Oracle NetSuite, being the top ERP solution for global brands ranging from small scale companies to large corporations, has been alert about enhancement of NetSuite features round the clock. The company runs surveys where NetSuite users input their opinions about the software, recommend or ask for certain features from scratch or updates in existing features.
The NetSuite team had run a similar kind of a survey in November 2022- CFO.com/NetSuite, where all the CFOs were asked about their challenges & scope of advancements in the software.
After the analysis of survey results, NetSuite has taken no longer to offer apt solutions. It’s right here! The NetSuite 2023.1 Release has been crafted around the mitigation strategy for Accounts & Finance departments. These NetSuite features will resolve concerns around economic conditions, cash flow, and other challenges of CFOs & Finance personnel.
Let’s check out the NetSuite Features & Benefits for Finance:
1. Simplified Accounts Payable Automation:
Automating the bill capture process through payment capabilities offers a simplified approach to accounts payable (AP) automation. Manual data entry is often inefficient, time-consuming, prone to error, and can lead to higher costs, missed savings, and increased risk of fraud. By automating the process, companies can avoid these issues and ensure smoother AP operations.
One of the NetSuite features allows the use of AI/ML-based object detection and optical character recognition. As a result, emailed bills can be automatically processed to create digitized versions.
This eliminates the need for manual input of vendor details or scanning and dragging a version into the bill capture workspace. The relevant details, such as vendor name, PO number, items ordered, quantity, and pricing, are converted into digital text and matched to the purchase order for more efficient bill processing.
NetSuite’s AP Automation includes enhanced payment automation capability with HSBC banking services for faster and accurate payments made within NetSuite. NetSuite 2023.1 offers further efficiencies with automated journal entries and an enhanced approval routing workflow.
The update eliminates manual entry of payment details and ensures accurate vendor information, reducing the risk of missed or late payments and preventing the creation of fraudulent suppliers.
2. Automated Price Change for Subscription Renewal:
Companies with subscription pricing options can reduce the administrative burden and save time by automating their renewal processes. One of the NetSuite features from its 2023.1 version introduces the “uplift at renewal” feature, allowing SuiteBilling users to apply a percentage increase to a customer’s renewal pricing.
This simplified feature offers flexible preferences, making it easy to keep pace with inflation or shift to the latest catalog pricing, ensuring subscription revenue growth for all business models.
3. Improved Capabilities Around Indirect Cost Allocation:
Now this is another exciting characteristic from NetSuite Features! NetSuite 2023.1 enhances not-for-profit capabilities with better indirect cost allocation. Users can enter provisional or agreed-upon rates for custom segments and tag allowable direct costs with any amount limits. The update automatically calculates indirect costs and displays total costs, enabling organizations to recover indirect costs from a custom segment.
4. Increased Control Around Tax Exemption:
NetSuite 2023.1 introduces a new feature that offers flexibility to companies that are tax exempt or have tax-exempt subsidiaries. With this update, users can disable tax calculation where it is not required, and instead, assign nexuses to a subsidiary, classify it as tax exempt, and skip the assignment of a tax engine. This means that tax calculations on transactions for that nexus will be effectively disabled.
This feature enables companies to run both tax-exempt and tax-registered businesses within the same NetSuite account. This provides a convenient way for companies to manage their tax obligations without the need to switch between different systems or create separate accounts. By disabling tax calculations where they are not required, companies can save time and reduce the risk of errors, while still maintaining compliance with tax regulations.
Excited to try out these NetSuite features & benefits and boost the productivity of the Finance Department by 2X in your NetSuite Account? Consult our Experts at Integs Cloud. We are expert NetSuite Solution Providers!