NetSuite 2022 Release 1 (click here for ONE Pac’s summary) delivers new features and capabilities to help high-growth companies meet finance and accounting 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.
- An exciting new feature focuses on bulk customer payments for various types of billing models. Offering a multitude of pricing and billing options, 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.
Increased Visibility into Current Cash Position and Projections
- For companies continue 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, 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.
Richer Datasets for Improved Business Planning and Analysis
- 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.
More Automation for finance professionals
- 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 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 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.
Learn More About NetSuite 2022 Release 1
This is an overview of some of the new functionalities 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 official release notes.
Be sure to request access to your Release Preview test account. There, you will see how all the new features will work with your data, workflows and customizations through hands-on experience.