NetSuite Financials Review - why 4.2 stars?

NetSuite Financials Review
ITQlick Score: 89/100
ITQlick Rating:
Pricing: 3.2/10 - low cost
Category: Accounting & Finance -> NetSuite Financials review
Ranking:Ranked 17 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: Apr 13, 2022

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What is NetSuite Financials?

NetSuite Financial Management is a fully cloud-based accounting software solution that helps businesses manage daily financial transactions, reduce forecasting and budgeting cycle times, accelerate financial close, and ensure compliance. The platform delivers visibility into the financial performance of businesses in real-time, and some of its features are discussed below:
  • Accounting: Businesses that use NetSuite Financials can leverage real-time visibility and business insights while managing finance with accounting features like core general ledger, accounts receivable, accounts payable, tax management, fixed assets management, cash management, etc.
  • Billing: NetSuite Financials helps businesses streamline billing operations with real-time visibility into financial and billing activity. The platform consolidates invoicing, automates rating processes, supports multiple pricing models, and facilitates recurring subscription billing with automatic renewals.
  • Financial Reporting: Businesses can gain real-time and on-demand visibility into financial performance via customizable reports, pre-configured role-based dashboards, key performance indicators, and generate reports that comply with state laws.
  • Planning and Budgeting: NetSuite Financials helps businesses perform budgeting and financial planning on a companywide and departmental basis with modeling, approval workflows and reporting.
  • Financial Consolidation: With NetSuite Financials, businesses can centralize the management of accounting processes, data and reports across multiple units, branches, and regions. The software also helps to accelerate the close process with automated consolidations and ensure compliance with relevant accounting standards, tax codes, and regulations.
NetSuite Financials is a product offering from Oracle NetSuite. NetSuite was founded in 1998 and acquired by Oracle in 2016. The company is headquartered in Austin, Texas, USA.

Who is it best for?

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.

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 is the actual cost?

The cost of license starts at $499 per user/month. ITQlick pricing score is 3.2 out of 10 (10 is most expensive). Access ITQlick pricing guide for NetSuite Financials.

Pros

  • The comprehensive interactions between you and your finances allow an in-depth enhanced business plan
  • NetSuite Financials comes with multi-currency and support for internationalization for companies with branches in multiple countries
  • NetSuite Financials is highly flexible and configurable
  • The platform has an open API functionality that supports several third-party integrations
  • The smooth and very intuitive dashboard makes implementation a breeze

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 has several features, and this can sometimes be problematic as users find it difficult to get the information they need
  • If the connections to your cloud go down you will not be able to access any information at all, leading to the need for a desktop counterpart
  • The UI is somewhat dated, and the platform can be difficult for new users to navigate easily
  • Your customers who have never used this software will find that payment and transactions may take some getting used to

How it stacks up?

Access a head to head analysis of NetSuite Financials vs alternative software solutions.
ITQlick rating
Score
Pricing
License pricing
Functionality
Review
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NetSuite...
ITQlick rating
4.2/5
Score
89/100
Pricing
3.2/10
License pricing
$499 per user/month
Functionality
41
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Denali B...
ITQlick rating
4.1/5
Score
93/100
Pricing
2.6/10
License pricing
$1,999 per license
Functionality
16
Intuit G...
ITQlick rating
3.2/5
Score
92/100
Pricing
6/10
License pricing
$12.50 per user/month
Functionality
3
MoneyDesktop
ITQlick rating
4.7/5
Score
92/100
Pricing
5.2/10
License pricing
Pricing not available
Functionality
4
MultiCHAX
ITQlick rating
3.4/5
Score
92/100
Pricing
7/10
License pricing
$99 per license
Functionality
5

Frequently Asked Questions (FAQs)

Is it the best Accounting & Finance system?

NetSuite Financials is ranked 17 out of 419 software in their category (Accounting & Finance systems).

How they are rated on ITQlick?

The rating of NetSuite Financials is 4.2 stars out of 5 and the total score is 89 out of 100. The rating score is based on our unbiased data-based algo. Learn more - rating methodology page.

Is it an easy to use Software?

Yes, NetSuite Financials makes it fairly easy to use. This product is user friendly and intuitive.

Is it cloud-based?

Yes, they offer cloud based hosting, which means IT resources are retrieved through web-based tools and applications and you don't need to buy servers and additional hardware equipment.

Can it be used on mobile?

No, currently NetSuite Financials can't be accessed on mobile, you would need to access it from your computer.

What should we ask during a demo session?

Differences between NetSuite Financials and alternatives?

The most popular alternatives to NetSuite Financials in 2023: Denali Business, MoneyDesktop, MultiCHAX, Intuit GoPayment, Alight Planning Enterprise. Access the complete competitors analysis here - NetSuite Financials VS Accounting & Finance Software alternatives.

Is NetSuite Financials right for you or your business?

NetSuite Financials is a fully cloud-based software solution that offers accounting and financial management solutions to businesses of all sizes. Companies in several industries use the NetSuite Financial Management platform, including financial services, campus stores, IT services, and healthcare. Yescom USA and Racoon Digital Marketing are companies that use NetSuite Financials.

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

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

Auditor - Shlomi Lavi

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Shlomi Lavi is an entrepreneur and founder of ITQlick.com. He holds a Bachelor of Science (B.Sc.) in Information Systems Engineering from Ben Gurion University in Israel. Shlomi brings 17 years of global IT and IS management experience as a consultant and implementation expert for small, medium and large-sized (global) companies. Shlomi’s goal is to share the best knowledge and news about information systems so you can make smarter buying decisions for your business.