Category: Resources

SuiteWorld 2024 Keynote Reveals Many Exciting Updates and Upgrades to NetSuite

Posted on by Sarah Bensimon

Bustling with activity and exciting upcoming updates, SuiteWorld 2024 lived up to the hype. As a platinum sponsor, Caravel was privileged to attend some of the many insightful sessions, including the keynote address delivered by Evan Goldberg. With over 7,500 in-person attendees (not including On Air), this was the largest and most attended SuiteWorld thus far.

 

SuiteWorld Evan Keynote

Evan Goldberg, NetSuite’s founder and EVP gave an inspirational keynote revealing AI capabilities and new functionality. The opening included a remarkable show of flexible acrobatic dancers that demonstrated the exciting opportunities to come. He announced the new Oracle data centers in both India and Brazil bringing the total to thirty-six.

 

Comparing NetSuite to the complex underground ecosystem of the redwood trees, interconnecting every function, in all its complexities, in “a way that feels simple” and is seamless, even as businesses evolve. He demonstrated that with all the growth at NetSuite, its foundation has never waivered and has never been greater.

 

There are four main areas that the company has been focusing on for the future. The first is making NetSuite a more natural extension of work and making the user experience more seamless. The second, is giving the user a more holistic view of the business, then comes automation of more processes so you can focus on what matters, and finally, creating an even more collaborative system.

 

Evan Goldberg NetSuite

Hillel Cooperman, NetSuite’s SVP in User Experience Design, was brought on stage to reveal more about this endeavor called Redwood. Employees are using NetSuite on a daily basis, so the idea is to make it as user-friendly as possible and presenting information and the software to be more adaptable and organic for the user. They are removing every point of friction the user possibly experiences, and making Search work with natural language, having the software adapt to the user as opposed to the other way around. Generative AI has led them to better understand how people speak and avoid deciphering “computer language.” Moving forward, at the top of each screen on all Oracle software will be a field called Ask Oracle to search for data, a command, or a prompt – and that includes NetSuite. The new Redwood initiative will be seen across the board in NetSuite, including in Customer 360.

Goldberg also spoke about NetSuite Financial Exception Management, and how AI now replaces the UI to sift through all activity. The AI will auto-detect exceptions in financial transactions and alert the user to anything outside the pattern and suggests fixes. He says, “This results in faster reconciliation and more confidence in your close.”

 

SuiteWorld audience

He then went on to discuss how Open Air is becoming SuiteProjects Pro, which includes a new Home Page in Redwood, and now has AI for more insights into projects without the need to run reports. Projects that need attention will be flagged and will come with AI recommendations.

NetSuite Enterprise Performance Management or EPM, is a family of products that enhances planning, simplifies account reconciliation and close, and powers advanced reporting. Goldberg states, “It considers data from across departments to improve decision-making…and can help get insights more efficiently because it’s infused with more AI.” The company has also made AI enhancements to NetSuite’s Analytics Warehouse or NSAW.

 

The company has also made strides in adding more AI features to the core of NetSuite, and not just its add-ons. The first is the aforementioned Ask Oracle to literally ask Oracle anything. They’re also releasing their first AI assistant, SuiteAnalytics Assistant. Users can have a natural conversation with it, as it helps build reports and visualizations. These two breakthroughs will work together to greatly enhance the user experience.

 

SuiteWorld 2024

NetSuite Text Enhance, which was released last year, has been made even more effective with NetSuite Prompt Studio, which allows users to configure the way Text Enhance operates by editing the default Text Enhance prompts or create new prompts in any field that has Text Enhance capability, including custom fields.

 

 

Another exciting feature Goldberg announced was bringing generative AI to SuiteScript API. He mentioned that Celigo was able to build something very cool with it, and invited the Founder and CEO of the company, Jan Arendtsz up to the stage to talk about it. Jan talked about how Celigo is now a “full-fledged automation platform where companies can automate business processes.” Celigo’s Cloud Extend team has been working to enhance the user experience through many methods with AI, including summarizing email communications to offer the main gist of what was communicated so that users don’t have to go through the emails in their entirety. They’re also, among many others, creating a “knowledge automation bot” where a user can submit a question through a Slack or Teams interface, and in real-time, get a response with great precision. Celigo is also implementing AI in their product and have several capabilities in production.

 

 

Goldberg’s next topic was discussing Oracle Code Assist with SuiteScript – “an AI code companion powered by advanced large language models running in OCI.” It specifically optimizes for SuiteScript, where users can issue a prompt, and it just generates code. You can then cut and paste the code and then deploy it. It also helps with testing, documenting and explaining existing code. This helps save time and increase productivity as they customize NetSuite and build SuiteApps.

