NetSuite Modules in NetSuite - Your business growth companion - feature image showing people working on a computer.

NetSuite Modules: Your Business Growth Companion

Think your NetSuite ERP system can’t handle everything your business needs? Think again! Find the power of NetSuite modules. 

ERP solutions have grown immensely in the past few decades. To remain competitive, it is critical for a business to have a shared database across an entire company. There is no room for data inaccuracies and separate teams to not be on the same page anymore. Unified, data-driven business decisions will always win out. 

Let’s face it, NetSuite is the cloud-based ERP business management solution that offers a gold mine of features. 

But where do you even begin? In this post, we’re here to show the power of these NetSuite ERP modules, from core functionalities to advanced customizations, and how they will fit your unique needs.


What are NetSuite Modules?

Let’s start with the what. NetSuite is a powerful all-in-one business suite. But instead of being an inflexible system, it’s built with modular components –  building blocks you can mix and match to fit your unique needs. As your business grows, features are in place to grow with you versus hinder you. You get to scale vs stall easily. 

Modules in NetSuite Categories

NetSuite Financial Management Modules


Advanced Financials

Take accounting beyond the basics. Advanced Financials offers sophisticated tools for complex financial management needs.

Key Features:

  • Automated consolidations for streamlining the process of consolidating financial statements for multiple subsidiaries or business units.
  • Multi-currency management for global businesses to manage transactions and reports in various currencies.
  • Advanced amortization schedules for automated cost allocation of intangible assets or prepaid expenses.
  • Statistical accounts for tracking non-monetary data alongside financials, providing operational insights.

Benefits:

  • Increased efficiency in financial tasks.
  • Improved financial visibility and control for complex businesses.
  • Simplified global financial management.
  • Gain valuable operational insights with non-financial data.

Advanced Revenue Management

Manage your entire revenue lifecycle with precision and control.

Key Features:

  • Subscription billing for automated recurring billing, ensuring timely revenue recognition.
  • Milestone billing for clear revenue recognition based on project completion stages.
  • Revenue recognition management controls revenue recognition policies and accounting compliance.
  • Contract management for effective contract handling, tracking deliverables, and automated revenue recognition based on contract terms.

Benefits:

  • Improved revenue accuracy and recognition.
  • Streamlined billing processes for subscriptions and milestones.
  • Enhanced contract management and visibility.
  • Ensured compliance with accounting standards for revenue recognition.

AP Automation

Save time and resources with streamlined accounts payable (AP) processing.

Key Features:

  • Automated invoice processing to automatically capture data from invoices.
  • Approval workflows that route invoices for approval through predefined workflows
  • Scheduled and automated payments to vendors based on approval workflows.

Benefits:

  • Reduced manual data entry and errors through automated invoice processing.
  • Proper authorization before processing payments.
  • Improved cash flow management with real-time insights into upcoming payments.
  • Capture early payment discounts offered by vendors with automated, timely payments

Dunning Letters

Automate overdue payment reminders and increase collection efficiency.

Key Features:

  • Customizable Templates for designing professional and effective dunning letters.
  • Automated Scheduling for reminders sent based on invoice due dates and delinquency.
  • Escalation Levels for setting up dunning letters with increasing urgency to motivate timely payments.

Benefits:

  • Reduced time and effort spent on chasing overdue payments.
  • Improved collection rates with automated reminders.
  • Professional communication with customers regarding outstanding balances

Electronic Bank Payments

Eliminate the hassles of paper checks and expedite payments with electronic bank transfers.

Key Features:

  • Global payment support that accommodates a wide range of global and local bank formats.
  • Automated batch creation for efficient batching of payments based on various criteria, controls, and deadlines.
  • Enhanced authorization provides additional approval workflows before processing payments, adding a layer of security and control.
  • Multiple payment options facilitate various payment types, including vendor and employee payments, customer refunds, and direct debits.

Benefits:

  • Faster payments to vendors and suppliers improve cash flow and supplier relationships.
  • Reduced errors from manual check processing eliminate the risk of typos or misplaced checks.
  • Enhanced security through electronic channels minimizes the risk of fraud associated with paper checks.
  • Flexibility for international transactions.

