NetSuite’s latest 2022 Release 1 improves the system with access to more timely and accurate data, a reduction of manual processes and a further increase in operational efficiency and customer satisfaction. So, what are the major new functions and features?
Understand your cash position and forecast from within NetSuite
NetSuite's new Cash 360 dashboard enables you to effectively manage your company’s cash flow by providing a real-time view of their current position and generate fast, accurate near-term forecasts. The configurable window also simplifies Receivables and Payables monitoring for businesses that want better insight into how much they should be spending on inventory or paying out in salaries each month.
The new release improves forecast accuracy by combining multiple data points, like new funding sources and planned expenditures. Forecast reliability is increased through the use of historical averages that have been applied to estimate collections from AR or AP transactions based on customer's own information about their previous interactions with you.
NetSuite 2022 Release 1 further enhances its already powerful automated intercompany accounting features, allowing finance and accounting professionals to more efficiently identify any discrepancies in their reports. The addition of pairing vendor invoices with credit memos or bill credits will save time by eliminating the need for manual matches between documents- all while keeping you up-to date on each transaction!
Improve project management visibility from a single dashboard
The new Project 360 dashboard provides a single workspace for all aspects of projects and gives managers visibility into their related data, helping them deliver on time and within budget. It includes an overview with crucial information such as actuals vs budget; consultant utilisation rates per project sectioned off by resource type; and focus pages providing more detailed performance metrics like clock hours worked each month against targeted goals - all accessible through an easy-to-use interface.
Project billing can be complex, so the new, customisable templates will make it easy for you to configure the invoice format that each client needs. You can include granular backing sheets on time posted by consultants and subcontractors as well as more details about their costs while still providing a straightforward way of transmitting an approval or payment request from clients.
Increase warehouse operational efficiency with mobile enhancements
Zone pick and merge functionality is new for NetSuite WMS. Warehouse managers can define zones that work best to their business, then assign picks to those specific areas of the warehouse avoiding redundant work, limiting picker movement, increasing flexibility for both small and large order volumes, different product sizes and different numbers of pickers.
The new WMS usability and controls make warehouse workers more productive by adding the capability to search, print item labels from any screen. It also introduces paperless wave filtering which enables employees to save time as they no longer have to scan orders or need actual copies for their records. Plus, there's a handy tally scan function that counts all items being scanned in real-time!
Find out more about NetSuite 2022 Release 1
We have only picked a few of the new functions and enhancements available in the latest NetSuite release, but there are several more relevant to a range of industries including manufacturing, wholesale distribution, software, financials, warehouse management and HR.