What are NetSuite Modules?
NetSuite modules are essential components within the NetSuite cloud-based business management software, tailored to meet the diverse needs of departments such as finance, sales, marketing, customer service, and inventory management. This comprehensive suite offers various modules designed to streamline operations. Each module acts as a specialized tool in a business toolbox, enabling customization and scalability to adapt to evolving requirements as businesses grow and change over time.
The unified platform approach provided by NetSuite modules allows businesses to benefit from the integration of critical features that are used in different sections of the company, thereby allowing seamless running of operations. As companies change with time in today’s fast-paced business world, they may want to optimize their financial processes or seek better ways of doing customer relationships or even a more efficient method of handling supply logistics. For any organization that desires growth and success in the present-day corporate environment, this is where the flexibility and scalability enabled by these NetSuite modules ought to come into play.
NetSuite Modules are Detailed Below
1. NetSuite Financial Management Modules
- NetSuite Advanced Financials this financial module features budgeting, expense allocations, amortization, and statistical accounting features to enhance your management capabilities.
- NetSuite SuiteBilling facilitates complex invoice and billing management by streamlining and automating subscription management and billing processes.
- NetSuite Revenue Management makes compliance with revenue recognition regulations easier by automating revenue forecasting, allocation, recognition, reclassification, and auditing processes.
- NetSuite AP Automation streamlines much of the invoice-to-pay process through one comprehensive account payable solution, helping reduce errors, enhance cost control, and maximize the productivity of AP teams.
- NetSuite Bill Capture allows you to upload vendor invoices into NetSuite quickly and effortlessly using email or drag and drop, bypassing manual data entry and automating your entire invoice collection process.
- NetSuite Planning and Budgeting makes creating accurate forecasts and budgets quickly and effortlessly, modeling what-if scenarios, and producing simple financial reports.
- NetSuite Account Reconciliation automates reconciliations for accounts such as payables and receivables (AP/AR), bank and credit card transactions, intercompany trades, prepaid accounts, accruals/fixed assets accounts, and any other balance sheet accounts linked directly to the general ledger.
- NetSuite Enterprise Performance Management (EPM) planning, budgeting, and forecasting are crucial steps for any business to define its financial goals and track its progress. Account reconciliation ensures the accuracy of your financial records. Financial close management refers to the process of finalizing your financial accounts at the end of an accounting period. Finally, tax, profitability, and narrative reporting provide valuable insights into your business’s financial health and performance, which can be used to make better business decisions
- NetSuite Multi-Book Accounting, finance departments can generate business transaction records, update multiple books simultaneously, and produce financial statements at all levels of accounting as required by the law.
- NetSuite OneWorld offers global business management capabilities for companies with multinational and multi-subsidiary operations. It enables your financial team to make provisions for the impact of changes in foreign currency exchange rates on cash flows arising from operating activities in a particular country, comply with local and regional tax laws, etc. In addition, it provides a combined view of global enterprise performance.
- NetSuite Dunning Letters creates an automatic dunning process within NetSuite, which helps collect account receivables through reminder letters before payment.
- NetSuite Fixed Assets Management is used to manage company-owned and leased assets, including flexible depreciation and amortization schedules and detailed asset reporting.
- NetSuite Electronic Bank Payments securely automates electronic funds transfer payments and collections.
2. NetSuite Customer Relationship Management Modules
- NetSuite CRM allows you to have a single view of your potential customers, clients, partners, and suppliers with sales, marketing, and support teams delivering current information, which ensures superior customer experience for increased sales as well as utilization.
- NetSuite CPQ allows quick and accurate configuration, pricing, and quoting of complex products directly by the sales force in NetSuite. This application can also be utilized to enable clients to build and price their products on your ecommerce site.
- NetSuite Contract Renewals automates the contract renewal process.
- NetSuite Incentive Compensation builds commission-based or other incentive schemes that can handle extensive hierarchies. Also, these commissions can be based on various factors such as quotas, quantities, service contracts, or profit margins to provide sales executives with such information.
3. NetSuite Business Intelligence Module
- NetSuite Analytics Warehouse is an AI-powered cloud data warehouse and analytics solution that integrates multiple data sources, such as NetSuite itself, among others like Shopify, Google Analytics, and Salesforce, to generate insights for action.
4. NetSuite Inventory and Order Management Modules
- NetSuite Advanced Inventory Management features expand on traditional inventory management capabilities by supporting demand-based replenishment, multi-location inventory management, matrix items, lot and bin management, serialized inventory, and serialization support.
- NetSuite Smart Count automates and enhances the efficiency as well as accuracy of the inventory count process.
- NetSuite Advanced Order Management functions by automating order promising, allocation, orchestration, and execution activities.
- Grid Order Management makes it easy to enter orders and manage multi-attribute SKUs.
