7 NetSuite Hacks to Make This ERP Work Better For Your Business

Table of Contents

Key Takeaways

• Many companies wonder if NetSuite can improve their business workflow—even after implementing the software. Learning this ERP’s full functionality can speed up ROI.
• Financial management teams, in particular, can benefit from NetSuite hacks to accelerate rote tasks and boost efficiency.
• Accounting professionals can also leverage NetSuite’s wide range of customizations for long-term ROI strategies.

Oracle’s NetSuite is an industry-standard Enterprise Resource Planning (ERP) software—and given its comprehensive scope, it can be almost overwhelming to work-in. Mastering the essential functions after the initial software implementation or training feels like enough. But there are ways to speed up your day-to-day tasks and close the books even quicker, based on user preferences.

NetSuite and its integrations offer a number of ways to boost efficiency and ROI, from keyboard shortcuts to automation—a feature that has been shown to boost cost savings by 44%. 

With over 40,000 customers, it’s clear that NetSuite offers organizations across industries the chance to scale. But, as with most tools, it’s up to the individuals who use it to explore the software’s potential. In this article, we’ll cover some key NetSuite hacks to make managing the books easier, whether you are a veteran user or completely new to the software and looking for Netsuite hacks for beginners.

What are the best NetSuite tricks? Sharing the 7 best NetSuite hacks

Let’s begin with short-term, easy to implement NetSuite tricks and tips:

Hack #1: Maximize the chart of accounts

Organizing your assets, expenses, liabilities, and revenue all fall under the chart of accounts. This feature provides a snapshot for your company’s financial health, streamlining data and workflows across partner companies and subsidiaries. To make use of this, it is critical to understand how all of your accounts are related and keep your general ledger information properly mapped out. Any amount in your subsidiary accounts should be reflected in the parent accounts above them, so maintaining a regularly updated mapping file facilitates accurate data migration.

Once the relationships between your accounts have been identified, the next step is to create a file map and upload it into NetSuite:

1. From your Home dashboard, click the Setup tab
2. Go to Import/Export > Import CSV Records
3. Under the Import Type dropdown menu, select Accounting
4. Record Type > Chart of Accounts
5. Upload your parent CSV file and click Next
6. Select Add and click Next
7. Click the pencil icon next to Subsidiaries, select Internal ID under the Reference Type, and click Next‍
8. Name your map to be used for future reference; then click Save & Run

Once confirmed, you can see a record of uploads and file changes in your job status history. Organization is the name of the game for your chart of accounts, so mapping and delineating these account relationships will only help to improve your company’s efficiency.

Hack #2: Customize your dashboards

Your NetSuite dashboard is a set of portlets that relay real-time data corresponding to your role and the page you are on. You can either allow each employee to set up his/her own dashboard or create a preset template that is structured according to role. Each dashboard corresponds to a specific section of NetSuite. The examples in this article utilize the Home dashboard.

To customize a dashboard:

1. Click Personalize on your Home dashboard
2. Select the type of portlet you would like to add to your dashboard
3. Once you have added all desired portlets, close the Personalize Dashboard window
4. To change the layout, click Layout and move the portlets to the desired locations

To publish a dashboard (you must have the permissions to do so):

1. Follow the above steps to set up the dashboard according to your needs and preferences
2. Click Publish Dashboard on the settings portlet
3. Enter the name and description of your new dashboard
4. From the Apply to Roles subtab, select the roles that will receive this dashboard You can apply these settings to both new and previous users by checking the “override existing users settings” box
5. From the Apply To sub tab, select which sections to apply this tab to (i.e. Home)
6. Set the mode to Unlocked, Locked, or Add/Move Content. (Unlocked - users are free to dictate any changes; Locked - no changes can be made).‍
7. Add/Move Content - users can add or move portlets around, but cannot remove portlets
8. Click Save

By creating and customizing the look and functionality of your dashboards, members of a team (or those with similar roles) can quickly integrate and assist each other as needed.

Hack #3: Go mobile and download the netsuite application

People are increasingly using mobile devices in addition to traditional computers, and NetSuite accommodates this trend. The program allows users to accurately track and log expenses from anywhere in real time through expense details. Taking advantage of this capability will spare you the headache of entering everything right before the close, which is both cumbersome and prone to errors. The way expense details work is simple. After making a purchase, employees take a picture of the corresponding receipt and fill in a brief description of the expense. This forms the components that go into the expense report. NetSuite Mobile allows users to attach up to four images per detail and categorize the expenses by type.

