What is Netsuite?
Netsuite is the number 1 cloud ERP in the market. It is a cloud-based ERP software that helps businesses run efficiently and cost-effectively. The Netsuite business suite covers a wide range of areas like ERP(Enterprise Resource Planning), eCommerce, Financial management, CRM, Inventory and warehouse management.
Netsuite software is an online service that enables companies to manage all key business prospects in a single system. Companies use Netsuite for enterprise resource planning (ERP) and to manage inventory, track their financials, host e-commerce stores and maintain customer relationship management (CRM). The service involves no hardware, no large and upfront license fee, no maintenance fees associated with hardware or software, and no it comes with no complex software setup.
Some of the main features of Netsuite include:
- Order-to-Cash
- Audit Trail Visibility
- Procure-to-Pay
- Tax Management
- Flexible Depreciation Management
- Workflow Management
- Fixed Asset Roll forward
- Integrated Financial Reporting
- Flexible Payment Acceptance
Some of the advantages of using Netsuite include:
- Complete visibility of your supply chain
- Fast track quote-to-quote process
- Streamlined fulfillment flow and keep customers happy
- Accurate Revenue Recognition Management
- Financial Planning Helps You Achieve Goals
- Optimize Your Employees’ Capabilities
- Get the Most Out of Your Recurring Revenue Streams
What is Microsoft Dynamics?
Microsoft announced its first cloud ERP solution recently, Microsoft Dynamics 365 Business Central also referred to as “Dyn365BC”. With the news of Microsoft Dynamics 365 Business Central, existing legacy SL, GP and NAV customers are being forced to migrate to the new offering or consider popular alternatives, such as NetSuite.
Dynamics 365 is built on the NAV code base. While touting a multi-tenant architecture, Dynamics 365 Business Central is really just rearchitected single-tenant on-premise software on top of multi-tenant Azure and requiring the use of a middleware layer referred to as Common Data Service to integrate with other Microsoft applications (e.g. Dynamics CRM) and Microsoft’s ecosystem of solutions (e.g. Power BI, Microsoft Flow, Cortana and more). Business Central can be deployed on-premise and also in the cloud.
Some of the advantages of Dyn365BC include:
- Connects your entire business. Integrate your business by deploying one solution that manages your applications, ERP, CRM and Analytics along with Productivity tools like Office 365 and Power BI
- Automates and secures business processes. Improve productivity and get more done with easy-to-create workflows, audit trails, and enterprise-level security, CRM integration and meaningful reporting made easy.
- Provide an end-to-end view of your business. Centralize your data from accounting, sales, purchasing, inventory, and customer interactions to get an accurate end-to-end view of your business. All data stays up to date so you can spot trends, prevent issues, and deliver great customer experiences. With the cloud-based application, there is no need for manual or machine updates to be running to access the latest features and versions.
- Trusted technology provider. With Microsoft backing, it creates security as a trusted, leading technology provider for businesses of all sizes around the world.
- Enables mobility. Empowers a mobile workforce by delivering the same experience across devices, regardless of their location. All you need is the internet and a web browser and you can access your application from anywhere.
- Improved Business Intelligence. With Power BI make business decisions that are based on meaningful reports drawn out of business intelligence tools that get the most out of data modeling, discovery, and interactive visual reporting.
- Value for your money for existing Microsoft Dynamics customers. To help our existing Microsoft Dynamics customers with the transition to the cloud, Microsoft has an offering to showcase their investment in the on-premises products by providing at least 40% off the price of Microsoft Dynamics 365 through November 1, 2019.
Here’s a table comparing Netsuite and Microsoft Dynamics:
| Parameter | Microsoft Dynamics | Netsuite |
| Overview | Microsoft Dynamics 365 Business Central is an all-in-one business management solution that helps companies connect their financials, sales, service, and operations to streamline business processes, improve customer interactions and make better decisions | Netsuite ERP is a complete Cloud ERP solution, which automates front and back-office processes like financial management, revenue management, fixed assets, order management, billing, and inventory management and more. With NetSuite ERP, companies can scale their businesses as they grow and streamline mission-critical processes. |
| Target Industries | ServicesWholesale DistributionManufacturingNonprofits | RetailEcommerceFinancials ServicesAdvertising,Media & PublishingHealthcareLife SciencesEnergyEducationTransportation & LogisticsNonprofitsServicesSoftware and SaaSManufacturingWholesale Distribution |
| Financial Management Features | Accounts PayableAccounts ReceivableGeneral LedgerMulti-CurrencyFixed AssetsForecasting & Budgeting | Accounts PayableAccounts ReceivableGeneral LedgerMulti-CurrencyFixed AssetsMulti-Company & ConsolidationRevenue RecognitionSubscription BillingForecasting & BudgetingFinancial Planning (PBCS) |
| Human Capital Capabilities | No features | Human Resources ManagementPayroll |
| Professional Service Automation | Project Management | Project ManagementResource ManagementTimesheet ManagementExpense Management |
| Pricing | $70 per month per user for Essentials$100 per month per user for Premium | Quote based pricing model |
Conclusion:
Microsoft Dynamics 365 Business Central is designed for small businesses with around 100+ employees and has a pretty limited complexity. If your business continues to grow in size and complexity you might be forced to migrate again to Dynamics 365 Finance and Operations
NetSuite is the only, proven cloud-based ERP that can work for both a small business and scale to meet the needs of enterprise size customers all on a single platform.