NetSuite 2020 Release 2 Sneak Peek for Finance

NetSuite 2020 Release 2, is the second major platform upgrade of the year, delivers to more than 20,000 customers around the world. For existing NetSuite clients, you will find the values across your different functions. Check it out for financial and operational excellence.

Invoice grouping

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.

Bank reconciliations

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.

Intercompany cross charge automation

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.

Automation on staff’s expense reports 

Automated controls and notifications on staff’s expense reports ensure compliance on company policies and contracts. This results in fewer unapproved overages and limits excess expenses.

If you would like to fully utilise these features in your team and organisation, just contact us.

Learn More About NetSuite 2020 Release 2

These are just the highlights, there are simply too many enhancements in this SuiteCloud release to cover in a single blog post. For more specifics on the complete list of new features, be sure to read the Release Notes.

Finally, be sure to request access to your Release Preview test account. There, you can preview and test how the new features will work with your own data, workflows and customizations.