NetSuite Review and Audit: Uncovering Hidden Potential

July 3, 2024
A man jotting down information on a clipboard during a NetSuite Review and Audit.

If you are looking to optimize your business operations, a comprehensive NetSuite review and audit may be the solution you need. NetSuite is an all-in-one business management software that offers a suite of applications, including financial management, inventory management, and customer relationship management. By conducting a thorough review and audit of your NetSuite system, you can gain a comprehensive view of your business operations and make informed decisions.

One of the key benefits of conducting a NetSuite audit is the ability to identify areas for optimization and improvement. By analyzing your data and reporting capabilities, you can gain insights into your business processes and identify areas for improvement. For example, you may discover that certain inventory management practices are slowing down your order fulfillment process, or that your financial reporting could be more streamlined. With this information, you can make data-driven decisions to optimize your operations and improve your bottom line.

In addition to identifying areas for improvement, a NetSuite audit can also help you ensure compliance with regulatory requirements and internal controls. By enabling audit enablement features, you can build and manage proper internal controls over your financial reporting. This can help you avoid costly compliance violations and streamline your audit processes.

NetSuite Overview

If you're looking for a comprehensive ERP and business management solution, NetSuite is one of the most popular options available. It offers a wide range of features and capabilities to help you manage your business more effectively. In this section, we'll provide an overview of NetSuite, including its ERP and business management capabilities, user interface and customization options, and integration with other systems.

ERP and Business Management Capabilities

NetSuite is a cloud-based ERP system that offers a suite of business management tools to help you manage your operations more efficiently. It includes modules for accounting, financial management, inventory management, supply chain management, and more. With NetSuite, you can manage your entire business from a single platform, which can help you save time and reduce errors.

User Interface and Customization

NetSuite's user interface is designed to be intuitive and easy to use. It offers a customizable dashboard that allows you to see the information that's most important to you at a glance. You can also customize the look and feel of the system to match your brand. NetSuite's customization options are extensive, allowing you to tailor the system to your specific business needs.

Integration with Other Systems

NetSuite offers a wide range of integration options, allowing you to connect it with other systems you may already be using. It includes built-in integrations with popular CRM systems like Salesforce and HubSpot, as well as accounting software like QuickBooks. Additionally, NetSuite offers an open API, which allows you to build custom integrations with other systems.

Overall, NetSuite is a powerful ERP and business management solution that can help you streamline your operations and improve your bottom line. Whether you're looking for a system to manage your accounting, supply chain, or customer relationships, NetSuite has the capabilities you need to succeed.

NetSuite Audit and Compliance

As a business owner, you need to ensure that your financial records are accurate, transparent, and compliant with regulatory requirements. NetSuite offers robust audit and compliance features to help you achieve this goal. In this section, we'll take a closer look at some of these features.

Audit Trail and Security Features

NetSuite provides an always-on audit trail that tracks all user activity in the system. You can access the audit trail by following these steps:

  1. Login to your NetSuite account and go to the "Reports" tab.
  2. Select "Audit Trail" from the list of report types.
  3. Choose the desired date range for the audit trail.
  4. Select the record type or module you want to review.
  5. Click "Run" to generate the audit trail report.

In addition to the audit trail, NetSuite offers a range of security features to protect your data. For example, you can set up role-based access controls to limit user access to sensitive information. You can also enable two-factor authentication for added security.

Financial Reporting and Revenue Recognition

NetSuite provides built-in analytics and reporting tools that enable you to generate accurate financial reports. You can drill down from summary reports to transaction details, which provides transparency for ongoing compliance with local statutory and regulatory requirements.

NetSuite also offers robust revenue recognition capabilities that comply with the latest accounting standards. You can automate revenue recognition schedules, track deferred revenue, and generate revenue recognition reports.

Internal Controls and Transparency

NetSuite enables you to build and manage proper internal controls over your financial reporting. The use of NetSuite as a financial system provides the opportunity for financial process controls to exist in a single system for the organization and then extend that functionality.

NetSuite provides system notes that track many data and configuration changes. In most cases, you can determine whether a record, or a group of configuration settings, supports system notes based on whether a System Notes subtab is available on its NetSuite page.

In conclusion, NetSuite offers a range of audit and compliance features that enable you to manage your financials with confidence and transparency. By leveraging these features, you can ensure that your financial records are accurate, compliant, and secure.

Download the Salary Guide to compare average salaries of top NetSuite ERP professionals.

Implementation and Operations

Setting Up NetSuite

NetSuite implementation is a critical process that requires careful planning and execution. It is important to have a clear understanding of your current business processes and requirements before you start the implementation process. This will help you to identify any gaps and ensure that NetSuite is configured optimally for your business needs.

During the implementation process, you will need to set up various entities such as resources, employees, and customization objects. It is important to ensure that all these entities are set up correctly to ensure smooth operations.

