Navigating economic uncertainty and rising costs, businesses worldwide seek to achieve more with fewer resources. Recent survey findings by CFO.com and NetSuite reveal that business leaders in companies with under $250M in annual revenue are concentrating on cost-cutting measures while prioritising efficiency. The survey indicates that most finance executives are planning to offset higher operating expenses by enhancing efficiency, reevaluating hiring practices, and embracing automation.
Enter NetSuite 2023 Release 2, a powerful solution designed to bolster these efforts. With advanced features offering heightened automation and visibility, finance executives can enhance productivity, efficiency, and team engagement without compromising profitability.
Streamline and Accelerate Financial Close with Automated Account Reconciliation
Say goodbye to laborious and time-consuming financial close tasks. NetSuite's Account Reconciliation feature automates the entire reconciliation process for the general ledger, covering intercompany transactions, accounts receivable (AR) and payable (AP), bank and credit card transactions, accruals, fixed assets accounts, and other balance sheet accounts.
This powerful tool eliminates the need for manual data downloads, spreadsheet aggregations, and complex formula-based reconciliations. Instead, all these processes are centralised in a single workspace. The intelligent auto-match engine simplifies matching for zero-balance, low-value, or low-risk transactions, suggesting matches based on configurable rules. Accounting teams can easily accept or discard these suggestions, allowing them to focus on exceptions, high-risk reconciliations, and strategic tasks.
As your business expands and transaction volumes grow, manual account reconciliation becomes not only cumbersome but also prone to errors and compliance challenges. By adopting NetSuite's account reconciliation solution, you can strengthen internal controls, ensure compliance, and improve financial statement accuracy by eliminating human errors and delays. Each reconciliation is securely stored in a robust document repository to ensure complete auditability.
The result is a faster and more accurate financial close, freeing up valuable time and resources for more strategic initiatives.
Enhance Revenue and Cash Visibility with Real-Time SaaS Metrics Dashboard
In today's dynamic business landscape, having access to accurate and up-to-date numbers is vital for making strategic decisions amid economic uncertainty and rising operational costs.
For SaaS and subscription-based companies, the SaaS Metrics SuiteApp now offers the SaaS Metrics Dashboard, providing real-time monitoring capabilities. This intuitive dashboard presents a comprehensive view of key metrics and a 12-month rolling forecast, projecting revenue based on your existing customer base. Monitor critical metrics such as annual recurring revenue (ARR), monthly recurring revenue (MRR), and churn rate at the enterprise-wide, individual-subsidiary, or cross-subsidiary level. Dive deep into the metrics to gain insights into underlying data and access supplementary information for comprehensive analysis. Stay informed, make informed decisions, and steer your business towards success with NetSuite's SaaS Metrics Dashboard.
The Cash 360 Dashboard has been updated to provide even more visibility and insights into your company's cash flow. Similar to the SaaS Metrics Dashboard, the Cash 360 SuiteApp offers consolidated, cross-subsidiary, and single-subsidiary views of your metrics and cash position. By centralizing cash flow data from all subsidiaries in one place, your teams can swiftly generate near-term forecasts on a daily, weekly, and monthly basis. Delve into accounts receivable (AR), accounts payable (AP), and cash balances to gain deeper insights—or export the data to a CSV file for further analysis.
With real-time data sourced from multiple channels conveniently located in one dashboard, you can closely monitor your performance, identify emerging trends, and make well-informed decisions to propel your business towards success.
Enhanced User Experience in NetSuite SCM Mobile App
In NetSuite 2023.2, the Supply Chain Management (SCM) mobile app receives significant updates to improve user experience and efficiency. Now, your staff can seamlessly switch between various personalised apps such as NetSuite Warehouse Management System (WMS), Quality Management System (QMS), Manufacturing Mobile, Smart Count, and Ship Central directly within the app. This allows them to perform multiple functions without any interruptions, eliminating the need to log out or navigate back to the native NetSuite screen.
Furthermore, the latest version of the SCM mobile app prioritises user preferences. Sorted columns in data tables are automatically saved, ensuring each operator's preferred view is maintained. Administrators can now make multiple changes and create their app configuration, saving time and effort by avoiding the need to redo the configuration with each change.
In addition, NetSuite 2023.2 introduces enhanced flexibility to NetSuite Quality Management. Supervisors can now assign operators to inspections at the time of inspection creation, with automated email notifications informing them of the assigned task. The app also better supports a wider range of business models, offering new options for inspection queues, workflows, and default searches.
Enhanced Manufacturing Insights with NetSuite 2023.2
NetSuite 2023.2 introduces valuable enhancements to the Manufacturing Mobile App, providing manufacturers with deeper insight into their operations. As manufacturers face the challenge of improving operational efficiency while reducing costs, the Manufacturing Mobile App empowers them with more specific data about their processes.
With the latest updates, operators can now record scrap quantities along with consumption and production quantities. Including scrap quantities in the data offers a comprehensive view of the actual cost of a work order, opening up opportunities to identify and address areas for further scrap reduction.
Additionally, the Work Order Traveler SuiteApp is now accessible to all users employing WIP and Routings, not just limited to those using the Advanced Manufacturing module. This powerful SuiteApp enables the creation of detailed instructions for released work orders, complete with descriptive text, diagrams, and images.
Enhanced Warehouse Efficiency with NetSuite WMS Updates
NetSuite 2023.2 introduces powerful updates to the Warehouse Management System (WMS), empowering warehouses to pick and count faster without compromising accuracy. These enhancements streamline warehouse operations and optimise picking processes, allowing businesses to fulfil orders with increased speed and efficiency.
The new Bulk Pick Assignment feature allows supervisors to easily assign or reassign pickers to multiple pick tasks, simplifying task allocation and maximising workforce productivity. For warehouses utilising wave picking methodology, custom wave criteria templates can now be created to define specific orders for picking, eliminating the need for manual wave criteria entry.
In case of picking errors, pickers can now effortlessly reverse picks and place the items back in their chosen bin, eliminating the need to return to the original bin, saving valuable time and effort.
The receiving process is also made more seamless with the ability to continuously scan across item types in the tally scan of receiving flows. This enhancement allows operators to receive all items in a purchase order or inbound shipment in a single scan, streamlining the receiving process.
Additionally, NetSuite Smart Count gains expanded capabilities, enabling operators to scan GS1 GTIN advanced barcodes. Smart Count can now capture data elements such as units of measure, serial numbers, and lot numbers from the barcode, enhancing accuracy and efficiency in the counting process. Operators can tailor Smart Count configurations to respond to various scenarios, such as low inventory or high transaction rates, optimising counting and accounting procedures according to their specific business needs.
Streamlined Shopify Integration with NetSuite
NetSuite 2023.2 introduces enhanced capabilities to the NetSuite Connector, offering businesses that utilise Shopify a seamless and automated integration experience.
With the new enhancements, Shopify payments are now automatically reconciled to NetSuite, eliminating the need for manual reconciliation and significantly speeding up the process of closing financial books. Additionally, businesses can effortlessly transfer payout reports from Shopify to NetSuite as detailed deposit records, avoiding the tedious task of manual data entry or journal entry creation.
Learn More About All the Updates in NetSuite 2023.2
NetSuite 2023 Release 2 contains a host of exciting new enhancements across the suite. Read more about what else is in the release on the NetSuite Sneak Peek page or dive deep into the release notes(NetSuite login required).
Most importantly, don't forget to request your Release Preview test account for hands-on access to see how new features will work with your data, workflows, and customisations.
The preceding is intended to outline NetSuite's general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.
