NetSuite 2020.1 feature deep dive

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NetSuite has been delivering regular updates to its business management suite, addressing needs from the customer base as a whole. NetSuite 2020.1 delivers new functionality to 19,000 customers in more than 200 countries.

From global financial capabilities and new employee engagement features to new and enhanced functionality for an array of vertical industries, NetSuite 2020 Release 1 introduces features designed to help customers be at their best.

Feature overview: 

Financials

Better revenue trace-through and an enhanced audit trail combine to improve visibility into the impact of subscription changes on revenue streams and make revenue recognition more precise.

  1. NetSuite has added the ability to update and make bulk changes to subscriptions, which saves time and improves invoice accuracy.
  2. Improved visibility into contract revenue brings better insight into revenue allocation and increases an organization’s understanding of whether offerings have been fully billed or not.
  3. SuiteApprovals of requisitions provide nonprofits with tighter control of their spending, and the custom approval chain routes documents for review.
  4. Custom transactions allow organizations to create their own unique transaction types, such as pledge write-offs for nonprofits.

Employee Engagement

SuitePeople HR 2020.1 provides new insights into salary and experience data, allowing managers to make employee change requests with confidence.

  1. HR can perform employee record bulk updates with effective dates to reflect changes from a review cycle or changes resulting from a department re-org.
  2. The new SuitePeople Planning and Budgeting SuiteApp helps CFOs forecast growth with up-to-date employee data from SuitePeople HR and also eases setup, reduces manual data entry and includes necessary permissions to run saved searches.

Supply Chain 

Extended capabilities to the Supply Chain Control Tower now provide intelligent predictions and simulations on transfer order risks and recommended actions that will proactively optimize your supply chain.

  1. The new SuiteAnalytics Supply Chain Workbook provides a way to efficiently analyze supply chain imbalances.
  2. Meet delivery promises by automating the re-allocation of inventory when supply is constrained with new supply allocation exceptions capabilities.
  3. Optimize outsourced manufacturing operations by automatically creating work orders when placing a purchase order on your contract manufacturer activities.
  4. The ability to schedule automatic creation of fulfilment requests simplifies supply allocation while predictive analytics can determine what deliveries might be at risk for a delay and make recommendations.

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Project Lifecycles

Netsuite 2020.1 introduces improved tools and smarter analytics simplify management of project budgets. Organizations can now easily see how costs are impacted when adding and editing activities.

  1. Automated cost calculations help to increase accuracy while miscoded time or expenses can now be quickly identified. What’s more, NetSuite now offers system suggestions for updating time estimates when unexpected costs arise.
  2. New time-modification enhancements provide better control of billable time, and NetSuite Analytics now supports time-modification requests and entries, improving visibility into changes.

Integration

The new REST API enables external applications to be securely integrated with NetSuite and includes full support for custom records, expanded CRUD operations support and record collection filtering.

  1. The REST API also supports executable record actions, and a new API browser provides a visual overview of API structure and function.
  2. The updated SuiteScript 2.1 programming language, which supports the latest ECMAScript 2018 JavaScript syntax and is powered by Graal virtual machine technology, enables developers to write powerful apps with less code.
  3. SuiteScript 2.1 also supports relative file path preferences, and the SuiteQL API enables the creation of fast and scalable applications, speeds up performance and improves efficiency.
  4. The new SuiteApp Marketplace introduces a modern, consumer-like experience, native within NetSuite, for distributing and consuming SuiteApps.

Banking

Administrators who have online banking set up with their financial institution can now set up bank feeds directly from their financial institution accounts as of Netsuite 2020.1. 

This feature enables you to monitor and manage your cash flow needs with better accuracy and predictability. 

To set up bank feeds, you can use the new Bank Feeds SuiteApp, which uses a third-party data aggregation service to securely connect to financial institutions. 

To use the SuiteApp, your NetSuite role must have the Financial Institution Records permission with a full access level.

When you set up bank feeds with the Bank Feeds SuiteApp, you can: 

  1.  Directly connect to supported financial institutions.
  2. Automatically import bank data and account balances on a daily basis directly from your financial institution into NetSuite, which eliminates the need for manual import.
  3. Receive daily updated cash balances.

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