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7 reasons NetSuite is World’s # 1 Cloud Financial Accounting Software

Gartner recently awarded NetSuite as the Leader for Cloud Core Financial Management for midsize, large and global enterprises (2021). NetSuite has received this prestigious award for the 4th year in a row now. It is the only software in its category, that is a fit for all businesses irrespective of its size. Here are 7 reasons that make NetSuite the best cloud accounting software.

1. One-stop-shop accounting solution

NetSuite provides a single unified system that takes care of multiple aspects of accounting. It provides the following accounting features:

a.  General Ledger

  • Off the Shelf general ledger as per specific business requirements.
  • This eliminates manual journal entry, allowing users to add personalized impact lines to transactions. It considerably reduces the time and effort required for account reconciliation, period close, and audit processes.
  • It follows the accounting principles of double-entry.
  • Real time accounting entries are available for all inventory transactions.
  • Multi-book accounting helps reduce data errors due to manual adjustments.

b. Accounts Receivable

  • Off the Shelf general ledger as per specific business requirements.
  • This eliminates manual journal entry, allowing users to add personalized impact lines to transactions. It considerably reduces the time and effort required for account reconciliation, period close, and audit processes.
  • It follows the accounting principles of double-entry.
  • Real time accounting entries are available for all inventory transactions.
  • Multi-book accounting helps reduce data errors due to manual adjustments.

c. Accounts Payable

  • The system can automate exception processing when there is a mismatch for purchase orders or receipts.
  • Data/documents are better organized thereby preventing errors like making multiple payments or loss of bills.
  • It helps develop highly accurate financial statements due to improved reconciliation and streamlined accrual processes.

d. Tax Compliance and management

  • The ability to configure the tax module to meet compliance regulations (global as well as local tax.)
  • Support for every global currency and exchange rate
  • Once configured, the system automatically applies the correct rate for every transaction at all times.

e. Fixed Assets Management

  • Reporting capabilities for all fixed assets that help with efficient tracking of depreciating and non-depreciating assets.
  • Users can integrate their assets management with accounting. This helps reduce human error when data is spread across multiple spreadsheets/systems.
  • Direct posting of depreciation and asset retirements is possible.

f. Cash Management

  • A 360-degree view of cash flow.
  • Based on their access rights, users have real-time access to global transactions across different locations.
  • It helps forecast cash requirements.
  • The system can automatically make accounting entries, post transactions.
  • It is possible to manage multiple currencies.

g. Payment Management

  • 24*7*365 access to all your payment-related information.
  • Multiple options for accepting payments through online transactions are available.
  • Processing payments for a multi-location and multi-currency set-up is possible.
  • SuitePayments, a seamlessly integrated component of NetSuite is available as an API for payment gateway integration.
  • The system can verify information related to credit/debit cards, authenticate transactions through passwords, encrypt secure information and more!

2. Real-time data access and reporting capabilities

We all know that data is the new oil. It is critical for business stakeholders to have access to all the essential information especially, financial data, in real-time. It provides them with the ability to analyze the current situation quickly and make any changes if required. The ability to make quick, data-driven financial decisions can have an impact on the overall business.

Oracle NetSuite provides access to real-time data even in the case of a multi-location set-up. It enables decision-makers to gain actionable insights into the entire business. Creating and sharing reports on Oracle NetSuite is very easy. It does not require any technical expertise. It is possible to mail critical reports to key decision makers in the company on a daily basis. For e.g., A CFO can access Accounts Receivable or Bank balances at the end of each business day without logging into NetSuite.

3. Strong Integration capabilities

NetSuite provides the SuiteApps Marketplace. It is a marketplace that gives users access to hundreds of third-party solutions that easily integrate with NetSuite.

A business can develop, configure, and integrate solutions specific to their requirements through these integrations. It enables companies to create custom solutions that can resolve challenges specific to their business or industry.

4. Data Access any time any where

Oracle NetSuite is the leading cloud-based accounting software. It means that, a user can access data stored on the cloud from anywhere. They only need internet connectivity and a browser.
Cloud-based solutions offer access to data 24*7*365 for all users. In the current situation, this is an advantage as most of the companies have a distributed workforce spread across different locations. With Oracle NetSuite, it is possible to securely access data from anywhere – the NetSuite cloud platform is highly secure and there is absolutely no risk of data theft/misuse.

