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What is Netsuite

What is NetSuite?

Brought to you by NewGen, a customer-centric ERP consulting group with over 25-years of experience

Adam Kostopoulos
Adam Kostopoulos
As a former Ernst & Young consultant, NetSuite employee, and a CPA, Adam is a Solutions Consultant who helps NewGen customers squeeze every bit of value of their business systems. Send him an email or connect with him on LinkedIn.

NetSuite is the leading integrated cloud business software suite, including business accounting, ERP, CRM, and ecommerce software.

  • NetSuite is a full software-as-a-service (SaaS) enterprise resource planning (ERP) system that is used to manage all key processes in a single system.
  • NetSuite requires no hardware, no large upfront cost, or any long term maintenance fees.
  • NetSuite is cloud-based meaning it can scale infinitely with your business.

NetSuite’s Story (So Far!)

What is NetSuite

NetSuite was founded in 1998 by Evan Goldberg under the original name NetLedger, which offered web-hosted SaaS accounting software. In November 2016, Oracle acquired NetSuite for approximately $9.3 billion. NetSuite now operates as an independent GBU (global business unit) of Oracle and is managed by now Executive Vice President Evan Goldberg.

Type
A subsidiary of Oracle Corporation
Industry Computer software
Founded California (1998)
Headquarters
Redwood Shores, California, US
Key people
Evan Goldberg (SVP of Development)
Jim McGeever (President) (retired)
Lawrence (Larry) J. Ellison (stakeholder)
Services A cloud-based business management platform

NetSuite’s History

Goldberg, a former VP of Oracle, was provided seed money for NetSuite (then NetLedger) by Oracle CEO Larry Ellison. Around that same time, Ellison also provided seed money to another one of his VP’s to go start a cloud technology company – Marc Benioff the founder of Salesforce.

NetSuite launched just ahead of Salesforce and to this day claims the title of “the first cloud company” which is an impressive title to hold in 2020.

In the early days, NetSuite was licensed to Oracle under the brand “The Oracle Small Business Suite” but that program was short-lived.

In 2002, Zach Nelson was appointed CEO after his experience leads him to believe that the cloud was “the final frontier of software” and all software would soon be delivered in a SaaS model. Under Nelson’s leadership, the company grew to over 5,000 people and ran up to a billion-dollar run-rate before the Oracle acquisition.

NetSuite’s Offices

What is NetSuite

NetSuite maintains offices in:

  • Denver
  • Las Vegas
  • Austin
  • Chicago
  • Atlanta
  • New York City
  • Boston
  • Toronto
  • The United Kingdom
  • Spain
  • Czech Republic
  • Hong Kong
  • Singapore
  • Philippines
  • Australia
  • Uruguay

NetSuite’s Acquisitions

  • 2008: OpenAir – web-based timesheets and expense reports
    • NetSuite still sells the OpenAir PSA product under the OpenAir brand
  • 2009: QuickArrow – web-based professional services automation application
    • Solutions and staff were worked into the OpenAir and NetSuite PSA products
  • 2013: Retail Anywhere – retail e-commerce software
    • Solutions and staff were worked into SuiteCommerce products
  • 2013: TribeHR – human resource software for small to medium-sized businesses
    • Solutions and staff were worked into the SuitePeople products
  • 2013: LightCMS – content management software
    • Solutions and staff were worked into the SuiteCommerce Standard product
  • 2014: Venda – retail e-commerce software
    • Solutions and staff were worked into the SuiteCommerce Standard product
  • 2014: eBizNET solutions – advanced warehouse management
    • Solutions and staff were worked into the NetSuite WMS solution
  • 2015: Bronto Software – email service provider
    • NetSuite still sells the Bronto Marketing Platform under the NetSuite Bronto brand
  • 2015: Monexa – subscription billing and recurring payment
    • Solutions and staff were worked into the SuiteBilling product

What is NetSuite used for?

What is NetSuite, NetSuite Wheel

NetSuite is the #1 Cloud ERP and it provides a suite of cloud-based financials and ERP for over 18,000 customers in more than 200 countries.

