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Business leaders have undergone extreme scenarios due to the worldwide COVID-19 pandemic lockdown. As the economy is regaining its pace, thriving businesses need more timely and more accurate data to optimize their success rate. NetSuite 2021 Release 2 comes with inventive features to deliver insights and help businesses gain better control over inventories, supply chains, and payments.
NetSuite 2021 Release 2 brings
Smart Financials
- Bank reconciliation
- Asset Management
- Account Receivables/Payables
- Revenue Management
- Simplify complex financials
- Easy Forecasting
- Efficient and accurate Reporting
E-invoices with NetSuite Cloud ERP in 2021 include a link to a secure payment portal. Here, your customers can view and pay their bill with a click via credit or debit card, PayPal, or other online payment methods. This new functionality supports ACH payments directly within the SuiteCommerce MyAccount. It enables both suppliers and vendors to pay quickly and more efficiently.
The new automated cash application function readily eliminates manual interventions. It matches imported bank payments with open invoices in NetSuite automatically. Also, GL payments are automatically created and applied once approved. With such integrated capabilities, you can come across improved cash flow, lower days sales outstanding (DSO), and reduced A/R aging.
Businesses with multiple subsidiaries in NetSuite can now consolidate purchase requisitions across subsidiaries along with purchasing and billing. Purchased items will be received at the relevant subsidiary, regardless of which entity created the purchase order or requisition.
Improved Inventory
- Real-time Inventory view
- Reduced stockouts
- Product availability across multiple channels
- Exceeding customer expectations
- Automated inventory tracking
- High visibility across inventory
- Anywhere, anytime Fulfillment
New allocation options prioritize inventory allocation to sales orders by gross profit or revenue. You can easily add or remove a pallet with enhancements to NetSuite Warehouse Management. This way you can offer shippers more flexibility in packing multiple orders going to the same destination.
Production units can optimize shipping costs by holding a pallet and not shipping it until it’s full. Additionally, they can generate lot numbers and add custom fields for additional lot information.
Continuous Employee Engagement
- Motivated employees
- Empowered managers
- Planned growth and scalability
- Quick Change Implementation
- Additional Access Controls
New functionality in SuitePeople automates calculations for 401(k) plans, with rules-based formulas for calculating employer match amounts. The match amount will automatically update when an employee changes their contribution amount. With NetSuite 2021 Release 2, you can come across automated age matching calculations for catch-up amounts. It also delivers the ability to manage contribution limits per employee.
You can make the most of NetSuite ERP Release 2 to increase productivity, ensure happy customers, and improve benefits management.
It is an industry best practice of connecting with a certified NetSuite Partner in India, who can help unveil more growth opportunities with e-invoicing and overcome inventory challenges while expanding the business on a global platform.
inoday has won accolades for its willingness to respond and industry-specific expertise to do away with bottlenecks. Recently, we have grabbed the recognition of # 1 Oracle NetSuite Partner, India’s Top NetSuite Solution Provider Partners from NetSuite. We would assist you in executing your business vision efficiently and driving unrivaled scalability.
inoday is always committed to progress and innovation!
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