It’s normal to have a lot of questions when you’re contemplating the idea of selecting a financial management system to help you run your business. And because we know that making good decisions is a crucial skill at every level, we have gathered some of the most common questions and answers to facilitate your decision-making process.
ERP is the acronym for Enterprise Resource Planning, which is a software system that unifies and automates core business operations and processes including HR, finance, financial planning & analysis, and operational processes, to help companies organize, coordinate and evaluate both external and internal activities.
ERP offers a single solution to manage all departments and processes.
The typical roles that administer the system are:
The main difference between the ERP system and using multiple software applications is that an ERP allows you to manage large amounts of data in a centralized solution, which makes analysis and gathering insights from the data easier and more efficient.
With an ERP system, you receive full integration and communication across all departments in real time – avoiding missing information and saving time on manual consolidation of data.
Who uses NetSuite? It’s an amazing fit for businesses that:
Before searching for products and implementation partners:
ERP Academy: Some Useful Links on ERP Comparisons:
When deciding on a new ERP system always start with reviewing functionality as well as its support levels.
Consider that nowadays, we live in a world where everything needs to be faster and always available. So here are some of the most important aspects to consider:
ERP Academy: What’s NetSuite and How to select the right ERP
NetSuite is an online scalable ERP system that allows companies to run all key business processes in a single, reliable and user-friendly system.
ERP Academy: What’s NetSuite and Why Financial teams need it
NetSuite is a flexible platform that can be applied to a wide variety of business applications.
Top ERP Benefits include:
ERP Academy: What’s NetSuite and Why Financial teams need it
Yes, NetSuite is a cloud-based On Demand service provider, which means that you can access your ERP from anywhere in the world at any time.
Most companies are migrating to cloud solutions because they want the flexibility that comes with being able to access your business from everywhere. For most businesses, a Cloud-based On Demand service works much better than on-premises services because of the ability to reduce operational costs while increasing the effectiveness of IT processes in your business.
ERP Academy: What’s NetSuite and Why Financial teams need it
In one single database, NetSuite covers seven inter-related modules of businesses, such as:
ERP Academy: The Ultimate Guide to NetSuite Modules
Yes, it does. Each user has a different dashboard depending on the role permission and configuration. Roles and their permissions determine the pages that users can see in the NetSuite interface and the tasks that they can complete.
The system is totally customizable. You can modify pretty much anything including :
The views are also customizable and can be turned into portlets and panes associated with the dashboard or fields within the software.
ERP Academy: What’s NetSuite and Why Financial teams need it
NetSuite ERP supports and connects every department in the business, helping companies to get faster and accurate financial statements and a modem reporting experience.
The system offers different benefits for every industry. In general, NetSuite will help you:
NetSuite is committed to helping your business stay on top, so it is important to have a deep understanding of your business requirements in order to make an informed decision on how NetSuite can help you improve your business.
ERP Academy: What’s NetSuite & Why Financial Teams need it
You should select NetSuite because it is:
The other great thing about NetSuite is that the software was built solely to work with cloud technology in mind, while other competitors were adapted to this kind of platform. Also, with NetSuite’s real-time information and an internet connection, businesses can work anytime, from a smartphone, tablet or desktop.
ERP Academy: Compare NetSuite easily with other ERP vendors
Yes, you can. NetSuite has its own templates so you won’t need to know HTML to build your own site! Its templates facilitate the whole process of delivering engaging brand experiences to online shoppers anywhere from any device.
NetSuite SuiteCommerce is a flexible and feature-rich module designed specifically for eCommerce, which will help you:
Some of the key benefits:
ERP Academy: NetSuite CRM+: e-commerce, marketing automation & CRM, all-in-one.
It is no mystery that when it comes to NetSuite’s popularity as the leading cloud-based ERP platform, the company succeeded in designing a software that would include both best industry practices and customizability.
Here are some of the top advantages of NetSuite ERP for accounting:
Another part of NetSuite scalability is that during a cyclical business cycle you will be able to add users with no extra cost. This gives you the opportunity to scale up or scale down your user count whenever is needed.
