20 benefits of NetSuite for 2020 and beyond

The time of great change is now, and for businesses across multiple sectors, speed is of the essence when it comes to finding efficiencies that really count. Offering a fully integrated solution to support SMEs through this period of transition (whatever that may look like), NetSuite continues to empower businesses to make smarter decisions during these uncertain times – and more importantly, look ahead to the future. In no particular order, we list 20 quick-fire reasons why the all-new NetSuite Release 2020.2 is ready to join your team.

1. Consolidate multiple invoices to improve cash flow. Not only does this new feature reduce the manual slog associated with this task, but the grouping of invoices also allows payment accepted at group level to be enabled for individual invoices – improving accuracy and reducing days sales outstanding.
2. Give customers greater control through MyAccount Portal. With improved visibility and access to their accounts, this safe and secure feature gives businesses a clearer view of account information – from checking order history to adjusting subscriptions – as well as paying invoices. Did we mention it’s cost-effective, too?
3. Resolve problems sooner with a host of new project manager notifications. PMs can view the status of projects and any potential issues, plus recommended tips for action. With time and expenses to approve among the new alerts, leadership teams can remain one step ahead with this function for improved visibility.
4. Harness visual data to analyse performance. With easy-to-view visual data, optimised performance tools can help translate the activity and performance of a web store, for example. Automated alerts also make it easier to identify problems down the line, and take the necessary action to prevent them.
5. Utilise NetSuite WMS minus the overhead of managing bins. From single to multi-order picking, wholesale distributor businesses can now receive, transfer, and pick goods without a bin system. This is of particular value to smaller warehouses, improving the efficiency of hand-held picking.
6. Manage buyer approvals with SuiteCommerce Sign Up. Enabling streamlined approval workflows, this new extension of SuiteCommerce Sign Up makes it even simpler to manage the registration and authorisation of wholesaler customers from your ecommerce store.
7. Stick to the rules with automated compliance controls and notifications on expense reports. Not only will this support in adhering to company contracts and policies, but by limiting excess expenses, unapproved overages will be fewer as a result.
8. Effectively calculate revenue based on quantity and rates pulled from rate cards, items and billings classes. NetSuite’s Work Breakdown Structure (WBS) also allows users to save templates for future use on similar projects. Not only does this deliver more accurate results, but it also saves time when managing similar projects for multiple clients.
9. Iron out your admin access using via Access Management. For enhanced visibility, a streamlined interface helps managers grant the correct access to users without relying on the administrator role, as well as improving security. With this module, administration of roles and permissions just got a little easier.
10. Enjoy greater flexibility when building subscriptions. From the billing schedule to billing terms, users can adjust these parameters before a contract begins – reducing the chance of cart abandonment (often triggered by the need for a billing account prior to activation); this also makes it easier for customers wishing to swap billing accounts in future.
11. Maintain positive vendor relationships with the Sequential Liability SuiteApp. Thanks to a unified AR, AP and Cash in Bank report, professional services companies can both monitor and pay off vendor liabilities once payment has been made. Controllers can manage cash more effectively and collaborate with project managers in real-time on relevant AR and AP balances, helping to maintain positive vendor relationships
12. Access balance sheet reporting for a fast overview. A custom segment now allows organisations to build statements of financial position (balance sheet reporting) – whether a project, fund, grant or programme. By ticking the balancing checkbox, users can auto-balance accounting entries by multiple dimensions.
13. Gain greater insight regarding potential risks on delayed shipping. With Intelligent Predicted Risks for manufacturers, capabilities have now been extended to include sales orders. While at-risk purchase orders can be identified, machine learning can also recommend alternate vendors.
14. Streamline bank reconciliations to reduce your manual time. The added ability of creating and posting transactions from imported bank data makes the processing/matching of bank data to books in NetSuite even more efficient, and thus saving precious time.
15. Deliver an engaging experience with website themes. With every NetSuite release and feature update, themes are now managed to ensure an up-to-date experience for ecommerce customers. This now includes optimisation for mobile, multi-language support, ADA/WCAG compliance, and more flexible layouts.
16. Ensure goods ship on time with Material Requirements Planning (MRP). With new tools including a repository for consistent updates, a workbench to review orders, and suggestions before releasing/updating orders, sales are now included in predicted risks to help prevent the late shipment of orders.
17. Allocate labour expense costs as a non-profit organisation. The NetSuite SuiteSuccess Social Impact Editions enable not-for-profits to allocate labour expense costs – whether that be to projects, programmes or grant segments. This streamlines the billing process with cost-reimbursable grants, with visibility over total direct costs associated with that project.
18. Analyse merchandise performance with the new Merchandise Hierarchy Workbook. For retailers wishing to keep track of merchandise performance and trends, this new analytics tool enables the monitoring of items, inventory, sales and fulfilment data – with fully customised KPIs and reports.
19. Harness Workbook for Subscriptions for powerful insights. For existing and recurring subscriptions, this SuiteAnalytics tool provides an overview of recurring revenue. What’s more, the workbook template can also be used for out-of-the-box analytics – from upsell to downsell and much more.
20. Create meaningful goals with the SuitePeople Performance Management module. Providing a central location for both management and employees to set and track goals relevant to that individual, this feature sees goal progress updated based on performance metrics of the business. Having rolled out across North America, we hope to see this land in the UK soon.

Those firms who are already enjoying the benefits of NetSuite cloud software can expect their 2020.2 Release upgrade between the end of September and the beginning of November. If you’re not a NetSuite user but these benefits made you think ‘that would transform our business’, contact us so we can learn more about your challenges and create a personalised demo experience.