This amazing software provides an integrated system to help businesses optimize their activities by merging e-commerce, CRM, inventory management, HR, accounting, and other services. Various industries have used the program to reach top optimization in their daily operations.
Now that NetSuite 2021.1 is released, you may be wondering if your company is ready for the new version. With the new version, you will notice new features and enhancements that will take your business to the next level. Read on to see what is new in the latest software release and how you can use the new features to your advantage.
Top New Functionalities
Centralized Billing and Purchasing
This new feature provides a new way to centralize the purchasing process to one particular location, regardless of the number of subsidiaries involved. You’ll be able to easily create bills and payments for vendors, purchase orders, and other documents for multiple locations while receiving orders at each subsidiary.
The new centralized billing and purchasing feature provides a more efficient way to create corresponding cross-charges without creating more work for the accounting department. A more efficient and simple purchase flow increases the overall productivity of the company.
Another cool new feature in the updated software is the ability for your company to set up flexible transaction and document numbering. You’ll be able to use various complex numbering sequences that include prefixes and suffixes of your choice.
You may also set up auto-generated numbering for a record type if you want the system to generate ID’s for a specific type of record. A collection of rules can be created for one type of transaction that tells the system how to order the transactions and generate numbering on created records.
The great thing about this feature is that you will be able to keep the same transaction sequence but updated to reflect the current year. This makes it much easier when reporting or exporting data as the sequence will provide an overview of the transaction dates.
Supply Allocation Enhancements
The new supply allocation enhancements feature includes functions to help everyone in the organization have a better insight into the process of order management. Below you’ll find a detailed description of each enhancement:
Order Management Dashboard
The new order management dashboard allows you to use a single workspace where you will be able to find urgent orders and implement the actions necessary to fulfill them by utilizing allocation management tools.
Predicted Risk Vendor Delivery Performance
Once you enable this feature, the software will automatically perform a vendor performance analysis that includes the transaction history of a particular vendor. The system maintains a record of each vendor indicating the calculated predicted risk of early or late deliveries.
All transfer orders can now receive reallocation recommendations with this new feature. The system will provide recommendations to help you reallocate supplies from other orders. Once you accept these recommendations, you will prevent the order from being considered late.
Allocating Orders by Channels
You’ll be able to allocate and group sales orders by channel, in addition to reserving inventory in advance. This prevents under or overselling by channels. The system can be set up to create approval flows for these order reservations. It leads to increasing the insight employees have in the whole process of order management.
You may use the GL Matching SuiteApp to close open entries and match corresponding transactions. This new feature comes with a BETA version of a new Auto-Matching tool that automatically matches all Accounts Payable and Receivables.
This feature decreases the amount of manual work required to complete the reconciliation by running automatically every 15 minutes.
New 2021 Release Launched
The newest software version came out in April 2021 with much praise from the industry. The precise rollout of the new release depends on when your company is scheduled for an upgrade as this date can differ between companies.
The system should announce the exact upgrade date and time, at least three weeks before the upgrade. To stay current on the software’s latest news and update information, be sure to set up the new release portlet on your Home dashboard.
You’ll notice when the system prompts you to update the software and you’ll have the options to schedule a tutorial with an experienced specialist.
Test Driving the New Features
If you desire a preview to become familiar with the new features, you may test drive them out and see if they will be functional for your company’s particular operational needs. To try it out, just use the ‘Release Preview’ NetSuite environment. Anyone with ‘Administrator’ access can use this preview.
Testing the software before running it live allows you to work out any kinks before they become a problem down the road. It is the only way you will truly get a feel for the new functions and how you will be able to implement them.
Connect to a NetSuite Partner
To run the software more effectively, it is best to connect with a NetSuite Partner, who provides consulting services that help transform your business. Connecting with a trained NetSuite professional makes the integration and implementation process seamless. It is the best way to get the most value from your software.
A NetSuite Partner are experts in their field and will help you understand how to implement the software for specific challenges your company is facing. They will help you navigate your options as you select and maintain your software.