To create an expense detail:

1. From your Home dashboard, tap New Expense
2. Tap the camera icon
3. Take a picture of the receipt (alternatively, you can easily upload an image from your device later on)
4. Write a brief description of the expense
5. Tap Done to save the expense detail

Hack #4: Unleash the power of RSS feeds

When you subscribe to an RSS feed (for example, a news website or social media influencer), information from that source automatically publishes at timed intervals for you to view. This is similar to any social media content management system that allows users to track things like trends, mentions, announcements, or any other relevant engagement metrics. In this way, subscribers can remain updated on information that may drive business decisions.NetSuite allows RSS feeds to be generated internally or externally, with tools to build a custom feed that can be shared across multiple teams or divisions within an organization.

Conversely, users can easily subscribe to the many available feeds that come standard with the software. Some of the default feed options include Reuters, CNN, and Yahoo Business. Adding external feeds requires that the source website has an available feed to begin with. An RSS feed comes in the form of a special URL that you will paste into the NetSuite feed customization. RSS feeds will sometimes be represented by their universal logo to mark their location.

To set up an RSS feed:

1. From your Home dashboard, click Personalize
2. Drag the RSS Feed option to the location where you would like it to appear
3. Click Setup
4. Enter the RSS feed URL into the text box‍
5. Click Save

Hack #5: Get the most out of your employees

NetSuite empowers your employees by improving user experience through real-time access and transparent visibility. While your customers are your company’s lifeblood, it’s your employees that make it all happen. One of the most defining features of NetSuite is lead incentivization. Sales team members can see exactly what the current sales incentives are at any time. Additionally, NetSuite automates sales order closes and calculates commissions.

NetSuite’s time tracking feature maintains time logs for employees’ individual interactions with both tasks and customers. This allows you to gain a detailed view of each client or lead to properly assess their needs and value to your organization.

Hack #6: Use shortcuts

NetSuite contains a multitude of shortcuts for pros to speed up regular tasks. For example, when filling out a date on a form, simply type “t” to enter today’s date. You can do the same thing with the month by typing “m.”

And there are more small changes that can transform how you use this ERP. Some additional shortcuts include:

• Showing more fields and records under Set Preferences > General > Defaults.
• Go to Set Preferences > Analytics to adjust out-of-period transactions
• Double-click the Oracle NetSuite logo for performance updates and potential issues
• Use a + or ‘OR’ in the global search to include inactive records 

Hack #7: Learn the prefixes

Similar to using shortcuts, prefixes reduce typing time and speed up searches. For instance, you can use:

• Cu or Cus for customers
• Ven for vendors
• Pag or Pa for pages

You can also use these prefixes for more than searches. Importing records can be lightning quick when all you need to write is Pag: import

Are there quick NetSuite optimization tips? 3 advanced NetSuite strategy tips

NetSuite tips and tricks can speed up your day-to-day, but the secret to long-term gains lies in strategy. These 3 core concepts can help you organize which hacks make sense for your organization and design a more efficient process:

1. Streamline your NetSuite workflow with automation

There are several ways to reduce friction and speed up your accounting process with NetSuite—and some of them are so simple that it may surprise you. For example, you can generate invoices without user input through automating your item fulfillment workflow. You can also use template emails to attach these automated invoices. 

Automation goes beyond invoices—you can also streamline adding items or services to orders, approvals, collections, and more. 

2. Use low-hanging fruit to optimize efficiency fast

The quickest way to improve your ROI with NetSuite’s vast array of features is to identify and address low-hanging fruit. In many cases, this is automation. But it can also be in simplifying your workflow, providing training opportunities, ensuring data is centralized, breaking down departmental siloes, and taking advantage of integrations. 

3. Leverage integrations to accelerate processes

Despite being a powerful tool in its own right, NetSuite integrations offer finance teams more ways to quicken the accounting processes efficiently and securely. 

For example, spend management integrations, like TeamPay, put AP and expense reporting features into turbodrive through automation, procurement support, expense management, and card spend management. But you can also plug in integrations for things like UPS logistics costs, payment related customer service questions, omnichannel payment acceptance, asset management, and region-specific tax compliance. 

Take your NetSuite setup to the next level

There is a wealth of resources to help you leverage NetSuite for your business. Understanding the ways ERP software can be maximized is essential for staying ahead in managing your clients, employees, and maintaining growth. And the optimization process doesn’t have to be painful or time consuming. The right tech stack reduces labor while allowing you to scale operations.

For NetSuite users, the next step to improving their process is to inspect current and potential integrations.

Discover how Teampay can streamline your ERP workflow further with our Expense Management integration for NetSuite.