Oracle NetSuite: Key Features and Innovations to Expect in 2025 by Filip

Explore the top features and latest innovations of Oracle NetSuite for 2025, with insights from our accountant Filip. Discover how this powerful ERP solution streamlines accounting processes.

Post by Wilma Ivanisevic

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Accounting software is now an essential asset for businesses aiming to optimize workflows and enhance productivity. Companies rely on a variety of solutions that are specifically tailored to their unique needs - tools that not only handle basic bookkeeping but also empower accountants to tackle more complex, strategic tasks that add greater value to the business.

We asked our colleague Filip, one of our skilled accountants, about the software that powers his daily work. He shared why Oracle NetSuite stands out and highlighted some impressive new features expected in 2025. Read on to explore his insights and discover what’s next for this powerful ERP solution.

Can you tell us about Oracle NetSuite and its popularity?

Becky’s partner, with whom I work closely, operates in the retail business and uses Oracle NetSuite. It is a popular ERP (Enterprise Resource Planning) solution in the Netherlands, particularly among medium-sized businesses. It competes with solutions from competitors such as Microsoft Dynamics 365 and SAP Business ByDesign. NetSuite is known for its cloud presence and flexibility, making it a top choice for many companies.

How does NetSuite help in your day-to-day accounting tasks?

As accountants, we frequently need to provide ad-hoc reports for our clients. This often involves calculating costs from different angles and perspectives to extract useful data. Therefore, I believe the main quality an accounting software should provide, at the end of the day, is the ability to extract relevant information in the most organized and effortless way possible. For example, it should easily answer questions such as, “How much did we spend on electricity and gas in the previous quarter, per cost center?” or “What are our outstanding receivables, and which customers are overdue?” Generally, accounting software should make people’s working lives easier, and NetSuite excels in this area.

What are some key modules and features of NetSuite?

NetSuite has several modules that can extend its functionality. For instance, the Fixed Assets Management Module automatically calculates depreciation, and the NetSuite OneWorld Module assists multi-national business environments with different subsidiaries, legal entities, and business units. Another great aspect is its integration and automation. For example, Oracle NetSuite is compliant with SEPA electronic bank templates, widely used in the Netherlands and the European Union. There is an ongoing effort to introduce SEPA in certain Western Balkans economies starting from January 1, 2025. When properly set up, NetSuite can directly connect to banks’ systems, allowing for quicker, more convenient booking of bank transactions and creation of payments, while reducing the risk of potential mistakes.

Exciting New Features Coming in 2025

Oracle NetSuite recently announced a series of new product updates and AI innovations across its suite to help organizations increase efficiency and accelerate growth. These updates promise powerful AI capabilities, with comprehensive AI being already embedded in NetSuite. The new features include new procurement solutions, improved partner integrations, updated project management capabilities, user experience enhancements, new training resources, and an integrated benefits offering. These advancements further enhance NetSuite as a powerful tool for businesses looking to streamline their operations and stay ahead in a competitive market.

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How Does NetSuite Handle Large Volumes of Data and Scale with Business Growth?

One of NetSuite’s notable features is its scalability and ability to handle large amounts of data. For instance, it’s common for businesses to process 900-1400 invoices (or more) of the same type per month, especially for purchasing store inventory. Manually handling these invoices would be time-consuming and difficult. NetSuite allows for automated import scripts, enabling easy and seamless booking from an existing Excel database. These features, however, are not automatically accessible for accountants and are typically provided in cooperation with specialized NetSuite (ERP) consultants. In addition to external consulting companies, NetSuite offers optional in-house support for its users.

In your opinion, what is the key to choosing the right accounting software for businesses?

“At the end of the day, accounting is about people, not just software.”

Every ERP solution has its limitations and might not align perfectly with every client’s needs. The best software is one that minimizes these incompatibilities. Still, even with the best tools, we occasionally have to creatively combine and customize reports to meet client demands. It’s about finding the right balance and staying flexible so that we can always get the work done. NetSuite makes this possible with its adaptability, but ultimately, it’s our expertise as accountants that drives the success of any software solution.

Conclusion

Filip’s insights highlight the robust features and flexibility of Oracle NetSuite, making it a valuable tool for businesses seeking to streamline their accounting processes. With its ability to handle large volumes of data, automate tasks, and seamlessly integrate with other systems, NetSuite stands out as a top choice for medium-sized businesses, particularly in the retail sector.

Thank you, Filip, for sharing your valuable experience and insights on Oracle NetSuite. Your expertise helps us continue providing the best support and services to our partners.

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