NetSuite has become a staple of businesses around the globe. The cloud ERP solution allows companies to manage their finances from anywhere at anytime.

But despite its popularity, NetSuite also comes with a hefty price tag. In fact, the average cost per user for NetSuite is $1,188 per year. That means that even though NetSuite offers powerful features, it might not be worth the investment for every company.

Companies spend millions of dollars each year on software solutions such as NetSuiteHowever, they often fail to realize that these investments don’t always pay off. For example, many small and medium-sized businesses (SMBs) use NetSuite but still struggle to achieve profitability.

The reason: They’re paying too much for the software.

In this article, we’ll take a look at eleven ways your company can cut costs by using NetSuite more effectively. You can also read our article on “10 Tips To Save On NetSuite  Cost” to understand how you can save on NetSuite license and implementation cost.

1. Use NetSuite’s Mobile Apps

NetSuite has made it easy to access its financial data from any device. With mobile apps, you can view your accounts from your phone or tablet. You can also make payments right from your smartphone.

2. Automate Billing & Invoicing

NetSuite’s billing and invoicing capabilities are second to none. It’s possible to automate most of the processes involved in sending out bills and collecting payment. This frees up time so you can focus on other important business tasks.

3. Integrate With Other Systems

NetSuite integrates with hundreds of third party applications. These integrations allow you to pull information into NetSuite from other systems. This saves you time because you no longer need to enter the same information multiple times.

4. Create Customized Reports

You can create customized reports within NetSuite. These reports help you track key performance indicators (KPIs). You can then share them with employees and stakeholders.

5. Manage Contracts

Contract management is one of the biggest pain points for SMBs. But NetSuite makes managing contracts simple. You can set up automatic reminders when contracts expire, send notifications when customers aren’t following terms and conditions, and automatically renew expired contracts.

6. Track Inventory

NetSuite’s inventory tracking feature helps you keep tabs on stock levels. You can easily see what products are selling well and which ones are languishing on store shelves.

7. Optimize Expenses

NetSuite gives you detailed insight into how your expenses break down. You can quickly identify areas where you’re wasting money. Then, you can adjust spending habits to save money.

8. Improve Customer Service

One of the best things about NetSuite is its customer service tools. You can assign support tickets to specific users, add notes to existing tickets, and get updates via email.

9. Streamline Sales Processes

NetSuite’s sales process automation tool allows you to build automated workflows. These workflows streamline the sales process and increase efficiency.

10. Reduce Paperwork

Paperwork is a huge waste of time and resources. NetSuite eliminates paper forms and PDF documents, making it easier to manage paperwork.

11. Boost Employee Productivity

NetSuite empowers employees to do their jobs better. Employees can access real-time information, collaborate with colleagues, and receive alerts whenever something changes.

Disclaimer: I’m not sponsored by NetSuite.

In Summary

• NetSuite’s mobile apps let you access your financial data from any device
• NetSuite’s billing & invoicing capabilities are unmatched
• NetSuite integrates with over 300 third party applications
• NetSuite’s contract management system lets you automate the renewal process
• NetSuite’s inventory management system keeps tabs on stock levels
• NetSuite’s expense reporting tool shows you exactly how your expenses break down
• NetSuite’s customer service tools give you all the info you need to improve customer service
• NetSuite’s sales automation tool streamlines the sales process
• NetSuite’s paperless workflow reduces paperwork
• NetSuite’s employee productivity tool boosts employee efficiency
• NetSuite’s CRM tool puts everyone in the loop