Sneak Peek for Software Companies: NetSuite 2022 Release 1 Brings More Efficiency, Visibility and Flexibility

Tom Kelly, Product Marketing Sr. Director

January 19, 2022

In recent years, the number of software companies has exploded with many startups growing into large organizations that struggle with complex billing requirements, cash flow, acquiring and retaining talent, and delivering the analytical insights so vital to the industry.

NetSuite 2022 Release 1 delivers new features and capabilities to help software companies meet these demands. With an emphasis on efficiency and visibility, the latest release contains valuable tools to provide needed insight into their businesses, improve performance management and expedite payment processes.

Simplified Billing

  • An exciting new feature for software companies, focuses on bulk customer payments. Offering a multitude of pricing and billing options, software companies need the ability to process groups of payments quickly and accurately at different times throughout the month or year based on whether they are using a subscription, usage/consumption, flat rate or other charge model. Bulk customer payments spares accounts receivable managers from needing to process invoices on an individual basis. Instead, payments can now be grouped and processed from multiple customers in one step. Scheduled credit card payments for recurring transactions are automated based on user specified dates and the application process is expedited and accuracy is improved.
NetSuite bulk payment processing.
NetSuite bulk payment processing.


Increased Visibility into Current Cash Position and Projections

  • As the software sector continues to experience rapid growth and investment, keeping tabs on current cash position, as well as forecasts for the future, is critically important. Cash 360 provides insight into a company’s near term cash position, as well as forecasting capabilities that offer visibility into cash flow six months out  – right from within NetSuite. A solid understanding of cash flow is important for software companies as they undertake customer acquisition initiatives, prepare for an IPO, report to investors and board members, add talent and approach other growth events. Projected cash flow within Cash 360 uses current NetSuite transactional data as well as projected collections and disbursements. Finance professionals also have the ability to add one-off items – like planned investments or venture capital funding – to see how it impacts the cash flow forecast, increasing projection accuracy, detail and comprehensiveness
  • With NetSuite 2020 Release 2(opens in new tab), accountants and controllers are  able to easily link intercompany invoices and bills. In NetSuite 2022 Release 1, the intercompany accounting feature has been expanded to include intercompany credit memos and bill credits. With this enhancement, staff no longer need to pair intercompany purchase orders with a sales order, resulting in less manual reconciliation tasks and potential errors in intercompany billing.
  • The labor expense allocation feature previously available only to nonprofit customers  is now available to all NetSuite customers. For software companies, this feature provides valuable insight via automated allocation of personnel costs to specific programs or projects that incurred the expense. Labor expense allocation, also integrated with SuitePeople Payroll(opens in new tab), gives an accurate  picture of project expenses, while simplifying the billing processes.

Performance Management Tools for Attracting and Retaining Talent

  • With labor shortages being  the top concern for tech companies, NetSuite 2022 Release 1 contains multiple enhancements to SuitePeople Performance Management (opens in new tab)to promote engagement and ensure employee retention. Goal management enhancements allow employees and managers to have more flexibility  and insight in the performance management process. Managers can ensure they remain on the same page with their direct reports by accessing  a repository of alterations to goals where both parties are able to see all changes to an “In Progress” goal. The new manager digest feature provides a monthly update on team developments, including issues, successes and the status of defined objectives.

  • Companies can become prone to letting performance reviews slip through the cracks when experiencing rapid growth. Advanced scheduling makes it easier for HR managers to ensure this does not happen. Using a SuiteAnalytics dataset, HR can define a group of employees that will receive a review and define a review timeline based on a relative date, like an employee’s start date.

Richer Datasets for Improved Business Planning and Analysis

  • No industry understands the importance of data more than software, and this is why the SuiteAnalytics dataset linking feature is especially relevant. Multiple datasets – like quota vs. sales by software representative, AP vs. AR and budgets vs. actuals – can now be easily linked with a new interface, creating important visualizations with multiple datasets in a single workbook without the need for SuiteScript.

Learn More About NetSuite 2022 Release 1

This is an overview of some of the new functionality  and capabilities available in NetSuite 2022 Release 1.

For a more complete picture of how software companies can take advantage of the new features in 2022.1 please read the release notes(opens in new tab).

Be sure to request access to your R(opens in new tab)elease Preview test account(opens in new tab). There, you will see how all the new features will work with your data, workflows and customizations through hands-on experience.

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.

NetSuite has packaged the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices that pave a clear path to success and are proven to deliver rapid business value. With NetSuite, you go live in a predictable timeframe — smart, stepped implementations begin with sales and span the entire customer lifecycle, so there's continuity from sales to services to support.