from all fraudulent activities. Fraud prevention features can also easily access and install with the NetSuite bundle. Moreover, it provides additional data security, making it more trusted and the world’s #1 ERP software. The controls are in place to detect fraud involving specific dates, quantities, addresses, and purchased objects based on specific criteria.
Multiple Payment Process Availability
Flexible payment processing empowers you to customize payment methods for each bill/expense for the specific vendor/employee. In other circumstances, a user-defined classification would be required. It also aids in the automation of payment categories based on the selection criteria.
Supply chain with MRP
A list of capabilities is driven by the characteristics. It aids in the creation of Supply Chain Intelligence using MRP, leveraging MRP parameters in total to provide an in-depth, real-time picture of the important supplier, inventory, and procurement indicators. Vendors, partners, and consumers can also use it to do self-service.
Cost Management
One of the most important NetSuite ERP features is Cost management. Costing implies accuracy, balancing of the expenses, and no chances of errors. Manually Cost management leads to inefficiency and creates a fuss. The cost management feature of NetSuite ERPs rolls you out of this puzzle. It optimizes your expenses and income, boosts productivity, and increases expense reporting efficiency.
Inventory Entries and Control
NetSuite ERP controls the inventory in the eCommerce marketplace, keeps proven track of assets, and categorizes inventories, regular selling counts, etc. Moreover, NetSuite ERP also manages inventories at the largest eCommerce store and makes it possible for an organization to stock up on all products and services timely.
What Can MMCGBL Do For you?
MMC Global is at your service and offers multiple NetSuite ERP services to skyrocket your business growth. We offer:
NetSuite Implementation
We are the most well-known NetSuite implementation company. Our team has a lot of expertise in successfully implementing NetSuite. So, get in contact with us if you have any queries you’d want to ask from your NetSuite Implementation partner.
NetSuite Custom Workflows
According to your organization’s infrastructure, we can create a NetSuite custom workflow to manage complicated tasks in a streamlined way.
NetSuite Integration
We have a specialized and skilled staff to manage all of our client’s integration needs. Throughout the service time, our resources work as a dynamic team to solve all customization and other particular demands that arise.
NetSuite Customization
We have a history of providing NetSuite customization services to a variety of businesses. It has a lot of difficult and advanced customization needs. In order to meet the demands of our customers, we aim to provide the correct solutions.
Ongoing Training and Configuration
Our crew is always excited to help potential customers re-evaluate their current setup and provide specific suggestions to get them on the right track.
Bottom Line
So, these are the general NetSuite ERP features that you need to look out for in 2022. Many organizations use NetSuite ERPs at a large scale to unify business processes on the same page. Let’s transform your business operation, generate 10x ROI, and beat your competitors by fasting business management.
