Who Competes with Oracle NetSuite?
Oracle+NetSuite is the world’s leading cloud ERP and a software as a service (SaaS) pioneer in providing business solutions SAAS. Nowadays, there are a large set of options for business software. In this blog, we will cover Oracle+NetSuite’s five key strong points and its top competitors.
NetSuite’s Strong Points
- Simple to manage software upgrades
- Easy to add new employee and grow your business
- No need to have in-house servers, IT staff to maintain infrastructure, perform backups
- Open APIs allows for custom made scripts to automate and develop more complex business process,
- Easy for integrations
2. Netsuite OneWorld : Oracle+Netsuite OneWorld allows businesses with multiple subsidiaries to run on a single shared Netsuite platform.
3. Netsuite Accounting and Financial Consolidation: OneWorld also let subsidiaries transact with each other, with its own features to do intercompany transactions and eliminations in an effortless way.
4. Netsuite Multi-Currencies: Companies can purchase and sell in different currencies and have the financial reports translated to the subsidiary’s base currency.
5.
- Real time reporting
- Intercompany management
6. eCommerce
Tax and regulatory compliance is subsidiary specific. Generally, NetSuite’s strong points lie in its financial capabilities. For instance, its accounting processes make these everyday operations that much smoother:
NetSuite is a comprehensive business suite which offers all the applications you need to run your business right at your fingertips. You can run your business on your computer anywhere an internet is available (cloud-based) or just turn on your mobile phone if you are on the road all the time (mobile-enabled).
NetSuite provides cloud financials, CRM, ecommerce, HCM and professional services automation management for all organizations sized from small/medium companies to large global organizations.
NetSuite OneWorld scales with global businesses by providing complete multi-subsidiary/multi-currency management and support for local accounting regulations (multi-book accounting).
Companies in the traditional world usually have lots of different software for different processes, and these software usually don’t talk to each other—not to mention the manpower the company needs to maintain the different software, but the majority of your day may be spent on trying to look into different systems for different information, or trying to figure out which system has the most accurate and/or up-to-date data. In the modern world, NetSuite offers you built-in flexibility which lets you do it all, quickly and easily in one system. The following major business processes are already included in the basic package, you can choose to turn them on at any time and get free upgrade seamlessly.
- Lead to customer
- Order to cash
- Procure to pay
- Inventory management
- Project and resource management
- Payroll management
- Multi-subsidiary multi-currency management
- Currency revaluation
- Bank reconciliation and easy month end closing
- Real-time e-commerce syncup
NetSuite simplifies the chart of accounts by segmenting the financial reports through subsidiaries, departments, classes, and locations, plus offers a customization ability that its competitors do not: it is a highly customizable ERP system with a very open API.
NetSuite vs. Intacct
Intacct is customizable and is designed to support growing businesses. They provide more advanced functionality than small business accounting systems, like QuickBooks, and are ideal for businesses who require more in-depth organizational structures, have international locations, and need multi-faceted reporting. If Intacct is good enough, then why switch to NetSuite?
Where NetSuite Does Better
- Easy and short implementation cycle
- Easy to customize and user-friendly interface
- Future-planned system platform
- Seamless integration between financial management with order management, inventory, CRM and ecommerce functions
- Real time KPIs and dashboard analysis with customizable reports
The Main Difference
The main difference is that NetSuite is a Full ERP and contains all the functionalities needed in a standard business like sales, customer relationships, enterprise resource planning, accounting, inventory, etc; whereas Intacct focuses solely/mainly on the financial and accounting aspects of a cloud accounting system.
NetSuite vs. Microsoft Dynamics GP
Dynamics GP is normally used by smaller and midsized businesses; it has mid-class accounting features and has to be integrated in all of your CRM and marketing tools. Dynamics GP can also be cheaper than NetSuite, but people always say you get what you paid for. If Microsoft Dynamics GP has more features than Intacct and is cheaper than NetSuite, then why should you consider NetSuite?
Where NetSuite Does Better
- General Ledger
- Accounts Receivable
- Accounts Payable
- Inventory Management
- Consolidation
- Reporting & Analytics
- Platform
- Integration
The Main Difference
The main difference is that NetSuite is a full ERP and contains all the functionalities needed in a standard business like sales, customer relationships, enterprise resource planning, accounting, inventory, etc; whereas Dynamics GP focuses solely/mainly on the financial and accounting aspects of an accounting system, so it is much more suitable for small businesses.
Another big difference is that NetSuite is cloud based and Dynamics GP is on premise. You would need your own infrastructure to support Dynamics GP.
NetSuite vs. Quickbooks
Quickbooks is suitable for very small businesses or startup companies. It accommodates up to five users and is great for simplifying accounting. Essentially, it offers all the basic functionalities, such as custom-created invoices, printing cheques, automated online banking, smartphone compatibility, and exporting data to Excel, QuickBooks Online Payroll, and Intuit GoPayment software. It also conveniently syncs data to a dashboard so you could view reports in real-time.
Where NetSuite Does Better
- General Ledger
- Accounts Receivable
- Accounts Payable
- Inventory Management
- Consolidation
- Reporting & Analytics
- Platform
- Integration
The Main Difference
While Quickbooks is much cheaper than NetSuite, it’s not scalable if business grows and does not support multiple currencies. It also includes a lot less features and may require integration with other systems like customer relationships, ecommerce, etc.
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About Athen Bozoglu
Having caught the writing bug at an early age, Athen has been working with different companies in leveraging the freshest content for over a decade. He comes from a copywriting background. In the past, he has worked on copy for B2C and B2B clients across Montreal and Canada for retail, construction, manufacturing, education, and restaurants. He studied Communications and English literature at Concordia and developed a loving relationship with media the minute he laid hands on his first DSLR camera.
Today, he consults with a team of technical experts to hone in on the latest industry trends and bring you powerful blogs on Oracle NetSuite, the Cloud, and technology.
In speaking with a great number of experts and clients across most major industries, the approach and questions remain the same: How can I optimize my business to bring in more money? What are the technologies that are right for my company? How can I improve my financials and better manage growth?
Currently the resident Digital Marketing Specialist at GURUS Solutions and host of GURUS Cloud Connect, where he interviews executives and subject matter experts on the newest technologies, he stays busy.
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