 

 

Next came an explanation of NetSuite Guided Learning Managed Service. Guided Learning, which came out last year, embeds step-by-step guidance directly into the UE. It shows team members how to execute tasks more effectively directly in context. The new Managed Service portion allows users to customize the learning experience for your specific business. It also offers analytics to show your team’s use of the Guides to optimize them and get teams to use them even more. The Learning Cloud Support (LCS) gives you access to the online learning center, where teams can choose from thousands of on-demand courses, connect with trainers, attend webinars, and schedule one-on-ones.

 

He then went on to reveal NetSuite Suite Procurement, an indirect procurement solution that lets you punch out from NetSuite to vendor sites to shop for goods and services. The first to sign up to this was Amazon Business and Staples Business Advantage and offer deals for NetSuite users. Suite Procurement automatically creates purchase requests within NetSuite, routes them to the appropriate person, creates purchase orders, and handles everything through vendor payment. This means that there’s no manual data entry for any transaction.

 

 

He also introduced NetSuite Connector for Salesforce, which is “finally marrying Salesforce and NetSuite.” The new connector automatically syncs your customer, inventory, sales order and financial data between your NetSuite and Salesforce environments, eliminating tedious data entry or shuffling between systems, and ensures scalability for the future.

 

 

Another accomplishment this year is NetSuite’s Advanced Customer Support, which can be a great asset in optimizing your NetSuite environment.

 

 

For the full keynote speech where Evan Goldberg reveals even more accomplishments and updates, log into On Air, where you can view it in its entirety.

Caravel Wins NetSuite’s Services Alliance Partner of the Year 2024

Posted on by Sarah Bensimon

We are thrilled to announce that we have won this year’s NetSuite Services Alliance Partner of the Year! This award recognizes Caravel’s dedication to the Services industry, and being recognized for this by NetSuite is a huge honor.

 

The Caravel team has been diligently working with Services industry customers for over 20 years, with a focus on helping them thrive with NetSuite ERP. We have helped our customers excel with project management, resources, budgets, tasks, expenses, billing, and more, as well as with 3rd party integrations.

 

Managing Director of Delivery & Operations, Tai Valenzuela says, “We are incredibly honored to be named Services Partner of the Year for the fourth year in a row. This achievement is a testament to the hard work and dedication of our amazing team, our strong partnership with NetSuite, and our unwavering commitment to delivering exceptional results for our clients. We couldn’t have done it without the trust of our clients and the collaborative spirit that drives our success every day. Thank you to everyone who has been a part of this journey!”

 

 

Caravel will continue to proudly serve clients in the Services industry and help propel their business with the top ERP system available today, NetSuite.

Ensuring Smooth User Adoption of NetSuite ERP

Posted on by Sarah Bensimon

As astute organizations seek to optimize their operations and enhance decision-making, the significance of user adoption in NetSuite cannot be overstated. Effective user adoption ensures that employees are well-trained and comfortable with the system, leading to increased efficiency, reduced errors, and a more seamless integration of business functions. Embracing NetSuite ERP fully helps organizations realize their potential, driving better performance and supporting strategic growth.

 

What are the challenges of NetSuite user adoption?

In many organizations, change is sometimes resisted. The implementation of a new system can be daunting at times, which is why proper training and adoption are so vital to its success. Some users may not only have challenges with change, but also with lack of technical skills. A solid implementation partner will know this beforehand and take it into account. Knowing that each user learns using different methods at different paces, they will ensure that users receive training options – and not just provide a single method for adoption.  Adequate training is crucial for successful adoption, with well-structured training materials so they may be used effectively. Because NetSuite has an intuitive user interface and aligns well with user workflows, the platform is more easily adopted.

 

Other challenges include data migration – moving data from legacy systems to NetSuite can be complex, which is why an experienced partner is so crucial. Poor data quality, incomplete migration or disruption of operations can reduce confidence in a new system. Additionally, integrating with other systems can be challenging and if it’s not seamless, it can lead to data silos and operational inefficiencies.

 

Addressing these challenges head-on is the job of the implementation partner. Ensuring the least amount hurdles will encourage users to embrace NetSuite and move forward with implementation into the organization.

 

Netsuite training

Developing a Strategic Training Approach

A strategic training approach begins with an assessment of training needs and identifying the many user roles and their specific training requirements. Sometimes, a skills gap analysis is done to determine what needs to be taught, but it may not be necessary with some organizations whose employees have used other systems in the past.

