As global organizations struggle with uncertainties in the economy and the challenges of high business costs, a prevailing consensus emerges: the imperative to achieve greater success with fewer resources.
Presently, decision makers within companies generating less than $250 million in annual revenue are concentrating on cost reduction while emphasizing efficiency, as revealed in a second-quarter 2023 survey conducted by CFO.com and NetSuite. Most finance executives surveyed express their intention to address escalating operating expenses by enhancing efficiency, implementing changes in hiring practices, and implementing automation.
NetSuite 2023 Release 2 is strategically crafted to bolster these initiatives, providing organizations with the tools to balance growth aspirations and profit preservation. The new features offer unprecedented levels of automation and visibility, empowering finance executives to enhance output, efficiency, and team engagement – all without compromising the balance sheets.
Implementing Automated Processes for Reconciling Accounts and Matching Transactions
To streamline the cumbersome and time-intensive procedures involved in financial closure, initiating enhancements in account reconciliation can yield substantial advantages.
NetSuite’s Account Reconciliation automates the entire reconciliation process for the general ledger, encompassing intercompany transactions, accounts receivable (AR) and payable (AP), bank and credit card transactions, accruals, fixed assets accounts, and other balance sheet items. This eliminates the need for extracting data from source systems, compiling details in spreadsheets, manually reviewing account balances, and employing intricate formulas for matching and reconciliation. Instead, all these processes are centralized in a unified workspace. The intelligent auto-match engine simplifies the matching process for zero-balance, low-value, or low-risk transactions, proposing matches based on customizable rules for your acceptance or rejection. With the capability to match millions of transactions within minutes, accounting teams can focus on exceptions, high-risk reconciliations, and strategic tasks. This facilitates faster book closures without the complexities and late-night efforts.
As your business grows and transaction volumes increase, manual account reconciliation not only becomes excessively burdensome, but it is also susceptible to errors and compliance issues. Leveraging NetSuite’s account reconciliation solution enhances internal controls and compliance, simultaneously enhancing the precision of financial statements by eliminating human errors and associated delays. Each reconciliation is securely stored in a dedicated document repository, ensuring auditability.
The outcome: An expedited closure and heightened precision.
Streamlining the Invoicing Process and Facilitating Seamless Payment Transactions
Simplify your payment processes with the latest enhancements in NetSuite 2023.2, including Bill Capture, Vendor Invoice Distribution, and AP Automation features.
By harnessing advanced machine learning capabilities from Oracle Cloud Vision in NetSuite Bill Capture, expenses are not intelligently categorized based on historical data. Unlike its previous reliance solely on the employee’s assigned subsidiary, the system now suggests subsidiaries based on similar past bills, significantly improving accuracy.
For teams seeking to allocate shared direct costs from a single vendor bill, the Vendor Invoice Distribution SuiteApp offers a seamless solution. Users can effortlessly distribute expenses across subsidiaries, departments, or other business segments using percentage or amount-based templates. Following the distribution, the SuiteApp automatically generates the necessary regular or intercompany journal entries.
Additional enhancements to the bill payment process are introduced through the Payment Approval Routing feature in NetSuite AP Automation. This feature enables users to submit and approve payments in batches, maintaining rigorous payment controls by specifying approval types, send/approval limits, and the required number of approvers. Only authorized vendor bills are sent to the bank for payment delivery, providing heightened control over spending and mitigating the risk of fraud.
The outcome: An enhanced and streamlined bill payment process where expenses are intelligently categorized, shared costs are efficiently allocated, stringent controls are put in place to reduce the risk of unsavory behavior.
Improving Clarity on Forecasts for Revenue and Cash
In navigating economic ambiguity and rising operational costs, the availability of precise and current figures becomes increasingly pivotal for your company.
For software as a service (SaaS) and other subscription-based enterprises, the SaaS Metrics Dashboard is now at their disposal for continuous monitoring. The SaaS Metrics SuiteApp delivers a cohesive and user-friendly presentation of essential metrics, along with a 12-month rolling forecast that predicts revenue based on the existing customer base. Utilize this dashboard to supervise critical metrics like annual recurring revenue (ARR), monthly recurring revenue (MRR), and churn rate across the entire enterprise, individual subsidiaries, or cross-subsidiaries. Delve into the metrics for a comprehensive understanding of the underlying data and access supplementary information.
Complementary enhancements to the Cash 360 Dashboard offer increased visibility and insights into cash flow. Mirroring the SaaS Metrics Dashboard, the Cash 360 SuiteApp provides consolidated perspectives across subsidiaries, offering both cross-subsidiary and single-boundary views of your company’s metrics and cash position. Centralizing cash flow data from all subsidiaries enables teams to swiftly generate short-term forecasts on a daily, weekly, and monthly basis. Moreover, they can delve into accounts receivable (AR), accounts payable (AP), and cash balances, or export the data to a CSV file for a thorough analysis.
By consolidating real-time data from a variety of sources into one location, these dashboards empower you to closely monitor performance, discern trends, and make well-informed decisions that propel your business forward.
The outcome: Heightened adaptability for your company, facilitated by the availability of precise and current figures, continuous monitoring, and ongoing strategic insights.
Streamlining Tax Processes and Simplifying Rebates and Trade Promotions
In NetSuite 2023.2, handling two notoriously intricate functions—taxes and the management of rebates and trade promotions—becomes more straightforward. SuiteTax now accommodates multiple shipping routes, enabling shipments to various addresses with different methods within the same transaction. Line-level shipping and handling tax fields are now consolidated in the Shipping tab for tax engines to utilize in calculations.
The NetSuite Rebates and Trade Promotions SuiteApp have also undergone enhancements. Users can now establish tiered rebates that adjust values based on the highest quantity or currency tier attained during the rebate agreement period. This feature automatically selects the most advantageous deal for each customer, encouraging increased purchases. It alleviates the manual effort of determining the optimal deal when multiple non-stackable deals are available, streamlining the process for your team.
The outcome: Handling taxes and managing rebates and trade promotions is far easier and more efficient.
Take Advantage of NetSuite 2023 Release 2 Features With MIBAR
The tools offered by NetSuite 2023 Release 2 provide a strategic advantage for organizations, particularly those with revenues under $250 million, focusing on cost reduction and efficiency enhancements. The suite’s features, spanning automated account reconciliation, streamlined invoicing, and precise forecasting of revenue and cash, offer unprecedented levels of automation and visibility. These advancements empower finance executives and teams to navigate challenges with agility and make informed decisions.
To unlock the full potential of these features and ensure a seamless transition to a more efficient and automated financial management, reach out to MIBAR, your trusted partner in technology solutions. Contact us today to explore how we can tailor NetSuite to your business needs, optimize your financial processes, and drive your organization forward with confidence!
As a leading NetSuite partner, we’ve established a genuine methodology to help maximize every dollar of your ERP budget and ensure NetSuite is meeting your needs. We assist businesses just like yours to identify areas of risk and inefficiency, rescue implementations, assist with NetSuite enhancements and improvements, provide support, training, and much more. Learn more about our NetSuite support services.