Oracle NetSuite®
What is Oracle NetSuite? It’s the leading cloud-based Enterprise Resource Planning (ERP) software developed by Oracle Corporation with over 37,000 customers internationally. NetSuite is designed to help businesses manage various aspects of their operations, including financial management, customer relationship management (CRM), e-commerce, inventory, supply chain, and more.
%
Percentage of companies in the Forbes Cloud 100 list are NetSuite customers.
%
Over 63% of the Tech IPOs in the last ten years use NetSuite.
Three commons reasons you might be reading this:
- You are looking at options to modernize your financial system in the cloud.
- You are in the middle of a NetSuite implementation and things are not going exactly as planned.
- You are involved with a business merger and evaluating which system to use.
Trailio Wilderness Guide
With 8+ years of NetSuite implementation experience at Trailio, we have learned a few things:
- You can’t please everyone.
- No system is perfect.
- Change is uncomfortable.
However, when it come to NetSuite, we are all-in. We are passionate about helping our customers establish a solid system foundation, and we believe NetSuite stands out as the best modern system available.
We can help highlight advantages and disadvantages (perhaps a bit more honestly than a NetSuite sales rep), but, system selection is your decision because you know your business best. We can offer some pros and cons based on years of learning the hard way, and we can help you avoid many pitfalls that can only be learned with experience. When you are ready, we are here to help you avoid some costly pivots along your NetSuite adventure.
Helpful article: NetSuite vs. Quickbooks
Trailio’s favorite NetSuite features:
- Cloud. It is mind-blowing when first-time users see that the entire system is fully functional inside a browser (Chrome is recommended). Plus, you can open many tabs and browsers at the same time giving you nearly unlimited flexibility to do many things at once. If you pick the right integrations, an international accounting department can become 100% virtual overnight.
- Real-time financials. Imagine an interactive P&L that first appears in a grouped summary view, that can be easily expended into detailed accounts by period, THAT YOU CAN RIGHT-CLICK DRILL-DOWN ON FOR TRANSACTION DETAIL, that easily drops into Excel. Also, can refresh your browser anytime to pull in updated posting activity (invoices, payables, payroll, journals, etc.).
- Customizable. Every input screen is customizable. Every output form can be carefully designed. Various modules can be connected to outside integrations making the automation possibilities unlimited. This is exciting stuff but you must have good NetSuite architects and some programming chops to realize the coolest features (including the opportunity to invent your own integrated features).
High-impact NetSuite design elements to consider first.
Trailio’s Top 9
Items
Your “Items” catalog is a beast. This is a list of everything you buy, make and sell, including anything you hope to itemize in a transaction. This list should be carefully developed, studied, and cleansed prior to launching a new system. Leave junk behind.
Rev Rec
Do not over complicate your revenue recognition rules and, be careful not to convolute your revenue data by obscuring the source transactions. At the point of drill-down reporting, you want the data to inform you not confuse you.
Segmentation
Take time upfront to debate how management hopes to “split things out” in the future. Segmentation determines how data will be grouped and summarized for performance-based reporting. Get opinions from those accountable to perform.
MANAGEMENT ACCOUNTABILITY
It is advisable to design segmentation around management structure. Leaders that are accountable for performance deserve an opinion in the design of how data gets systematically compiled.
OPERATIONAL BUY-IN
Involve key players early on to make the design investment valuable. If you don’t make tangible improvements in their area, you will quickly lose your audience.
COA DESIGN
There are many details to consider when designing your general ledger and chart of accounts (COA). Make sure to prioritize your future over your past, and take time to analyze competitive benchmarks that might shape how you want to re-engineer your financials.
Forms
Forms can feel like minutia, and yet, they can become the most powerful feature to win-over users in the early days of NetSuite adoption. Unfortunately, the opposite is more true: if you botch the forms, you will lose your audience for sure.
Transactions
The line item details of each transaction will tell your financial story. The entire ecosystem will grow more financially savvy as users learn the relationship between transactions, work flows, GL impacts, etc. Try to balance simplicity with gathering useful data in each transaction (e.g. Estimates, Sales Orders, Customer Invoices, Purchase Orders, Vendor Bills, Project Records, Journal Entries, Credit Card Transactions, Month-End Close, Inventory Adjustments, Inventory Worksheets, Inventory Transfers, Transfer Orders, Payables, Bank Checks, Customer Records, Vendor Records, Locations List, etc.).
User Roles
NetSuite is extremely user friendly when it comes to managing user roles and access at scale, however, left in the wrong hands, this usefulness can quickly become tangled and unruly. We have some pointers.
Who to Involve in a NetSuite Implementation?
Finance
The Finance lead must have authority to shape/direct financial impacts at every level. This includes GL posting impacts and financial reporting impacts that will be relied upon by all management. Finance will partner with IT to ensure appriorate access around internal controls and separation of duties.
Operations
The Operations (Ops) lead must represent the heart-and-soul of the business, including sales. This is a pinnacle role that can sway buy-in and protect the company from a long-lasting “us v. them” infection. This role should develop a plan for NetSuite adoption and training across relevant functional areas that drives project success.
IT
The IT lead will aim to apply consistent technology and security practices to the new system. Additionally, the IT lead will help manage integration partners as well as system testing and training strategies for all users. Lastly, this role will develop access profiles and a strategy for inviting users into a role in the new system.
President
NetSuite
The implementation team provided by Oracle might included a variety of disconnected subject matter experts. The NetSuite team will be essential to inform the project and evaluate options and settings, however, this team will ultimately roll-off of the project. At that time, the company must proficiently take the baton and keep running.
Other Stakeholders
This project is ultimately about taking ownership of driving positive change. The more users that feel empowered to make their area better (more efficient, more accurate, more user friendly), the more successful the project will be. Consider inviting key personnel that oversee critical-function areas.
Not Affiliated Disclaimer
Trailio, LLC is not affiliated, associated, endorsed by, or in any way officially connected with Oracle or Oracle NetSuite (“NetSuite”) or any of its subsidiaries or affiliates. Any product names, logos, brands, and other trademarks or images featured or referred to within Trailio.com are the property of their respective trademark holders. These trademark holders are not affiliated with Trailio, LLC, our products, services, or website.
Trailio, LLC provides general information and content for informational purposes only. The information presented on our platform is not meant to imply any endorsement, sponsorship, or affiliation between Trailio, LLC and the mentioned trademark holders. Any reliance on the information provided on Trailio.com is at your own risk.
If you have any questions or concerns about this “Not Affiliated Disclaimer” or wish to inquire about our affiliations, please contact us at privacy@trailio.com.