For software companies, managing subscription-based finances continues to be a cumbersome, often manual operation. Meanwhile, the coming year will likely require the software industry to find new ways to be more efficient and achieve greater business insight.
NetSuite 2020, Release 2, the second major upgrade of the year, addresses these challenges and more. With the enhanced NetSuite platform, accounting teams can better tap into the power of automation in order to become more efficient, improve productivity and assign team members to mission-critical projects.
In this new release, software companies will see expanded capabilities for managing customer accounts, posting transactions, managing international entities and handling intercompany accounts receivable and accounts payable.
Managing Modern Business Models
- Improve customer satisfaction by giving customers a simple way to view and manage their subscriptions. MyAccount Portal is a secure, cost-effective way to give customers full visibility and access to their accounts, allowing companies to manage their account information, view order history, modify subscriptions and pay invoices.
- SuiteAnalytics Workbook for Subscriptions provides powerful insights on recurring revenue for existing and renewing subscriptions. Use the workbook template for out-of-the-box analytics on recurring revenue, churn, upsell, downsell and much more. Customize it with additional filters and data by modifying the included dataset template. Graphs and charts provide at-a-glance views of revenue trends and details.
- Gain greater flexibility when creating subscriptions. Easily change billing parameters, such as billing schedule and billing terms, prior to activation of the subscription. There’s no need to start all over again with a brand-new subscription. This helps to reduce the number of subscriptions abandoned in the system, as the billing account isn't required until activation and offers flexibility to swap billing accounts if required, rather than having to start again with a brand-new subscription and billing account.
Intelligent Cash Management
- Bank reconciliations are streamlined with the added ability to automatically create and post transactions directly from imported bank data, thus greatly reducing the manual time to process and match your bank data to your books in NetSuite.
Financial and Operational Excellence
- Invoice grouping enables the consolidation of multiple invoices into a single invoice that’s delivered to the customer, and it also allows payments accepted at the group level to be applied to individual invoices. This reduces manual grouping, ensures accurate invoices and improves cash flows by decreasing days sales outstanding.
- Intercompany cross charge automation enables accounting teams to automatically post cross charge transactions between subsidiaries. This automation reduces the manual effort and accelerates the accounting period close process.
- You can easily net intercompany receivables and payables with a new feature that enables accountants and controllers to offset mutual intercompany open balances and auto-generate intercompany netting settlements. The result is fewer open intercompany transactions and reduced manual effort to manage open balances.
- Expense report credit card integration enables the population of NetSuite expense module expense lines directly from American Express corporate credit card accounts streamlining the process, increasing user adoption and reducing data entry errors.
Learn More About NetSuite 2020 Release 2
These are just the highlights; there's much more for software companies in NetSuite 2020 Release 2 than can be covered in a single blog post. For more specifics on the complete list of new features, be sure to read the Release Notes.
New to the release process? Learn more about it here.
Finally, be sure to request access to your Release Preview account. There, you can test and see how the new features will work with your own data and get a jumpstart on maximizing the impact of NetSuite 2020 Release 2.
The preceding is intended to outline our 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.