Accounting professionals and firms continue to take on a host of new responsibilities to support changing organizational goals and help identify new opportunities for growth.
To help them successfully navigate all of these changes and deliver the best possible results, we continue to invest in building out the capabilities of NetSuite and expanding our partner ecosystem.
Here are the latest updates to help accountants and accounting firms tap into the power of the cloud to improve decision making and drive better business outcomes.
New Product Innovations Emphasize Flexibility and Automation
NetSuite 2021 release 1 introduces even more automation and cost control capabilities to the suite, allowing organizations to operate more efficiently and save time by simplifying routine tasks. New features include:
- Centralized purchasing for subsidiaries: Enables organizations with multiple business units to consolidate procurement within a single department. This standardizes the procurement process, which helps reduce costs and improve efficiency.
- Spend management: New expense commitments and budget validation helps by validating purchase requests and orders against available budgets. Alerts notify managers if a pending purchase request would put their department over budget, allowing them to review,approve, or reject the request before the purchase is made.
- Approvals on the go: SuiteApprovals allows managers to review, approve, or reject transactions via email using a mobile device. Staff can use the accompanying email approval log to review and audit actions before they are updated in the system.
- Automated subscription billing credits: Enhances billing capabilities for companies with recurring revenue business models. Modifying invoices for previous service periods can be automatically updated to reflect credits or other changes to the original invoice amount, improving accuracy and eliminating manual steps.
- Customized document numbering: Advanced numbering helps organizations comply with detailed financial record retention rules by enabling the use of custom numbering rules for documents and transactions. Organizations can define dynamic rules using multiple criteria, segments, and priorities to create unique numbering sequences.
NetSuite BPO and SuiteAccountants Program Momentum
And we’re not stopping there. Building on these new product innovations, we continue to see strong momentum for the NetSuite Business Process Outsourcing (BPO) Program, which supports more than 70 global partners, and the growing adoption of SuiteAccountants, a free program designed to help accountants serve fast-growing organizations.
The NetSuite BPO Partner Program provides a unified cloud-based solution of ERP, CRM, and ecommerce to support growing organizations. As these organizations continue to outsource financial and accounting services, new customer growth has increased 61 percent in the last year alone as partners and their clients continue to take advantage of the program.
By developing services built on NetSuite, BPO partners can reduce costs, speed time-to-value, and improve efficiency and visibility via a single platform, while providing their customers with a seamless transition plan to NetSuite as their solution of choice. Our BPO model continues to provide partners and the clients they serve with a superior option for organizations of all sizes, from startups and midmarket organizations to growing enterprises. Here’s what one of our BPO partners had to say:
“Outsourcing isn't just for small companies anymore. The fact that NetSuite hits all of these groups is a huge selling point, because who wants to do more than one ERP implementation?Should our BPO client decide to take any of its accounting functions in-house, all of that heavy lifting is already done, not to mention the fact that our clients enjoy two new software releases per year.” – Joe Rovirosa, CPA and managing director of ScaleNorth Advisors
Our SuiteAccountants program also continues to provide a pathway to not only help accountants meet the needs of our growing customer base, but support the increase demand for cloud ERP. The program provides accounting professionals with free access to NetSuite licensing and training courses to better serve businesses. Since it was launched in November 2020, hundreds of accountants have taken advantage of the program, giving them access to the tools and technology to deliver the best possible results – which makes it easier for accountants to take advantage of the cloud to service their clients with real-time financials. Learn how you can join the SuiteAccountants Program.
As the accounting function evolves, NetSuite continues to offer resources to help accountants plan for the future. Tune into our New Age of Growth event series on Tuesday, April 20 at 10 a.m. PT, where 1st Step Accounting founder and CEO, Nayo Carter-Gray, will sit down with accounting experts to discuss how they’re adapting their skills for a post-2020 world.