NetSuite Training for Accounting Professionals: What You Need to Know

Sep 9, 2022 by Kelsey Banerjee

With 95% of businesses improving their business operations with ERPs, it’s no surprise that more and more organizations are investing in the software, with NetSuite taking over [10% of the global market](https://www.infoclutch.com/installed-base/erp/netsuite-erp/#:~:text=What is the global Oracle,NetSuite market share is 12%25.).

But like many comprehensive, best-in-class ERPs, NetSuite is BIG. Even excluding the hundreds of SuiteApp integrations, the core system is highly customizable and includes models for every department, from manufacturing to human resources and financial management.

And, as a solution geared towards accounts receivable (AR) professionals, we’ll stick to the finance portion.

If you’ve already dabbled in, or even extensively used, the NetSuite platform, you know what we’re talking about. Accounting professionals can do just about anything, including:

  • Send and schedule invoices
  • Reconcile payments
  • Manage multi-currency transactions
  • Budget and forecast revenue

Given how much the platform can do, it makes sense that so many professionals want to train in NetSuite or get certified. In fact, some (higher-paying) jobs might even require it!

We know the top questions:

  • Where do you get NetSuite training?
  • How much does it cost?
  • How long does it take to learn?

What are the different NetSuite modules for finance?

There are a number of NetSuite modules to ensure that every NetSuite user has all the tools necessary to run their business. For financial management:

  1. NetSuite Advanced Financials is for budgeting, expense allocations, amortization, and statistical accounts.
  2. NetSuite Suite Billing provides a portal for invoice and billing management while accounting for revenue accurately and compliantly.
  3. NetSuite Revenue Management automates revenue forecasting, allocation, recognition, reclassification, and auditing.
  4. NetSuite Planning and Budgeting offers functions for both company-wide and departmental budgeting and planning.
  5. NetSuite Multi-Book Accounting allows finance departments to compliantly create business transaction records across multiple books.
  6. NetSuite OneWorld supports multinational and multi-subsidiary operations.
  7. NetSuite Dunning Letters sets up an automated collection process.
  8. NetSuite Fixed Assets Management helps you track company-owned and leased assets, and calculates depreciation and amortization schedules.
  9. NetSuite Electronic Bank Payments allows users to send and receive electronic funds transfer payments.

There are, however, a number of different modules. For example, there are NetSuite CRM, Human Resources, Inventory, Supply Chain, and Professional services modules. What specific modules you will need and use depends on your current business need.

NetSuite training for accounting

If you're looking to master the NetSuite ERP for accounting, accounts payable (AP) or accounts receivable (AR) processes, you'll likely be looking at taking the NetSuite Financial User Certification Exam. The pre-requisites is a two-day course on financial management that costs $1,600.

This specific course covers how to handle:

  • Accounts payable workflows, including vendor management and issuing credit
  • Accounts receivable processes, such as receiving payments and invoicing
  • Banking and payment processing
  • Billing schedules and transactions
  • Budgeting
  • Expense allocation
  • Financial reporting and tracking KPIs
  • How to use journal entries and the general ledger
  • Period and yeard-end close workflows
  • Subsidiaries, classifications, and chart of accounts
  • Using smart dashboards

When enrolling in this course, it's recommended that you know basic accounting terms and have used NetSuite before. The exam itself requires that you have used NetSuite for at least three months.

The Financial User Certification exam is a 60-minute test with 30 questions and costs $150.

You can also receive ongoing training through the NetSuite Online Learning Center, which has dozens of courses and learning paths to guide you through the platform’s nuances.

How much does Netsuite training cost?

The financial management course, as mentioned, costs $1,6000. Single-day courses average around often $800.

Online courses and training programs can range between $100 to $800 or more. You can also choose to pay for NetSuite consulting on an individual basis, but this can also add up quickly. When consultants charge around $150 hourly, this can add up, especially if the courses or one-on-one sessions are weeks long.

How long does it take to learn NetSuite?

This is somewhat of a trick question. Before we know how long it might take to learn NetSuite, it helps to understand what NetSuite solution you are using.

If you've used an ERP or CRM before, your might get a hang of the NetSuite basics after a few days. But to really dive deep into the NetSuite platform, it helps to take part in a training program, especially for your specific module. Oracle Netsuite is robust and has nine separate modules for financial management alone, with many subsections and capabilities.

General users are advised to practice with the NetSuite platform for three months before their User certification exam. but administrator and developer roles may take well over a year to master. Most likely, you will need to invest in training sessions with experts to get a full understanding of the platform's capabilities.

Streamline Your NetSuite Processes with Paystand

Look, we don’t offer training. But as a SuiteApp integration and the Venmo of B2B transactions, we know NetSuite pretty well.

That’s why our application automates and enhances the AR-side of NetSuite. We help businesses:

  • Decrease DSO by 60% or more
  • Reduce fraud and chargebacks with real-time fund verification
  • Improve customer experience with easy self-service B2B payment methods
  • Boost revenue through payment strategy options, like zero-fee and convenience fee options

Our platform works wonders, but it all begins with mapping out and optimizing your specific payments process on NetSuite. To learn more about how you can improve your NetSuite experience (and not just with us), check out our B2B payments best practices guide.