ERP is a term used to describe tools that provide end-to-end solutions for different types of businesses. They are platforms that connect different sectors of a company and have features ranging from finance to operational management. The Oracle NetSuite platform is one of the tops in the category. We’ve written some tips for mastering this solution.
The Oracle NetSuite is a platform that provides unified ERP solutions for finance, CRM and e-commerce. The ERP implementation enables companies to manage the financial area, in addition to delivering a robust financial planning tool, order management and production as well as supply chain and logistics, inventory and purchasing.
When it comes to ERP and financial management solutions, we think of functional tools, based on the cloud, created for modern companies and available for all mobile devices.
It is in this sense that Oracle NetSuite’s ERP works as a dynamic platform, which integrates teams from all over the world and facilitates various operations and processes.
The profile of companies that can use NetSuite is broad: large, medium and small, as long as they plan for rapid growth. Its application is also comprehensive, bringing together specific functionalities for different sectors, in a diverse range of businesses.
If you are an executive director or work in finance, understand now how Oracle NetSuite is an ERP that can improve your results.
What is ERP Oracle NetSuite used for?
First of all, it is important to know that Oracle NetSuite solutions are divided into the following pillars:
- Financial management;
- Financial planning;
- Order, production and supply chain management;
- Production management;
- Supply chain management;
- Storage and execution;
Global Business Management
- ERP System;
- Service resource planning;
- Business Intelligence;
- International resources.
Professional Services Automation (PSA)
- Project management;
- Resource management;
- Project accounting;
- Billing and collection management;
- Time record management;
- Expense management;
Inside Oracle NetSuite ERP
As we saw above, Oracle NetSuite is a solution that makes it possible to control various business processes. Each of them has an ideal application.
Now let’s know a little more about each of them and understand their focus of action.
Financial Management in Oracle NetSuite
NetSuite ‘s financial system is flexibly structured to meet the demands of companies facing constant changes in their business environment.
As it is located in the cloud, it ensures real-time monitoring of the company’s financial performance, offering a view based on consolidated data and also on individual transactions.
The financial management solution can be integrated with all of NetSuite’s other e-commerce, CRM, inventory and order management functions.
What to Expect from Oracle NetSuite Features for Financial Management?
Finance and Accounting: tool that combines the functionality of the main accounting management with the visibility of financial data in real time;
Billing Management: integrates sales, finance and service teams in order to improve revenue recognition processes;
Revenue Recognition: function dedicated to compliance with accounting standards and reporting of financial results;
Financial planning: solution for financial planning, budgeting and forecasting;
Financial reports: module that offers a complete and real-time view of the business. Interestingly, in this feature, dashboards can be customized to monitor specific KPIs for each sector of the company. It also allows you to create consolidated financial reports for multiple subsidiaries in multiple currencies (interesting for multinational companies or those planning to scale worldwide).
Global Accounting and Consolidation: Offers capabilities to reduce time to close and ensure compliance on all information;
Governance, Risk and Compliance (GRC): a solution that uses technologies and processes to address the issues of corporate governance, risk management and effective corporate compliance.
Key Benefits of NetSuite Finance System
Let’s learn now why ERP NetSuite Oracle features can support strategic financial decision making:
- The system is unique and is in charge of executing the main processes;
- Allows financial closing to be centralized;
- Provides greater assurance of compliance in processes, based on revenue recognition, tax requirements and specific financial reporting, in accordance with accounting standards and government regulations;
- Real-time monitoring of consolidated financial results from any area of the business.
Oracle NetSuite Global Enterprise Management
The platform that offers business management for multinational companies is NetSuite OneWorld. The product allows real-time, unified tracking of operations across multiple subsidiaries.
On the plus side, the system gives you the flexibility to customize the solution to meet the specific needs of each region such as: different currencies, taxation rules and reporting requirements.
What to Expect from Oracle NetSuite Capabilities for Global Management?
ERP: The system handles the complex needs of multinationals and global organizations. The user only needs to adjust tax, monetary and legal compliance differences;
Ecommerce: OneWorld NetSuite enables the management of e-commerce operations worldwide, with online stores in multiple languages, currencies, countries and brands;
Service Resource Planning: Simplifies the complete lifecycle of all services from marketing to project management, service delivery, billing and revenue management;
Business Intelligence: The tool provides real-time visibility into financial, business and customer data around the world. Multiple levels of consolidated reporting and key performance indicators (KPIs) can be extracted;
International resources: ideal for managing global operations in all its specificities.
Key Benefits of NetSuite OneWorld
- Facilitates the management of multiple subsidiaries, different business units and legal entities;
- Provides real-time business insights;
- Can support global and country-specific auditing and tax standards and regulations.
Oracle NetSuite PSA
NetSuite PSA (Professional Services Automation) brings together all the functionality of ERP and professional services automation to meet the requirements and needs of product and service companies in a single system.
What to Expect from Oracle NetSuite PSA Features?
Project Management: Allows managers and team members to collaborate on projects and keep status up to date at all times;
Resource Management: which makes it easy to use and escalate resources on the right projects;
Project Accounting: Connects a project’s activities to the company’s finances and streamlines the management of hours and expenses, in addition to providing several reporting functionalities;
Billing and Collection Management: Automates one-off invoices as well as complex and recurring charges based on hours and projects. The system also provides flexible billing options: upon completion of project work, reaching milestones or according to a schedule of dates;
Time Record Management: functionality provides NetSuite mobile access to time and expense management;
Expense Management: Offers features to improve the productivity, tracking, accuracy and timeliness of expense reports;
Analytics: The tool provides analysis and reporting capabilities from specific data, allowing you to monitor overall project performance in real time.
Key Benefits of Oracle NetSuite PSA
- Provides real-time visibility into the performance and profitability of each project;
- Features contribute positively to on-time delivery and success rates;
- Use of features with advanced functionality;
- Provides mobile access to time and expense management.
What type of business should use Oracle NetSuite ERP?
As we’ve seen so far, the Oracle NetSuite system brings together multiple ERP and professional services automation functionalities to meet the requirements and needs of product and service companies in a single system.
The system offers features that adapt to the requirements of companies of all sizes, private or public, in various stages of growth:
- Global software companies;
- Manufacturers or retail distributors;
- service organizations that charge in multiple currencies;
- Retail company with multiple channels.
For what type of company is Oracle NetSuite ERP best suited?
Oracle’s ERP serves segments such as:
- Wholesale distribution;
- Professional services;
- Health services;
- non-profit organizations (NGOs);