Streamlining Operations with Workflows

NetSuite workflows are an essential tool for streamlining operations and automating processes. Workflows can be used to automate tasks such as approvals, notifications, and data updates. You can also use workflows to enforce business rules and ensure compliance with regulations.

To create a workflow, you will need to identify the trigger event, the conditions, and the actions. You can use a drag-and-drop interface to create workflows, making it easy to create complex workflows without any coding.

Troubleshooting Common Errors

NetSuite is a complex system, and it is not uncommon to encounter errors during the implementation and operations process. Some common errors include data import errors, script errors, and permission errors.

To troubleshoot errors, you can use the NetSuite Audit Trail to identify the source of the error. You can also review NetSuite's online help center for guidance on troubleshooting common errors.

In conclusion, NetSuite implementation and operations require careful planning and execution. By setting up NetSuite correctly, streamlining operations with workflows, and troubleshooting common errors, you can ensure that NetSuite is optimized for your business needs.

Advanced Features and Optimization

Netsuite offers a range of advanced features that can help optimize your business processes and improve your overall efficiency. In this section, we will take a closer look at some of these features and how they can benefit your organization.

Performance and Automation

Netsuite provides a variety of tools for optimizing system performance and automating repetitive tasks. One of the key features is the ability to create custom workflows that can automate complex business processes. With custom workflows, you can define rules and conditions that trigger specific actions, such as sending notifications, creating tasks, or updating records.

Another powerful feature is the ability to use scripting to automate tasks and customize the system to your specific needs. Netsuite's scripting language, SuiteScript, allows you to create custom scripts that can interact with the system's data and business logic. With scripting, you can automate data entry, generate custom reports, and even create custom user interfaces.

Reporting and Analysis

Netsuite's reporting capabilities are another key feature that can help you gain insights into your business operations. The system provides a range of pre-built reports that cover everything from financials to sales and marketing. You can also create custom reports using the system's report builder tool.

One of the most powerful features of Netsuite's reporting system is the ability to create saved searches. Saved searches allow you to define custom search criteria and save them for future use. You can also use saved searches to create custom reports and dashboards.

Customization and Scripting

Netsuite's customization features allow you to tailor the system to your specific business needs. You can create custom fields, forms, and records to capture the data that is important to your organization. You can also create custom lists to manage data more efficiently.

Scripting is another powerful customization tool that allows you to extend the system's functionality. With scripting, you can create custom workflows, automate tasks, and even create custom user interfaces. Scripting can also be used to integrate Netsuite with other systems and applications.

In conclusion, Netsuite's advanced features and optimization tools provide a powerful platform for managing your business processes. Whether you need to automate repetitive tasks, gain insights into your business operations, or customize the system to your specific needs, Netsuite has the tools you need to succeed.


In conclusion, conducting a regular NetSuite review is essential for maintaining optimal performance and ensuring alignment with your business goals. By following the best practices for objective evaluation, you can identify inefficiencies, ensure compliance with industry standards, and keep the system aligned with evolving business needs.

During the review process, it is important to focus on key areas such as system performance, integrations, and customizations to ensure they align with your business needs. Additionally, conducting a NetSuite audit can help identify any discrepancies or areas for improvement.

To ensure that your NetSuite instance is optimized, it is recommended that you schedule a NetSuite System Review with Atticus Solutions. Our pool of experts can help you identify areas for improvement and provide recommendations to ensure that you are getting the most out of your NetSuite investment.

Don't wait until it's too late. Book a call with Atticus Solutions today to schedule your NetSuite System Review and take the first step towards optimizing your NetSuite instance.

Long-Term Costs
Cost-effective for skilled talent
Cost-effective but needs initial investment
High, offers control and flexibility
Moderate, reduces overhead
Initial training and technology
Highest initial and ongoing costs
Access to nearby skilled talent
Large global talent pool
Maximum control over operations
Download the Salary Guide to compare average salaries of top NetSuite ERP professionals.
Key Differences
Not over PHP 250,000
Not over USD 434.49
Over PHP 250,000 but not over PHP 400,000
15% of the excess over PHP 250,000
Over USD 434.49 but not over USD 695.18
Over PHP 400,000 but not over PHP 800,000
PHP 22,500 + 20% of the excess over PHP 400,000
Over USD 695.18 but not over USD 1,390.36
Over PHP 800,000 but not over PHP 2,000,000
PHP 102,500 + 25% of the excess over PHP 800,000
Over USD 1,390.36 but not over USD 34,759.04

Frequently Asked Questions


Compare NetSuite ERP talent salaries

Attracting top NetSuite talent with clear job descriptions is the first step. Understanding salaries is your next key move! Download this free salary guide to view talent costs, offshore hiring tips, and more

2024 Atticus Solutions. All Rights Reserved