Quickbooks vs NetSuite

Quickbooks vs NetSuite

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NetSuite vs Quickbooks – Overview

Why should you consider switching your ERP system to NetSuite? Are your business operations growing? Need a more complex system? While plenty of businesses begin with Quickbooks ERP for core processes, oftentimes these businesses begin to outgrow this software solution and decide it is time for an upgrade. Although both Quickbooks and NetSuite can manage accounting solutions, there are major gaps that Quickbooks does not meet which is why NetSuite is regarded as one of the best ERP systems.
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Quickbooks

Quickbooks is an enterprise resource planning system that requires more manual processes. Since it is software in which it has no cloud services, businesses must search for a third-party hosting company to have the benefits of a cloud. Although, this means that with an added vendor managing a manual inter-company transaction there will be communication gaps and errors with data. Unfortunately, with Quickbooks’ traditional accounting solutions, their capabilities are limited. Quickbooks fails to meet functions such as automation, subscription billing, asset management, and reporting, often times this leads to issues such as redundant processes and duplicate work.

NetSuite

On the other hand, is NetSuite ERP, a system with advanced features that can integrate different parts of a business into one platform. Supporting business at every stage through its lifetime. This unified platform can provide real-time data with customizable components and dashboards. It goes beyond accounting functions, serving different departments of an organization such as boosting operational efficiencies through customer relationship management, human resource management, automation, and much more. Being designed for a cloud structure analytic data is always accessible without any additional vendors or infrastructure. As an accounting solution, NetSuite is able to manage end-to-end tasks such as cash flow & revenue management, automatic quote-to-order fulfillment, and integrated planning & budgeting, going above and beyond basic bookkeeping.

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Feature comparison – NetSuite vs QuickBooks

Quickbooks meets basic business requirements for small businesses due to its ability to accommodate bookkeeping tasks, such as managing invoices and basic cash flow tracking. General month-to-month reports with the main task of bookkeeping small businesses manage. It checks the boxes for standard procedures while NetSuite offers bookkeeping and more, a complete financial solution that increases efficiency. As a business grows, NetSuite is capable of supporting the growth by reducing headcounts, preconfigured KPIs, workflows, customizable dashboards, and more! In basic terms, NetSuite has the capacity to do more for your business’s financial operations, by combining the core finance and accounting functions with a heavy focus on compliance.

Financial Management – NetSuite vs QuickBooks

When it comes to business financial tasks NetSuite allows business owners to have more transparency with features such as consolidated reports and invoicing, automated processes, and support of multiple pricing models when it comes to billing features. Accounting data can be brought down to individual transactions where your general ledger (GL) can be tailored to your entire business. GL business processes reduce time and effort for a superior experience. Accounts payable (AP) functions with NetSuite enforces segregation of duties through controlling functionality users are permitted to, this allows for users to be held accountable and to avoid situations such as embezzlement. NetSuite’s accounts receivables (AR) functions to assist in managing tasks such as customer invoices, tracking receivables and receiving payments avoiding entering details such as debits and credits, and much more. Accountant users truly benefit from automating their tasks in return also giving them more time for other productive tasks. Netsuite serves as one of the top ERP systems that offer an all-in-one accounting platform when in comparison to Quickbook’s basic features.

In addition to NetSuite’s accounting processes, it is also able to sustain other key business processes such as revenue recognition of sales transactions by enabling teams to comply with requirements and setting up automation for revenues to be recognized instantly. With the management of asset lifecycles, reports are available on fixed assets, tracking depreciation expenses, revaluation, and disposal of company assets. Other factors such as inventory management are also another added bonus to this business accounting software. Inventory management allows for clarity of stock levels. It minimizes manual processes by real-time visibility providing insights for the company’s decision-makers. Finally, reporting for NetSuite has a variety of features from standard accounting reports to others such as real-time reports, revenue forecasting, expense tracking, and consolidated parent and subsidiary reports, all while meeting reporting requirements. The overall supply chain management and human capital management aspects of the business are all taken care of with this all-in-one platform.

Why trust NetSuite over QuickBooks?

When trying to scale your business, NetSuite will not cause limitations, with the added number of customers, employees, increased data greater automation will be required. In this case, NetSuite serves as a foundation for a rapidly growing business offering advanced reporting and business applications. Previously companies entering new regions, business leaders manually would do tasks such as pulling monthly depreciation and amortization reports from spreadsheets, not only a tedious task but highly prone to error. Now with NetSuite, it basically just comes to a push of a button. NetSuite also supports growth in different regions by complying with different standards and requirements.

With Quickbooks, there are limitations. Organizations must layer more systems or applications to meet different purposes, such as procurement, revenue management, inventory management, and more. These become added costs and it also becomes added responsibility for the finance departments, this reduces efficiency, allowing more room for errors and increases spending.

