Netsuite – All You Need to Know

If you run your own business, then no doubt you are an extremely busy person. There are many business software programmes out there and chances are you are using a number of different programmes in your business such as Sage, Quickbooks, Microsoft, etc.

Netsuite is a cloud-based programme which allows you to manage functions such as Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), accounting, and global business management under a single fully integrated software system. It achieves this through a modular framework.

What Can Netsuite Do?
Netsuite can be broken down into four key areas;
• Enterprise Resource Planning (ERP)
• E-Commerce
• Customer Relationship Management (CRM)
• Global Management

Netsuite ERP
Netsuite ERP can manage all of your main finances. At the most basic level, it can work out all of the fundamental accounting functions which are in your general ledger; a summary of your assets, liabilities, equity, revenue and expenses, accounts receivable and accounts payable.

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But it can do much more than this. Because it stores all of your data in one programme, you always have up-to-date accurate information which helps you to manage your budget. The beauty of the programme is that it also knows your inventory and supply chain information. Large inventories can easily become unwieldy, but Netsuite can store it all for you. You can easily see what you have, so you can make informed choices and keep control of buying and shipping costs. Netsuite is therefore a great tool for expense management. Your procurement is streamlined and made more efficient because you have full control of your inventory.

Netsuite manages this through a sophisticated Warehouse Management System (WMS) that optimally manages all resources within the distribution operations while minimising the total cost of operation.

Your warehouse can be managed via a real-time inventory which is made possible by an integrated system of Radio Frequency (RF) devices and serialised inventory tracking. This also allows you to use ‘cycle counting’ of your inventory. Instead of counting the entire inventory, you can conduct a regular count of particular items. And when it comes to shipping goods to your customers, Netsuite will even work out the size of cartons required thereby saving you distribution costs.

E-Commerce
Having accurate information about your inventory and up-to-date financial knowledge can also help you plan strategies to improve your business. For example, because you can see in real time what is selling and what isn’t, this helps you manage your orders.

Your supply chain information is also integrated into the programme so you can see both costs and efficiency of each stage in real time. It may also help you to make informed decisions about sourcing materials, and to detect which suppliers are reliable with deliveries or payments, and to see more quickly which products are selling and which are not.

However, Netsuite is capable of much more than simply looking at your current business status. It has powerful tools which uses advanced planning logic that can examine your historical data and provide sales forecasts. It can even provide suggestions for purchasing.

Netsuite even has tools which help you with managing projects, scheduling and providing detailed job costing. Because all of your data is integrated in the one place, you can get access to accurate project data in real time.

CRM
In addition, Netsuite incorporates automation tools to organise and synchronise your customer and potential customer communications. This is valuable data which can be used to help streamline and tailor your business according to real customer demands. It also allows you to make customer support more efficient.

Having this integrated information is a very useful tool which will also assist you in making decisions on your marketing, merchandising and sales strategies. The programme analyses your customers’ history which allows you to develop better strategies to both retain old customers and entice new ones, and so ultimately to drive sales growth.

Netsuite OneWorld: Global Management
Whether your company buys materials or products from overseas, is expanding to international markets, or is already established in the international marketplace, the Netsuite OneWorld can save you a lot of time and money. Netsuite is used in over 110 countries and supports over 190 currencies and 160 languages.

Businesses doing trade overseas face ‘growing regulatory challenges, compliance risk, financial penalties and more frequent system-based tax audits which is leading to businesses being burdened with ever more complex tax compliance requirements. NetSuite OneWorld’s tax and compliance management capabilities provides a robust foundation for transparency, automation, simplicity and controls in the management of your global tax and compliance responsibilities.’

The programme incorporates a configurable tax engine plus preconfigured tax codes for over 50 countries, as well as reporting capabilities which allow you to comply with various offshore financial and accounting regulations.

It can also handle multiple currencies and offers a variety of payment options. Your purchasing and sales are much more efficient and you can benefit from live currency feed.

Benefits
The benefits of having a single integrated system which can manage all of your key business processes are clear. Your business can be much more streamlined, efficient, and profitable. This cloud-based system has the power to lower your operating costs, save you time, and strengthen your competitive advantage.