ERP Academy:
Since NetSuite can be customized, it can be implemented in every type of business. NetSuite meets the evolving business requirements of companies of all sizes. From small, mid-market businesses to large multinational enterprises, NetSuite empowers modern businesses, both private and public, to accomplish their growth potential.
ERP Academy: NetSuite pricing per Industry size
NetSuite merges many management and business capabilities into one platform, integrating all key business processes missing in traditional ERP systems:
Traditional ERPs often lack one or several modules that are required for a modern company to function properly, which leads to companies having valuable information in different places, leading to double work and duplicated data.
NetSuite however, works as a unified platform for all business data, it can be the main system of reference for all the company’s departments and tie every activity, directly to the appropriate records and to the general ledger in real time.
Also, NetSuite is cloud-based, which means that employees can access and edit system information, needing only an internet connection and a device with a web browser.
ERP Academy: What’s NetSuite & Why Financial Teams need it
NetSuite can fit any size business as its platform is highly customizable and scalable, this means that you can tailor it to any form of business, adapting it to your business as it grows.
Trajectory’s consultants are experts in understanding the power of NetSuite and how it can be tailored to help our customers!
ERP Academy: What’s NetSuite & Why Financial Teams need it
Even though Salesforce is a CRM it can’t handle other core processes like an ERP.
NetSuite allows integration with SalesForce (and many other platforms) so clients can take the next step without the need for migrating their CRM.
Because of this, many companies are integrating Salesforce to NetSuite. Generally, the reason they are starting with this integration can be traced to some of the following causes:
ERP Academy: What’s NetSuite & Why Financial Teams need it
During the implementation process, no matter how much time, money, and resources you dedicate to the project, you are still at risk of it not working out.
Here are some examples of NetSuite Implementation Mistakes:
ERP Academy: Guide to select the right NetSuite Consultant Implementation Partner
NetSuite syncs data every time you click save. The system feeds its dashboard and reports in real-time so you’re never stuck looking at out-dated data.
You can start your search on Google, contact the companies you find and ask them for a 30 min initial chat, it’s always about great fit first. Always review several proposals, you can use this NetSuite Implementation Guide, to understand what you’ll need for the project and call us to make the arrangements.
There’s no standard NetSuite price. It will depend on your business needs. However, on our ERP Implementation pricing page, you can review the estimated cost according to industry sizes.
NetSuite cost is determined by 5 key factors:
NetSuite allows users to design their right ERP, offering three different suites designed to fulfill your business needs. These are:
Each of the NetSuite editions is identical in terms of the underlying code base and deployment model. Therefore, as your company grows and scales you simply adjust your NetSuite subscription size or include new users, features and modules to meet your needs. The transition is seamless.
With NetSuite you never have to worry about a system migration once you’ve outgrown your current edition, you simply change your pricing model.
ERP Academy: NetSuite cost factors
In order to add modules/features, you have to pay an extra amount for the additional modules/features and integration. Any additional module/features are provided by various Third Party companies (NetSuite Partners), the ones who develop and maintain the extra module. They sell the extra modules to you through NetSuite.
Some of the most popular add on partners include:
ERP Academy:
NetSuite offers different software editions depending on your business requirements. The price will depend on the edition type you choose for your business.
Each of the editions includes the following features:
In case, you happen to have a CRM license that you’re happy with, NetSuite allows you to integrate your current CRM with the system. You can choose to get just NetSuite ERP!
ERP Academy: What’s NetSuite and Why Financial Teams Need It
The sky’s the limit! NetSuite is a totally scalable solution which supports any number of users ranging from one to thousands.
The great thing about NetSuite is that your ERP grows side by side with your business, which means that you can also add as many users and roles as you wish, according to your current needs.
ERP Academy: What’s NetSuite & Why Financial Teams need it
Add-on modules deliver additional functionality for specialized needs without the need for customization.
There are many different add-on modules available. For our clients, we identify when an add-on module is a good business decision during the requirements discussions and project scoping, so you’ll know early if an add-on module will benefit your business.
