NetSuite 2023 version 2 includes several exciting improvements

As organizations around the world continue to grapple with economic uncertainty and high business costs, the overarching message is clear: It’s time to do more with less.

Currently, business leaders in companies with an annual turnover of less than $250 million are focused on cost reduction while prioritizing efficiency, according to a Q2 2023 survey by CFO.com and NetSuite. The majority of the financial leaders participating in the survey say they plan to mitigate higher operating costs by increasing efficiency, making changes in recruitment, and embracing automation.

NetSuite 2023 Release 2 is designed to truly address these challenges and has now ”turbocharged” the new version with a range of features that help your company maintain profit. New features that provide more automation and increased transparency, all to increase productivity, efficiency, and engagement among your teams – without compromising on results.

NetSuite Account Reconciliation gets enhanced functionality

If you want to speed up tedious and time-consuming tasks at the year-end close, then reconciliations are the right place to start for the best results. NetSuite Account Reconciliation automates the entire reconciliation process for the general ledger, including intercompany transactions, accounts receivable (AR) and payable (AP), bank and credit card transactions, accruals, and other balance sheet items.

This eliminates the need to download data from source systems, compile details in spreadsheets, manually review account balances, and use complex formulas to match and reconcile. Instead, all these processes are centralized in a single workspace. The intelligent automatic matching engine significantly simplifies the matching process for zero balance, low value, or low-risk transactions. It suggests matches based on rules you can set, giving you the option to accept or discard them. With the capacity to match millions of transactions in minutes, accounting teams can focus on exceptions, high-risk reconciliations, and strategic tasks. This way, they can finish the book closing faster – without headaches and late nights.

Automate reconciliations and transaction matching

As your company grows and the number of transactions increases, not only is it impossible to manage reconciliations manually, but it’s also fraught with potential errors and compliance issues. By using NetSuite’s reconciliation solution, you can strengthen your internal controls and compliance, while increasing the accuracy of your financial reports by eliminating human errors and delays. Each reconciliation is securely stored in a secure document archive to ensure traceability.

The result: a faster close and increased accuracy.

NetSuite has really focused on what is demanded in these times, and in the release, we see improvements for, among other things, invoice process management, increased transparency in revenues and cash flows, and simplified management of taxes, discounts, and trade promotions. The biggest changes and news include:

Improvements in invoice management:
NetSuite Bill Capture has improved machine learning capabilities that intelligently categorize expenses based on historical data.
It is now possible to easily allocate common direct costs from a vendor invoice across different subsidiaries, departments, or other business segments with Vendor Invoice Distribution SuiteApp.

More efficient payment management:

The introduction of Payment Approval Routing in NetSuite AP Automation allows for submission and approval of payments in batches while maintaining payment controls.

Increased transparency in revenues and cash flows:
For SaaS companies, a SaaS Metrics Dashboard is offered for real-time monitoring of key metrics and revenue forecasts.
The Cash 360 Dashboard provides increased insight and insights into cash flow with data from all subsidiaries in one place, enabling the creation of short-term forecasts and detailed analysis

Simplified management of taxes and discounts:

SuiteTax now supports multiple delivery routes and line-level tax rates for handling and delivery.
NetSuite Rebates and Trade Promotions SuiteApp has been improved with the ability to create tiered discounts and automatically select the best deal for each customer.
The biggest changes focus on automating and simplifying invoice management, increasing transparency in the company’s finances, and making it easier to manage complex tax and discount processes. These updates aim to help companies be more efficient and informed as they navigate through economic uncertainty and high costs.

Contact us at Noresca for more information.