Earlier this year, NetSuite released its new update to its suite of cloud ERP features. The new version NetSuite 2020.1 comes with a host of new features and improvements to various functionalities of NetSuite such as accounting, administration, banking, employee management, warehouse management (WMS), manufacturing, etc.
If you’re using NetSuite and aren’t using these new features, you’re missing out on great things. That’s why, in this article, we’ll explore the most useful updates so that you can make the best out of them.
Let’s get started!
1. Intelligent Cash Management
- With this feature, North American companies can link their bank and credit card accountsusing the Bank Feeds SuiteApp.This will allow them to import transactions and account balances from financial institutions directly into NetSuite, providing real-time access to cash balances.
- For companies outside the U.S., or those looking to create their own framework to import financial transactions, NetSuite has introduced the Bank Connectivity API to build their own plugin to NetSuite to connect to any bank.
2. Vendor Prepayments from Purchase Order
With the new update, you can directly create vendor prepayments from a purchase order. This will allow you to associate multiple vendor prepayment transactions to the same purchase order and you can also configure NetSuite to automatically apply the prepayment to vendor bills for the purchase order, making the process entirely automated.
3. Balancing Segments Feature
With the new balancing segments feature, you can do balance transactions by segments such as product lines or multiple business divisions. So, if you have multiple business divisions, you’ll be able to create intra-company entries in NetSuite. It’s really a great news for companies having multiple business units.
4. Supply Chain Predicted Risks
If you’re a manufacturer, you know how important supply chain is for your business. If there’s a bottleneck at one point, it can result in a huge loss for the company. Intelligent Predicted Risks, a latest addition to NetSuite, automatically takes transfer orders and compares them with historical data to predict when a delivery might be at risk. It’ll also show recommended actions you can take to avoid a late delivery. You can also run simulations for better visualization and prediction of order deliveries.
5. Effective Profit Predictability
NetSuite’s 2020.1 release comes with several enhancements to the to the Advanced Project Profitability feature. You can easily do financial calculations with the added option to select many data such as recalculate financial data, work breakdown structure, and budget records. Moreover, you can also set your preferences for caching, recalculating, and pre-filtering your financial data. You can run reports across multiple projects and do profitability forecast.
6. Continuous Employee Engagement
The SuitePeople HR comes with many new features that bring new insights into salary, bonus dispersal and pay feature, bulk updates, off boarding feature, planning & budgeting, etc. All these feature allow you to streamline your payrolls and plan-manage your HR budgeting.
Industries to be impacted by NetSuite 2020.1
The above-mentioned features are just the tip of the iceberg when it comes to NetSuite 2020.1. It brings a host of changes for many industry that includes:
• Manufacturing
• Food and Beverage
• Wholesale Distribution
• Advertising, Media and Publishing
• Retail
• Software
• Services
• Non-profits
If you’re using NetSuite for your business, it’s almost certain that you can enhance your business operations using automation, integration and simulation capabilities that the latest version brings. If you’re a NetSuite user, you might have been notified of automatic upgrade and will be given a preview environment for testing purpose.
