The Complete Guide to NetSuite Modules for New Users

Understanding NetSuite Modules

In today’s dynamic business environment, Enterprise Resource Planning (ERP) systems like NetSuite ERP cannot be overstated. They centralize operations, ensuring accurate data across all departments. Effective NetSuite implementation streamlines various business processes, facilitating seamless integration. 

Moreover, NetSuite migration allows businesses to upgrade from legacy systems without disrupting existing workflows. This ensures continuous improvement in a rapidly evolving market, making it essential for sustained business success.

What Are NetSuite Modules?

NetSuite modules are specialized components designed to extend the functionality of the NetSuite ERP platform. By integrating these modules, businesses can tailor the system to meet their specific operational needs. These modules not only streamline processes but also enhance the flow of information across various organizational functions. They enable customization in areas such as financial management, customer relationship management, inventory control, and e-Commerce.  With NetSuite modules, companies gain the ability to optimize their workflows, improve data accuracy, and boost overall productivity.

Key NetSuite Modules

NetSuite Financial Management Modules

  • Advanced Financials: Enhances budgeting and expense management within NetSuite ERP.
  • SuiteBilling: Integrates billing with revenue recognition standards.
  • Revenue Management: Automates revenue forecasting and recognition, ensuring compliance.
  • AP Automation: Streamlines invoice processing and payment workflows.
  • Bill Capture: Eliminates manual entry by automating invoice data capture.
  • Planning & Budgeting: Supports detailed budgeting with robust modeling tools.
  • Account Reconciliation: Standardizes reconciliation processes to improve accuracy.
  • Enterprise Performance Management (EPM): Enhances decision-making through integrated financial management.
  • Multi-Book Accounting: Records transactions across multiple standards without redundancy.
  • OneWorld: Manages multinational operations with ease.
  • Dunning Letters: Automates reminders for accounts receivable.
  • Fixed Assets Management: Tracks depreciation schedules accurately.
  • Electronic Bank Payments: Secures and simplifies electronic transactions.

NetSuite Customer Relationship Management Modules

  • CRM: Manages customer interactions and tracks sales performance efficiently.
  • Contract Renewals: Streamlines the renewal process to enhance customer retention.
  • Incentive Compensation: Manages complex compensation plans to motivate sales teams.
  • CPQ: Reduces errors in pricing complex products through automated tools.

NetSuite Business Intelligence Module

  • Analytics Warehouse: Offers deep insights by consolidating data across platforms.

NetSuite Inventory and Order Management Modules

  • Advanced Inventory Management: Optimizes stock levels and improves order fulfillment.
  • Smart Count: Ensures accurate inventory tracking and management.
  • Advanced Order Management: Automates order processing to increase efficiency.
  • Commerce Modules: Supports robust e-commerce integration.

NetSuite Commerce Modules

  • SuiteCommerce: Provides a seamless, customizable online shopping experience.
  • SuiteCommerce Advanced: Gives developers full control over ecommerce customization.
  • SuiteCommerce InStore: Enhances in-store customer experiences through mobile solutions.
  • SuiteCommerce MyAccount: Allows customers to manage transactions online effortlessly.
  • Connector: Links NetSuite with external ecommerce platforms seamlessly.

NetSuite Human Resources Modules

  • Payroll: Manages payroll and compliance for diverse workforces.
  • SuitePeople HR: Centralizes employee data and supports HR decision-making.
  • SuitePeople Performance Management: Enhances employee engagement through effective performance reviews.
  • SuitePeople Workforce Management: Manages scheduling and labor costs efficiently.

Field Service Management Modules

  • Streamlines communication and operations between the field and office.

NetSuite Professional Services Automation Modules

  • SuiteProjects: Integrates project management within NetSuite.
  • Project Management: Tracks project timelines and budgets effectively.
  • OpenAir: Offers tools for service organizations to manage operations globally.

NetSuite Supply Chain Modules

  • Procurement: Automates and standardizes purchasing processes.
  • Warehouse Management System (WMS): Enhances warehouse operations with advanced tracking systems.
  • Ship Central: Facilitates efficient packing and shipping operations.
  • Demand Planning: Uses historical data to predict and manage inventory needs.
  • Quality Management: Organizes and tracks product testing protocols.
  • Work in Process (WIP) and Routings: Provides insights into manufacturing processes.
  • Work Orders and Assemblies: Manages the assembly of complex products.
  • Advanced Manufacturing: Connects disparate manufacturing systems for streamlined operations.

Choosing the Right NetSuite Modules

Selecting the right NetSuite modules depends on your specific business needs and strategic goals. To ensure that your organization leverages NetSuite’s capabilities to its fullest potential, it’s crucial to adopt a strategic approach when choosing these modules. Collaborating with NetSuite implementation specialists, such as those from Hundred MS, provides expert insights and tailored advice based on your specific business processes and industry requirements. The professionals at Hundred MS are adept at identifying which modules will most effectively enhance your operational efficiency, improve data accuracy, and drive business growth. This personalized guidance is invaluable, helping you make informed decisions that will deliver long-term benefits to your organization.

Conclusion

Implementing the right NetSuite modules is crucial for harnessing the full power of ERP to drive business success. With a system as robust and versatile as NetSuite, tailored to meet the diverse needs of various industries and business models, any organization can enhance its operational efficiencies and strategic capabilities. At Hundred MS, our experts are committed to guiding you through every step of your NetSuite implementation and migration, ensuring that your business is equipped with the best tools to thrive in a competitive landscape.  

