Innovate Your Processes and Boost Productivity With NetSuite’s Latest Features

By: Chris Haiss

Some exciting announcements came out of NetSuite’s annual conference, SuiteWorld, this October — they include some brand-new improvements to help innovate workflows across the platform.

When it comes to integrated finance and operations management, automated account reconciliation, better reporting and AI-powered capabilities, NetSuite has you covered.

In this article, we’ll give you an overview of the latest features and how current and future NetSuite users can use them to their organization’s advantage.

Enterprise Performance Management for Finance Leaders

NetSuite Enterprise Performance Management (EPM) was introduced to help organizations further unify and automate their financial operations. NetSuite EPM brings together planning, budgeting, forecasting, account reconciliation, financial close and reporting processes from across the entire organization to help increase business visibility, enhance decision-making and drive growth.

NetSuite EPM is composed of the following new and existing NetSuite solutions:

  • Planning and budgeting automates labor-intensive planning and budgeting processes so finance teams can quickly and easily budget and forecast, scenario plan and report — all within one collaborative, scalable solution.
  • Account reconciliation streamlines and automates the reconciliation process for accounts payable, accounts receivable, bank and credit card transactions, prepaid accounts, accruals and fixed asset accounts, intercompany transactions and other balance sheet accounts. NetSuite Account Reconciliation helps standardize and automate any reconciliation process, strengthen internal financial controls, produce more accurate financial statements and close the books faster.
  • Narrative reporting contextualizes financial data by aligning narrative writing with financial statements and data in a single report. With this new solution, finance teams can easily collaborate in a central space to define, author, review and publish management and regulatory reports.
  • Profitability and cost management helps organizations gain a deeper understanding of which customers, products and other segments of a business are performing profitably. Finance leaders can make more informed decisions about where to take their business and allocate resources more effectively with a deeper understanding of profitability.
  • Corporate tax reporting automates tax reporting processes and provides organizations with multinational operations to efficiently comply with new Organization for Economic Cooperation and Development (OECD) country-by-country reporting (CbCR) obligations. With this new range of workflow, task management and transfer pricing capabilities, finance teams can improve the speed and accuracy of tax reporting.

NetSuite EPM will be available within the next year. NetSuite Planning and Budgeting and NetSuite Account Reconciliation are currently available separately and will be a part of the NetSuite EPM solution.

Generative AI-Powered Capabilities

NetSuite has introduced new generative AI-powered capabilities across the entire suite and added new traditional AI capabilities to help users enhance planning and budgeting, reduce manual data entry and expand business insights.

The new AI-powered capabilities include:

  • NetSuite Text Enhance
    You can create contextual and personalized content for any text area in NetSuite based on a few starter words that describe intent. NetSuite Text Enhance helps finance and accounting, HR, supply chain and operations, sales and marketing, and customer support teams improve productivity by leveraging AI to create drafts that can be quickly and easily reviewed, edited and approved.
  • NetSuite Planning and Budgeting
    New AI-powered capabilities in NetSuite Planning and Budgeting help organizations automate data analysis to improve and accelerate decision making. With predictive algorithms that continually monitor and analyze plans, forecasts and variances, you can quickly uncover and highlight trends, anomalies and correlations.
  • NetSuite Bill Capture
    Organizations can intelligently capture and categorize expenses based on historical data while reducing manual bill entry to help increase the productivity of accounting teams.
  • NetSuite Analytics Warehouse
    AI in NetSuite Analytics Warehouse consolidates and centralizes data from a multitude of sources and helps organizations accelerate access to data visualizations and reporting. With increased visibility and a deeper understanding of transaction-level activity, you can spot patterns and gain faster insights for better decision making.

To help you streamline financial planning and reporting, improve access to working capital, accelerate payments and automate compliance, NetSuite is enhancing the financial management capabilities across the suite and introducing the following new digital payment and e-invoicing solutions:

  • NetSuite Capital is an embedded service that helps organizations improve their cash flow and reduce days sales outstanding (DSO). You can accelerate payments and increase working capital by reviewing, pricing and submitting invoices from accounts receivable for immediate payment.
  • NetSuite Pay is a digital payments solution embedded in NetSuite that helps customers accelerate and simplify the application and onboarding process for new merchant accounts. You can integrate solutions from payment processing providers with pre-negotiated rates and fees to improve the simplicity and transparency of payment processing.
  • NetSuite Electronic Invoicing helps organizations optimize payment and cash collection, reduce costs and streamline global invoicing compliance. You can connect directly to national and international networks from within NetSuite to increase efficiency, reduce costs and address compliance with global e-invoicing mandates.
  • NetSuite Transaction Line Distribution provides a simple, fast and flexible way for organizations to split a singular transaction across subsidiaries, departments or other segments within an organization. With this SuiteApp, CFOs and controllers can establish percentage-based or predetermined amount-based distribution templates and automate journal entry creation to improve the efficiency of transactions and financial reporting.
  • NetSuite Benchmark 360 is a new tool that helps analyze key operational and financial metrics to understand how organizations are performing compared to similar organizations in their industry and region, so you can gain insights and recommendations for improving business performance.

To help organizations meet changing customer expectations and deliver seamless experiences, NetSuite is introducing a new field service management solution, along with new commerce and subscription management capabilities.

  • Field Service Management improves the efficiency of end-to-end field service operations and increases customer satisfaction. You can boost field-to-office communications by simplifying scheduling and dispatch, automating inventory and customer asset management, and increasing visibility into real-time data.
  • SuiteCommerce MyAccount helps organizations enhance self-service and online account management, so you can quickly and easily pay invoices, convert online quotes to sales orders, manage subscriptions and make repeat purchases.
  • NetSuite CPQ (Configure, Price and Quote) has a new feature that provides users with subscription options, allowing you to increase revenue opportunities by offering more configurable solutions to your customers.

NetSuite is also releasing a new licensing model that will give customers task-specific licenses for employees that don’t require full access. For example, a warehouse employee who only needs NetSuite access for receiving, putaway, picking and shipping will gain access to NetSuite’s relevant warehouse management functionality without requiring a full subscription.

Initially available for NetSuite Warehouse Management, the new licensing model will make it easier for you to boost productivity by giving more employees access to NetSuite.

New features in NetSuite Planning and Budgeting, NetSuite Bill Capture, NetSuite Capital, NetSuite Transaction Line Distribution, SuiteCommerce MyAccount and NetSuite CPQ are now available. Other new features across the suite will be available in the next twelve months.

Need Help?

If you’d like to learn more about NetSuite and how your organization can benefit from these new features, contact us online or give us a call at 410.685.5512.

Published November 9, 2023

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