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What is Oracle ERP?
What you need to know about Oracle ERP on the cloud
Our team of accountants, CFO advisors, and software implementation consultants deal with ERPs on a regular basis and we’re often asked, “What is Oracle’s ERP?” The answer used to be complicated, but lately, NetSuite looks like a clear winner – not only amongst the Oracle ERPs, but it’s also the most implemented ERP in the world right now. We’ve also found it to be more affordable and user-friendly than the other ERP options on the market.
At Fusion CPA, we are accountants and experts in software solutions. We help businesses implement and optimize their ERP of choice. If you’re not sure that NetSuite is the right option for you, we’d be happy to talk to you and help you decide what system will be the best for your company’s unique needs.
We’re always planning for future growth and our clients need software that can adapt to track and ultimately achieve their business goals. They also need an ERP system that will stay supported over the long term.
Let’s look at what Oracle’s ERP options are and how clients have used them.
Table of Contents
What ERP options are there in Oracle, exactly?
NetSuite, Oracle Cloud, E-Business Suite, why are there so many Oracle ERPs?
We often get asked why there are so many Oracle ERP options. Oracle acquired other software companies over the years to expand its brand and targeted different businesses with different software. However, going forward, this won’t be the case as NetSuite works well for all industries, business functions, and company sizes.
There used to be three main Oracle ERP systems, including JD Edwards and E-Business Suite, but only one that will be supported going forward, namely NetSuite. Oracle Cloud is another, more pricey option. If you’re using one of the other options like JD Edwards or E-Business Suite that are soon to be discontinued, talk to us about our services as Oracle ERP consultants. It is necessary to switch to supported software as soon as possible, taking into account that migration should be planned and executed mindfully.
The Oracle ERP for the Future
Oracle has put all their efforts into making NetSuite the most versatile and robust solution for the modern business. This leading cloud ERP uses the most advanced security possible to ensure the safety of its users’ data on the cloud. Therefore, going forward, your best ERP option is Oracle NetSuite as it’s fully supported and comprehensive. For most of our clients, we can recommend NetSuite to assist them with all their software needs as it is good for SMBs, scaling a company or running large enterprises.
As accountants, we love the cloud functionality of NetSuite. This ERP solution was actually founded to be a completely cloud-based option for businesses that are forward-thinking. Today, while cloud-based software is abundant, few match NetSuite’s ability to handle fast amounts of data in a seamless way. Our clients can’t stop raving about the look and feel of NetSuite.
What's Different about NetSuite, when Compared to Other Cloud ERP?
When you get NetSuite for the first time, it’s not a blank slate. Oracle collected their notes during the last few decades of being in the cloud ERP game and put them to good use. The out-of-the-box settings are based on the most popular functionality used by different kinds of enterprises. So when you configure your new software, you’ll have all the leading functionality for your industry.
Also, this software is totally open to customization from there. We advise planning a setup with your NetSuite consultant that makes the most sense for your business goals. This will give you company the edge to succeed at cloud ERP software usage. You want a smooth transition to the new software and make the most of NetSuite’s features.
In fact, this popular software is perfect for entrepreneurs who are serious about working intelligently and scaling their businesses without any software growing pains.
Make the Most of NetSuite
Implementation with a team of experts
Consider implementing and optimizing your NetSuite ERP with a team of professional NetSuite partners and accountants
NetSuite's Popular Functions
NetSuite OneWorld
This software includes all the tools in NetSuite ERP and extended capabilities that allow multinational companies to manage currencies, international tax requirements, and multiple subsidiaries.
CRM
This software gives organizations a 360 degree view of their customers throughout their entire customer lifecycle.
PSA
This is a professional service automation program that allows a team to execute, track, and plan projects.
SuiteCommerce
SuiteCommerce is an e-commerce platform that B2B and B2C companies can use to give their customers a constant yet personalized e-commerce experience.
SuitePeople
SuitePeople is an HR management solution. It allows a person’s data to be weaved throughout different NetSuite programs. It gives an organization more control over vital HR processes.
Oracle ERP Implementation Case Studies
NetSuite Allowed Insurers Catholic Order of Foresters to Tackle Tough Challenges
Operating in a low interest rate environment, Catholic Order of Foresters is facing challenges. As life insurers, it matches its investment to mortality rates. Due to the low interest rates, many higher-rated investments are either being called or paid down faster than insurance products are right now. Because that put a strain on profitability, their Senior VP of Finance said they decided to invest in new cloud-based technology where they could predict costs easily.
Integrating data is seamless with NetSuite. That will definitely free up some time. Instead of having to manually enter everything into accounting software, we’ll just be integrating directly into our new NetSuite cloud ERP system.
Brex Needed Multi-Entity Accounting to be Able to Branch into New Markets
NetSuite allows us to allocate costs such as rent based on headcount across offices. This type of inter-company and multi-entity accounting is just something that QuickBooks doesn’t allow.
NetSuite Allowed Them to Do More Faster
As Brex grew, so did its accounting software needs. Before going public, Brex switched from QuickBooks to Oracle NetSuite. They wanted a system that was able to grow with their organization.
NetSuite OneWorld allows organizations to gather data from multiple business units. Multi-entity accounting is a must for an organization like Brex that has entities in multiple countries. This is done in harmony with global accounting and compliance standards.
About Brex
Brex was founded by Brazilian-born entrepreneurs, Pedro Franceschi and Henrique Dubugras, in 2017. Their FinTech company helps startups get credit cards that have limits between 10 and 20 times higher than that of traditional credit cards – with no personal guarantee.
By March 2018, Brex had $10 million in annual recurring revenue. In May 2020, Brex acquired three other companies. Brex has raised $465 million and boasts over 400 employees.
