5 Gaps in NetSuite Accounting (and How to Fill Them)
For many B2B organizations, Oracle NetSuite is the pinnacle of accounting and operations management software. It does everything.
Or does it?
We love NetSuite. But for companies to use and successfully implement it properly, it’s critical to be aware of the platform’s advantages and limitations, especially regarding the ERP side of NetSuite.
Because no matter what industry you’re in, if you’re using the NetSuite ERP, your cash flow will be directly affected. Having a flexible but custom setup is everything.
But before we dive into how you can plug the gaps in the NetSuite accounting system, let’s examine why NetSuite implementations fail.
What Causes NetSuite Implementations to Fail?
According to Deloitte, 70% of digital transformations fail. The reasons range from poor leadership to a skillset deficit. And shifting from paper-based accounting or a smaller ERP to NetSuite is no exception.
A NetSuite implementation can fail for four major reasons, including:
- Poor use case research
- Failing to customize business processes
- Lack of employee training
- Not allocating resources and budget for a successful implementation.
Ultimately, whatever NetSuite solution you plan to implement, your professionals on the ground, who will be using the software for day-to-day operations, should be on-board. A successful transition will work from the bottom up when it comes to mapping processes and pinpointing areas for optimization with NetSuite.
That said, there are simply just some functions that NetSuite, as powerful as it is, doesn’t do. So let’s cover five missing or limited features you’ll want to consider when building your implementation.
5 Gaps in Netsuite Accounting Software (And How to Fill Them)
1. Poor reporting functionality
One of the leading advantages of digitizing accounts receivable is the ability to slice and dice reports efficiently. But the NetSuite ERP reporting process can be cumbersome and needs more customization. Furthermore, because ERPs are not automated, and data is added manually, you run the risk of more report discrepancies—either when data is added initially to the system or when compiling information.
Solution: You likely have several third-party integrations with NetSuite. Our AR automation SuiteApp provides end-to-end payment visibility and easy report generation. Access to your data should be effortless, and we ensure that NetSuite users can leverage their payment data without hassle or time delays.
2. Complicated customizations
While NetSuite is a robust platform, customizations can be tricky. Adding additional features and expanding the scope for payments adds weeks or months to launch new functionality. Therefore, it’s critical to map out the scope and use cases in detail before implementing the software.
However, sometimes you can’t help it and realize that the team could benefit from improved customization. When that happens, there are two options. Either NetSuite can add the function, or you can work with a third-party application. Usually, the latter option is more time-effective.
Solution: When it comes to payments, the more customized the experience is for your customer, the better. But you also need the payments set up to match the books. And if it can be automated, even better.
Paystand’s NetSuite integration ensures that your team has a simple but highly customized payments setup, with data that automatically syncs with your general ledger. So you get more control over the accounts receivables process for a fraction of the effort.
3. More currencies, more confusion
Cross-border, multicurrency transactions are more complicated than they sound. But every nickel and dime needs to be reported correctly—even if they are being converted from Indian Rupees or Euros.
Users have reported that multicurrency transactions may not be recorded properly in reports or the ledger. And you can’t turn multicurrency recording off once you’ve added it to your system.
Solution: SuiteApps (like us!) that fully support multicurrency can ease the burden of correct reporting and reduce errors. Since Paystand filters and organizes the multicurrency transaction data first, there are less likely to be discrepancies in NetSuite.
4. eCommerce limitations
SuiteCommerce Advanced plugs eCommerce into the NetSuite ERP powerhouse. But while it provides value for enterprise-level companies, the lack of options and custom solutions hits retailers hard.
Solution: To remedy its limitations, NetSuite also integrates with WooCommerce and Shopify. At Paystand, we can link up to your NetSuite ERP or WooComerce and add extensive customization to your checkout experience.
5. Lack of end-to-end payments automation
The Oracle NetSuite ERP can do a lot. But it’s not completely automated. Yes, you can schedule invoices for the future. Still, scheduling isn’t the same as automation. Instead of manually setting dates and times, automation takes care of it for you.
Solution: Paystand provides an end-to-end solution for accounts receivable professionals. Through a self-service customer portal, real-time verification, and automated collections workflows, it’s easier than ever to get paid.
Streamline Your NetSuite Experience
Paystand’s easy-to-implement NetSuite solution provides all the tools you need to reduce late payments and boost cash flow. As the Venmo of B2B transactions, we provide a secure and swift payments automation platform with 100% visibility into your accounts receivables.
But don’t just take it from us. See how effortlessly your accounting team can process payments in a custom demo.