Why is a NetSuite Health Check important for your business

Why is a NetSuite Health Check important for your business

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When it comes to your business growth, there are key checks that must be done on your NetSuite ERP system to ensure it is functioning optimally. For NetSuite users, that’s where the NetSuite Health Check service comes in and carries out functional Enterprise Resource Planning systems maintenance.

For each business, their NetSuite experience has unique ERP needs, such as custom fields, scripts, and even saved searches. All aspects of the ERP system need to have ongoing improvement through maintenance services to operate properly over time. Without regular ERP checks, NetSuite users are at risk of experiencing daily issues from delayed processes & responses, to program inconsistencies, and even unwarranted expenses. All aspects of the business become affected by these issues since the ERP system is the central database for all the departments, therefore making the NetSuite Health Checks even more pertinent.

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What’s on the ERP Buddies’ NetSuite Health Checklist?

System Diagnosis List
Clean Up List
Optimization List
Problem-Solving

The 5-Step Process for NetSuite Health Check:

Pre-Consultation

ERP Buddies will discuss and jot down your NetSuite problems or pain points that must be addressed.

Documentation

ERP Buddies Experts will utilize industry-leading procedures and applications to crawl, map and note down your NetSuite configuration.

Examination

ERP Buddies Experts will examine your NetSuite configuration and will look out for unused customizations or optimization opportunities.

Debrief & Planning

ERP Buddies will present highlights & key findings of all required customizations that our Experts will come across to help improve your NetSuite experience.

Execution

ERP Buddies will work towards reconfiguring your NetSuite system. Run trials & will ensure that new configurations meet the needs of the growing business.

Schedule your next NetSuite Health Check-up with an ERP Buddies Expert

Customized Support for your business model

The ERP Buddies’ NetSuite implementation approach to support considers your business’ current workflows and objectives first. After diligent analysis of your NetSuite instance, our Implementation team will make a note of current issues and suggest opportunities for growth. With your business requirements and goals in mind, our technical expert creates custom workflows that are geared towards future growth and provides an in-depth report of the current software. At the post – implementation stage, further actionable reports will be provided to guide the team through their newly, enhanced NetSuite ERP system.

Our focus also lies in synchronizing all departments with our NetSuite ERP solutions and out-of-box customizations to provide clients with better internal visibility for understanding pain points in-depth. With offices in the U.S, Canada (North America), Philippines, India (Asia), and now also Europe, our NetSuite experts are always accessible globally and make it their priority to create a smooth and positive experience for our clients at every step of the way with their cloud-based ERP.

Meet your NetSuite Solution Providers

No matter your industry, ERP Buddies has experts with diverse skillsets to check and optimize your custom NetSuite ERP system. Our System Architects and Data Engineers are experienced in the areas of Accounting, Project Management, Finance & Inventory Management & more. The cloud ERP health check process will identify all the improvement spots in your business processes, highlight their potential benefits, then optimize or remove manual processes to ensure your business’s ongoing success. The advantages of cloud checks are mainly cost savings, customer success, improvements in delivery time of real-time data.

ERP Buddies Awarded as a Leading NetSuite ERP Company by Clutch Co.

ERP Buddies Awarded as a Leading NetSuite ERP Company by Clutch Co.

Congratulations, Buddies!

The ERP Buddies Inc. team is very proud to announce our latest award from the industry! Clutch has recently named us as one of the best NetSuite ERP companies in their platform this 2022. This is such a huge milestone for us! We are incredibly proud of our team for all their hard work and dedication.

For those that don’t know, Clutch is an established platform in the heart of Washington, DC, committed to helping small, mid-market, and enterprise businesses identify and connect with the service providers they need to achieve their goals. They also provide a guide to B2B services across different industries.

We’ve been in business for almost 2 decades now! Receiving such incredible awards and accolades from the industry has and will always continue to inspire us to keep pushing and moving forward. This award doesn’t only recognize our commitment to the development industry, but it also reflects our team’s passion for creating incredible solutions for our clients.

Clutch has been a partner platform to showcase our past ERP projects in our portfolio with any new or existing customers. From custom solutions to success stories in blogs and whitepapers, viewers can get a better understanding of what we do and how we create partnerships for success. The portfolio is constantly being updated with new custom solutions and projects, to be sure to get the latest in our ERP implementations, visit the ERP Buddies Portfolio page.

Our team would like to take this opportunity to express our appreciation to Clutch and their team for making this award possible. To our clients and partners, thank you for believing in our company! Your support means a lot to us. We wouldn’t be where we are today without all of you.