It’s capabilities include:

  • Enterprise Resource Planning (ERP) – NetSuite ERP provides the features and functions to run your entire business on one platform, ERP reduces the silos within an organization and allows them to share information freely among each other to improve processes and reduce friction.
  • Netsuite OneWorld – NetSuite OneWorld allows an organization to have a real-time, unified view of their global business. OneWorld delivers multi-subsidiary, multi-currency, and multi-language features at a fraction of the cost of other similar systems. NetSuite OneWorld is FASB-52 compliant multi-entity organizations and has features for real-time consolidations.
  • Financial Management and Planning – NetSuite has a full general ledger accounting system backbone with a chart of accounts, A/R, and A/P. NetSuite also offers budget and planning tools through Oracle PBCS.
  • Customer Relationships Management (CRM) – NetSuite is the only cloud-based ERP system with a full CRM system allowing you to go from Opportunity to Quote to Sales Order all in one system.
  • Order Management & Supply Chain – NetSuite provides full order management including sales order management, inventory management, stock counts, and pick, pack, and ship processes for fulfillment.
  • Professional services automation (PSA) – For those that sell services and hours rather than physical goods, NetSuite offers PSA functionality including project management, resource allocations, service billing rate cards, and more.
  • Manufacturing – For those that manufacture, NetSuite offers light manufacturing with Work Orders & Assemblies to heavier needs like WIP (work in progress), manufacturing routings, shop floor management, finite manufacturing scheduling, and more.
  • E-commerce – NetSuite is also the only ERP with built-in e-Commerce solutions, there are flavors from the very simple B2B portal need all the way to something for the omnichannel retailer that has in-store and online e-Commerce.
  • HR & Human Capital Management (HCM) – NetSuite’s SuitePeople product allows users to manage their workforce, track promotions and employee goals, give “kudos” and awards, manage and pay Payroll (the US only), among other features.

Be sure to check out the complete guide on NetSuite modules including datasheets.

Related links:

How much does NetSuite cost?

NetSuite’s pricing varies prices based on two metrics: features/modules (which are collectively called the “Suite” or the “Suite fee”) and users.

As a NetSuite partner NewGen has access to the same pricing as NetSuite themselves and any other NetSuite partner. Use our Pricing Calculator and get a quote back in less than 15 minutes!

Get a free NetSuite quote

Who uses NetSuite?

NetSuite is used by more than 18,000 organizations in over 200 countries. Because of its expansive feature-set and robust platform extensibility, it’s a fit for almost every business type, including:

  • Wholesale Distribution
  • Retail
  • Manufacturing
  • Event-Based Organizations
  • Service Organizations
  • Software Companies
  • Nonprofit Organizations
👍 Did you know that over 50% of NetSuite buyers work with a partner? A partner like NewGen can help you get more out of your NetSuite licensing, more deeply understand your business, and be around to support you post go-live!

What is NetSuite similar to?

  • Acumatica
  • Intacct
  • Microsoft Dynamics NAV
  • SAP Business One
  • QuickBooks
  • Sage

Speaking of NetSuite, that’s our team’s specialty!

NetSuite Experts and Consultants

Top NetSuite Consultant

Need training and assistance with NetSuite? As a NetSuite partner for over 15 years, NewGen is a NetSuite partner that is ready to help you with the full scope of your NetSuite training needs.

From NetSuite evaluation to implementation, custom SuiteScripting and coding, business process, and optimization – NewGen is your one-stop-shop for NetSuite support and consulting.

With a reputation built on forging strong customer relationships, we aim to be an extension of your team for the long haul.

We have an entirely on-shore customer support team consisting of business analysts, developers, and CPAs, we have the in-house expertise needed to take your organization from “How do we do that?” to “What’s next?”. We help you maximize the value of your NetSuite system.

We’re easy to engage for any project with no long-term support agreements required. Use the forms around our website or – reach out if you’re ready to have a conversation about how we can help you!

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Reach out and let us show you all the ways NewGen is committed to your success.

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