As organizations worldwide continue to grapple with economic uncertainty and high costs of doing business, the overall sentiment is clear: It’s time to do more with less.
Right now, business leaders at companies with less than $250M in annual revenue are focused on cost cutting while prioritizing efficiency, according to a Q2 2023 survey by CFO.com and NetSuite. The majority of surveyed finance executives say they plan to mitigate higher operating costs by increasing efficiency, making hiring changes, and embracing automation.
NetSuite 2023 Release 2 is designed to supercharge those efforts, equipping organizations to balance the desire for growth with the need to protect profits. New features afford more automation and visibility than ever, which finance executives can use to boost productivity, efficiency, and engagement among teams — without detracting from the bottom line.
Automate Account Reconciliations and Transaction Matching
If you’re looking to speed up tedious, time-consuming financial close tasks, then account reconciliation is the place to start for high impact. NetSuite Account Reconciliation(opens in new tab) automates the entire reconciliation process for the general ledger, including intercompany transactions, accounts receivable (AR) and payable (AP), bank and credit card transactions, accruals and fixed assets accounts, and other balance sheet accounts.
This eliminates the need to download data from source systems, aggregate details in spreadsheets, manually review account balances, and use complex formulas to match and reconcile. Instead, all these processes are centralized in a single workspace. The intelligent auto-match engine significantly simplifies the matching process for zero-balance, low-value, or low-risk transactions. It suggests matches based on rules that you can set, allowing you to accept or discard them. With the capacity to match millions of transactions in minutes, accounting teams can focus on exceptions, high-risk reconciliations, and strategic tasks. That way, they can close the books faster — without headaches and late night work.
As your business grows and its number of transactions increases, handling account reconciliation manually isn’t just prohibitively cumbersome but also rife with potential errors and compliance issues. By using NetSuite’s account reconciliation solution, you can strengthen your internal controls and compliance, while increasing the accuracy of your financial statements by eliminating human errors and the delays that follow. Each reconciliation is securely stored in a secure document repository to ensure auditability.
The result: a faster close and increased accuracy.
Process Invoices and Make Payments With Ease
Paying your bills just got easier with updates to the Bill Capture, Vendor Invoice Distribution, and AP Automation features in NetSuite 2023.2.
Enhanced machine learning capabilities powered by Oracle Cloud Vision(opens in new tab) in NetSuite Bill Capture(opens in new tab) now intelligently categorizes expenses based on historical data, suggesting subsidiaries based on similar past bills. Previously, the system would only populate the employee's assigned subsidiary based on who uploaded the file.
If your team wants to split shared direct costs from a single vendor bill, they can now easily distribute these expenses across benefitting subsidiaries, departments, or other segments of the business. The Vendor Invoice Distribution SuiteApp allows them to create percentage or amount-based distribution templates for the system — or, they can simply distribute on a case-by-case basis. Once the distribution is completed, the SuiteApp automatically creates the regular or intercompany journal entries needed.
Improvements to the bill paying process continue with the addition of the Payment Approval Routing feature in NetSuite AP Automation(opens in new tab). Use this feature to submit and approve payments in batches while maintaining tight payment controls, choosing the approval type, spend/approval limit, and number of approvers required. Only authorized vendor bills are sent to the bank for payment delivery, helping you control spending and reduce fraud risk.
Increase Visibility into Revenue and Cash Forecasts
As your company strategizes around economic uncertainty and higher costs of doing business, access to accurate, up-to-date numbers becomes even more critical.
Now, software as a service (SaaS) and other subscription-based companies gain access to the SaaS Metrics Dashboard(opens in new tab) for real time monitoring. The SaaS Metrics SuiteApp provides a single, easy-to-understand view of key metrics and a 12-month rolling forecast that projects revenue given your current customer base. Use the dashboard to track essential metrics like annual recurring revenue (ARR), monthly recurring revenue (MRR), and churn rate at an enterprise-wide, individual-subsidiary, or cross-subsidiary level. Drill down into metrics to understand the underlying data and see supplementary information.
Updates to the Cash 360 Dashboard(opens in new tab) bring more visibility and insights into cash flow. Like the SaaS Metrics Dashboard, the Cash 360 SuiteApp provides consolidated, cross-subsidiary, and single-subsidiary views of your company’s metrics and cash position. With cash flow data from all subsidiaries in one place, teams can quickly create near-term forecasts at a daily, weekly, and monthly frequency. From there, drill down into AR, AP, and cash balances — or export the information to a CSV file for further analysis.
With real-time data from multiple sources in one location, use these dashboards to monitor your performance more closely, identify trends, and make more informed decisions to drive your business forward.
Simplify Taxes and Rebates & Trade Promotions
Two infamously complex functions — taxes and managing rebates and trade promotions — become easier in NetSuite 2023.2. SuiteTax(opens in new tab) now supports multiple shipping routes so you can ship to several addresses using different shipping methods, all on the same transaction. Line-level shipping and handling tax fields are now in the Shipping tab for tax engines to use in calculations.
The NetSuite Rebates and Trade Promotions SuiteApp(opens in new tab) also is enhanced. Now, you can create tiered rebates that change values based on the highest quantity or currency tier achieved during the rebate agreement period. The feature now automatically selects the best deal for each customer, incentivizing them to buy more. For your team, it minimizes the frustrating manual work of choosing which deal should be selected when multiple non-stackable deals exist.
Learn More About All the Updates in NetSuite 2023.2
NetSuite 2023 Release 2 contains a host of exciting new enhancements across the suite. Read more about what else is in the release on our Sneak Peek(opens in new tab) page or dive deep into the release notes(opens in new tab).
Most importantly, don't forget to request your Release Preview(opens in new tab) test account for hands-on access to see how new features will work with your data, workflows, and customizations.
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.