5. NetSuite Commerce Modules
- NetSuite SuiteCommerce gives both B2B and B2C merchants an edge when it comes to creating outstanding customer experiences for their shoppers, driving more traffic into web stores to convert more people into buyers, and increasing online revenue streams.
- NetSuite SuiteCommerce MyAccount allows business buyers to complete everyday tasks online – including paying invoices, viewing account balances, tracking order statuses, and filing support cases – 24/7.
- NetSuite Connector simplifies bidirectional data mapping between NetSuite and your ecommerce storefronts like Shopify, point of sale (POS) systems like Oracle Simphony, and online marketplaces like Amazon/eBay as well as third-party logistics providers like ShipStation.
- NetSuite SuiteCommerce Advanced ecommerce solution; developers have complete control. In addition to this, other NetSuite modules can also be integrated while maintaining their adaptability for developers and designers.
- NetSuite SuiteCommerce InStore, a full-featured mobile point-of-sales solution, enables sales associates to drive more sales and provide a satisfactory shopping experience by engaging customers more effectively with complete inventory information as well as customer details.
6. NetSuite Human Resources Modules
- NetSuite SuitePeople Payroll automates accurate payments to employees and contractors while accounting for deductions, taxes, and adjustments related to multistate workers. It also helps track time and attendance data.
- NetSuite SuitePeople HR offers an easy way to store employee records and information while also generating real-time analytics that bridge HR with financials.
- NetSuite SuitePeople Workforce Management allows employees to clock in/clock out efficiently, view their schedules, request shift changes, and submit shift requests all from within one app.
- NetSuite SuitePeople Performance Management gives a new vision to employee reviews by monitoring goals and offering recognition tools.
7. Field Service Management Modules
- NetSuite Field Service Management Modules help strengthen field-to-office communications, streamline scheduling and dispatch procedures, manage inventory and customer assets more effectively, and deliver real-time information directly to field technicians.
8. NetSuite Professional Services Automation Modules
- NetSuite SuiteProjects is designed to assist project teams in successfully delivering quality projects by unifying and automating essential aspects such as staffing, scheduling, budget tracking, and billing functions.
- NetSuite Project Management makes it easy to create and manage project schedules, assign resources to tasks, control billing and revenue collection processes, and assess the profitability of each project.
- NetSuite OpenAir can transform the service delivery lifecycle for your company, helping more projects get completed on time and within budget, with project, resource, billing/invoicing/time/expense management all rolled into one solution.
9. NetSuite Supply Chain Modules
- NetSuite Warehouse Management System (WMS) helps improve warehouse operations by providing guidance for picking and packing tasks, automated cycle counting, barcode scanning, and wave-picking capabilities.
- NetSuite Ship Central empowers warehouse workers with packing and shipping capabilities on mobile devices or kiosks to boost productivity.
- NetSuite Demand Planning helps balance supply with demand by using cost controls, lead times, and service levels as critical metrics for forecasting future demand.
- NetSuite Procurement helps streamline your company’s purchasing operations. Make the suppliers and prices of frequently bought items uniform throughout the entire firm, fully automate requisitions and purchases, and reconcile purchase orders, receipts, and invoices for better cash flow management.
- NetSuite Quality Management adjusts your data arrangement for product testing. Configure all product test spots or inspection schedules on a single platform. This can be achieved through a user-friendly interactive application that is accessible from any browser or mobile device with up-to-the-minute results in real-time.
- NetSuite Work in Process (WIP) and Routings helps you understand the overall manufacturing process. So, it lets you see resource requirements better than other products do; tells you which resources are under-utilized or over-utilized; provides an estimate of how much time will be taken up by the process; indicates how many materials will be consumed.
- NetSuite Work Orders and Assemblies support multi-level production of items made up of multiple components. Design complexes work orders to tell production what needs to be made, when it must be produced, and all its parts. It also integrates inventory into the manufacturing process so that it becomes more accurately available in real time.
See How NetSuite Modules can Benefit your Business
Frequently Asked Questions (FAQs)
Financial management, CRM, inventory and order management, supply chain, professional services automation, commerce, HR, and field service management are some of the modules provided by NetSuite.
Yes, many NetSuite Modules can be customized to meet your specific business requirements. The SuiteCloud Platform module provides tools and resources for customizing and extending the functionality of various modules through scripting, workflows, and integrations.
NetSuite Modules can be accessed and installed through the NetSuite Account Center. Some modules may require additional licensing or subscriptions, while others are included with your NetSuite subscription. The installation process typically involves downloading and deploying the module within your NetSuite account.
Yes, NetSuite allows for the development of custom modules using the SuiteCloud Platform. Developers can create custom applications, integrations, and extensions tailored to specific business needs. These custom modules can be deployed and managed within the NetSuite environment.
NetSuite offers support for its modules through various channels, including online documentation, knowledge base articles, and customer support. Additionally, there is an active NetSuite community where users can seek help, share insights, and collaborate on module-related topics.