5. Not just an accounting software

Oracle NetSuite is much more than a cloud-based financial accounting software. It is a cloud-based ERP platform that helps companies streamline multiple aspects of their business. It can integrate accounting processes with other business functions like:

  • Inventory tracking and management
  • Order management
  • Multi-location management
  • Warehouse management
  • CRM
  • Procurement
  • Fixed Assets
  • Allocation of Financial overheads to profit centers

6. Easy to Scale

One of the biggest challenges a business faces is to have solutions that can scale and keep pace with their rapid growth. Oracle NetSuite can easily be scaled depending on your requirements.
Also, as a business, the investment required to scale it, is lesser as compared to an on-premise legacy system. It is possible to manage it efficiently and effectively with minimum IT overhead costs and a lean IT team.
NetSuite has a team of world-class experts to take care of security and maintenance of the solution, resulting in almost 100% uptime.

7. Automate, Automate, Automate!

One of the essential aspects of NetSuite is its ability to help users automate multiple processes. Automation helps users save time and also helps in reducing human errors that may arise due to manual data entry.

A misplaced zero or a wrong entry can give the accounting team nightmares and significantly increase their workload. Having said that, NetSuite prevents such mishaps and ensures better data accuracy that can help stakeholders make better, data-driven decisions.

NetSuite can automate tax processing and billing, accounting entries post-transactions, exception processing, generation of recurring invoices, and many such critical tasks. Automation also helps employees free up some of their time from routine tasks and focus on other activities of more strategic importance.

To sum it up, 26000+ businesses across 160+ countries are using NetSuite to transform their businesses digitally. It doesn’t’ matter whether you are a small, medium, large-scale or rapidly growing enterprise. NetSuite will help you with your financial management.

If you want to know more about NetSuite and how it can be more beneficial for your business, you can speak to the experts at Softype.

Softype is a global provider of cloud business automation solutions and an experienced enterprise consulting provider to medium and large enterprises. We have more than 15 years of successful experience with ERP system implementations, business process consulting, and integration. We have offices in the US, Philippines, India and Kenya.

We have been a Solution Partner for Oracle NetSuite, the original and leader cloud ERP, since 2004. We have successfully assisted more than 400 clients across 25 countries and four continents over the past 17 years. Besides NetSuite, our company has expertise in workflow automation and integration for the WD, Retail, Education and Light Manufacturing industries. We are partners of StoreHub Cloud POS and Workato for integration and automation for different enterprises.

We do not just build things/spaces or create software. Our focus is practical solutioning coupled with expert service delivery of software projects to maximize our clients’ investments in business automation solutions that they undertake. We partner with them to deliver the promise of success.

For further information, reach out to us at [email protected] or call us at +1 650 488 4412 (Global), +63 917 173 6625 (Philippines), +91 2240871095 (India), and +254 720 940 174 (Africa).

About the Author
Hugh Klesch-Sawyer
Hugh Klesch-Sawyer

Hugh Klesch-Sawyer, Digital Marketing Specialist

Hugh graduated with a Bachelor of Science degree from Old Dominion University. Discovering through a desire to help his church, that digital marketing skills were in short supply, he began to immerse himself in this knowledge.

In 2021, he completed a 6-month Digital Marketing certification course through the Digital Marketing Institute and was certified in that specialty after 4 months in the program.

In January of 2022, Hugh accepted a position as Digital Marketing Specialist with Softype. Since then, Hugh has completed 2 additional marketing certifications in search engine optimization and content marketing through HubSpot Academy.

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Ms. Juliana Luz

Co-Chairman and Co-Founder

Juliana (Nana) holds a Bachelor’s degree in International Relations from Stanford University.

The first development of cloud computing found Nana working in this area with her own start-up. Understanding the benefit of consolidating data and systems into a single version of the truth, she then partnered with NetLedger (now Oracle NetSuite) to offer a fully functional Enterprise Resource Planning (ERP) system built exclusively on the cloud.

Nana’s expertise includes envisioning change and delivering value to growth-oriented businesses. Utilizing ERP technology and her advanced skills in process optimization, she streamlines processes, eliminates redundancies and manual processes, and facilitates digital transformations for Softype clients.

A ‘hands-on expert, Nana has, since founding Softype, participated in dozens of projects across 26 countries in the Americas, Europe, Africa, and all over Asia. Nana serves on the board of La Proteccion de la Infancia (Gota de Leche) and United Success Global.

Mr. Hugh Klesch-Sawyer

Digital Marketing Specialist

Hugh holds a Bachelor of Science degree in Marketing Management from Old Dominion University.

As the son of a grocery store owner’s parents, Hugh started his marketing education early, beginning at around 10 years old. After beginning his Softype career in Sales, he discovered that additional marketing knowledge would be beneficial. He began to immerse himself in marketing education and in 2021, Hugh started a 6-month Digital Marketing certification course through the Digital Marketing Institute and American Marketing Association. After 4 months in the program, Hugh earned his Digital Marketing Specialist and Professional Certified Marketer certifications. In January 2022, he accepted a position  change from Sales/Business Development to Digital Marketing Specialist.

