Optimized Financial Close Management
Interactive Close Task Management:
- Centralized Task Management: The new task management feature in NetSuite Account Reconciliation allows for efficient creation, assignment, and monitoring of financial close tasks. This ensures accountability and transparency throughout the closing process.
- Automated Calendar Roll-Forward: Automatic updates to the financial close calendar reduce manual adjustments and accelerate the closing process, enabling timely and accurate financial reporting.
Efficient Invoice Processing and Payments
Automation in Accounts Payable:
- Automated Vendor Payments: Streamline vendor payments across multiple US subsidiaries, ensuring timely settlements and reducing the risk of late fees. Additionally, process vendor prepayments directly into vendor accounts for enhanced accuracy and efficiency.
- Enhanced Bill Capture: AI-powered enhancements in NetSuite Bill Capture offer quick and accurate invoice processing. Improved matching technology and customizable review filters ensure invoices are processed correctly the first time, reducing errors and manual workload.
Comprehensive Cash Flow Visibility
Advanced Data Visualization:
- New Subject Areas: Utilize new datasets in NetSuite Analytics Warehouse for order-to-cash and procure-to-pay processes. This helps identify inefficiencies and manage cash flow more effectively, providing a clear view of financial operations.
- Customizable Account Analysis: Create flexible financial reports without the need for data augmentation. Aggregate transaction data for regulatory reporting and trend analysis across multiple subsidiaries, offering a holistic view of our financial health.
Advanced Subscription Management
Streamlined Subscription Processes:
- Prepay Functionality: Enable prepayments for consumption-based pricing models, allowing customers to consume services over their contract period with automated invoice updates on prepayment balances. This ensures smoother cash flow and enhanced customer satisfaction.
- Integrated CPQ and SuiteBilling: Enhance efficiency by integrating configure, price, and quote (CPQ) solutions with SuiteBilling. This supports the inclusion of subscription items in product configurations, simplifying the sales and billing processes.
Additional Efficiency-Boosting Features
Maximized Operational Efficiency:
- Simplified Revenue Distribution: Use the Transaction Line Distribution SuiteApp to distribute accounts receivable transactions across multiple segments, ensuring accurate revenue recognition.
- Accurate Cash Forecasting: The Cash 360 SuiteApp incorporates installment schedules for better forecasting, providing a clearer picture of future cash flows.
- Refined Volume Rebates: Assign forecasts for tiered rebates and calculate rebate agreements for both purchase and sales transactions, optimizing rebate management.
- Improved Audit Documentation: Enhance audit processes with customizable documentation and the ability to attach files and export results in NetSuite Compliance 360. This streamlines audit preparation and improves compliance.
Discover More
We invite you to join our NetSuite 2024 Release 2 announcement session to explore the extensive updates in NetSuite 2024.2. Our experts will walk you through the new features and demonstrate how they can seamlessly integrate with your existing data, workflows, and customizations. Visit our NetSuite 2024 Release 2 blogposts for a deeper dive. Don’t miss out on requesting your Release Preview test account to get hands-on access to the latest advancements in NetSuite.
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