The software industry had its advantages reaping cloud-based applications, but the COVID-19 pandemic and its precarious outcomes brought inflexibility. Many companies preferred subscription billing to be part of a suite and NetSuite was among the choicest of all solutions.
SPOTLIGHT
Considering the new normal and business concern for the future, NetSuite 2021 Release 2 has covered creative pricing and packaging, an array of choices, better analytics, more automation, additional focus on design, and improved user experience.
This cloud-based business management solution is packed with new features and enhancements that software companies require to run their businesses without a hitch.
Advanced Business Models
- NetSuite SuiteBilling comes with the new bulk activation feature. It helps automate the activation or suspension of many subscriptions or subscription lines.
- Users can reactivate or suspend simultaneously, by filtering and selecting the products for processing.
- It helps software companies come across increased productivity and handle large numbers of accounts uniformly.
Smart Financials
- Foreign exchange (FX) rates are now integrated into the NetSuite platform with automatically updating FX rates via API. This helps users consider the most current exchange rates in financial statements.
- Customers can use online payment portals to pay with credit or debit cards and payment links are added on invoices as well.
- Importing bank payments with open invoices, automated cash application functionality centralizes payment processing and delivers key insights into cash flow.
Automated Operations
- Consolidate purchase orders across subsidiaries with a new order and procurement feature.
- Receive purchased items at the target subsidiary. NetSuite for Software industry automatically cross-charge cross-subsidiary transactions for better pricing.
- Ward off overspending by validating purchase requests, orders, and vendor bills
- You can set up budgets natively in NetSuite, ensuring adherence across subsidiaries in 27 languages.
Employee Engagement
- The new automated performance reviews feature helps reward your employees and add it to their performance reviews.
- Both employees and managers can see the current goal status with performance management UI enhancements. It helps expedite approvals as well.
- Business administrators can capture areas of focus and goals through HR reports and identify spot competency gaps. It improves the alignment between an employee and the manager.
- Rules-based formulas help update employer matches automatically when employee contributions change.
For the most part, NetSuite, a subscription billing software and a cloud ERP with GST, offers multiple tools to configure, customize, increase professional services productivity, and adapt to evolving marketplace efficiently. Software companies can streamline critical processes and grab more control to meet compliances as well.
There is a lot more to comprehend across NetSuite for Software industry, certainly, the space is limited to dig deep into its elemental capabilities. A certified NetSuite Partner in India can let you explore it across all the major verticals, be future-ready with advanced solutions, and unveil opportunities to lead the competitive edge.
Serving in the field of cloud computing solutions for more than a decade, inoday has won accolades for its exemplary services, willingness to respond, and industry-specific expertise to do away with operational bottlenecks. As an accredited # 1 NetSuite Partner in India and recently acclaimed as India’s Top Solution Provider by NetSuite, we would assist you in executing your business vision efficiently and driving unrivaled scalability.
For detailed information, Schedule A Demo!