Fixed Asset Management

Track and manage your company’s property, plant, and equipment (PP&E) effectively.

Key Features:

  • Automate depreciation expense calculation and recording for fixed assets to ensure accurate financial reporting.
  • Schedule and track maintenance activities to minimize downtime, extend asset lifespan, optimize asset utilization, and reduce repair costs.
  • Manage the process of disposing of assets effectively, ensure proper accounting treatment, maintain accurate asset records, and avoid accounting errors.
  • Track the location and condition of your fixed assets provides greater visibility into your asset portfolio and facilitates informed decision-making about asset utilization and investment.

Benefits:

  • Improved asset tracking and visibility help identify idle or underutilized assets, allowing for better asset allocation and potentially generating revenue through asset sales or rentals.
  • Accurate depreciation expense recording ensures compliance with accounting standards and avoids misrepresenting your financial health.
  • Optimized asset maintenance and reduced downtime to minimize production disruptions and associated costs, improving overall operational efficiency.

Multi-Book Accounting

Maintain multiple sets of books for different reporting purposes.

Key Features:

  • Compliance with different accounting standards
  • Schedule and track maintenance activities to minimize downtime, extend asset lifespan, optimize asset utilization, and reduce repair costs.
  • Manage the process of disposing of assets effectively, ensure proper accounting treatment, maintain accurate asset records, and avoid accounting errors.
  • Track the location and condition of your fixed assets provides greater visibility into your asset portfolio and facilitates informed decision-making about asset utilization and investment.

Benefits:

  • Cater to the specific reporting requirements of different entities or tax jurisdictions, ensuring accurate and compliant financial statements for all stakeholders.
  • Management Reporting: Create reports tailored to internal management needs that may differ from external reporting requirements. Gain valuable insights for informed decision-making that drive business performance.
  • Scenario Planning: Simulate different financial scenarios using different sets of books without affecting your primary financial data. Explore potential outcomes of strategic decisions and mitigate risks before implementation.

OneWorld

OneWorld is a powerful module designed for multinational businesses. It streamlines global operations by offering functionalities like:

Key Features:

  • Simplified global financial transactions and reporting with multilingual and multi-currency support.
  • Consolidated view of your global financial performance
  • Navigate international tax regulations with ease
  • Compliance with local accounting standards
  • Efficient management of global inventory

Benefits:

  • Saves time and resources associated with managing multiple systems for different locations.
  • Provides a holistic view of your global financial health, enabling better resource allocation and decision-making regarding investment strategies.
  • Ensures compliance with tax laws in various jurisdictions, avoiding penalties and potential legal issues.
  • Operates seamlessly within different regulatory environments, minimizing errors and ensuring accurate financial reporting.
  • Reduces carrying costs, avoids stockouts or overstocking, and optimizes inventory management across geographically dispersed locations.

Planning and Budgeting

This module empowers you to create accurate forecasts and budgets to drive financial performance.

Key Features:

  • Rolling forecasts that continuously update throughout the year to reflect changes in market conditions or business performance
  • Scenario planning to model different financial scenarios
  • Departmental budgeting collaboration
  • Variance analysis
  • What-if analysis

Benefits:

  • This leads to more informed financial decisions, reducing risks and maximizing profitability.
  • Allows for proactive planning and risk mitigation by exploring potential outcomes of different strategic choices.
  • Fosters better communication and alignment across the organization, ensuring ownership and buy-in from all stakeholders.
  • Helps control expenses and improve profitability by identifying areas where spending deviates from budgeted amounts.
  • It allows you to explore various possibilities and make data-driven decisions to achieve your financial goals.

SuiteBilling

SuiteBilling goes beyond basic invoicing, catering to complex billing requirements for subscription-based businesses and those with recurring revenue models.

Key Features:

  • Create a customized billing schedule based on subscription terms or usage tiers.
  • Automate revenue recognition based on contract terms or service delivery
  • Handle prorated charges for complex situations
  • Automate sending dunning letters for overdue payments
  • Manage subscription lifecycles (activations, renewals, cancellations)

Benefits:

  • Ensure accurate and timely invoicing
  • Reduce manual work and ensure accurate revenue recognition
  • Eliminate errors and streamline billing processes
  • Improve cash flow with timely collections
  • Streamline subscription management processes and improve customer experience.

