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Netsuite
Website: http://www.netsuite.com/
Company: NetSuite Inc.
Location: California, USA
Founder(s): Larry Ellison, Evan Goldberg
Shareholder(s): Larry Ellison (majority); common stock traded on NYSE
Launch Date: 1998
Number of Employees: >1000
Number of Paying Customers: >5600
Cost: $4,800 /year (max. 3 users), $45,000 /year (12 instalments of $3750) (unlimited users)
Free Trial: On request.
The NetSuite Story
As of March 11 2009, NetSuite shareholder, Larry Ellison, ranks 14th on the Forbes rich list. His acquisition of the NetSuite platform cost him a whopping $125 million. Judging by the current price list, however, the dented coffers will not have to wait long for a refill.
Much like the CODA 2go accounting platform, NetSuite is the brainchild of an enormous corporation. The package may not demonstrate the accessibility of other Software as a Service (SaaS) applications, but in combining back-office functions with Customer Relationship Management (CRM) tools, the company has found a niche within the online accountancy market.
NetSuite is not a stand-alone accountancy package; rather, it is a complete business solution designed to cater for the needs of mid-level companies and audacious accountants, or to support commercial entities in their web-based endeavours. Freelancers and sole traders need not apply.
Links
Support blog for NetSuite e-commerce websites
Sources
PCMag Review of the NetSuite service
Information correct as at 18 May 2009
About the Author - Tim Fouracre
I've always been interested in computers and finance. I started out as a PHP developer and later qualified as a Chartered Accountant at KPMG.
Programming and accounting came together when I co-founded Clear Books online accounting software back in July 2008.
Showing 2 Comments
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Netsuite: As Interim MD at an IT Reseller with turnover of £10 Million+ I searched for suitable systems and settled on Netsuite, and we installed it and went live in January 2009.
I considered a lot of other systems before settling on Netsuite. I also had a pretty good understanding of what was around having been through a new system setup in a previous company a couple of years previous.
What I particularly wanted was a solid back-end accounting system that was multi-company/division, multi-currency, modern and flexible. I wanted it combined with full stock control (8,000+ product lines), customer database and CRM (we had 225,000 customers to import), and ideally an e-commerce front end. Our particular company was one of the largest Apple resellers and all 28 staff used Macs! So ideally I was looking for a solution that was cross-platform. I did consider options like Sage 1000 having used Sage Line 100 in the past, and Exchequer with Prospectsoft CRM also used previously; these would have required the additional cost of installing some PCs and running Windows on the more modern Macs. However, the advantage of an Saas implementation that truly runs in a browser is that it’s platform independent. Netsuite works fully on Macs (as does Clear Books).
Netsuite performed well and is still very successfully in use. I’m likely to choose to install it again in other companies where the size and complexity requires it. I hope that over time Clear Books will develop to have some of the many Netsuite features, but in reality Netsuite is WAY bigger and more expensive. Our implementation for 28 users with almost all the options enabled was about £30,000 per year, plus around £50,000 to implement it.
Rob Pickering
3 years ago
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Some hefty figures there Rob. Very interesting.
Over the next year Clear Books will look to keep the new features coming (fixed asset register, payroll etc ) but maintain the value for money.
We’ve come from nothing to where we are in 10 months, so the next 10 will be very exciting for us as we roll the new features out.
3 years ago
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