NETSUITE UPDATE PART 1

As business owners, 2020 posed a significant challenge to not only our careers and the legacies we were building but it also posed a threat to that of our employees and the families that they were supporting through the work they did in our business.

The pandemic put an unimaginable strain on us to keep our business running through innovative and sustainable ways; and those innovations were challenged week after week. Now, over a year later, businesses are still being challenged. Not only by the pandemic but now by consumers who have altered their habits due to the pandemic.

More than ever, business owners are in dire need of the most up-to-date and accurate data so that they may stay ahead of the game and reach success by making smart choices, minimizing costs, staying as efficient as possible with productivity and, of course, keeping their customers happy, smiling and returning.

These demands can be overwhelming for the standard business owner but for CEO’s running their company on Netsuite, the ball game is a whole lot easier!

With brand new updates rolling out through NetSuite 2021 Release 2, business owners have received the help and data they’re looking for. This update provides more detailed information that can provide greater insight into the workings of your company along with efficiency when it comes to inventory control, automations and overall management.

Finances

Making it easy to send invoices as well as receive payment is arguably one of the most important things happening within your business. If no invoice, no payment! If the customer has issues submitting payment? You guessed it: no payment. And money is what’s keeping this all moving forward! This is why NetSuite has now made it much easier for your customers to submit payment on your invoices through a new feature called “payment link”. Now, when you email invoices, you’ll have the option to include a link that will take your customer to a secured portal where they can “pay their bill via credit or debit card, PayPal or other online payment method”.

This option also allows your customer the option to “pay partially or in full depending on rules you set, and NetSuite automatically records the payment accordingly”.

Also of note, a supporting new feature also provides the ability to accept ACH payments all within the SuiteCommerce MyAccount!

Together, these features will ensure that your suppliers, vendors and customers have complete ease when receiving money or paying your company for its hard work!

Operations

Looking to speed up operations and make your employees' time more productive? NetSuite, as always, is way ahead of you!

With NetSuite’s new automated cash application function, your employees can now dedicate less time to manually entering invoices! This new feature has the capability to “automatically match imported bank payments with open invoices in NetSuite. Once approved, GL payments are automatically created and applied.”

Another great new feature meant to increase productivity in operations is that if you have users who are in charge of managing multiple subsidiaries within Netsuite, you now have the ability to “consolidate purchase requisitions across subsidiaries, in addition to purchasing and billing”. Are you breathing a sigh of relief yet?

Inventory Management

Assessing your inventory and gathering accurate data is critical information that you need at all times! It’s with this in mind that NetSuite has now provided new allocation options that will give your planners the option to prioritize inventory based on their discretion! This could be based on sales order by revenue or gross profit!

And as long as we’re spreading the wealth, NetSuite has also given your warehouse workers the ability to quickship pallets with the quick touch of a simple handheld device! Check out the NetSuite Warehouse Management function to find out all the ways to utilize it and customize it to your business needs.

HR Optimization

Ready to uplevel the care your employees receive for their hard work? Within SuitePeople, you’ll find a new feature that allows you to automatically calculate 401(k) plans along with unique rules pertaining to each employee as may deem fit.

It also comes with the option for employees over the age of 50 to decide whether or not they’d like to make their own annual contributions to different retirement plans!

Have you begun taking advantage of the new features within the system?