 

 

What’s important is to offer training in various methods. Some users learn better through video instruction, while others prefer a more hands-on approach and may need a live walk-through. A good implementation partner will offer different options including in-person sessions, and self-paced online video courses. They can provide access to tutorials, guides, and FAQs as well.

Effective Communication Strategies

Developing positive user adoption of NetSuite involves good communication and accessibility. Articulating NetSuite’s advantages and why they have chosen to implement the software, how it will make their work much easier, and sharing client success stories and case studies can also help.

Keeping users informed about implementation timelines and changes is vital, as is providing progress reports and addressing concerns promptly. Being available to answer questions via phone, email, or scheduled Zoom meetings – offering various forms of communication can also ease their woes and help communication efforts. Encouraging user feedback to identify issues and areas for improvement and showing the implementation partner is open to changing things for the better is great. Urging user feedback to refine training and support efforts can also help the partner as well as the user.  

 

NetSuite user adoption

Testing Before Go-Live

Testing your NetSuite instance before going live is crucial to its success and is an important part of training. Users must be comfortable with the system before launch. Ensuring functionality by testing helps to ensure that all modules and customizations are working as intended, and this includes validation of workflows, integrations, and that reports are producing accurate results.

 

 

Identifying issues or bugs before the system is fully operational can prevent disruptions in business processes once it’s live. Testing also ensures that data migration is accurate and complete, which is critical to maintaining the integrity of financial and operational data. Testing also provides opportunities for users to familiarize themselves with the system, and making sure they’re proficient with the functionality before they start using it in their daily tasks. A good implementation partner will also make sure that the customization is verified and works as expected and will create a sandbox for users to “practice” tasks, ensuring integrity of the system.

 

 

The importance of a structured approach is to achieve long-term success – the goal of any organization. Work with your implementation partner to weave in best practices to enhance user engagement and make sure they’re open to feedback so you can always be growing.

 

 

To understand more about how Caravel can help implement or improve your NetSuite instance, please contact us in the form below.

Measuring Success: Key Metrics to Track After NetSuite Go-Live

Posted on by Sarah Bensimon

With nearly 40,000 companies employing and relying on NetSuite as their ERP of choice, the popular platform has helped them achieve substantial insights into their business processes. The journey for these began once the system went live, however, the more crucial phase – monitoring and optimizing NetSuite to ensure they’re reaping maximum benefits is an ongoing process that needs to be discussed.


Tracking key metrics post-NetSuite go-live is essential for a deeper understanding of performance, identifying areas for improvement, and driving business growth. Below, we will explore what metrics you should be tracking and how to leverage them to continuously enhance your operational and financial strategies – making sure your investment pays off.


 

Efficiency Metrics Relating to NetSuite

Measuring efficiency metrics is likely one of the more apparent metrics you want to delve into so you can see how effectively the platform is utilized to streamline operations, improve productivity, and optimize your resources. Ask your team about cycle time reduction by measuring the time taken from order to cash and other critical processes before and after implementation. Measure your transaction processing time, which indicates how efficiently transactions are processed within the system.


Take a look at process automation, which involves monitoring the execution and outcomes of automated tasks and workflows and tracking the percentage increase and its impact on operational efficiency. For instance, in SuiteFlow, you can view the workflow status and history. You can also check the audit trail, as each workflow action can be audited to track when it was triggered and executed.

NetSuite also offers event monitoring capabilities that track user activity and system events, which can include tracking when automated processes are triggered and executed.

Cost Savings Metrics due to NetSuite Implementation

As one of the more significant metrics, measuring costs can be done in a few ways. Firstly, take a look and see if there is a reduction in IT costs. Compare the pre-ERP and post-ERP costs, including maintenance, support, and infrastructure. Secondly, examine administrative costs by taking a dive into changes in administrative costs due to the now streamlined processes and reduced manual work due to the many automations offered in NetSuite. Next, you can measure procurement savings by looking at the savings in procurement through improved vendor management and purchasing processes.


Measure your labor costs by evaluating changes in staffing requirements for finance, accounting, and IT departments. with regard to compliance and risk management, take a look and see if there was a reduction in costs associated with improved compliance and reduced risk of fines and penalties.


Examine Financial Metrics from Implementing NetSuite

Likely, one of the more significant metrics to examine is financial. Companies want to know if their investment in NetSuite has paid off. There are several financial metrics that can be looked at, starting with revenue growth. Monitor revenue trends post-ERP implementation to identify any positive impacts on sales and profitability. You can also look at profit margins by evaluating changes, considering cost reductions and revenue growth facilitated by NetSuite. Businesses can also examine cash flow and assess improvement in cash flow management and liquidity due to better financial controls and forecasting capabilities.


