NetSuite Financials Review - why 4.2 stars?

NetSuite Financials Review
ITQlick Score: 89/100
ITQlick Rating: (4.2/5)
Pricing: 3.2/10 - low cost
Category: Accounting & Finance -> NetSuite Financials
Ranking:Ranked 18 out of 419 Accounting & Finance systems
Company: NetSuite
Pricing: starts at $499 per user/month
Typical customers: Small, medium and large size businesses
Platforms: Desktop, Cloud
Links: NetSuite Financials pricing, NetSuite Financials alternatives
Shlomi LaviShlomi Lavi / updated: May 21, 2021

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What is NetSuite Financials?

NetSuite Financials is a cloud-based accounting and eCommerce software suite designed to comply with all business sizes. It aims to streamline your accounting department through the use of a web based application and dashboard.

NetSuite Company was founded in 1998 and is handled by 1,600 employees. It is headed by Evan Goldberg who functions as the chairman and chief technology officer.

What is NetSuite Financials rating? ()

The rating of NetSuite Financials is 4.2 stars out of 5 and the total score is 89 out of 100. The ratings are based on our unbiased experts. Learn more in our rating methodology page

Who are NetSuite Financials's typical customers?

Netsuite Financials is ideal for businesses of all sizes and has catered to the needs of hundreds of companies. It uses modular cloud integration that allows you to keep real time contact with your finance and accounting department.

Multiple companies have successfully implemented Netsuite Financials in their business process: Upper Playground used its extensive customization options to tailor their own specific accounting program. Gradwell found that their financial audits have been cut in half, which improved their account tracking and management.

Is NetSuite Financials the best Accounting & Finance?

NetSuite Financials is ranked 18 out of 419 software in their category (Accounting & Finance systems).

What are their main features and functionalities?

NetSuite Financials aims to streamline accounting department activities in your organization by supplying a comprehensive package of tools which deal with your budgetary decisions; It supports with multi-currency transactions, invoicing, payment, and finances tracking in terms of production and budgeting.

What are NetSuite Financials's pros? (5 Pros)

  • The comprehensive interactions between you and your finances allow an in-depth enhanced business plan
  • Exporting data and reports is very user-friendly, and support across multiple platforms facilitates auditing
  • Optional features can help you expand control past your accounting and into the rest of the departments of your business
  • The eBusiness aspect allows to obtain an overall of view your product line for understanding how well it sells
  • The smooth and very intuitive dashboard makes implementation a breeze

What are NetSuite Financials's cons? (2 cons)

  • The financial reporting feature may need a little more work and detail so that it can provide insights for each of your transactions
  • NetSuite Financials is only accessible through the web, therefore requiring a permannet Internet connection

Who are their main alternatives?

The competitors for Netsuite Financials include Epicor Financials & SAP Financials.

Epicor Financials includes the core accounting features of general ledger, receivables & payables, cash management & reconciliation, credit & collections as well as allocations & financial consolidation. Additionally there are budgeting, forecasting & planning tools with tax compliance strategies as well. There are strong governance & audit standards included and the product supports multi-company as well as global financial requirements. Epicor Financials is also available as both a cloud as well as on premise solution.

Netsuite Financials in comparison provides a similar financial management solution that supports both order to cash and procure to pay business processes. Additionally the product can handle automatic revenue recognition, project accounting, and fixed assets management which includes procurement, depreciation & disposal costs. Netsuite Financials also has comprehensive business analytics tools that support dashboards & KPIs to support financial reporting requirements.

SAP Financials on the other hand includes features for risk & compliance management, together with financial planning & analysis and treasury management. The product also supports financial shared services to improve administrative productivity, as well as a real estate lifecycle module to ensure management & valuation of corporate land & properties. SAP Financials is also accessible via mobile devices and can be deployed as a cloud or on premise solution.

Netsuite Financials though is available as a cloud based solution that is also mobile device access ready. It also allows electronic & online payments, as well as payment processing options for recurring & installment billings together with an effective fraud prevention & authentication system.

What is the cost of NetSuite Financials?

The cost of license starts at $499 per user/month. On top of the total cost of licenses which is easy to calculate - what is the REAL total cost of implementation? You need to add the cost of training, customization, data migration, and other "hidden cost". ITQlick pricing score is 3.2 out of 10 (10 is most expensive). Find here the REAL total cost breakdown for NetSuite Financials

What should you ask NetSuite during a demo session? (65 questions)

Schedule a demo with NetSuite Financials and access 65 must ask questions for the vendor while watching NetSuite Financials in action.

NetSuite Financials's list of categories:

Billing & Invoicing
Budgeting & CPM
Business tax
Core Accounting
Financial reporting
Financial consolidation
Fixed Asset Accounting
HR Accounting
Inventory Management Accounting
Payroll Accounting
Project Accounting
Accounting Practice Management

NetSuite Financials's list of features:

Accounts Payable
Audit Trail
Billing & Invoicing
Budgeting & Forecasting
Cash Flow
Depreciation
Fixed-Assets
Multi-Currency
Project-Accounting
Sales Reporting
Tax compliance
Time & Expense
Billing Rate Management
Corporate Card Payments
Multiple Billing Rates

NetSuite Financials Vs. Alternatives

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MoneyDesktop
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Author

Shlomi Lavi

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Shlomi holds a Bachelor of Science (B.Sc.) in Information System Engineering from Ben Gurion University in Israel. Shlomi brings 15 years of global IT and IS management experience as a consultant, and implementation expert for small, medium and large size (global) companies.