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To receive this award, here is our Director, Divyesh Soni:

We are thrilled to be recognized as a Clutch Leader and we look at this as an amazing opportunity to share our ERP expertise with companies that require modern cloud ERP solutions to handle their businesses.

NetSuite 2022.1 Wholesale Distribution Updates Offer Custom Solutions for Inventory Management and Vendor Transactions

NetSuite 2022.1 Wholesale Distribution Updates Offer Custom Solutions for Inventory Management and Vendor Transactions

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NetSuite 2022.1 Wholesale Distribution aims to enhance productivity for distributors worldwide and improve their employee performance through retention strategies in their distribution module. Distributors have been impacted by material and labor shortages, as well as challenges meeting consumer demand, and the changing conditions from the manufacturing and retailing environment. The aim is to then address:

The custom software tools from NetSuite 2022.1 focus on improved functionality for supply chain processes and customer sales experience across multiple channels. See more updates in the release document below:

Simpler Picker Movement and Packing Instructions

NetSuite 2022.1 Pack Station app comes with new mobile enhancements that help warehouse workers process with faster times and more accuracy. There is a built-in converter for weighing packages that seamlessly switches between pounds and kilograms based on user preference. For accuracy and speed, workers can now check the packing instructions for items for each order packaging in the app before getting started. For speed again, the release comes with a bulk activation feature that helps to accelerate the pack and unpack “Ship As Is” products, rather than doing it individually.

For Warehouse managers, NetSuite 2022.1 helps to make the picking, scanning, releasing, and filtering much easier. The feature highlights customizations in the NetSuite Warehouse Management System (WMS) app that improve picker movement and wave filtering through automation.

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Zone Packing

For businesses that have multiple methods of picking in the warehouse, zone picking helps to reduce the time spent picking items before packing. Instead, NetSuite Warehouse Management System (WMS) app updates in NetSuite 2022.1 Wholesale Distribution allows workers to group by certain zones in which they are assigned ahead packing. This increases the efficiency of business operations since it will essentially map and reduce stages for order picking and the duplication of pick paths.

On-Screen Wave Filtering

The release offers comprehensive, real-time data visibility of all orders and waves in the process to be picked. The list of orders and waves helps workers better prioritize tasks to start working on and prevent any picks that may be repeated.

Tally Scanning

The new NetSuite WMS now has a count and scan tool for putting in item quantities when conducting cycle counting, product put-away, and inventory transfers. This lessens both time and any possible errors that would come from workers manually counting and entering in the quantity. Tally scanning will also help to map and reduce stages for item scanning.

Mobile Enhancement for Picking

It is now faster and easier to search for an item label, have it printed, and released with the WMS app. Warehouse managers can simply select multiple pick waves and release them all in one go.
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Complete Supply Chain Processes

The updates to Supply Planning Workbench support custom demand planning for warehouse managers and real time visibility for workers.

For managers in supply chain businesses, they can experience optimized production planning through NetSuite 2022.1 custom demand planning tools. The interface has been upgraded to give more display to data that helps production quality to be more easily maintained.
Based on the roles they are responsible for, supply chain managers can create a custom view of the orders for supply or demand on one single page to help with monitoring and regulation. The custom page views can also be saved for any future need to refer to any trends in supply or demand that may affect the business processes.

Filters to Keep an Eye on Inventory

NetSuite 2022.1 comes with filters in the Supply Planning Workbench that managers can apply to item search. Now they will be able to see more information on orders, from the item description, status of stock levels, and information related to the vendors all on a single page.

Both updates make it easier for wholesale distribution business processes. Since the ideal order amounts are seen to avoid over or undersupply of stock with the comprehensive real-time visibility feature.

App Updates for NetSuite Mobile Manufacturing

Simpler On-Screen Instructions

The mobile app now displays production quantities that help to validate the amount for production runs. To prevent any cases of over-production, the app includes a button to “Enable/ Disable” the production.

App Updates for Supply Chain Management

Customize Data Tables

Standard data tables in NetSuite SCM App can now be customized. Managers can now remove or add fields depending on the relevant roles they manage for better visibility and decision-making.

Inventory Allocation Fulfilment Functionality

A faster way to make informed decisions on inventory is here. Purchasing managers can get more details about allocated demand since the app shows what channel or which customer each item is reserved for.

Better Purchasing Decisions for Demand Planning

With the recent shift to increase in digital services demand, the wholesale industry feels pressure at every stage of the business process. A common reason for not meeting demands is the lack of consistency in supply. NetSuite 2022.1 release wants to fix this using custom demand planning and help to best meet customer expectations.