Return metrics are also significant, so look at your ROA (return on assets) to measure how effectively assets are being used to generate profit. Look at your ROE (return on equity) if you have shareholders. NetSuite can also provide Gross Profit Percentage, EBITDA, Debt Covenants, and Current Ratio.

Customer Satisfaction Metrics

Looking into your customers’ satisfaction sometime after a NetSuite implementation is a great way to see if it’s paying off outside of your organization. Take a look at order fulfillment and track improvements in order accuracy, fulfillment speed, and customer satisfaction scores. Examine service response times by measuring the changes in response times and service levels post-ERP to gauge customer service improvements. Finally, analyze customer retention rates and repeat business post-ERP implementation. These are all ways to get a comprehensive view of customer satisfaction and identify areas for improvement after implementation.

Reporting and Analytics Metrics post NetSuite Go-Live

NetSuite affords users exceptional reporting and analytics capabilities, so you will want to measure some elements to ensure that you’re getting the expected business value. Some key metrics to consider include data accuracy and integrity metrics. For data accuracy, evaluate the precision and reliability of financial and operational data post-ERP. You can also track the frequency of data entry errors or system-generated errors, and also measure the percentage of data fields that are filled out correctly. Take a look at real-time reporting by measuring the efficiency and speed of generating reports and dashboards. Finally, take a look at user adoption by assessing user engagement and adoption rates of NetSuite features and reporting tools.

Employee Productivity Metrics Utilizing NetSuite

Evaluating your return on investment can also be measured by looking at employee productivity after NetSuite implementation. Take a look at time savings, and calculate time saved per employee in performing routine tasks and accessing information. Look at training effectiveness, and measure how effective NetSuite training programs were in improving employee productivity. Another thing to consider is employee satisfaction – gauge employee satisfaction and morale changes post go-live and see what these changes have brought to your user teams.


The importance of tracking metrics post NetSuite implementation is vital to finding out if your investment was worth the time, effort, and money. Making informed decisions comes with continuously optimizing your system, and the only way to do that is by examining these metrics mentioned above. Continuous evaluation and adjustment of metrics will ensure ongoing success and a good return on your investment.


To learn more about how your organization can benefit from a NetSuite implementation or optimization, contact us in the form below.

How Can NetSuite Help Insurance Executives Make More Informed Decisions?

Posted on by Sarah Bensimon

Download this compelling infographic to learn more about how a cloud-based ERP such as NetSuite can help propel insurance companies to make better decisions and go to market faster.

 

Mastering FP&A with Automation and Machine Learning

Posted on by Sarah Bensimon

Many organizations are fraught with inaccurate data that is siloed from business operations when conducting planning and budgeting cycles, resulting in arduous manual work that is time-consuming and loaded with errors. Not to mention, relaying this vital information to leadership and key stakeholders can be laborious and flawed.


NetSuite Planning and Budgeting, or NSPB, is a powerful tool used by organizations to budget and forecast utilizing financial data from NetSuite. This robust solution propels finance teams to spend less time on manual tasks, saving them time and energy.


It is collaborative, scalable, automated, and accurate. NSPB provides predictive analytics, sophisticated modeling capabilities, “what-if” scenarios, rolling forecasts, reporting and approval workflows, transparency into performance, and real-time decision-making capability.


Predictive Planning with Machine Learning

The power behind NSPB is due to the integration of machine learning to automate processes, enhance accuracy in forecasting and budgeting, and offer deep insights into financial data, which enables users to make more informed decisions.


With predictive forecasting, machine learning algorithms analyze historical data and identify patterns and trends that financial analysts can miss. This aids in generating more accurate forecasts for future periods based on past performance. These same algorithms can automatically detect anomalies in financial data, which is helpful for pinpointing unusual spending patterns, unexpected variances, or mistakes in budgeting.


NSPB can leverage machine learning to optimize budget allocations based on various constraints and objectives. This might involve recommending adjustments to spending levels across different departments or projects to achieve desired financial outcomes.


Machine learning can help in generating and analyzing multiple scenarios based on different assumptions and inputs, which allows finance professionals to evaluate the potential impact of various business decisions or market changes on their budgets and plans.

Real-Time Data and Collaborative Endeavors

Because NSPB integrates financial planning across the entire organization, data is consolidated from various departments and functions which offers a wholistic view of performance and forecasts. Real-time financial data enables teams to make informed decisions based on the latest information, rather than outdated facts and figures.


