5 Gaps in NetSuite Accounting (and How to Fill Them)
Oracle NetSuite is widely used for accounting, but it has some gaps. Proper implementation is essential, and while it is powerful, it lacks certain features. Paystand's solutions address these gaps, enhancing the NetSuite experience for better operations and financial management.
For many B2B organizations, NetSuite Credit Card Processing is the pinnacle of accounting and operations management software. It does everything, but knowing its advantages and limitations is critical for a successful and proper implementation, especially for NetSuite's ERP side.
Using the NetSuite ERP will affect cash flow directly, regardless of the industry. So having a flexible but custom setup is essential for financial operations.
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 primary reasons, including:
- Poor use case research
- Failing to customize business processes
- Lack of employee training
- Not allocating resources and budget for a successful implementation.
Regardless of the NetSuite solution to implement, the professionals using the software must be on-board. When mapping processes and pinpointing areas for optimization with NetSuite, a successful transition will work from the bottom up.
But there are some functions that NetSuite, as powerful as it is, doesn't do. Let's cover five missing or limited features you'll want to consider when building your implementation.
What Are the Gaps in Netsuite Accounting Software?
1. Poor Reporting Functionality
One of the leading advantages of digitizing accounts receivable is efficiently generating reports. But the NetSuite ERP reporting process can be cumbersome and needs more customization. Since ERPs are not automated and data is added manually, the risk of report discrepancies is high—either when data is added initially to the system or when compiling information.
Solution.💡 You likely have several third-party integrations with NetSuite. Paystand's 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 extra features and expanding the scope for payments delays launching new functionalities. Mapping out the scope and using detailed cases is critical before software implementation.
But the team can always benefit from improved customization, which can be achieved in two ways:
- Add the function in NetSuite
- Work with a third-party application
Solution.💡 Regarding payments, the more customized the customer experience, the better. And with an automated payment set up for matching the books, even better.
Paystand's NetSuite integration provides a simple but highly customized payments setup, with automated data syncs with your general ledger. So you get more control over the AR process for a fraction of the effort.
3. More Currencies, More Confusion
Cross-border, multicurrency transactions are more complicated than they sound. All the money must be reported correctly, regardless of the currency.
Users have reported that multicurrency transactions must be recorded in reports or the ledger. And you can't turn multicurrency recording off once you've added it to your system.
Solution.💡 SuiteApps supporting multicurrency can ease the burden of correct reporting and reduce errors. Paystand filters and organizes these transaction data first, so discrepancies in NetSuite are less likely to happen.
4. eCommerce Limitations
SuiteCommerce Advanced plugs eCommerce into the NetSuite ERP powerhouse. While it provides value for enterprise-level companies, the lack of options and custom solutions hits retailers hard.
Solution.💡 NetSuite also integrates with WooCommerce and Shopify to remedy its limitations. Paystand links to the NetSuite ERP or WooComerce, adding extensive customization to the checkout experience.
5. Lack of End-to-End Payments Automation
The NetSuite ERP can do much, but it's not entirely automated. For example, you can schedule invoices, but 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 AR professionals. It's easier to get paid through a self-service customer portal, real-time verification, and automated collections workflows.
Streamline Your NetSuite Experience with Paystand
Paystand's easy-to-implement NetSuite solution provides all the tools 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.