Top 6 Popular Add Ons and their Key Benefits:
Advanced Procurement:
Suitebilling:
SuiteCommerce:
Advanced Inventory:
ERP Academy: The Ultimate Guide to Oracle NetSuite Modules
Every implementation is unique. Depending on the project requirements, the process may be a bit different. A normal Trajectory implementation looks like a dream come true:
Once the project has finished and your team feels confident enough to manage the system, the next logical step is to continue our relationship as a solution partner. We’ll be your back-up for any future questions, and keep you updated with best practices.
ERP Academy: Maximizing the value of your NetSuite Implementation
In terms of implementing NetSuite, if your requirements are standard, Trajectory offers a quick 100-Day Implementation option, in order to minimize business disruption.
The 100-day NetSuite implementation plan adheres to Trajectory most beneficial practices and standards, in order to:
Trajectory can help you organize and prioritize your requirements concerning all of your key business processes into an actionable game plan for evaluating cloud solution options. As certified partners, As certified partners, Trajectory will put together a competitive total project cost in order to appropriately set your expectations. to appropriately set your expectations.
Trajectory project teams are compromised dedicated NetSuite certified developers and consultants who can support you throughout the entire implementation process. They will get to know your business and requirements and can assist from requirements gathering through implementation, training, Go-Live, and even with post-Go-Live support.
Whether your NetSuite solution will need customizations will be dependent on your business requirements and objectives. NetSuite does have out-of-the-box solutions for many common industry types such as professional services, software & tech, logistics, marketing & education. If your business processes are standard then it is likely that NetSuite will have a solution that is right for you. If not, Trajectory can assist with any required customizations you need.
Add-ons (SuiteApps) can help a company adapt the system to their internal processes, or add functionality that the company needs and the system doesn’t have out-of-the-box.
In case NetSuite does not have a SuiteApp for your favorite third party, you can utilize the Boomi connector to integrate NetSuite with other solutions.
It’s impossible for a single ERP to offer every single functionality that all companies need. Therefore there’s always going to be something that the system cannot do “out-of-the-box”. This is true for every existing ERP in the world, not just NetSuite.
More than an ERP, NetSuite is an extensive platform. Apps can be developed to either add new functionality or enhance what the system already does.
ERP Academy: The Ultimate Guide to Oracle NetSuite Modules
At a general level, data is migrated into NetSuite via csv import by record type. NetSuite provides generic import templates in order to do this, but Trajectory often provides customized import templates to clients based on their system’s specific configuration.
Migrating data into NetSuite involves undertaking an iterative Extract-Transform-Load (E-T-L) process:
Repeat steps 3-5 as many times as it takes for the data to load cleanly. It’s critical to not only load the data, but also validate that it appears in the desired business processes and reports as expected.
The best practice is to start data migration related tasks at the beginning of an implementation, as they typically take more time than expected and require detailed work that is critical to the success of the entire project. Configuring the system is one thing, but it’s the quality and accuracy of the data that makes the system functional. It must be done properly and on-time for Go-Live to be successful.
ERP Academy: NetSuite CSV Import | ERP Data Migration Process
YES! The safety of your data is NetSuite’s number one priority. The cloud environment is optimized to provide the best security possible. The data will always be yours!
ERP Academy: What’s NetSuite & Why Financial Teams need it
Even though NetSuite contractually commits to a 99.5% uptime (and has historically maintained 99.8%!) that doesn’t help you if your own internet provider decides to take a vacation.
ERP Academy: What’s NetSuite & Why Financial Teams need it
NetSuite provides 128 bit SSL encryption. SSL creates a secure connection between a client and a server, over which any amount of data can be sent securely.
ERP Academy: What’s NetSuite & Why Financial Teams need it
NetSuite provides role and permission-based security that allows administrators to control visibility, actions, and data. There are approximately 20 default roles, each of which can be modified by the clients.
ERP Academy: What’s NetSuite & Why Financial Teams need it
NetSuite enables you to implement IP address level security. Using IP Address Rules you can restrict employee access to certain computers for logging into their account. This ensures that your most sensitive roles, e.g. controller, are only accessed on your premises or at the controller’s home.
