The release of NetSuite 2021.2 brings in new functionality that aims to satisfy the needs of greater insight, control of inventory, improved supply planning, automation of payments and enhanced benefit management.
Smart Financials and Operational Automation
- NetSuite have now made it easier for customers to pay invoices online through a new feature called "payment link". You now have the option for emailed invoices to include a link to a secure payment portal, where customers can see and pay their bill by just simply clicking a button. This is done via credit or debit card, PayPal or any other form of online payment method. Customers can pay in full or partially, depending on the rules set up, and payments are automatically recorded accordingly.
- ACH payments are now supported by new functionality directly within the SuiteCommerce 'MyAccount'. This allows suppliers to pay more efficiently and quicker.
- The new automated cash application feature means users spend less time on manual invoice entry and clearing. This function automatically matches imported bank payments with open invoices within NetSuite and once this has been approved, GL payments are created and applied automatically. Overall, the combination of this and the payments feature helps users improve their cash flow, and reduce both days sales outstanding and AR ageing.
- NetSuite now allows users who manage multiple subsidiaries to consolidate purchase requisitions across subsidiaries, as well as purchasing and billing. Regardless of which entity created the purchase order, purchased items will be received at the relevant subsidiary. Receipt and payment in different subsidiaries will be automatically cross-charged in order to balance the general ledger and intercompany accounts.
Frictionless Inventory Management
- NetSuite have introduced new allocation options which allows planners to automatically prioritise inventory allocation to sales orders by revenue or gross profit. In addition to this, planners will have an improved understanding of the impact relocations have on other transactions.
- Enhancements made to NetSuite Warehouse Management means warehouse staff now have the ability to quickly ship a pallet from a handheld device. Cartons can also be added or removed from a pallet, which enables shippers to have more flexibility in packing multiple orders going to the same destination, and holding a pallet and not shipping until it’s full.
- Lot numbers can now be automatically generated and users can add custom fields for additional information such as supplier lot number or manufactured date.
Continuous Employee Engagement
- NetSuite brings new functionality into SuitePeople, allowing users to automate calculations for 401(K) plans, with rule-based formulas for calculating employer match amounts. When an employee changes their contribution account, the match account will then be automatically updated.
- Employees aged over 50 can make an annual catch-up contribution to a variety of retirement plans and IRS rules are automatically followed around those contributions. NetSuite now automates age matching calculation for catch-up amounts and offers the ability to manage contribution limits for each employee.
These are just some of the new improvements NetSuite have just started to provide customers in this latest release. If you want to find out more about how the 2021.2 release will impact your business or understand any new features, then register here for our NetSuite 2021.2 release webinar on 22 September 2021.