Welcome to our NetSuite Frequently Asked Questions page, where we address some common queries about NetSuite’s features and capabilities to help you better understand the software.
At Fusion, our CPAs have extensive experience with NetSuite accounting software. This means that we have implemented the software for businesses across various industries. In addition to this, our experts have also built bespoke integrations that align with NetSuite.
These are some of the most frequently asked NetSuite questions our CPAs have come across.
Read the below to help you navigate the world of NetSuite with ease and clarity.
NetSuite offers a comprehensive suite of business software products designed to streamline various aspects of your operations. This includes financial management, customer relationship management, e-commerce functionality, and more.
NetSuite Modules can be considered as additional functions that are purchased in addition to the standard software offering. They offer your business a more tailored solution that aligns with your unique needs. That is to say that NetSuite Modules are added ad hoc and integrated with your accounting system as your business needs change and expand.
NetSuite is an Enterprise Resource Planning (ERP) software that also includes Customer Relationship Management (CRM) capabilities. It offers a holistic solution for managing various aspects of your business, all in one place.
mplement NetSuite successfully.
A NetSuite developer is an expert who specializes in customizing and extending the functionality of the NetSuite platform to meet the unique needs of businesses. This means that they create tailored solutions and integrations that align with your specific business processes.
At Fusion, our CPAs have built bespoke NetSuite integrations. Contact us to find out if we can help with an integrations solution for you.
A NetSuite sandbox is a safe and isolated testing environment that allows you to experiment, develop, and test configurations, scripts, and customizations without affecting your live NetSuite instance. It’s an essential tool for ensuring changes work as intended before implementing them in your actual system.
Yes, NetSuite can handle payroll through its SuitePeople Module. SuitePeople connects HR and payroll data with financial, project planning and budgeting and procurement processes. This not only offers a businesses human resources and employee management functionality, but also eliminates multiple systems.
A Chart of Accounts (COA) is a breakdown of all accounts and transactions in the general ledger of a company and organizing them into subcategories. It provides a comprehensive overview of your organization’s financial structure and account classifications and can be accessed within the Financials module. Follow the following path to access the COA:
An invoice is a record of sale to a customer. Creating an invoice in NetSuite is a straightforward process. Within the Billing tab, follow the following path.
Our experts can also guide you through the steps to ensure accurate and efficient invoicing for your business.
An amortization template defines the terms of the amortization schedule created by the purchase of an item.
Creating an amortization schedule in NetSuite involves utilizing its financial management tools. Follow the following path within NetSuite to begin:
Our team can assist you in setting up and managing amortization schedules effectively.
While QuickBooks is suitable for small businesses, NetSuite is a comprehensive solution that caters to businesses of all sizes. This means that NetSuite offers advanced functionalities, scalability, and flexibility for growing enterprises. However, the accounting software your business chooses to use is largely dependent on your business needs and plans for growth and scalability. NetSuite typically offers longevity and unlocks added Modules as your business expands.
NetSuite and SAP have both developed widely used midmarket ERP systems. While NetSuite offers a single cloud-based ERP product, SAP has three distinct systems.
NetSuite is a business management system with a variety of modules that help medium to larger size business enterprises better manage their financials and operations and increase automation across the business. While SAP’s three systems for small and midmarket companies have each found traction with businesses in of this particular business size. If agility, customizability and scalability is what you’re after, NetSuite is advantageous.
Oracle and NetSuite are related. Oracle acquired NetSuite in 2016, but NetSuite operates as an independent global business unit under Oracle.
NetSuite OneWorld enables companies to manage multiple subsidiaries, business units and legal entities, domestic
or internationally from a single solution. This means that the software provides real-time financial and operational visibility and control at the local, regional, and headquarters levels.
NetSuite OpenAir is a project management solution designed to streamline and optimize the operations of service-based businesses. It is a module within the broader NetSuite suite of products that caters specifically to companies offering professional services, such as consulting, IT services, marketing agencies, and more. Additionally, it empowers businesses with tools to effectively manage projects, resources, time, expenses, and financials, all in a single integrated platform.
NetSuite offers benefits such as real-time visibility into financial data, streamlined processes, improved decision-making with actionable insights, increased collaboration, and the ability to adapt to changing business needs. For this reason, the software also eliminates the need for disparate systems and manual processes. Its cloud-based architecture is also beneficial in that it ensures accessibility from anywhere.
NetSuite’s wide range of features, scalability, and adaptability make it a valuable investment for businesses looking to streamline operations, enhance efficiency, and achieve sustainable growth.
The software’s pricing management allows you to centrally manage, control and update pricing according to your business needs and budget.