NetSuite offers a wide range of features that are essential to business growth. Here are 10 modules that will help your company scale, grow, and operate more efficiently.
Companies that want to cut costs, leverage automation, increase efficiency, and improve scalability nearly always turn to technology for help. Any business that’s found itself bogged down by manual processes, for example, would benefit from an Enterprise Resource Planning (ERP) platform like NetSuite, which offers a wide range of essential features for growing companies.
“Regardless of the vertical, business size, or target audience, making ERP a core part of your business management strategy is crucial,” Solutions Review points out. “This couldn’t be more true for small businesses and emerging startups eager to grow.” With its advanced financial management and supply chain planning features, for example, NetSuite gives companies the tools they need to accelerate growth and drive innovation.
10 Best NetSuite Modules to Consider for Your Business
NetSuite is modular, meaning that it consists of dozens of modules that can be tacked on to the core ERP offering to expand specific business or industry functionality. With NetSuite, you can pick and choose which modules make the most sense for your business and only pay for what you use. Then, as your company grows, you can work with NetSuite Solution Provider ScaleNorth to add new capabilities as you need them.
1. NetSuite SuiteBilling
This module incorporates invoicing and billing administration that supports various business models, including transactional, subscription, usage-based, and hybrid approaches. NetSuite SuiteBilling simplifies and automates the management and billing of recurring subscriptions. Combine flat, tiered, and consumption-based options with promotions, volume discounts, and customer-specific rates for maximum flexibility. Support for multiple pricing models and complex rating scenarios makes it easy to generate accurate invoices.
2. NetSuite Multi-Book Accounting
Finance teams can use this module to easily create transaction records and automatically update multiple books while producing financial statements that adhere to relevant accounting standards. NetSuite Multi-Book eliminates data entry replication and reduces the need for error-prone manual adjustments from your accounting and reporting processes due to managing unique sets of books per accounting standard.
3. OneWorld
When you’re ready to look beyond your company’s geographic boundaries and do business internationally, you’ll need a unified view of financial and operational data across all of your locations, currencies, and languages. NetSuite OneWorld provides advanced capabilities for managing businesses on a global scale. Your finance team will be able to handle local currency adjustments seamlessly and ensure automatic compliance with diverse regional tax and legal regulations.
NetSuite OneWorld module at a glance:
| Number of countries and dependent territories in which deployed: | 200+ |
| Number of languages supported: | 27 |
| Number of currencies updated daily: | 190+ |
| Number of countries and dependent territories transacted: | 200+ |
| Number of countries supported for taxes and reporting: | 100+ |
| Number of bank payments formats: | 90+ |
4. Advanced Inventory Management
Nearly all product-oriented companies face steep challenges when they attempt to manage inventory on basic systems and spreadsheets. NetSuite Advanced Inventory Management enhances inventory control by incorporating advanced features such as demand-driven stock replenishment, multi-location inventory management, matrix items, lot and bin management, and serialized inventory. With this module in place, you’ll be able to dynamically manage item reorder points and preferred stock levels and use real-time alerts to reduce lag time.
5. SuiteProjects
This Professional Services Automation (PSA) solution helps services-based businesses complete projects more quickly, generate accurate invoices, and speed up accounts receivable cycles. This, in turn, helps companies improve cash flow and eliminate revenue leakage.SuiteProjects provides complete visibility into and control over the entire project in real-time—from the moment a new opportunity emerges to project delivery to invoicing and revenue recognition.
6. Customer Relationship Management
Empower your sales, marketing, and support teams with real-time data and help them deliver exceptional customer experiences. With NetSuite CRM, you can coordinate and oversee all customer-related activities, including marketing automation, communication tracking, and customer support. This module also monitors sales performance and partner engagement, generates quotes, manages orders, forecasts sales, and integrates with e-commerce platforms like Shopify and WooCommerce.
7. Incentive Compensation
You can use this module to design, track, and pay sales commission plans. An easy-to-use solution, Incentive Compensation addresses the challenges of creating and maintaining complex multi-tiered commission plans, including managing and calculating sales compensation based on criteria such as quota, quantity sold, service item, product profitability, and even one-time “spiffs.” Sales teams gain a clear view into their incentives through automated commission reporting.
8. Analytics Warehouse
A data storage and analytics platform, NetSuite Analytics Warehouse merges data from your ERP and other business applications to empower your team with access to self-service analytics and reporting. Equipped with this data, managers and leaders can make better-informed decisions based on accurate, up-to-date information. Using Oracle Analytics Cloud and powered by the Oracle Autonomous Data Warehouse, NetSuite Analytics Warehouse delivers data analysis that drives actionable insights.
9. Planning and Budgeting
Automate and streamline your planning and budgeting processes on a single platform. Create, manage, and track budgets and forecasts, and collaborate with stakeholders across your organization. The NetSuite Planning and Budgeting module includes a number of features that help businesses to improve their planning and budgeting processes, including financial modeling, scenario planning, collaboration tools, reporting, and analytics. Companies of all sizes use this module to improve their planning and budgeting processes; make better decisions; and achieve their financial goals.
10. Warehouse Management System (WMS)
NetSuite WMS helps enhance the effectiveness of all warehouse activities—from receiving to picking to shipping to returns management. This WMS system integrates features like shelf-life monitoring, barcode scanning for location tracking and recommendations, interactive dashboards for warehouse operations and comprehensive reporting. These functions are also accessible via mobile RFID devices to help support the mobile workforce on the warehouse floor.
Only Pay for What You Need
NetSuite’s core offering gives your business far more power than your typical accounting platform, but the true strength of this ERP lies in its integrated suite of modules. You can start with the basics and then add new modules as you need them. This “a la carte” approach is not only affordable, but it also ensures that NetSuite works for your unique business.
NetSuite offers diverse solutions tailored to businesses of all sizes and stages. Working with ScaleNorth, you’ll be able to access the essential software capabilities and then tailor the ERP package to your organization. As a NetSuite Solution Provider and BPO Partner, ScaleNorth is here to help you determine the best steps forward for your company as it expands, scales, and grows.
If you’re tired of settling for mediocre software, request a demo today to learn how ScaleNorth and NetSuite can transform your business and take it to the next level.