With “what-if” scenarios, NSPB allows businesses to create several scenarios based on multiple assumptions and variables, which helps in comprehending potential outcomes of different strategies and decisions. This facilitates better risk management and contingency planning.


The collaborative approach that NSPB takes facilitates different teams to work together and ensures alignment with overall business objectives, assuring that everyone is working for a common purpose. Tools for monitoring performance against budgets and forecasts helps to identify deviations early on, and fosters corrective action to be taken sooner, helping to stay on track with financial goals.



Save Time, Cost, and Hours

Integrating NSPB into your NetSuite instance will greatly help financial teams to cut time on the budgeting cycle. It not only reduces human error in detecting anomalies, it also frees time from analyzing data and allows financial professionals to actually do the work and make decisions. Its out-of-the-box functionality allows teams to leverage these tools to get accurate forecasts without significant upfront costs.


Because all financial data, forecasts, and budgets are stored on a centralized platform, it eliminates the need for spreadsheets and disparate systems across departments. This ensures more accuracy and consistency in financial planning.


Manual work such as data entry, consolidation, and reporting are automated, which reduces time spent on these tasks and allows FP&A teams to focus more on analysis and strategy. Its customized reporting capabilities allows users to generate reports and dashboards that are tailored to specific needs, giving way to a more transparent view into performance and better decision-making. Financial plans and budgets also adhere to regulatory requirements by offering audit trails, version control, and security.

NSPB enhances FP&A by providing a unified, collaborative, and automated solution that seamlessly integrates with NetSuite ERP and empowers organizations to make more intelligent decisions based on accurate data, more precise forecasting, and ultimately improves overall performance and strategic outcomes.


For expert guidance on NSPB and NetSuite and how it can drive your organization to be more efficient and effective, contact us below.

The Complete Guide to Understanding Salesforce Org Merges

Posted on by Sarah Bensimon

At some point during the growth of an organization, one might encounter a time when consolidation is required, particularly when it comes to tech merging. When companies merge or acquire one another, they might need to merge their various software. There are times when organizations are faced with redundancies in technology and need to decide which will be the primary in the merge. In this article, we will examine the merging of Salesforce orgs, as there are specific nuances and intricacies involved that you may not have thought about previously.


The benefits of merging Salesforce orgs are many. Beginning with operating from “one source of truth” is valuable to the entire organization so that all departments function under a singular platform with accurate data on customers, performance, leads, campaigns, and reports. Operating under one Salesforce system also streamlines operations and optimizes processes, thereby enhancing efficiency and effectiveness and reducing redundancies and bottlenecks. Cost savings are also a huge plus, with a reduction in maintenance and subscription costs from competing solutions.

Salesforce Org Merge Considerations & Planning

An org merge demands significant planning and training and can rarely be done effectively without a Salesforce implementation partner. In general, team members are mostly at capacity in their current roles and don’t have the necessary experience in the many intricacies of such a large project.


Starting by identifying key stakeholders to involve in the decision-making process and assigning roles and responsibilities is step one after selecting an implementation partner. Clearly identifying and documenting business processes is key so that those involved have clarity and common understanding of how things will operate moving forward. This reduces confusion and ensures that everyone is on the same page.


Creating a detailed merge plan and timeline is vital to minimizing disruption in ongoing operations, and to ensure that there is complete process alignment. Part of the merge plan may include processes like maintaining data integrity, user adoption and training plans, testing and validation proposals, as well as compliance and security implications.


Risk assessment and mitigation strategies are also key to lessening potential challenges and risks, but also help ensure a smoother transition, maintain data integrity, enhances system reliability, and support overall business continuity and compliance.


An effective communication plan for stakeholders and users is equally important to the process, to keep everyone on track with common goals and milestones.  

Data Management and Migration

As part of the Salesforce org merge, a vital portion of the process is the management and migration of data. After you and your implementation partner decide which will be the primary Salesforce instance, they will work with you to take an inventory of existing data and systems. This involves determining all the sources of data that need to be migrated or merged.


Following the inventory, the next step is to cleanse the data and employ a deduplication process to ensure that your organization is working off one source of truth. Next is ensuring the data follows a consistent structure and naming convention, as well as validating the data against business rules and Salesforce requirements. Deciding whether the data will be migrated all at once or in phases is something that your implementation partner will decide with you.


The next step is to map the data by creating a mapping of data fields between the different Salesforce instances. Determining which objects from each Salesforce org will be merged, as well as identifying corresponding fields in the source and target orgs is part of this process.