Bill Capture

Streamline the process of capturing and processing supplier invoices with this module.

Key Features:

  • Automate data extraction from paper invoices or PDFs
  • Validate invoice data for accuracy
  • Route invoices for approval through pre-defined workflows

Benefits:

  • Reduced manual data entry and errors
  • Improved visibility into the accounts payable process
  • Minimize errors and discrepancies
  • Proper authorization before payment processing.

Account Reconciliation

This module simplifies the process of reconciling your bank accounts and other financial statements.

Key Features:

  • Automate matching transactions between NetSuite and bank statements
  • Maintain a complete audit trail of all reconciliation activities
  • Exception handling to flag and investigate any discrepancies between your records and bank statements

Benefits:

  • Save Time and Effort
  • Minimized Errors in Your Financial Statements
  • Enhanced Transparency and Traceability
  • Improve Accuracy of Financial Reporting

NetSuite Customer Relationship Management (CRM)

Turn leads into loyal customers with these powerhouses. Streamline sales pipelines, manage customer relationships effectively, and boost your win rates with opportunity management and sales commission tracking features.

Core CRM:

This core module forms the foundation of your NetSuite CRM system. It provides functionalities like:

  • Contact Management: Create detailed profiles of your customers, leads, and prospects, centralizing all relevant information in one place.
  • Opportunity Management: Track potential sales opportunities through the sales pipeline, manage quotes and proposals, and forecast revenue with greater accuracy.
  • Activity Tracking: Log and track all customer interactions, including phone calls, emails, and meetings, for a complete customer history.
  • Reporting and Analytics: Generate insightful reports on sales performance, customer trends, and campaign effectiveness.

Contract Renewals:

Streamline the contract renewal process and ensure recurring revenue with this module. Key features include:

  • Automated Renewal Reminders: Set up automated alerts to notify you of upcoming contract expirations, prompting timely follow-up with customers.
  • Renewal Management Tools: Manage the entire renewal process, from generating renewal quotes to negotiating terms and finalizing agreements.
  • Subscription Management: Effectively manage recurring subscriptions, including subscription billing, term adjustments, and cancellations.

Incentive Compensation:

Motivate your sales team and drive performance with this module. Benefits include:

  • Flexible Commission Plans: Define and manage complex commission structures based on factors such as sales volume, product mix, and customer profitability.
  • Real-Time Performance Tracking: Provide your sales reps with real-time insights into their performance against targets and commissions earned.
  • Automated Commission Calculations: Automate commission calculations, eliminating manual errors and ensuring timely payouts to your sales team.

CPQ (Configure, Price, Quote):

This module streamlines the process of generating accurate quotes and proposals.

Key features:

  • Product Configuration: Configure product bundles and pricing based on customer requirements and chosen options.
  • Automated Pricing Rules: Apply automated pricing rules based on product configurations, discounts, and promotions.
  • Proposal Generation: Create professional and error-free quotes and proposals with ease, accelerating the sales cycle.

By implementing these powerful NetSuite CRM modules, you can gain a 360-degree view of your customer relationships, optimize the sales process from lead generation to closing deals, and ultimately drive sustainable business growth. Consulting with a NetSuite CRM expert can help you identify the modules that best suit your specific sales methodology and customer interaction needs.

Inventory and Order Management

NetSuite Advanced Inventory Management:

This module goes beyond basic stock management, providing sophisticated features like:

  • Lead Time and Safety Stock Management: Based on historical data and lead times, automate calculations and maintain optimal stock levels.
  • Multi-Location Inventory Management: Track inventory levels across multiple warehouses and locations, ensuring real-time visibility and efficient fulfillment.
  • Lot & Serial Number Tracking: Track inventory at the lot or serial number level for enhanced control and traceability.
  • Demand Forecasting: Leverage historical sales data and market trends to forecast future demand and optimize inventory levels.

