NetSuite

It is a great ERP but it is not for everyone

Comments: Accounting, Trasury. Reporting (but we ended up doing the reporting outside the ERP)

Pros:

Netsuite has a lot of potential when automating processes. It is a great ERP for big Companies or big startups.

Cons:

There is not much literature about netsuite or learning material. Because of this, you are trapped with Consultants. Sometimes you might get lucky but sometimes no. I had both experienceThe ERP is complex to implement. It has become popular in the startup world but it´s complexity does not make it ideal for everyone. Yes. the potential is great but you really need to do a good research before jumping to implement this ERP

Alternatives Considered: Odoo

Reasons for Switching to NetSuite: The potential of Netsuite when growing and to manage several entities from one place

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

Time consuming and incorrect data

Pros:

This is our initial software (since 1998) - I am in sales and account management - I do not use the reporting - I have to research billing, invoicing and accounts payable - too many keyboard clicks to get to correct field

Cons:

too many keyboard clicks to get to correct field, much of the infommation is not downloaded from salesforce to netsuite, inconsistant billing, payment arrangements will not pick up all accounts, reporting for commission will not pick up transaction from the "Parent Account" So time consuming to review commissions - typically I will have 35 accounts per month that were not picked up by netsuite

Overall a great accounting software for medium-sized businesses

Comments: Overall switching to NetSuite transformed our Finance team from data entry people to auditors. With most menial tasks automated or semi-automated, it freed up more time to audit our data and be more proactive with our accounting in general. Revenue management, which used to be a 100% manual, line-by-line nightmare, is now almost fully automated. Human errors were greatly reduced. Our sales opening process is almost fully automated thanks to the seamless Salesforce integration. Overall we are very satisfied with our switch.

Pros:

The Revenue Management feature is amazing, a bit tricky to understand but once you get the hang of it it saves a ton of time.Multi-subsidiary and multi-currency work extremely well. We have 8 different subsidiaries in 3 currencies and it's made our lives so much easier to have them all in one place, with automatic currency conversion and automated end-of-month eliminations.Having automations like monthly postings to our GL, amortization calculations for our numerous IT purchases and monthly subscriptions, and the great reconciliation tool has saved us a ton of time during month's end.Integration with Salesforce was a breeze with an out-of-the-box connector.Support is generally very knowledgeable, problems are quickly fixed and answers quickly answered. There is a great Help tool (SuiteAnswers) where we find an answer to most of our problems, as well as a very active Enhancements Requests database.

Cons:

Some features lack flexibility, like revenue recognition posting, but there are workarounds.User adoption can be slow because the system is very different from most mainstream systems, with it being so automated.Sales taxes management for Canada isn't totally adapted since they replicated American functionalities with Canadian codes, but there are also workarounds to this.

Alternatives Considered: Sage Intacct

Reasons for Choosing NetSuite: We used to keep our accounting in four different software, with subsidiary eliminations being done totally manually. It wasn't scalable anymore and we needed a tool that would allow for more automation and less data entry as well as easier reconciliations between subsidiaries and currencies.

Switched From: Sage 50cloud Accounting, QuickBooks Desktop Enterprise, Quickbooks Online and Microsoft Excel

One source of truth

Comments: Our move to Netsuite was very smooth and allowed for us to transition with no downtime. Support has been outstanding and the ability to customize ourselves has been invaluable as we continue to make it our own.

Pros:

NetSuite provided our once disjointed business with one single source of truth. All users now have access to an all around view of our customers making business decisions easier and allowing information to be readily available real time.

Cons:

The standard inventory module is very standard - while allowing for multiple warehouse locations, item/bin location reporting can be tricky to create without advanced module.

Alternatives Considered: Accounting Seed and SAP Business One

Reasons for Choosing NetSuite: Our systems were not integrated which required a lot of duplicate entries and mismatched information. Out teams only had part of the picture.

Switched From: Sage Business Cloud Accounting and Salesforce Sales Cloud

Reasons for Switching to NetSuite: Netsuite could be a single source of truth for us - and met all of our business needs in one package.