During an Annexa-hosted webinar titled What's next after Xero? , we shared the many ways NetSuite outperforms Xero when it comes to handling advanced business needs. You can catch the full on demand session or explore our bite-sized videos to pick the features that appeal most to you. 

We concluded the session by answering questions posed to us by attendees. Here we highlight some of the questions and our responses in detail.  

Peter asked:  

Does NetSuite have a module that allows the management of large CapEx, asset investment? And what about project management? 

Our answer:  

Yes, NetSuite has a fixed asset module. It's linked to transactions within NetSuite, so as you post transactions to your asset accounts, the fixed asset module picks them up. The module then allows you to run depreciation, transfer assets between locations or departments, revaluate, dispose of, and sell assets. It also handles lease management in accordance with new accounting standards, specifically: 

  • Lease accounting: This includes the accounting treatment of leased assets, which may involve recognising these assets on the balance sheet and spreading out lease payments over the term of the lease. 
  • Lease interest expenses: It handles the costs associated with the financing portion of a lease, which are typically recognised as interest expenses over the lease term. 
  • Liabilities associated with leases: It records liabilities on the balance sheet that represent future lease payments that are obligated to be made under the lease terms. 

These capabilities are important for complying with updated lease accounting standards, such as IFRS 16 or AASB 16, which require more detailed reporting and recognition of lease assets and liabilities.  

NetSuite also offers project management options through either NetSuite’s Project Management module or the more advanced SuiteProjects, that also provides job costing, resource allocation and NetSuite Project 360 (a dashboard that brings an additional layer of visibility and reporting enhancements).  

There’s also NetSuite OpenAir professional services automation solution – designed specifically to supports the entire professional services delivery lifecycle with a powerful cloud-based suite. 

All of these solutions integrate with NetSuite accounting so you can monitor and manage revenues, expenses, billing and profitability over the lifetime of a project. 

Ava asked: 

Can we integrate NetSuite into Salesforce, particularly looking at revenue recognition? 

Our answer:  

Yes, we have worked with several customers to integrate NetSuite and Salesforce - we’ve even completed an integration between NetSuite and Salesforce with Annexa’s own systems! NetSuite has a very powerful Advanced Revenue Recognition engine (refer link here). We can custom design and integrate the relevant order, quote, or estimates records from Salesforce into NetSuite and pair these with NetSuite’s Revenue Recognition engine as required. 

Joanne asked: 

Does Annexa and NetSuite have any offerings for not-for-profits in New Zealand? 

Our answer:  

Yes, we have an office in New Zealand and plenty of experience working with not-for-profits in Australia and New Zealand – like Good360, YWCA and Live Better. NetSuite’s offering for not for profits includes an innovative and GAAP-compliant fund accounting and financial health framework, backed by a Social Impact Program. If your organisation qualifies as a registered charity, we also offer competitive ‘non-profit’ discounts from Oracle. 

Here's a high-level look at what you can achieve with NetSuite: 

  • Demonstrate efficacy of dollars spent to dollars raised.   
  • Measurably describe your service delivery impact.   
  • Break down silos and empower your organisation with a 360-degree view of your donors, volunteers, supporters and clients.  
  • Anytime, anywhere mobile access.  

Tara asked: 

Is NetSuite able to link to other software applications without needing to spend money on customising it? 

Our answer:  

NetSuite is highly extensible and can connect with limitless apps, systems and databases. There are also plenty of pre-built and native NetSuite integrations for third-party products that can be set up easily. However, some systems may require customisation depending on the specifics of the system being integrated, like Salesforce, which might require customisation due to unique client setups. For a more detailed response based on your system requirement, please get in touch with us, we’re happy to guide you. 

Ashish asked:

Can we prepare budgets directly in NetSuite with all the cost codes, or do we prepare them elsewhere and then upload them? 

Our answer: 

Budgets can be prepared both ways; directly in NetSuite or externally and then uploaded. NetSuite supports entering budget data for specific financial years, subsidiaries, or departments. For more complex scenarios involving business rules or drivers, NetSuite’s planning and budgeting tool (NSPB) might be used. 

Ivy asked: 

Regarding capital budgeting in construction, can NetSuite handle building out ROI and what does that look like in NetSuite? 

Our answer: 

We would recommend using NetSuite Planning and Budgeting (NSPB) for Capital Budgeting requirements.  

NSPB offers complex modelling features that can help elevate capital budgeting proposals at the front end of the process (including ROI). It also allows the tracking of actual project cash inflows and outflows against the estimates as a project is implemented, reducing budgeting cycling time and improving the accuracy of forecasts. 

At Annexa, we can also help setup strong project actuals tracking in NetSuite. Once budgets are set in NSPB and pushed into NetSuite ERP, our projects module and integrated AP/AR/GL allows costs to be accurately tracked and reported, as well as pushed back to NSPB for re-forecasting. 

Nigel asked: 

Regarding the fixed asset module, can you do partial disposals, split cost into components, and manage different depreciation rates for components of one parent asset? 

Our answer: 

Yes, NetSuite allows for parent and child asset setups where you can dispose of child assets or add components later. You can split an asset if it's created with a quantity more than one. Regarding different depreciation rates, each asset, whether a parent or child, can have its own depreciation method set according to your business requirements. This flexibility allows you to manage different depreciation rates for various components of a single asset. For example, if a parent asset includes components such as software and hardware that depreciate at different rates, each component can be set up as a child asset under the parent with its unique depreciation schedule.  

NetSuite’s robust reporting tools allow you to monitor and manage these assets too, providing detailed insights into their depreciation and overall financial impact. 

Pragati asked: 

Does NetSuite have the capability to run global payroll, or do we need to integrate with a third-party payroll provider? 

Our answer:  

NetSuite has a native SuiteApp called ZonePayroll (formerly Infinet Cloud) for payroll in Australia, New Zealand, the UK, and Canada. US payroll, due to its complexity, would require a third-party integration. Some implementations might phase payroll integration to focus on other system implementations first, introducing ZonePayroll in phase two. 

Ready for a Xero to NetSuite upgrade? 

If you’ve recognised that Xero is no longer keeping pace, it’s time to act. Transitioning to NetSuite could be the strategic move that drives your business forward. For a seamless upgrade and a system that grows with you, reach out to us.