How to Navigate the NetSuite Marketplace
An ERP system is crucial for any accounting team, and Oracle NetSuite is one of the most trusted solutions on the market. But like any other ERP, the NetSuite platform requires a marketplace of third-party apps to better serve its users.
The fact is, an ERP system is just the beginning of the digital transformation process. In fact, 65% of businesses end up coming over budget for their ERP because the management team later realizes that integrations are required for optimal usability and efficiency.
Oracle NetSuite's SuiteApp platform helps users to solve these challenges and rapidly find trusted solutions to improve their NetSuite ERP setup. Here is what you need to know about this virtual marketplace.
What is SuiteApp?
A SuiteApp application is third-party NetSuite integration vetted and approved by Oracle NetSuite.
An ERP system like Netsuite is robust, but all software can be improved, which is where the NetSuite Marketplace comes in. NetSuite's Marketplace provides a secure platform for NetSuite users to find software solutions to customize their ERP system called SuiteApp.
Most applications run entirely inside the NetSuite platform, but some are synced with other programs. Applications outside the platform sometimes require additional integration assistance, which is coordinated through NetSuite and the chosen partner.
An Overview of the NetSuite Marketplace
The NetSuite Marketplace is vast, but it's fairly easy to navigate. To find a NetSuite integration with the key features you need, you can filter options by:
- Business needs (such as analytics, benefits, EDI, and others)
- Industry or business vertical
If you have a specific integration in mind, you can also search the network directly. For example, there are integrations that can connect your NetSuite ERP to third-party programs like Shopify, Box, or Hubspot, among many others.
Considering how large the base ERP software is, it's easy to understand how extensive the application list can be. Depending on your business requirements, you can find a NetSuite-ready, seamless integration for just about everything, including commerce, analytics, inventory, order management, marketing campaigns, taxes, and accounting. And you're likely to have a choice of a few different solutions for every niche need.
Each integration has a detailed product page to help NetSuite users sift through potential solutions.
NetSuite customers can view key information about the solution on the integration page. Each page provides the following information:
- A brief description of the app
- Screenshots of the integration
- Key features overview
- Detailed features list
- Technical requirements
- Partner information
- Partner contact form
Optimizing your ERP Software for Accounting
For many NetSuite users, the problem isn't finding the right solution - it's finding out where to start, especially using several different features within the NetSuite platform.
For most, the best place to begin customizing their ERP system is in getting paid.
Optimizing your cash flow and reducing manual, repetitive tasks opens the door to later upgrades and helps businesses to remain financially stable, all while freeing up time for their accounting team. When a single invoice can take two minutes to process and costs between $15-30, it's easy to see how foundational a NetSuite integration for billing can be.
But simply automating invoice matching is only the beginning.
A sound accounts receivable (AR) platform can turbocharge your NetSuite ERP through:
- A superior self-service customer experience
- Multiple payment options, including bank-to-bank transfers
- Automatically verified record keeping, such as notarized receipts
- Syncing customer records and automatic payment posting in near real-time
- Automated collections workflows
- Bank-grade security standards or higher, such as using tokenization for sensitive customer records
- Enhanced data and analytics
- Smart lockbox capabilities
- Customized payment strategy options, such as enabling convenience and zero fees.
The time and cost savings from implementing a comprehensive and secure AR solution with your NetSuite account makes it a cinch to find the funds and resources to meet other key objectives. At the same time, it eliminates manual, essentially meaningless tasks and replaces them with high-value, purposeful work for the accounting team.
Get Paid with Paystand
Paystand is the Venmo of B2B transactions, and yes, you can find us in the NetSuite Marketplace. With over 160,000 business transactions running on its network, the Paystand SuiteApp offers a branded, seamless customer experience while making AR a breeze for finance professionals. Customers have saved over 50% on the cost of receivables and reduced DSO by over 60%.
NetSuite customers can easily request an installation of Paystand through the Marketplace, or they can contact us directly and see how easy billing is with our platform.