The New & Improved Features of NetSuite 2022.2 Release – The Key Highlights
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A business runs multiple departments on a daily basis, such as finance, HR, manufacturing, supply chain, procurement, and others. Running all the operations business requires a solution, and that solution is NetSuite.
NetSuite is a unified ERP platform that automates business activities in the cloud platform and delivers high-end benefits to the organization.
From finance to supply chain and from order management and production to warehouse management, NetSuite ERP enables businesses to have clear visibility and complete control of these operations.
The ERP solution has been enabling businesses to streamline business processes, accelerate growth, and drive innovation.
In its quest of bringing innovation, NetSuite has recently rolled out its new features. The newly introduced features by NetSuite will help businesses improve business processes and operations.
Compatibility in Multi Subsidiary Customer with Consolidated Payments
As per the new NetSuite update 2022, the consolidated payments and multi-subsidiary customers are now compatible. The customer hierarchies feature is now restricted. This restriction will enable users to leverage these functionalities together.
Advanced Revenue Management
As per new NetSuite features 2022 updates, from now on there will be two seperate features - they are the Advanced Revenue Management (Essentials) and Advanced Revenue Management (Revenue Allocation).
The ARM Essential feature takes care of revenue management and plans. It focuses on the revenue postponed & recognized with actual & forecasted.
CRM Add On
The newly added CRM Add-on feature improves the Salesforce capabilities in terms of sales automation, marketing automation, and customer services management. This new feature empowers sales reps, managers, and customer service professionals to experience real-time lead and sales activity data. You can hire Salesforce consulting company and get deep understanding on the same.
Cash 360
The new Cash 360 is a powerful new feature that lets businesses manage cash flow and get real-time financial condition updates of the business. It helps in rapidly & precisely generating near-future cash flow-related forecasts.
The cash management dashboard enables businesses to analyze real-time business liquidity visually via graphs and charts. Businesses can handle fiscal factors such as accounts receivable, accounts payable, and bank balance totals.? Cash 360 shows the AP aging report and AR aging report.
Quality Management
As per the NetSuite 2022.2 new update, the Quality Management module has got a new look. According to this new update, the QM module has optional bin transfer for non-controlled or controlled items.
There can be different inventory statuses for each lot, and this feature can move the approved and non-approved items to their respective bins and inventory statuses.
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Project 360 Dashboard
The newest version 1.00.0 of Project 360 is now available for installation. It facilitates users with a centralized view of all the important metrics & data points that helps them manage projects.
It helps project managers access project managers' portfolios that have the details of all the assigned projects. The dashboard provides details such as project overview, resource planning, billing & revenue, financial, and budget & EAC.
It will be easy for managers to access & review KPIs, get details of various important information related to a project, monitor & allocate projects, customer tracking, profit analysis, etc.
Vendor Bill Capture
Users can easily upload scanned bills by vendors into the file cabinet, and from here one can create NetSuite Vendors' bills from the uploaded files with the help of OCR.
It leads to the mitigation of the manual data entry process, reduces errors, and eliminates inconsistencies that otherwise occur while entering vendor bills.
International Tax Reporting
The new updates in NetSuite have come up with several updates in the International Tax Reporting feature. Post update, the tax report includes the following new features – Belgium VAT report, Belgium 2022 Intrastate Dispatch Report, France VAT report & tax codes, The Netherlands 2022 Intrastat report, and Germany VAT report.
Smart Item Recommendations
This new feature will prove quite helpful for the users. It will allow sales reps to view & choose items from intelligence recommendations and estimates for customers in an excellent manner. This new feature allows sales reps to understand the past purchase history of a customer, the purchase behaviour of similar customers and products they have purchased in the past, and the items bought with particular items.
The List of Other NetSuite Features That are Rolled Out Recently
Conclusion
The new update of NetSuite 2022.2 features is highly promising. The list will help NetSuite users in all critical areas and make their operations exceptionally improved. For more details on the new features, you can hire a NetSuite integration service provider. The professional services will help you make a well-informed decision.