NetSuite is the biggest ERP software provider in software as a service model. The company initially was named as Net ledger but now it provides hosted ERP solutions for mid-size and divisions of large companies mainly. The cost of ERP solutions is quite low as compared to other solutions in the market which gets it in easy reach of mid-size companies. It has rich functionality in terms of accounting as the company initially was providing accounting solutions and can support the functioning of large organizations too.
NetSuite provides ERP solution by one integrated software suite, it covers business activities like Financial management, ERP, CRM, Order management, Inventory/Shipping/fulfillment, Material requirement planning, and E-commerce. Largely NetSuite ERP solutions are more suitable to fulfill the requirements of mid-size companies but with the latest launch of NetSuite One world solution it has provided solutions for the companies running many divisions and subsidiaries and provides consolidation facilities for financial data. This web-based solution works seamlessly to handle multiple business units from one single NetSuite account with different sets of taxation rules, languages, and currencies.
Accounting features of NetSuite ERP are very strong and versatile as the company leverages its vast past experience of developing accounting systems. Accounts receivables, in particular, have a variety of features which can handle all the activities from availability to shipping and raising invoices easily.
It also provides easy navigation and shifting between roles and number of reports to provide deep analysis of the functioning. The web-based solution saves large investment made for IT infrastructure in other on-premise models of enterprise resource planning solutions, the applications are integrated seamlessly to provide real-time transfer of information across the whole organization and saves the data in one single repository. It also supports E-commerce activities which give users web presence to extend their reach and provide more prompt and dependable services to the existing clients. The CRM solution has all the features to cover customer relationship activities, sales force automation and role-based dashboards to executives and management.
Mid-size organization leverage facilities provided in the NetSuite ERP at minimum possible cost and without investing in IT infrastructure and going through a rigorous implementation process, this feature has given it a clientele of more than half a million. NetSuite ERP is supported by a range of partners or vendors with suitable training and tools to customize ERP according to user needs. NetSuite has recently announced some new features to be incorporated in the on-demand ERP these are like advanced billing, advanced budgeting, revenue recognition, allocation, inventory re-ordering, lot tracking and advanced inventory commitment. Time to time additions of new features not only makes it a versatile ERP but also improves its credibility in the market.