Data transformation, another part of the process, involves modifying data from the source org to meet the structure and requirements of the target Salesforce org during the merge. This involves data cleaning, standardization, enhancing the data by adding missing information and additional details, ensuring that data is organized and structured uniformly, as well as validating transformed data to ensure it meets the rules and constraints defined in the target Salesforce org.

Customization, User Management & Security

The org merge process continues with the evaluation of any custom code, triggers, or workflows that were previously implemented. It’s important to identify any conflicts or dependencies that could arise during the merge with regard to code review, as well as ensure that integrations with external systems or APIs are compatible. You and your implementation partner will evaluate trigger logic to prevent conflicts or unintended behavior post-merge. Also, reviewing workflow rules to verify that criteria are still valid, and actions are appropriate after the merge is completed at this time, as well as checking field updates and dependencies to ensure consistency across the merged org. Your implementation partner will develop a strategy for merging custom objects and fields and will offer best practices for handling integrations and third-party applications.


Managing user roles and profiles during a Salesforce org merge is a critical aspect to ensure smooth transition and effective user access control. Part of this process entails documenting all existing roles and profiles in both orgs, and identifying and duplications or discrepancies. Determining the roles and profiles needed post-merge based on the organizational structure, user responsibilities, and access requirements will also be done at this point, as well as training and supporting users throughout the transition.

Testing & Go Live

Your implementation partner should relay the importance of thorough testing in a sandbox environment. It’s crucial to conduct thorough testing to ensure the merged org functions correctly and meets business requirements. Some tests may include integration testing, data integrity checks, data conversion testing, user acceptance testing, performance testing, and security testing. Part of your partner’s job will be to handle any issues that may arise from feedback from testing, as well as the final preparation and checklist for going live.


Monitoring the system post-merge and handling post-merge issues along with continuous optimization are some things that a strong implementation partner will be able to take on as well.


Salesforce org merges require careful planning, communication, and a thorough comprehension of technical and organizational landscapes. Working alongside an implementation team will ensure a successful org merge, as they recognize it’s not just about merging data, it’s about integrating cultures, aligning strategies, and driving growth for the organization.


Contact Caravel below to learn more about how we can help your organization successfully implement a Salesforce org merge.

Dilemma Solved: Should You Replace QuickBooks with NetSuite?

Posted on by Sarah Bensimon

Many companies often find themselves in a place where they outgrow software that has once served them well. However, with new business challenges—particularly in accounting—comes new software that can match their growth rate and scale alongside them.

 

 

Organizations using myriad disparate systems to operate their business mostly come to the decision that migrating to one, more powerful platform is the answer. This often happens with QuickBooks users who have come to realize that it simply doesn’t meet the complexity of their needs. Let’s look at why many QuickBooks users migrate to NetSuite and why QuickBooks may have been right for them at some point but they now need to migrate to something more robust that meets their challenges.

 

QuickBooks and NetSuite Commonalities

While both cloud-based softwares are made to essentially help businesses manage their accounting needs, there is a significant difference in the approach and complexity of offerings. Both offer invoicing, billing, AP, and AR, and both integrate with other software solutions that help organizations streamline workflows and connect different parts of their operations. They also both provide reporting capabilities—but on a totally different scale, which we will tackle below.  

 

Differences Between the Two

QuickBooks tends to be great for small- to medium-sized businesses looking for an easy-to-use platform to manage finances. It offers some functionality for those looking to manage a few elements of their supply chain, eCommerce, and retail. It’s primarily focused on accounting for businesses that have straightforward needs for financial management, while NetSuite can handle much more complex and diverse functions, making it more applicable for those organizations with intricate processes and integrations. NetSuite also offers more extensive functionality beyond accounting, such as CRM and ERP, making it suitable for larger or more complex businesses.

 

 

quickbooks vs netsuite

 

What NetSuite has that QuickBooks Lacks

NetSuite’s financial management tools are made for entire accounting departments looking to run billing, planning, reporting, and more—all with real-time visibility into performance. It also has features that can keep organizations in compliance with regulatory requirements. NetSuite has an integrated CRM as part of its ERP suite, which offers integration between accounting and customer management processes. QuickBooks does have basic CRM features, but it’s not as robust or integrated with its accounting capabilities.

 

While QuickBooks offers some degree of customization, NetSuite provides extensive customization options, which allow organizations to tailor the system to its specific workflows and needs.

NetSuite’s reporting capabilities are advanced analytics tools that allow businesses to generate financial reports, analyze performance, and gain insights into their operations. QuickBooks does have reporting, but it’s not nearly as comprehensive or customizable.

