NetSuite

With NetSuite, we'll be able to expand our business

Comments: I highly recommend NetSuite. It provides everything a manufacturer, no matter how big or little, might want. With NetSuite, we have room to expand as we progress. We're currently still using manual stock counts but are making moves toward a barcode scanning system.

Pros:

Our firm outgrew QuickBooks, which was the business challenge that NetSuite addressed. Consequently, we are currently focused on becoming proficient in NetSuite as soon as possible. As a result, I am spending a lot of time teaching and creating systems for use by other salespeople.

Cons:

Estimating the cost of an assembly by looking only at the BOM. The most up-to-date information must be calculated and made available. It's simple to figure out the gross margin. Our earnings are based on a margin, and the numbers shift during the day.

Effective Cloud-Hosted ERP

Comments: As part of our investment/integration approach, we have moved several businesses from QuickBooks to NetSuite. This is equivalent of going from mom-and-pop to professional-level accounting/reporting. We're very happy to have made the switch, and we expect to bring other of our businesses abroad the platform as a means of standardizing our accounting practices groupwide.

Pros:

Relative to other softwares, NetSuite is easy to implement and learn for non-technical users. Our businesses use NetSuite for a variety of accounting and finance tasks, and across-the-board our staffs have been able to pick up the tools and, in some cases, master them quickly with even just a little user acceptance testing.

Cons:

NetSuite needs a UI upgrade -- it was clearly developed in the late 90s/early 2000s. UI tech has advanced considerably, and some implementation of modern techniques would help improve the product. Our main complaint w/r/t NetSuite is the lack of very good implementation and development support. Lastly, there are some surprising gaps in the software; for example, there is no native functionality for approving changes to vendor bank details, an area of high fraud risk. We have developed our own solution, but we would have expected some native functionlaity for that, given the risk.

Alternatives Considered: Sage Intacct

Reasons for Choosing NetSuite: We are a public holding company, so QuickBooks was not going to cut it long-term for the level of professional process and audit controls we needed.

Switched From: QuickBooks Desktop Enterprise and Quickbooks Online

Reasons for Switching to NetSuite: We looked to peer advice and it pointed us to NetSuite.

Explore other options...

Comments: Overall, not a pleasant experience. We have now hired a third-party consultant (even more $$) to help us rectify mistakes made during initial implementation.

Pros:

The CRM module is great! We can track potential customers from the suspect stage to fully qualified customers with a signed contract.

Cons:

This is an Oracle backed product and as a result, the backend database is ridiculously hard to use for analytical reporting. Oracle is not inclined to share a data map for its clients.

Alternatives Considered: SAP Business One and Dynamics 365 Business Central

Reasons for Choosing NetSuite: We needed to scale our operation model

Reasons for Switching to NetSuite: [sensitive content hidden] preferred NetSuite

Limited QuickBooks Journey to Robust NetSuite

Pros:

We have investments in various business arenas (Hospitality, Restaurant, Aviation, Real Estate, Ranches, Home office) and some are intercompany, others are not, but require combined statements. NetSuite allows us to set up the subsidiaries with the proper rollups and consolidation/eliminations, while providing the drilldown process to reconcile any differences, if needed. Moving to NetSuite enabled us to enhance the previous business processes and create process efficiencies/ financial transparencies.

Cons:

Integration with the previous business processes was difficult, not due to NetSuite, but the lack of standardization/harmonization of data management, Chart of accounts. i have a short list of issues that have been brought to my attention from the users, but these result from the fact we look at 130 plus subsidiaries in one report and the first column with the GL account reference does not freeze, like in an Excel worksheet (solution = download data into a worksheet).

Alternatives Considered: Sage Intacct and SAP Business One

Reasons for Choosing NetSuite: needed to have a system that would allow a full consolidation/elimination financial and the process to do this with Quickbooks was an excel worksheet with 130 plus financials, not very efficient.

Switched From: QuickBooks Desktop Enterprise

Reasons for Switching to NetSuite: Cost and capabilities of NetSuite

NetSuite automated many operations to save time

Comments: Our company's inventory management and warehouse allocations have previously been quite manual; however, with the implementation of NetSuite, these processes will be greatly automated, allowing for much more rapid inventory management.

Pros:

By consolidating your accounting in NetSuite, you can speed up your closure procedures and create reports with less effort. It's also the ideal choice for integrating with other SaaS products for niche financial needs.

Cons:

Some more recent modules are "incomplete," meaning they lack necessary but minor features. In some cases, these problems may have been avoided with the aid of reverse process flow diagrams.