NetSuite 2021 Release 1 for Finance

New Release2021.1 for Finanace

Intelligence and automation enhancements in Oracle NetSuite 2021 Release 1 has further enabled finance automation of internationalised companies or those with multi-subsidiary setup. No matter you are from manufacturing, wholesale & distribution, financial services or professional services, NetSuite cloud ERP system’s key updates increase productivity of finance department on purchase-to-billing automation, expense management, simplified approval processes and global bank feeds importing. Get your free NetSuite2021.1 release account here.

Smart Financials & Operational Automation

Purchase-to-billing automation

The introduction of centralized subsidiary purchasing and billing consolidates purchases across multi-subsidiary organizations and generates vendor payments from a single location. This can reduce purchase order volume and automate corresponding cross-charges. The payoff: better spend management and increased productivity.

Expense Management

New expense commitments and budget validation functionality prevents overspending by validating purchase requests and orders against an organization’s available budget, ensuring that budgets are closely followed.

Flexible and quicker approvals

SuiteApprovals now provides email approval which makes it possible to review, approve or reject transactions on the go by simply clicking on email links. Staff can use the accompanying email approval log to review and audit email approval actions before they are updated in the system. This leads to more flexible and quicker transaction approvals.

Sample approval email

Global bank feeds

With the latest global bank feeds feature, companies can now use the Bank Feeds SuiteApp to automate the importing of financial data from banks in Asia, Australia and New Zealand, increasing efficiency and simplifying tedious reconciliation tasks.

SuiteAnalytics Highlights for NetSuite 2021 Release 1

Conditional color formatting 

With new Conditional color formatting functionality, users can highlight Workbook pivot tables or table cells with colors based on numeric values defined for specific cells and ranges. This helps call attention to important data points such as deadlines, at-risk tasks or budget items and also makes large data sets more digestible by visually organizing data within large tables by color.

New Calculated measures on Workbook

New Calculated measures functionality supports date filtering within pivot tables, letting users see results from two periods side-by-side and conduct comparitive analysis faster and with more confidence. The feature is enabled within the Workbook UI in every pivot table as a property of each date field added into a pivot layout.

More resources about SuiteAnalytics BI here.

Finance for professional services or projects

SuiteProjects – all-in-one project financials visibility

NetSuite 2021 Release 1 brings the debut of SuiteProjects, a professional services automation solution built natively on NetSuite. SuiteProjects combines capabilities in project management, resource management, project budgeting and project accounting, providing complete visibility into, and control over projects and billable resources.

For project bottom line management,  NetSuite 2021 Release 1 automate project financials in two dimensions: manpower costing and project procurement user collaboration.

Manpower costs management and approval

Expense report policies can be expanded to set limits for each expense line in a project, and additional filters allow for control of policies based on billable line items. The combination of controls and notifications ensures alignment with company policies and client contracts. By clicking the new “retract” button, employees can easily correct weekly timesheets before they’re approved, saving time for employees, approvers and administrators alike.

Project procurement cost management

For project procurement, project purchase automation and visibility functionality lets project managers initiate purchases directly from projects, providing project views of purchase transactions and enabling the routing of purchase approvals. Finance, purchasing and project management staff can collaborate more effectively, and the simplified user experience lets both finance and project managers easily view how purchases are affecting projects costs.

When combined with NetSuite CRM and financials, NetSuite’s 2021 Release 1 and SuiteProjects become the finishing touch on a comprehensive single platform for running a services business.

Here are just some of the highlights of the new release that are available to all NetSuite users as part of your subscription, at no additional costs.

You are mostly welcomed to talk to our consultants to check out the full release notes and how you can make the best out of these updates.

And don’t forget to get your test account for preview now.