"NetSuite helps you close quickly with confidence and report financials faster and accurately."
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0 Ease Of Use
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Pros
  • Global compliance
  • Extensive and flexible reporting
  • 24/7 customer support
  • Vass amount of add-ons
Cons
  • Expensive, yet unclear pricing
  • Number of add-ons can be overwhelming
Company Background

Oracle’s NetSuite platform caters to businesses of all sizes, from small companies with a couple of employees to massive enterprises.

Evan Goldberg founded NetSuite in 1998 as an accounting and enterprise resource planning (ERP) for businesses of all sizes. In 2016, Oracle acquired NetSuite after it saw plenty of growth. Oracle made sure it continued to stand out as an accounting, bookkeeping, and ERP solution for businesses.

NetSuite has tons of features and add-ons that can suit nearly any-sized business in almost any industry.

Plans & Pricing

NetSuite’s pricing isn’t transparent because there are various features and other variables that affect your price. That said, it offers three main plans that have their own core functionalities. No matter which plan you buy, you get access to a wide array of accounting and bookkeeping tools.

NetSuite offers 14-day free trials and free product tours to assist in your purchase decision as well.

NetSuite Limited
$999/mo
plus $99/user/mo
14-day FREE trial
NetSuite Mid-Market
$2,499/mo
plus $99/user/mo
14-day FREE trial
Netsuite Enterprise
$2,499/mo
plus $99/user/mo
14-day FREE trial

NetSuite Limited

Limited starts NetSuite’s core plans at $999 per month plus $99/user per month. In addition to all the accounting and bookkeeping features, Limited packs in customer service management, vendor management, marketing automation, and more. NetSuite designed this plan with businesses of 10 or fewer employees in mind.

NetSuite Mid-Market

If your business has between 11 and 1,000 employees, you can step up to Mid-Market for $2,499 per month plus $99/user per month. It comes with all of Limited’s features, but you can manage multiple legal entities within one account.

That means you can use NetSuite across multiple businesses if you have more than one.

Netsuite Enterprise

Larger businesses — those with over 1,000 employees — can upgrade to Netsuite Enterprise. It’s the same as the Mid-Market plan but built to support even more NetSuite users.

Features & Functionality
General Features
Dynamic General Ledger

Instead of creating a static GL you have to adapt your business to, NetSuite made it the other way around. You can customize the general ledger to fit your unique and ever-changing business needs. Thanks to mapping capabilities, you can make it so entering one transaction in one ledger updates everything appropriately in other ledgers.

NetSuite’s GL also cuts down on manual journal entry work by adding customer GL impact lines that flow through to other books. This reduces time spent on account recs, closes, and more.

Accounts Receivable

NetSuite’s A/R solution automates and streamlines many aspects of the collections process, saving you time while improving your cash flows. It automatically posts transactions associated with orders to the correct accounts in your ledgers and even calculates the proper sales tax. Plus, you can offer customers self-service access to various pieces of order information.

You can create recurring invoices, too, in case you have regular clients/customers.

Tax Management

Tax compliance is a pain in one locality alone. When you’re doing business in multiple states and even countries, however, it becomes impossible to keep everything straight without the right software.

NetSuite fills this need quite nicely. It automates tax calculations for over 50 countries in all the correct currencies. It gets everything right, from supranational organizations like the EU down to foreign localities. You’ll save untold hours on working out your taxes and fixing errors, thanks to NetSuite.

Fixed Asset Management

Most small business software solutions don’t delve much into fixed assets. However, since NetSuite serves businesses of all sizes, it has a solid fixed asset management interface built-in.

In NetSuite, you can manage the entire lifecycle of each of your fixed assets. It supports all standard depreciation methods but also lets you customize your own if needed. Plus, you can integrate fixed assets with the general ledger to automatically post any depreciation or asset retirement transactions.

Reporting and Analytics

NetSuite has an entire suite of analytics features for all of its modules called SuiteAnalytics. However, let’s focus specifically on NetSuite’s financial reporting capabilities.

NetSuite offers tons of out-of-the-box reports, but of course, you can create your own as well. All reports are flexible, letting you customize them to see whatever types of transactions you’d like over whatever time period you prefer. You can tailor each report to various presentation formats depending on who needs to see them.

As you’d expect, NetSuite helps ensure all of these reports maintain compliance with all relevant accounting standards.

Beyond financial reporting, NetSuite also lets you see reports that give you operational and statistical views of your business.

Features
  • General Ledger
  • Manages Accounts Payable/Receivable
  • Income & Expenses Tracking/Management
  • Account Reconciliations
  • Bookkeeping Services Integration
  • Financial Reporting
  • Receipt Scanning
  • Invoicing
  • Dashboards
  • Auditing
  • Inventory Tracking/Management
  • Pay Bills
  • Cloud-based
  • Collections
  • Multi-currency
  • Multi-user Access
  • Manage Vendors/Contacts
  • Manage Purchase Orders
  • Bank and Credit Card Synchronization
  • Payroll Management
  • Convert Quotes to Invoices
  • Mobile App
Tax Preparation
Features
  • Tax Compliance
  • Manage Tax Calculations/Reporting
  • Accountant-prep Friendly/Accessible
Time-Saving Automations
Features
  • Automation of Invoices/Notifications
  • Suggests Transaction Matches
  • Purchase Order Automation
Add-Ons
Features
  • Payment Processing
  • Payroll Processing
  • Project Management
  • Time tracking
  • Third-party Integrations
Supported Devices
Features
  • Windows
  • Android
  • Linux
  • iPhone/iPad
  • Mac
  • Web-based
Pricing Model
Features
  • Monthly Payment
  • One-Time Payment
  • Annual Subscription
Ease of Use

NetSuite does its best to make its platform intuitive. It’s not the simplest out there, though, thanks to all the features available.

In fact, an entire industry of NetSuite consultants has sprung up to help businesses set up and navigate NetSuite.

Still, NetSuite has training and plenty of support resources to make things easier.

Customer Support

NetSuite offers numerous ways to receive product help. You can reach them by phone, live chat, email, or use some of the many available self-help resources.

Customer support availability differs between plans. All customers get 24/7 support for critical issues, but only those with higher-level plans can get support for non-critical issues 24/7.

Additional customer support:
Blog
NetSuite’s blog covers all sorts of topics, from general business stuff to NetSuite how-tos to use cases for the software and more.

Forums
Users can access the community forum to ask questions and learn tricks for using NetSuite.

24/7 Help & Support
24/7 Help & Support
Customer support is available 24/7
Phone Support
Phone Support
Available 24/7 for both critical and non-critical issues
Live Online Chat
Live Online Chat
You can chat live with customer support agents
Email
Email
You can contact NetSuite via email
Video Tutorials
Video Tutorials
NetSuite’s YouTube channel has plenty of helpful tutorial videos
FAQ
FAQ
Detailed FAQ available for current and prospective customers
Final Word

NetSuite’s known for its strong offerings in accounting, supply chain, marketing, customer support, and more — as well as the ability to add these modules as needed to create a plan that’s right for your business. In particular, NetSuite’s accounting and bookkeeping capabilities are immense. It’s packed in a wealth of features for every portion of your bookkeeping, from AR to fixed assets to reporting and more.

Bradley Schnitzer
Author: Bradley Schnitzer
Bradley Schnitzer helps businesses gain loyal customers through informative content pieces and persuasive copy. He is passionate about personal finance and helping budding freelancers further their careers.