Yes. The audit trail lists all the accounting entries for each transaction. The audit trail lets you verify information, track changes and search for errors or suspicious activity in your financial accounts.
Trajectory Inc can help you! Our objective is to bring valuable ERP solutions to help your business grow! We also provide test drives and demos to facilitate your decision making.
NetSuite has a relational model, which means it provides a declarative method (users can specifically type the information that they are looking for into the search tool) for specifying data and queries.
NetSuite’s database is customizable, which means you can extend it with custom fields and tables to make it a powerful application development environment.
Always seek help from a certified NetSuite Partner for post-project support (ideally for implementation too).
The installation is considered complete once it is team tested and every detail has been checked and you have signed off on the fact that what was promised in the requirements has been delivered.
You can not control when the upgrades take place as they are done automatically for you by NetSuite. Typically, the scheduled downtime for an upgrade is during a time that will not interfere with your business.
You can check the New Release portlet offered by NetSuite to learn more about when your system’s upgrade is scheduled and how you can log in to the preview site to see how you can use NetSuite’s new and improved features prior to the upgrade.
Trajectory consultants are constantly monitoring upgrade dates and keeping customers notified of upcoming changes. As a complimentary service, our consultants review the Release Notes and assess whether our clients’ environments will be impacted.
Yes, NetSuite offers multiple views for mobile devices. In fact, NetSuite has improved support for mobile devices to facilitate your working experience. NetSuite for Android makes it easy to keep track of time, key business metrics and expenses whenever needed.
The tech support provided will depend on the type of agreement you reach at the time of purchase. NetSuite offers a full range of support offerings, from Basic to Premium and each option provides specific service levels.
No matter what SuiteSupport level you select, NetSuite provides the SuiteAnswers portal, which delivers a comprehensive knowledge base, online case submission and much more. NetSuite clients normally rely on Certified Consultants and partners for on-demand and quality support.
ERP Academy: 7 ways to find ERP support beyond NetSuite
Your software license is provided by NetSuite, under their standard Terms of Service. You will sign a NetSuite Subscription Agreement, and you’ll pay NetSuite directly.
For our clients, we facilitate that process, ensuring that your NetSuite quote/proposal contains only what you need. The software agreement is between you and NetSuite directly.
Customers can export their data to Excel or to a Comma Separated Value (CSV) file via their NetSuite application. NetSuite also provides ODBC access for direct access to the database.
You need to contact a NetSuite Solution Provider. Most companies prefer to have an ERP partner instead of hiring an internal consultant because of the different levels of support (development, consultation, integration, etc.).
Hiring an employee is always challenging. Are they the right fit? Are they as capable as they make themselves out to be? How quickly will they add value? Are they willing to stay long term in your organization to be worth their investment? These are the basic challenges that any company has when hiring a new employee. Especially one that needs to possess both technical and business savvy.
When contacting a NetSuite Solution Provider Partner, you don’t need to worry about expertise or time to value. You’ll always get value for what you pay for.
Some of the most popular value-added SuiteApps are:
NetSuite provides multiple ERP support packages at an additional price to your subscription. Below is an overview of all the plans & benefits. For the most proactive support, give us a shout.
ERP Academy: Guide to select the right NetSuite Implementation Partner
The top problems financial teams face with NetSuite are:
What it is/Purpose:
A Chart of accounts is a created list of accounts used by an organization to define the class of items to which money is spent or received. It provides a way to record all transactions to asset, income or revenue, expense, liability, or equity. Typically a chart of accounts is set-up in NetSuite via CSV import or accounts can be setup manually one at a time.
Setup Tips
Every account has a specific configuration including the following attributes: account type, account number, currency, subsidiary, department, class and/or location. It is recommended that these values are populated prior to file import.
Detailed Example (preferably steps)
Remember, a saved search is a long-lasting search definition, that can contain numerous advanced search filters and resulting display options.
NetSuite saved searches can be used in many scenarios to gather any type of information contained in the system. You can highlight specific values, restrict access, utilize complex formulas to get results, and many other things.
