If you’re looking for a reliable enterprise resource planning (ERP) software, chances are that you will come across two of the most renowned ERP solutions today, Workday ERP and NetSuite ERP. Both these ERP solutions have received awards for their powerful capabilities.
Workday ERP is a leading cloud-based software that specializes in human capital management and financial management applications. NetSuite ERP is a top-rated ERP solution, providing a unified platform to streamline back-office processes to areas like accounting, CRM, inventory, and e-commerce.
We’ll compare some of the primary features of Workday ERP and NetSuite ERP in this article to give you an idea of how each software can make your business operations easier. You can also use our Product Selection Tool to get a free list of other ERP solutions you can trust.
Workday ERP vs. Netsuite ERP: What you need to know
Workday ERP is a software designed to manage global businesses that aims to significantly improve HR and Payroll compliance, reduce risk, provide better data for decision making, and increase efficiencies across an organization. This ERP software has features for goal management, global payroll, performance management, recruitment, workforce analytics, accounting and finance, and benefits administration. Workday ERP is best for mid- to large-sized businesses. It offers high-end pricing.
NetSuite ERP is a complete and scalable cloud ERP solution from Oracle that automates front- and back-office processes to streamline business processes and scale fast-growing business. It offers features for procurement management, accounting, analytics and dashboards, distribution management, sales forecasting, contract management, collaboration, warehouse management, and inventory management. NetSuite can handle the needs of any business size; however, most of its users come from SMBs. It has high-end prices.
Comparing the features
Workday ERP and Netsuite ERP have features for financial management, human capital management, and mobile access.
The financial management feature from Workday ERP has capabilities for accounting, revenue management, financial reporting and consolidation, financial planning, and expense management. Workday records all the rich operational information surrounding transactions while maintaining the accounting information expected of a global general ledger. Global capabilities, including multi-currency, multi-language,and multi-book, are built into the core system. This ERP also lets businesses automate and control their cash flows.
NetSuite’s financial management feature expedites daily financial transactions, accelerates the financial close, and ensures compliance. The ERP has a revenue recognition management feature that helps companies comply with accounting standards and report financial results in a timely manner. Finance departments can further automate billing processes and eliminate the manual work typically associated with billing customers. NetSuite ERP allows accounts receivable teams to automate and streamline every aspect of invoice delivery, credit terms, and collections. Accounts payable teams can automate the processing and payment of invoices with this ERP. The software has capabilities for tax management, payments, fixed assets, and cash management.
Human capital management
Workday ERP’s human capital management feature gives businesses a complete view of its global workforce. Businesses can manage workers in a broad range of relationships with the organization, including contingent workers, employees, contractors, and retirees. The system empowers human resources teams to curate recommendations for employees and suggest learning. This ERP has various capabilities, from compensation and payroll to time tracking and benefits. Its talent management capability lets HR teams recruit top talent, develop and verify their skills, and guide them toward the next step in their career.
The human capital management feature of NetSuite ERP empowers managers and HR professionals to streamline employee information, newly hired-employees, employee onboarding, performance management, payroll, promotions, and compensation changes—all from a single suite. The software lets employees request time off, set goals, access employee directories and organization charts, monitor upcoming vacation schedules, monitor new hires, and publicly recognize peers for good work as well.
Workday can be accessed via mobile browsers or through mobile applications available on the App Store and Google Play Store. Through Workday’s mobile access, workers can submit requests for time off or expense reports, check on projects, submit benefits enrollment, and enter time spent on activities in real time. They can also keep up with their current work tasks and browse dashboards and reports. Managers can view team calendar activities or review information on team compensation or performance management. They can drill into individual details about each employee to stay up-to-date with team members even when they’re out of the office.
NetSuite’s mobile app features easy expense reporting, call logging, and time tracking in a mobile interface filled with mobile dashboard portlets and KPIs. The app gives users instant access to recent records, searches, and saved searches. Users can manage time and expenses and managers can approve records and transactions. The mobile app lets users customize reports on-the-go. They can add fields, group levels, and modify formulas anytime and anywhere. Like the Workday mobile app, NetSuite’s mobile application can be downloaded from the App Store and Google Play Store.
Workday ERP integrates with third-party applications for project management, employee shift scheduling, learning management system, candidate sourcing, and document management:
- Absorb LMS
Third-party integrations for NetSuite ERP include solutions for electronic signature, inbound marketing, content and file sharing, travel and expense report management, and payroll:
- HubSpot Marketing Hub
- Certify Expense
Choosing the better suited ERP for your business
The significant features and robust capabilities of Workday ERP and Netsuite ERP make them great ERP choices. In choosing the better suited ERP for your business, you can consider the specific features you want your team members to enjoy.
Workday ERP gives users the ease of entering time worked and time off request policies. Users are able to revise entries and easily submit them to managers. The software also has a feature that lets users remind others to update their information in the system. Workday ERP is ideal for large enterprises with multiple locations.
One of the strengths of NetSuite ERP is its customizability. The ERP can be tailored to fit virtually any business. The software has limitless reporting capabilities, too. NetSuite ERP works best for mid-sized businesses, while it can be cost prohibitive for smaller companies.
There are plenty of other ERP solutions that you can consider. Use our Product Selection Tool to find out more.