Last year, business leaders faced the almost impossible task of navigating challenges that changed weekly. Many of those challenges persist, and leaders still need more timely and more accurate data as they optimize for success. They need to continue becoming more efficient in keeping costs down, productivity high and customers happy.
New functionality in NetSuite 2021 Release 2 helps satisfy these needs and more — from the need for greater insights and detailed control over inventories to better supply planning capabilities to automation that speeds and eases payments and improves benefit management.
Smart Financials and Operational Automation
- It’s now easier for customers to pay invoices online with a new feature called payment link. Emailed invoices can now include a link to a secure payment portal where customers can view and pay their bill in a click via credit or debit card, PayPal or other online payment method. They can pay partially or in full depending on rules you set, and NetSuite automatically records the payment accordingly.
- New functionality also supports ACH payments directly within the SuiteCommerce MyAccount, allowing suppliers and vendors to pay faster and more efficiently.
- Spend less time on manual invoice entry and clearing with the new automated cash application function. It automatically matches imported bank payments with open invoices in NetSuite. Once approved, GL payments are automatically created and applied. Together, this and the payments feature help to improve cash flow, lower days sales outstanding (DSO) and reduce AR aging.
- Users managing multiple subsidiaries in NetSuite can now consolidate purchase requisitions across subsidiaries, in addition to purchasing and billing. Purchased items will be received at the relevant subsidiary, regardless of which entity created the purchase order or requisition. Receipt and payment in different subsidiaries will be automatically cross-charged to balance the general ledger and intercompany accounts.
Frictionless Inventory Management
- New allocation options allow planners to automatically prioritize inventory allocation to sales orders by gross profit or revenue as well as get a better understanding of the impacts reallocation has on other transactions.
- Warehouse workers can now quick ship a pallet from a handheld device with enhancements to NetSuite Warehouse Management(opens in new tab). Cartons can be added or removed from a pallet, offering shippers more flexibility in packing multiple orders going to the same destination and optimizing shipping costs by holding a pallet and not shipping it until it’s full.
- Users can also automatically generate lot numbers and add custom fields for additional lot information such as supplier lot number, manufactured date or any other data.
Continuous Employee Engagement*
- New functionality in SuitePeople(opens in new tab) automates calculations for 401(k) plans, with rules-based formulas for calculating employer match amounts. The match amount will automatically update when an employee changes their contribution amount.
- Similarly, employees over age 50 can opt to make an annual catch-up contribution to several types of retirement plans, and the system automatically follows IRS rules around those contributions. New functionality automates age matching calculation for catch-up amounts and provides the ability to manage contribution limits per employee.
For a closer look at industry-specific functionality in the new release, read the blogs relevant to your industry below. See the release notes(opens in new tab) for even more specifics.
Most importantly, don't forget to request access to your Release Preview(opens in new tab) test account. Nothing substitutes for hands-on access to see how all the new features will work with your data, workflows and customizations.
To hear more about 2021 Release 2, tune in to the NetSuite Podcast on Apple Podcasts(opens in new tab), Spotify(opens in new tab) and YouTube(opens in new tab). We’ll dive into all of the major updates around financials and accounting, inventory and supply chain management, SuiteCloud Platform, SuitePeople and more!
*Features listed only available in the United States.
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.