NetSuite Smart Count:

Streamline and automate your cycle counting process with this module. Benefits include:

  • Wave Counting: Perform cycle counts in smaller, more manageable waves throughout the year, minimizing disruption to your operations.
  • Variance Analysis: Analyze discrepancies between your inventory system and physical counts, identifying areas for improvement.
  • Mobile Counting: Utilize mobile devices to perform cycle counts, improving efficiency and data accuracy.

NetSuite Advanced Order Management:

This module empowers you to manage complex order fulfillment processes with greater control. Key functionalities include:

  • Order Promising: Provide accurate estimated delivery dates to customers based on real-time inventory availability.
  • Pick, Pack, and Ship Management: Optimize order picking, packing, and shipping processes to speed up fulfillment.
  • Advanced Routing and Rules Engine: Automate order routing based on pre-defined rules, such as product location or shipping preferences.
  • Backorder Management: Effectively manage back-ordered items, keep customers informed, and prioritize fulfillment based on need.

Grid Order Management:

This visual interface simplifies the order management process, especially for businesses with complex products or configurations. Key features include:

  • Drag-and-Drop Order Configuration: Build orders visually by dragging and dropping product components onto a grid interface.
  • Bill of Materials (BOM) Management: Easily manage complex bills of materials for products with multiple components.
  • Kitting and Assembly Management: Streamline the process of assembling kits and pre-configured products based on orders.

Manufacturing Execution (MES):

This module caters to discrete manufacturers by providing functionalities like:

  • Work Order Management: Manage production work orders efficiently, track progress, and monitor resource utilization.
  • Shop Floor Control: Gain real-time visibility into shop floor activities, identify bottlenecks, and optimize production scheduling.
  • Quality Control Management: Enforce quality control measures throughout the manufacturing process, ensuring product consistency.

Ship Central:

This module streamlines the shipping process for businesses with high-volume or complex shipping needs. Key features include:

  • Multi-Carrier Shipping Management: Compare rates and select the most efficient carrier for each shipment.
  • Automated Shipping Label Printing: Automate the generation and printing of shipping labels, saving time and reducing errors.
  • Warehouse Management System (WMS) Integration: Integrate Ship Central with your WMS for a seamless inventory and order fulfillment data flow.

Production Scheduling:

This module empowers manufacturers to optimize production schedules based on demand and resource availability. Benefits include:

  • Finite Scheduling: Schedule production based on actual resource capacity, providing a realistic view of lead times.
  • Visual Scheduling: Utilize a visual interface to drag-and-drop production orders and optimize sequencing.
  • Material Requirements Planning (MRP): Automatically generate material requirements based on production schedules, ensuring timely availability of components.

NetSuite Supply Chain Management

Inventory Management: Gain real-time visibility into your inventory levels across all locations, allowing for better stock optimization and reduced risk of stockouts. The module provides features for:

  • Inventory forecasting
  • Reorder point calculations
  • Multi-location management with transfers
  • Various inventory costing methods (FIFO, LIFO)
  • Procurement Management: Manage your relationships with suppliers efficiently. NetSuite SCM helps automate purchase orders, track vendor performance, and optimize purchasing decisions to get the best possible deals.
  • Manufacturing Management:  For businesses with manufacturing operations, the module offers features to:
    • Manage bills of materials (BOMs), which specify components needed for finished products
    • Create production plans and work orders to schedule and track manufacturing activities
    • Manage shop floor operations and track resource utilization
  • Order Management: Process sales orders efficiently from various channels (online store, phone calls) in a centralized platform. The module facilitates:
    • Automated order fulfillment with picking, packing, and shipping functionalities
    • Multi-channel order management for online stores, physical stores, and marketplaces
    • Handling complex order scenarios like backorders, split shipments, and returns
  • Warehouse Management System (WMS) Integration: Integrate with a WMS to automate warehouse processes, optimize picking routes, and gain real-time visibility into warehouse operations.
  • Demand Planning:  Forecast future customer demand to ensure you have the right inventory levels to meet demand and avoid stockouts or overstocking.
  • Real-time Visibility: Gain access to real-time data across your entire supply chain, providing insights into inventory levels, order status, production progress, and supplier performance. This allows for proactive decision-making and faster response times.