Nare Khachatryan

Nare Khachatryan

Business Analyst at Hundred MS

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Narek Abgaryan
Narek is the CEO and co-founder of Hundred MS. With a dynamic career that spans investment firms, asset management, risk management, and corporate finance, Narek has demonstrated a profound ability to navigate and innovate within the financial sector. His work across various countries and in diverse financial domains reflects a global perspective and an adaptable, forward-thinking approach. He Brings a wealth of knowledge and experience from the worlds of finance and technology. As a distinguished graduate of the University of Oxford and Hult International Business School, Narek has earned a reputation for excellence in the financial domain. His credentials, including the esteemed CFA and FRM certifications, are a testament to his deep understanding and expertise.
CFA, FRM
Narek Abgaryan
CFA, FRM, Fund Manager & CEO
Narek is the CEO of Hundred CJSC. Before embarking upon this position, he accumulated 7+ years of multinational experience including the positions of CEO, Head of Research and Member of the Board at various licensed and regulated investment companies. Narek is a graduate of Hult International Business School, Armenian State University of Economics and is currently pursuing his education at Saïd Business School of the University of Oxford. Narek is a CFA charter holder and a certified FRM.
Our Mission
Our mission is to extend our partner-based, specialized and cost-effective cooperation to our clients to enable them to focus on their long-term strategy and leverage their core competencies around value-creating activities, thereby boosting Armenia’s economic development.
Our Vision
We have a deep conviction that the financial system is the pillar of our civilizations. Economies that are exploding with growth are the ones that adopted modern finance. We aim to reach a reality where access to unconventional finance technics should be within reach of every economic unit. This shall empower everyone to allocate their human and financial capital more purposefully and innovatively for the benefit of a secure, wealthy, and responsible society.
Objectives
In "Hundred" CJSC, we are structuring our goals to revolve around the best interests of our investors and business partners. The basis we build our strategy on is satisfaction of expectations of our Clients, by bringing substantial profits to them through ethical management of investments, assets and portfolios. In the path of achieving the set tasks, we target new financial products adapted to the Client’s needs and offer variety combinations of interdisciplinary innovations. Following our set of values, we see our short-term goal in becoming one of the leading players in the domestic market, pursuing the long-term ambitious goal of integration into regional and global financial markets.
Corporate Values
We believe that earning the trust of each Client cements the next layer of the foundation of the Company’s reputation. Financial relations are built on trust; thus, our reputation is the heart of our business. Our allocentric approach to dealing with clients ensures that we always put their interests first. We do our utmost to make sure that our decisions are utterly disconnected from the greed when it comes to rendering our services. Promulgating ethics and adhering to the highest professional standards are the bedrocks of our corporate values.
  • Are your financial records more puzzling than they should be?
  • Has the audit process become a recurring nightmare for your firm?
  • Do important financial decisions stall due to unclear or absent financial reports?
  • Are high operational costs without clear returns keeping you awake at night?
  • Is hiring and maintaining a full-fledged financial team putting a strain on your resources?
  • Are you in the dark about your company's true valuation and need clarity?
  • Is the challenge of cleaning up your accounting books holding your business back?
  • Are outdated systems causing inefficiencies, prompting the need for an ERP implementation?
  • Have you identified the need for a robust risk management strategy but don't know where to start?
  • Are you looking for a one-stop firm that can handle everything from corporate strategy to asset management?
Are You Ready to Transform Your Businesses’ Financial Landscape?
Are You Ready to Transform Your Businesses’ Financial Landscape?
  • Are your financial records more puzzling than they should be?
  • Has the audit process become a recurring nightmare for your firm?
  • Do important financial decisions stall due to unclear or absent financial reports?
  • Are high operational costs without clear returns keeping you awake at night?
  • Is hiring and maintaining a full-fledged financial team putting a strain on your resources?
  • Are you in the dark about your company's true valuation and need clarity?
  • Is the challenge of cleaning up your accounting books holding your business back?
  • Are outdated systems causing inefficiencies, prompting the need for an ERP implementation?
  • Have you identified the need for a robust risk management strategy but don't know where to start?
  • Are you looking for a one-stop firm that can handle everything from corporate strategy to asset management?
Levon Garibyan
Levon, the co-founder and Business Development Director of Hundred MS, brings over a decade of international experience to his role. His career spans managing private firms with diverse business profiles across the UK, UAE, and Russian Federation. Levon has not only excelled in steering these companies towards growth but has also specialized in business development strategy and fundraising. His expertise in these areas has significantly contributed to the expansion and success of these firms. Levon's academic background is equally impressive, having studied at Cranfield University School of Management and Moscow State University of International Affairs (MGIMO), where he honed his skills in business management and international affairs.
Levon Garibyan
Levon is the Business Development Director and Strategy Specialist of the company. He acquired international experience of more than 10 years, managing private firms with various business profiles in UK, UAE and Russian Federation. Levon studied in Cranfield University School of Management and Moscow State University of International Affairs (MGIMO).
Business Development, Strategy & Fundraising
David Tarkhanyan
David is the co-founder of Hundred MS and the CEO of Hundred MS GmbH. His track record in delivering innovative financial solutions and driving performance improvement initiatives showcases his ability to lead complex projects and navigate the intricate world of finance. David's breadth of experience has equipped him with the unique ability to understand and address the multifaceted challenges businesses face today. His exceptional qualifications, marked by the CFA and FRM certifications, reflect his deep commitment to financial mastery and strategic insight. David's career is characterized by a wide-ranging experience in investment banking, performance management, controlling, and reporting, among other critical financial domains.
David Tarkhanyan
David Tarkhanyan
David Tarkhanyan
Financial Controlling Investment Banking
David is the co-founder of Hundred MS. He is a Banking specialist with a focus on Financial Controlling, Planning, and Performance Management. His experience extends more than 10 years in various investment banks in Vienna and Frankfurt. David studied Physics at Bauman University and Industrial Engineering at the American University of Armenia.