Hugh’s mantra is: “If you think you can or you think you can’t, either way, you’re right.”

Mr. Terence Michael C. Rena

Customer Success Officer

Terence holds a Bachelor of Science degree from the Polytechnic University of the Philippines with a major in Tourism Management.

Terence’s experience includes sales and marketing roles, particularly creating marketing strategies, promotions, and retention programs in the travel and tourism industry. Since joining Softype in 2021, Terence has been a prime driver of marketing insights and a facilitator of key marketing initiatives in the Asia Pacific region. Event management is his specialty, including both online and in-person events that attract potential Softype clients to engage with the brand. Additionally, Terence is the face of Softype to our clients in Asia and Africa, ensuring they receive optimal service.

Personally, Terence enjoys basketball, cycling, guitar playing, mecha (robot) modeling, and video games. His daily mantra is as follows: “I can do all things through Christ who strengthens me.”

Mr. Ebenezer (Ebe) Mutungwa

African Sales

Ebe holds a Bachelor of Science degree in Information Technology from Jomo Kenyatta University of Agriculture and Technology (JKUAT) in Nairobi, Kenya.

Ebenezer (Ebe) Mutungwa earned his Bachelor’s Degree in Information Technology from Jomo Kenyatta University of Agriculture and Technology (JKUAT). Ebe combines outstanding communication skills with expert knowledge of NetSuite ERP (5 years in pre-sales for NetSuite Africa). Although, as Softype’s Sales officer for the African continent, Ebe works with organizations in various industries, he has a soft spot for nonprofit organizations. A previous
NGO manager, Ebe understands their challenges and demonstrates how they can leverage the Oracle NetSuite ERP and NetSuite’s Social Impact program to support their mission.

When not working, Ebe enjoys traveling, jogging, playing the guitar, and spending time with family and friends. His words to live by are “Through it all; all is well.”

Mr. Jack V. Lazo

North American Sales

Jack attended the University of the Philippines, majoring in Hospitality Management.

Jack’s experience includes 4 years in the broadcasting industry and more than 33 years in enterprise information technology solutions sales. In the broadcast industry, Jack learned to match his style to anyone’s; he uses this skill today to communicate in a manner his clients appreciate. Jack combines empathetic listening skills with IT solutions knowledge to understand the finer points of what his customers require, need, and want.

Jack prizes spending time with his family. When he has time, he enjoys listening to music and watching soccer and mixed martial arts.

Mr. Chris Beecroft CPA

Vice President of Sales

Chris holds a Bachelor’s Degree in Accounting from Florida Atlantic University, an MBA from Florida State University, and is pursuing a DBA degree from AMA University.

Chris has more than 16 years of software sales experience, including 13 years in ERP sales with Oracle and SAP. Combining his ERP and accounting knowledge (CPA), Chris finds the right solution for our clients. He dives headfirst into the details of his team’s engagements, ensuring that Softype’s solutions are always the best fit. Others describe Chris as action-oriented, hands-on, and accountable.

Personally, Chris enjoys tennis, squash, badminton, biking, and reading. He also enjoys leading others to change their lives by providing personal guidance. His words to live by are “Who Dares Wins.”

Mr. Upendra Rabde

Solutions Architect

Upendra holds a Master of Business Administration degree from Indus Business Academy in Bengaluru, India. His credentials include the academic specialties of Information Technology and Marketing.

Upendra’s experience includes business consulting and business process re-engineering. He brings more than 17 years of technical solution development experience to Softype. He counts experience in Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Supply Chain Management (SCM) integration projects in the manufacturing, telecom, healthcare, retail, banking, and insurance industries. He is proficient in procurement solutions and complex regulatory and compliance areas. Upendra also counts additional product management experience in the health care industry.

Joining Softype in 2021, Upendra brings a capability for hyper learning and an outstanding attitude, two traits in the Softype DNA, and is always a pleasure to work with.

On a personal note, he enjoys HAM radio operations and watching cricket matches. Upendra’s philosophy of life is summarized in his daily mantra: Past is history, future is mystery but today is a gift; that’s why it’s called present.

Ms. Pooja Manudhane

Product Manager

Pooja holds a degree in Engineering from the University of Mumbai. She has also completed an MBA focusing on accounting and business processes.

Pooja’s association with Softype began in 2012. She joined Softype as a Junior Functional Consultant. From the beginning, she was engaged in working with clients, specializing in training clients to undergo digital transformations successfully. Pooja developed a knack for visualizing ERP solutions to inefficient processes and communicating her vision to clients.

