A Deep Dive into Oracle NetSuite for Small Business Accounting

By January 25, 2021 No Comments

As a tech forward accountant, I’m always looking for new tools to add to my toolbox to service my clients. Lucky for me, I had the pleasure of hosting a demo to check out Oracle NetSuite. They do have a new accountant program that you can check out and sign up for here.

The first thing I learned during the demo was the fact that NetSuite was the first true cloud solution on the market. They have only ever existed in the cloud for more than 20 years.

Because NetSuite is cloud based, it’s always up to date, it’s accessible anytime, anywhere from any device. It’s adaptable and flexible, can be molded to fit your business today and continues to grow as the business grows. It’s intuitive and easy to use so your team can get up and running quickly and it’s interconnected and drillable. So, you have both the twenty thousand foot view and that granular view as needed.

NetSuite runs on the same 356 bit encryption that you will find in any bank so you can rest assured knowing they will protect your data and the information of the clients you serve. They also roll out 2 updates a year, meaning you will always work with the latest and greatest software.  

The value of the unified platform.

NetSuite offers over 100 reports, KPI’s and forms.  It also offers user roles which allow businesses to set up specific permissions and restrictions based on a user’s position in the company, providing much needed security and access to those who do and don’t need data. This role-based system also promotes a better segregation of duties, making employees more productive. When logging into NetSuite every user will focus on tasks at hand because they will have a customized and built out dashboard, the primary starting point for every user, specifically for their role in the company. 

The platform uses a lean chart of accounts that you can segment into strings with tags.  For more data segmentation there are departments, classes, and locations.  And you can add custom segments if you need a more granular view.  

During the demo there were a few features that actually blew me away. The ability to easily convert reports and data into a foreign currency, and the ability to drill into and out of consolidated and subsidiary company data with ease.  

It offers real-time data at your fingertips.

There were some other practical applications inside the platform that will surely allow for more powerful utilization because of its connectivity to the financial data, such as the CRM portlet. Being able to dive into customer history at the touch of a button gives us the opportunity to build better relationships with our more valuable clients.  

We also can do the same with vendor data.  Just imagine being able to negotiate specific vendor terms just by knowing your lifetime value to that vendor at the touch of a button.  

The NetSuite platform also has Google like search capabilities so that if there is something you need to find, you can do so quickly.  

The power of automation.

NetSuite makes month end close a more methodical process with an emphasis on organization using checklists and the ability to lock down accounts. Locking down accounts will eliminate posting to old periods, while checklists address and remind users of their tasks involved in month-end close, ensuring it gets completed timely.   

There is both a native bill pay and payroll system on the platform. NetSuite integrates directly with banks and other app partners to sync external data. You can check out the full list of app partners here.  

Watch the demo below and if you would like a one-on-one tour of the product you can schedule here

Don’t forget NetSuite has a new accountant program that you can sign up for here.