NetSuite Tutorial

This tutorial gives you an overview and talks about the fundamentals of NetSuite.

What is NetSuite and it’s OneWorld

NetSuite originally began as NetLedger in the late 1990s. Since its founding, the company and its software have undergone a number of changes. Today, NetSuite offers essentially three software services:NetSuite CRM+, NetSuite, and OneWorld.

The NetSuite product includes much of the functionality offered in OneWorld, but is meant for organizations with only a single legal entity. Clearly, the NetSuite product targets the upper end of the small business market. It’s specially suited to small businesses that forecast rapid near and long-term growth.

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Among the early adopters of NetSuite were companies in wholesale distribution, e-commerce, software, and software services. Also, companies with hybrid or non-mainstream business models often found NetSuite’s highly configurable software very attractive. Geographically dispersed organizations also found NetSuite to be an excellent solution, as it allowed access to remote users while avoiding costly infrastructure. Vendors, customers, partners, and especially employees could log in from anywhere at any time to do business in the same NetSuite account. NetSuite’s cost-effective and accessible software effectively leverages the Internet, which is now the most dominant feature of our business landscape.

The theme of offering an integrated end-to-end solution to modern business challenges continued with NetSuite OneWorld. With OneWorld, rolled out in late 2007, you could operate not only from any location in the world, but also through multiple legal subsidiaries, in multiple currencies and languages. OneWorld is therefore, in the simplest terms, a business management software solution for small and medium enterprises operating in a global economy that the Internet has changed forever.

We often field questions about the difference between NetSuite’s main software suites, so it probably makes sense to look at them in a little more detail and make sure the differences and similarities are well understood.

Frequently Asked NetSuite Interview Questions

NetSuite now has three main products:

• NetSuite
• NetSuite CRM+
• NetSuite OneWorld

 

NetSuite CRM+ is simply the CRM modules of NetSuite, including sales, marketing, and support. We will cover all of the CRM modules in our discussion of OneWorld, but we will not spend any time talking about NetSuite CRM+ as a separate product offering. Let’s also note here that a NetSuite CRM+ account may be upgraded to NetSuite or to OneWorld. We’ll cover the upgrade process in more detail in later chapters.

NetSuite is the full suite, including CRM, ERP, and Web Presence/E-commerce, which allows a single company or legal entity to operate its whole business on one system. If you have just one legal entity, then you can use NetSuite to run the business. Later, should you want to add another legal entity, you can upgrade your NetSuite account to OneWorld. All of the base OneWorld functionality described in our Netsuite Training  covers NetSuite, minus the ability to consolidate multiple legal entities every month, and a few functions that would only be useful to organizations with multiple legal entities.

The key difference between NetSuite and OneWorld is the addition of multiple subsidiary functionality in OneWorld. Of course, running several legal entities in a single OneWorld account raises some challenges: inter-company journal entries, intercompany sale and purchase transactions, inter-company time and expenses, inter-company commissions, inter-company inventory transfers, and inter-company accounting allocations.

While you can operate a single world wide company in NetSuite, you can operate multiple companies in your OneWorld account, with the functionality you need to do it all very efficiently.

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Author

Lianamelissa is Research Analyst at Mindmajix. A techno freak who likes to explore different technologies. Likes to follow the technology trends in market and write about them.