The NetSuite 2020.2 Release Offers New Insight to Finances, Customization, and More...
NetSuite is scheduled to roll out their second release of the 2020 year with updates and enhancements that will allow their over 20,000 customers to navigate the ever-changing economy that is upon us. The 2020.2 release is geared towards customers who are looking to engage target audiences, manage teams and staff, and stay on top of and up-to-date with their finances through seamless systems and analytics.
Finances
The 2020 economy has been unstable to say the least. With that, businesses are constantly looking at new ways to maximize their profits while saving time and efforts. NetSuite is bringing these updates to their cloud-based software:
Bank reconciliations have been updated to create a system that will allow business owners to automatically create and post transactions.What does this mean in terms of efficiency? Past are the days business owners would need to spend manually processing and matching their books to NetSuite. Say hello to new found time!
Invoice grouping will now allow for the consolidation of several invoices into one invoice which can then be sent to customers. This new feature allows the payments made within the group level to be broken down into individual invoices.
Intercompany payables and receivables have gotten a facelift. The updated software will now provide accountants and controllers the capabilities to easily offset mutual balances and automate intercompany netting settlements.
Customization
NetSuite understands the importance of creating software that is customizable to fit the needs of all businesses. Here are some of the features that have been added:
A new records catalog has been added to SuiteCloud. This will enable customers to view your records within NetSuite’s account data model in a customized manner.
Through GitHub, one will be able to automate SDF projects across the development life cycle with IDE-agnostic Node.js Command Line Interface (CLI). Also new to GitHub is SuiteCloud capabilities offering support for JavaScript Unit Test framework. The new feature will avoid glitchy malfunctions by testing and debugging custom SuiteScript codes.
The Application Performance Monitor dashboard will be introduced to give users a real-time look at health indicators, leaving less room for potential performance issues.
Employees
Employees are the core to any business. To ensure they are both happily working and contributing to the productivity of companies, NetSuite has created:
SuitePeople Performance Management is an effective tool for HR to manage staff reviews and performance in a variety of ways, essentially maximizing employee productivity. Performance management allows employees to get involved in goal making alongside company managers, creating better relationships and an increased connection to work. Measurement of the set goals takes place through Performance Metrics. The enhancement also includes capabilities that provide management with reflective data in relation to employee goals when it comes time for review.
Release
Also included in the release are e-commerce updates that will assist companies in inventory and supply preparedness, warehouse management, along with much more. For a full scope of what the new e-commerce features have to offer, visit netsuite.com/blog.
For those who may be new to the release process, it takes place in three phases, beginning in August and ending in October. Are you a NetSuite customer looking to learn more? You can head over to NetSuite’s enterprise login system to get more information here.