Make it simple by following these steps:
Saved searches are like clay, you can build them in a very custom way and include almost all the data that’s in NetSuite. With saved searches, you can create scheduled reports that generate at specific intervals, highlight specific results and most importantly, work with formulas to generate insights..
Reports have limitations in terms of customization. Reports have an orientation mainly dedicated to the financial area of NetSuite, and a more user-friendly interface. There are over 100 pre-canned reports that you get as part of the NetSuite subscription.
ERP Academy: a detailed overview of Saved Searches vs Reports
Subsidiaries are the basis of a company classification architecture and the core of NetSuite setup. You can create up to 124 subsidiary records, in addition to the parent/root subsidiary, for a total of 125.
To create a multiple subsidiary hierarchy, you must define the parent/root subsidiary first, then the child structure. It’s crucial to understand that you cannot change or delete the parent subsidiary configuration once it is setup.
Yes, you can! NetSuite has a robust Import Assistant feature that helps to import diverse types of data using CSV import files. The assistant will guide you in identifying the data types, mapping it into the system and finally importing it.
Access the Import Assistant by going to:
ERP Academy: A guide to NetSuite CSV imports
Contract Renewals run as a script that creates renewal transactions scheduled, a renewal sales order is generated for contracts that are within 90 days of its end date. The renewal sales order includes any renewal contract items from the expiring contract that extends to the contract end date.
You can generate a renewal transaction for specific contracts on demand by clicking the “Renew Now” button on the contract record. This button is available for contracts that satisfy the following conditions:
To generate a renewal transaction for a contract:
NetSuite provides a standard report where you can review budgets vs actuals.
This report displays in the standard form and includes the amount, budget amount, amount over budget and % of the budget. Also, it can be customized to add specific columns, filters, sort the data based on specific criteria and to determine the audience of the report.
To review the report you must go to:
NetSuite has a Period Close Checklist feature that helps you to close a period with some easy steps such as: Close A/P, Close A/R, review negative inventory and many more.
To open this feature go to:
Select the accounting period that you need to close by clicking on the blue icon with the magnifying glass. You will then find the steps to close the accounting period.
ERP Academy: the guide to month end in NetSuite
Approve resource time recorded against a project to process payroll and bill customers for billable charges. When you use the Project Management and Time Tracking features, a project manager or designated time approver can approve time transactions entered against projects.
To approve time-related to a project:
At the top-right of your home screen, there’s a link called “Personalize”, click on it and a toggle menu will appear with options for customizing your dashboard. Depending on what type of information you wish to add to your dashboard, drag and drop the portlet and place it on the page.
Once it’s done, you must configure the portlet to give it a specific function, clicking on the three dots icon on the portlet and click on Set Up.
e.g. You want to have a Saved Search on your home page.
A user is an individual who has access to a NetSuite account. Generally, most users are employees, but vendors, partners, and customers can also be users.
Users need to be setup in the NetSuite system through the creation of employee, vendor, partner, or customer records. For users to have access to NetSuite, their records must include an email address, which serves as their user ID.
Users must also have a password to access NetSuite. Administrators can send an access notification email that includes a link that lets users create their own passwords.
Every extra user license typically costs $99 per month.
Yes you can! The file cabinet lets you restrict folders access by class, department, location, subsidiary, and by groups which is a custom classification that works for contacts, customers, employees, partners, projects, and vendors (not mixed, separated by type), dynamically, using a saved search that will add any entity that fits with the criteria or static, selecting specific people. Also you can create private folders, the contents of which only you can view.
NetSuite has different kinds of audit trails depending on the record type. The system provides audit trails for transactions, entity records, login (that keep track of when and where account users log in), saved searches and reports, among others.
The audit trail functionality displays a series of options such as users, date range, account, and more to define what the user wants to review to identify the following actions: create, change or delete.
To run the transaction audit trail go to:
To run the login audit trail go to:
To run the saved search audit trail go to:
To run an Entity audit trail please go to:
NetSuite Dashboards can be customized with shortcuts, portlets, reminders, calendars, and more.
For any particular role and activity, you can add personalized widgets to your own home page or add all the standard widgets for a specific role. You can also add specific reports among other customizations to suit your home screen needs.
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