NetSuite — NetSuite Small Business

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From the June/July 2006 Review of Small Business Accounting Systems

NetSuite Small Business is a totally web-based, multilingual accounting system for small and midsize businesses, offering a scalable business and financial management application with traditional accounting modules as well as advanced sales, customer management, e-commerce and back office capabilities. The system is built upon the same platform as the vendor’s more robust NetSuite product, allowing upward scalability with no need to install or upgrade software since the program is maintained by the vendor on its secure website. As a web-based system, NetSuite Small Business uses a subscription-based pricing model, costing $99 per month for the subscription, plus $99 for each user. The program can support an unlimited number of concurrent users.

Kapil Juneja, COO of printer supplies retailer Corporate Toners, Inc. (www.CorporateToners.com), says he selected NetSuite because: “NetSuite provides a subscription-based model where a company can start off with two to three users initially, then expand as needed and only pay for what they need. We started with three users and now have 16. Juneja also appreciates that NetSuite is an all-in-one package. “NetSuite offers all-in-one e-commerce, CRM, ERP, inventory management, accounting, case/ticketing management, sale force automation, a knowledge base, and many other features,” he said. “We were originally using many stand-alone software packages, but now we only use NetSuite.” Corporate Toners has five different locations, and since NetSuite is an online system, anyone from the sales office to the warehouse manager to the production manager can see the live data on a customer in one single interface. Juneja noted that “NetSuite offers one-view of each customer, where anything and everything related to that one customer can be viewed — from customer details to order details to frequency of orders to the products we can up-sell to campaigns — everything is visible in one window.” Juneja credits his implementation of NetSuite for the fact that his business has been able to increase its customer retention from 7 percent to almost 30 percent over the last year.

Ease of Use/Basic Functionality -- 5 Stars
NetSuite Small Business is accessed via a web browser, enabling users to work with the program from virtually any location. The system is divided into several sections that are available from tabs across the top of the screen, including Home, Activities, Sales/Marketing, Expenses, Payroll and HR, Documents, Reports, Setup, Support and Sales Tools. Each of these open to a customizable “real-time dashboard” that displays graphical and text-based report snapshots along with key performance indicators such as inventory, AP, AR and sales orders. Customization is performed using a simple drag-and-drop method to select components or rearrange the window — an impressive tool for an online system that allows quicker access to data and tasks a user performs most frequently. NetSuite Small Business’ interface can also be set to show the user’s calendar, tasks, reminders, and a list of recently viewed records, and offers a Global Search function for locating transactions, customers, vendors or other items. Custom searches can be saved for future re-use. Customer and vendor lists are easily accessed from their respective dashboards.

Modules/Customization/Expandability -- 5 Stars
NetSuite Small Business’ integrated accounting features include GL, AR, AP, payroll, sales, time management and billing, while additional capabilities include very strong customer, vendor and employee management functions, in addition to scheduling, online retailing and web management features. The Sales Management Module not only simplifies turning an estimate into a sales order with a single click, but also enables tracking of the entire customer relationship, from initial prospect, follow-ups, up-selling, sales order entry, and post-sales follow-ups. And it maintains detailed customer purchase histories. Through the Sales dashboard, users can quickly see aging receivables, goals, forecasts and sales reminders, along with other customizable sections that provide the data needed to perform their jobs more efficiently. The system’s purchasing and vendor capabilities also offer strong functionality. Although not technically a module, the system’s availability in six languages (English, Chinese, Japanese, Spanish, German and French) makes it very versatile, especially for companies considering off-shore manufacturing locations.

The advanced inventory module available with the upgrade to NetSuite supports FIFO, LIFO and average costing, and allows complex kit and matrix pricing, as well as the ability to set prices based on individual customers, sales representatives, sales channel and other factors. Through the integrated e-commerce application, the system can also manage the setting of online pricing, images, captions and other factors. Customization options are abundant throughout the system, enabling individual users to get access to the data and functions they need more quickly, but only within the limits of the access rights granted them by the system administrator. As noted earlier, the Small Business version of NetSuite is upward and downward compatible with the full NetSuite system, enabling smaller companies to migrate as their needs become more complex.

Reporting & Management Functions -- 5 Stars
NetSuite’s management functions are available throughout the system via the system dashboards, which offer alerts and one-click access to vital data to keep users on top of key performance indicators such as aging, account balances, inventory levels, cash flow, and sales and employee data. They can be set to show YTD and current vs. prior-period comparisons. The program’s financial management functions include the ability to instantly generate key financials such as income statements and balance sheets. The online system easily handles electronic banking, reconciliation, and EFT payments, as well as W-2 and 1099 preparation.

Full-featured contact management, human resources, e-commerce integration, group scheduling and calendaring features further enhance the application. The program’s reporting capabilities provide more than 100 customizable reports that can incorporate visual elements such as charts and graphs, and can be output to a variety of formats.