Pooja automated manual processes using the NetSuite ERP solution, thereby improving worker productivity. As her experience grew, Pooja received promotions to Senior Functional Consultant and Product Manager. She mentors junior colleagues in technical and business processes and, in so doing, helps evolve and propagate the Softype company culture.

Pooja understands that NetSuite ERP is the cloud ERP provider of choice because of the ease with which it can be adapted to different industries, its intuitive User Interface (UI), and the speed with which Softype can successfully implement it (a few months).

Pooja delights in working with customers in different countries. Her patient approach to managing change and guiding subordinates has won her praise from clients and co-workers

Ms. Prachi Shende

Program Lead, Education Vertical

Prachi has a Bachelor’s degree in Electronics from the University of Mumbai and a Master’s degree in Computer Science from the University of Texas.

Prachi began her working career in the US (California). Over the years, she has moved from a purely technical role to a techno-functional role. As a techno-functional consultant, she can work with business, functional, and technical teams. Her specialty is implementing and customizing systems aligned with industry best practices. During her tenure of service, Softype promoted her five times in five years, culminating with her current position. Versatile and dynamic, Prachi cherishes a fast-paced work environment that allows her professional skills to grow. Her work is in the K-12 and tertiary education domains. She oversees the Softype education ERP (edERP) product development and management. The edERP product continues to evolve and expand due to new requirements in an ever-changing education sector. This gives her a chance to grow by constantly reinventing herself.

Prachi’s passion is to help educational institutions grow by migrating their enterprise-wide resources to cloud based systems. She believes that “Given new situations, the market for edERP, i.e., education on the cloud service, is here to grow. It’s about how we best serve it.”

Ms. Manisha Hule

Chief Operating Officer

Manisha holds a Bachelor’s degree in Physics from the University of Mumbai.

Manisha is the delivery manager for Softype’s ERP services. Experienced in project planning and execution, she provides leadership for all Softype’s solution consulting and implementation activities. Manisha began her career at Softype, working in all of its various departments, culminating in her selection as a member of the Executive team. Manisha has experience in all aspects of project organization and delivery. An excellent team manager, Manisha ensures that customer projects get the optimum resources required, facilitating minimal risk implementations that meet delivery schedules. Manisha’s expertise and guidance are significant factors in ensuring, that, unlike many ERP vendors, Softype implementations are delivered successfully and on time.

Mr. Moses Rajan

Global Finance Officer

Moses holds a Bachelor’s Degree in Commerce from the University of Mumbai, specializing in Accounting and Economics.

Moses has more than 15 years of experience in ERP implementations and rollouts in a wide variety of industries across multiple geographies. He has engaged with clients across the Americas, Europe, the Middle East, and Asia. Building on this experience, Moses helps Softype’s customers manage the financial complexities of multi-books, multi-currencies, multi-exchange rates, landed costs, and the myriads of tax regimes such as sales tax, VAT, GST, and others that impact businesses. Working with Softype’s customers, Moses brings his experience to bear on their challenges of dealing with budgets, cash flows, currency revaluations, and financial controls.

Mr. Nikunj Shah

Chief Executive Officer

Nikunj holds a Bachelor’s Degree in Commerce from the University of Mumbai, specializing in Audit and Finance.

Striking a balance between theory and practice, Nikunj helps clients through solution consulting and implementation work. Working at the nexus of accounting and technical change, his wisdom and insights are invaluable in steering the digital transformation of Softype clients. With extensive technical awareness and expertise, he is particularly adept at juggling multiple stakeholder interests that manifest themselves during the journey, always mindful of the client’s interests while fostering the teamwork and trust needed by all.

Nikunj’s portfolio includes designing an accounting solution and implementing best practices for the order to cash, procure to pay, and cost accounting processes. He has enabled ERP solution implementations across many countries, including Nigeria, South Africa, Japan, Thailand, and the United States of America.

Nikunj professes that “Digital Transformation requires People, Processes, and Technology to be in harmony. Where this synergy exists, success will follow.”

Dr. Arvind Khilnani

Chairman and Co-Founder

Dr. Arvind holds a Bachelor’s degree in Electrical Engineering (MIT, Cambridge, Massachusetts), a Master’s degree in Management (MIT Sloan School) and a Ph.D. in Engineering Economic Systems (Stanford University).

A dedicated teacher and mentor, Arvind believes in Leadership through inspiration. Trained as a mathematical modeling and optimization analyst, Arvind focused his early career on developing tools to enable company growth. He worked with Fortune 500 companies to adapt their use of technology for growing new, evolving markets. Presently his efforts seek to expand these tools to small and medium enterprises.

Since co-founding Softype, he has channeled his energies to help international organizations grow by leveraging the benefits of technology, including process optimization and automation.