 

The same goes for eCommerce integration—NetSuite includes features for eCommerce integration, enabling businesses to manage online sales channels, automate order processing, and synchronize data between their accounting system and eCommerce platforms. QuickBooks may have integration options with a few eCommerce platforms, but they may not be as seamless or comprehensive as NetSuite’s.

 

QuickBooks has limited support for global operations, especially for businesses with complex international requirements. NetSuite was designed to support multi-national businesses with features like multi-currency support, multi-language support, and compliance with international accounting standards.

 

 

switch to netsuite from quickbooks

 

When to Make the Switch

Organizations should consider their long-term strategy and whether QuickBooks or NetSuite best aligns with their business challenges, growth objectives, and operational needs. Firstly, the size of the business and its complexity should be considered. If your business has outgrown QuickBooks capabilities and requires more advanced features such as multi-entity management, international accounting, and more advanced reporting, it is time to consider the shift to NetSuite.

 

Organizations experiencing rapid growth that need a more scalable solution should also consider transitioning to NetSuite, which will accommodate the growth sans the need for frequent system migrations.

 

Consider your industry that may have more unique accounting and reporting requirements that QuickBooks may not address. NetSuite offers solutions and customizable features that are industry-specific to those like manufacturing, retail, or eCommerce.

 

Another thing to address is whether your business relies on multiple systems that will need to be integrated into your accounting software. NetSuite offers a comprehensive suite of integrated applications that streamline operations and improve efficiency.

 

Making the switch to NetSuite requires planning, implementation, and training, all of which are all made simpler with a partner. To help you decide whether your business should migrate to NetSuite, give us a shout below in the contact form.

How NetSuite AI Empowers Users to be Efficient, Effective, and Precise

Posted on by Sarah Bensimon

The hottest investment in tech right now is AI, and NetSuite has taken full advantage of these advancements. AI-powered tools in NetSuite greatly improve the user experience with elements such as predictive analytics for inventory management, and intelligent automation for repetitive tasks like processing invoices. As NetSuite continues to be proactive and anticipates the needs of the end user, it helps to solve problems before we are aware that they even exist.


NetSuite’s intelligent capabilities include a myriad of tools that boost users’ efficiency and productivity. With automated data entry, manual tasks such as extracting relevant information from invoices, receipts, and bills are greatly reduced, which saves time and the chance for mistakes. Helping to improve accuracy and compliance, NetSuite’s AI capabilities analyze expense reports to detect patterns and anomalies, which can flag potential fraud or erroneous transactions.


With predictive analytics, its AI can look into historical financial data to identify trends and make predictions about future performance, which helps users make more data-backed decisions. With cash flow forecasting, AI algorithms can examine cash flow data to predict future patterns, helping organizations optimize their cash management strategies. To help identify fraud and financial irregularities, NetSuite’s AI can detect discrepancies in transactions and can generate reports by automatically aggregating and analyzing data from different sources, helping accountants be more accurate.

Machine learning in NetSuite helps to regularly improve the reconciliation process, learning from historical data and user actions to enhance the accuracy of matching over time, while adapting to changing transaction patterns and business needs. NetSuite’s AI helps automatically categorize transactions based on predefined rules and historical data, too. This also saves time and ensures better accuracy.


There are other myriad components in NetSuite AI, including intelligent automation used to streamline business processes such as order management, procurement, and inventory management that all help reduce manual tasks, improve efficiency, and minimize human error.


Other NetSuite AI tools include NLP or natural language processing, which is used to interpret and respond to user questions or commands in natural language. This enhances the user experience when it comes to tasks such as querying data, generating reports or initiating workflows.


For business intelligence, NSAW, or NetSuite Analytics Warehouse, helps users reveal patterns, opportunities, and relationships from different data sources. Its automations “validate, centralize, and connect data sources from different systems, reducing costs, manual work, and human error,” according to NetSuite. Machine learning in NSAW analyzes large datasets to identify patterns, anomalies, and correlations that can inform business decisions, while its natural language processing (NLP) enables its users to better interact with data, allowing for simple exploration and analysis of complex datasets. NSAW can also automatically generate insights and reports, which provides users with actionable data without the need for manual analysis.


To learn more about how NetSuite can help accelerate your business processes with AI, contact us below in the form.

The Top 7 Benefits of NetSuite ERP

Posted on by Sarah Bensimon

Thousands of users are reaping the benefits of NetSuite, but what do they include? Let’s take a look at some of the top offerings the software giant features.