NetSuite Professional Services Automation

With these game-changers, you can keep projects on track and under budget. You can plan and schedule tasks, allocate resources effectively, track project costs, and collaborate seamlessly with your team—all within the NetSuite platform.

Here are some key features of NetSuite PSA:

  • Project Management: SuiteProjects offers tools to plan, track, and collaborate on projects efficiently. These include features like task management, budgeting, communication tools, and real-time project dashboards.
  • Resource Management: The PSA module helps you allocate and manage your team’s time and skills effectively. It allows you to track resource availability, identify skill gaps, and optimize project staffing.
  • Project Accounting: NetSuite PSA integrates with NetSuite’s core financial management system, allowing you to track project costs, automate revenue recognition, and ensure accurate and timely billing.
  • Time and Expense Management: The system allows employees to easily submit timesheets and track expenses associated with projects, ensuring accurate project costing and billing.
  • Billing and Invoicing: SuiteProjects offers functionalities to automate the billing process based on project milestones, time and materials used, or fixed fees. This streamlines invoice generation and reduces the risk of errors.
  • Analytics and Reporting: NetSuite PSA provides insightful reports and dashboards to help you gain real-time visibility into your project performance, resource utilization, and overall business health.

NetSuite Commerce Modules

  • Pre-Built Integrations: Simplifies connection with popular ecommerce platforms, point-of-sale (POS) systems, online marketplaces, and third-party logistics (3PL) providers, eliminating the need for custom integrations.
  • Seamless Data Synchronization: Ensures automatic and two-way data flow between NetSuite and connected applications, including inventory levels, orders, fulfillment details, and customer information.
  • Automated Workflows: Streamlines processes by automating tasks like sending orders to warehouses or 3PLs, reducing manual work and potential errors.
  • Real-Time Visibility: Provides a holistic view of inventory, orders, and customer data across all connected channels, enabling informed decision-making.
  • Scalability and Flexibility: Adapts to your business needs by supporting multiple integrations and accommodating growth as your business expands.

Choosing the Right Modules in NetSuite for Your Business

With an abundance of modules in NetSuite available, choosing the right ones for your business can seem daunting. Here’s a recommended approach:

  1. Identify Your Business Needs: The first step is to thoroughly assess your current business processes and identify areas for improvement. What challenges are you facing? Where can you streamline operations or gain greater visibility?
  2. Prioritize Functionality: Once you clearly understand your needs, prioritize the functionalities that will deliver the most significant impact. Consider factors like cost, implementation time, and the potential return on investment (ROI).
  3. Seek Expert Guidance: NetSuite consultants can be invaluable partners in navigating the module selection process. Their expertise can help you identify the most suitable modules for your specific requirements and ensure a smooth implementation.

The Implementation Journey

Implementing NetSuite modules is a strategic decision that requires careful planning and execution. Here are some key considerations for a successful implementation:

  1. Data Migration: Migrating your existing data to NetSuite is a crucial step. A well-defined data migration plan ensures a smooth transition and minimizes disruption to your business operations.
  2. Change Management: Implementing new systems often necessitates a change in mindset and workflows. A comprehensive change management strategy can help employees adapt to the new system efficiently and minimize resistance.
  3. Training and Support: Providing adequate training to your employees on the new modules is essential. NetSuite offers a variety of training resources, and you can also consider partnering with a NetSuite consultant for customized training programs.


We will leave you with this…

NetSuite is a very powerful cloud-based ERP solution for all your business needs. Its extensive library of modules offers a diverse toolkit to address your specific business needs. From core financials to advanced features like e-commerce integrations and global capabilities, NetSuite can help you streamline operations and gain deeper insights.

Need help getting started with NetSuite modules? Our team of experts is here to guide you. Contact us today for a free consultation to explore how we can tailor NetSuite modules to maximize your business potential.

Are you ready to grow and future-proof your business?

We can help NetSuite help you with our expert NetSuite solution services. You are not just a number or the next business we work with. We value each customer and want to see you succeed. Our thoughtful approach and top customer service build long-term relationships.

Whether it is a NetSuite implementation, an integration, automation, customization, or even a fractional CTO, we can provide!

There is no challenge that we can’t solve for your business.

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