Takeaways from SuiteWorld

Last month, Jenni and I attended SuiteWorld 2016 in San Jose, CA. Now we’ve come back full of knowledge and ready to tell you what we’ve learned. You’re welcome.

SuiteWorld is the annual conference for NetSuite, one of the leading cloud ERP’s out there.

What’s an ERP?

Enterprise Resource Planning (ERP) is a business management software that helps you integrate all the areas of your business. We’re talking accounting, purchasing, manufacturing, selling, etc. It’s a comprehensive software to help you manage your growing, changing, and complex business.

The theme for the conference was “make BOLD happen,” which they certainly delivered on. SuiteWorld was proof that there is a lot going on in the technology world and how we account for our businesses is ever changing.

Our key takeaways:

NetSuite has some pretty “Suite” (yes, I did that) capabilities including OneWorld, SuiteCommerce and SuiteBilling.

  • OneWorld – NetSuite’s OneWorld allows you to manage the complexities of your global business with multi-language, multi-currency, and multi-country capabilities. We are talking easier intercompany transactions, consolidation, statements and invoicing in multi-language, multi-currency, inventory management across locations (globally or by subsidiary). You name it, OneWorld can probably do it.
  • SuiteCommerce – NetSuite has a native ecommerce solution. That means you don’t have to have a different system for online versus in-store shopping. Not only will this allow you to provide a continuous and consistent experience for customers, it will allow you to better manage your inventory. Don’t even get me started on their advanced intelligent ordering system.
  • SuiteBilling – NetSuite announced its SuiteBilling with the mantra if you can sell it, we can bill it and recognize it. SuiteBilling allows you to unify your billing and provides you with the framework to be in compliance with the new revenue recognition standards. That’s right, you are able to bill for multiple revenue arrangements on a single invoice (usage, subscription and product)!

These are just some of the BOLDer capabilities. NetSuite also provides has some pretty “Suite” other capabilities as well such as expanded segment tracking (departments, locations, and even custom segments), dashboards, dunning (automated statements and credit holds) and inventory costing. And to top it all off, there are hundreds of applications that integrate seamlessly into NetSuite to provide enhanced capabilities like SyncHR, Expensify, Avalara, Bill.com, iCharts.

In summary, SuiteWorld was “Suite” and the advancements in technology are amazing. We are very excited to learn more about the technology available to help our clients be BOLDer.

Disclaimer: We’ll readily admit that we’re biased. Eide Bailly is a partner to many of the solutions mentioned in the blog, including NetSuite itself.

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