 

Customization

With over 30 varying modules and add-ons, each designed for different business requirements, organizations can easily tailor NetSuite ERP to its liking. SuiteBuilder, for example, allows users to build custom fields, forms, and records without any programming expertise. They can modify existing forms or create entirely new ones to capture specific data relevant to their business processes. Another is SuiteFlow, a built-in workflow management tool that allows users to create custom workflows to automate business processes. Users can define rules and triggers to automate tasks such as approvals, notifications, and record updates. These are just a couple examples to show how NetSuite ERP can be specifically designed for the way an organization requires.

Convergence of Business Processes

NetSuite ERP allows you to strategically grow the business in all aspects, from sales and marketing to finance—all in one platform. Keeping all these elements connected in one place allows for transparency to various departments within the organization, preventing users from going to other systems to search for what they need. The software provides real-time visibility into all business processes, keeping users on the same page and enabling them to make more informed decisions.  With its many collaboration tools, NetSuite facilitates communication among employees, customers, and partners, which helps to break down silos and promotes cross-functional teamwork within the organization.

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Simplified Integration With Third-Party Systems

NetSuite ERP offers many methods for integrating with third-party systems to streamline processes and data flow. SuiteTalk is NetSuite’s web services API and allows for integration with external systems and applications. Developers can use it to build custom integrations that sync data between NetSuite ERP and many other business systems. For integration of external eCommerce systems, businesses can use SuiteCommerce, which allows developers to create seamless shopping experiences by syncing data. SuiteAnalytics Connect allows users to connect NetSuite data with third-party business intelligence tools like Tableau and Power BI. This integration enables users to create interactive dashboards and reports using NetSuite data alongside data from other systems. These are just some of the tools available, but there are many more.

 

Scalability

NetSuite ERP is highly scalable, grows along with the business, and can adapt to the unique requirements of many industries and organizations. Because it’s cloud-based, it eliminates the need for on-premise hardware and allows organizations to scale operations by simply adjusting their subscription level or configuration. Due to its flexible configuration, as organizations grow and change, NetSuite ERP can adapt to accommodate new processes, workflows, and business requirements without significant redevelopment or disruption. With its modular nature for various business functions like financials, inventory management, CRM, and eCommerce, organizations can start with the modules they need and add additional ones as the needs arise. Built on a scalable infrastructure that can handle the data processing and storage requirements of growing organizations, it’s designed to scale horizontally and vertically to accommodate increases in data volume, user load, and transaction volume without sacrificing performance.

NetSuite ERP Automation

Offering a wide range of automation capabilities across the board, NetSuite ERP allows users to simplify their business processes, save time, and avoid human error. Its workflow automation facilitates approvals, notifications, and data updates based on predefined rules and conditions it can schedule recurring data imports, generating reports and backups according to when they’re scheduled. This lessens manual efforts and saves time on tasks that are consistently repeated. NetSuite ERP also offers automation for inventory management, including generating purchase orders and monitoring stock levels, among others. Its financial automation capabilities work for billing tasks, invoicing, and managing expenses, as well. It streamlines workflows, minimizes possible mistakes, and overall, boosts efficiency and effectiveness. NetSuite also offers automation of certain CRM tasks like managing leads, forecasting, and ticketing for customer support. eCommerce automation in NetSuite improves online sales processes, including communication with customers, order processing, and synchronization of inventory.

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Real-Time Data in NetSuite ERP

Offering a slew of real-time data, users can instantly see underlying patterns and trends across various business processes. With real-time dashboards, NetSuite ERP offers clear visualization of financial metrics, sales performance, employee performance, and so much more. Other types of real-time data include financial information like income and cash flow statements, balance sheets, and more. Inventory data is also given in real-time and offers visibility into stock on hand, in order, and in transit, among others. It enables the tracking of sales orders and performance KPIs, as well as procurement data such as vendor and supplier information, allowing users to better manage their relationships. Customer data is also in real time, which gives users the ability to view transactions and their history, as well as communications, which helps support staff to better understand the 360-degree view of the customer.

Accurate Reporting

For leadership to make informed decisions, accurate reporting capabilities are provided in NetSuite through real-time data consolidation and automated processes. Because all data is centralized and stored in one platform, it eliminates discrepancies that can arise from utilizing various systems, thereby making its reporting capabilities completely accurate. Reports are based on the most recent information, which lessens the likelihood of mistakes caused by old data. They’re also customized by the user according to their business needs and can be configured using relevant data. Financial reports are also in compliance with accounting standards, including GAAP and IFRS, ensuring accuracy.

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