Vendor Confidence Rating

Purchasing decisions now come with a ‘Confidence score’ that provides vendor performance scores based on the timing of their delivery. This data is compiled from the historical performance of vendors, which shows how on time, early, or late their deliveries have been. NetSuite 2022.1 analyzes each into a rating from 1 to 100 to help ease supply planning.

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Customer Confidence

To help with consistent business growth, NetSuite wants to provide data that help businesses to best meet consumer demand. Vendor ratings help wholesalers give their customers reasonable and achievable delivery dates since they can optimally utilize inventory in stock.

Better Deals with Vendors

Since the application provides the historical data on each vendor, managers can know what to expect and have an advantage in negotiating deals.

Reducing Inventory Waste and Extra Supplies

To ensure wholesalers maintain high quality on their products, Netsuite 2022.1 is providing more ways to ensure this happens. The new updates focus on creating more opportunities to inspect at any stage of the production journey before it gets to the customer. This helps to reduce the chance of a subpar product being made, inventory wastage, and obtaining optimal quality.

If an item has been detected to have subpar quality in inspection, a trigger will be sent from the NetSuite Quality Management app to have it reinspected.

To ensure efficient warehouse operations, managers can also schedule inspections at selected stages for quality assurance, or done on an ad-hoc basis.

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Steer Clear of Outdated Inventory

Distributors usually face the rising costs of materials and must plan to avoid any potential waste in inventory, while maintaining the budget for materials. To mitigate against wastage, supply chain managers can now assign and fulfill orders using the ‘First Expired, First Out (FEFO) method. This preserves product value by selling the oldest items first. With each item being assigned a number for a production date, it is easier with the new release to fulfill orders in the correct sequence.

Comprehensive Reporting for Tracked Lots – New Filters

Distribution operators can now access an integrated report displaying forward and backward tracing for the lots. To sort through data in this report, there are new filters to quickly refine search results for relevant roles.

More Cash Flow Visibility for Financial Projections

Distributors can avoid potential shortages by keeping a keen eye on any changes in their cash flow. NetSuite 2022.1 created a custom tool called Cash 360 to help with financial management for all sectors of the business. The Cash 360 dashboard displays current cash accounts and future predictions for a 6-month projection. Managers can also add events to Cash 360 that greatly impact the company’s finances, such as: adding a loan, an investment, or some large purchase.

Intercompany Transactions Tagging in Cash 360

Intercompany transactions are now available for distributors that do not have a complete purchase-to-sale order process. In Cash 360, invoices related to credit memos or bill credits can easily be found and paired by tagging them.

Custom Tools for Easier Employee Management

Company commitment comes from understanding and achieving goals together. The new release aims to increase employee engagement using the newest updates on the SuitePeople app.

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Setting Clear Goals

Both managers and employees can access SuitePeople for strategic goal setting. Managers can set clear goals for employees and oversee each progress in SuitePeople. For employees, they can increase efficiency in performance by eliminating any unapproved or unnecessary goals, and also checking progress updates on existing goals.

Mass Scheduling Performance Reviews

SuitePeople makes it easier to schedule review sessions for managers with all employees. Simply adding all employees to the dataset allows managers to automatically set up review requests to be sent. This bulk scheduling works for new employee check-ins on an annual, monthly, quarterly, or 60-day basis.

Smarter Analytics Offering More Business Insights

Warehouse managers have access to more insights with NetSuite Analytics Warehouse updates. This includes:
The data model in the app now offers customizations for each item. Using custom fields helps with data-driven decisions for better planning for future demands.

SuiteAnalytics Linking Multiple Datasets

ts easier to analyze business performance with the newly designed SuiteAnalytics interface. The user interface allows for multiple datasets to be linked into a single workbook by simply dragging and dropping relevant links. No longer is code needed in order to perform business analysis, which decreases time and resources spent on accessing datasets. The new user interface also offers robust analytics when measuring actual data to budgeted, forecasted, and planned data.

Easily Integrate External Systems to NetSuite

NetSuite 2022.1 allows a seamless flow between external systems and NetSuite using a new connector tab. For wholesale distributors partnering with other businesses for online or in-person‹ retailing, they can use NetSuite Connector to unify both experiences for better monitoring of information.

There are more ways NetSuite can help your business

These points highlight how NetSuite 2022.1 Release can optimize the way wholesale distributors do business. Get a comprehensive view of all the updates and new custom features NetSuite 2022.1 Release has to offer in the ERP Buddies Release Notes Summary.

NetSuite 2022.1 Warehousing Updates Focus on Increasing Profitability, Accuracy and Save on Processing Times

NetSuite 2022.1 Warehousing Updates Focus on Increasing Profitability, Accuracy and Save on Processing Times

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Retail demands have increased by 3.8% in North America for January 2022, and globally for a 16.8% increase for online sales. This increase gives both an opportunity and a push for warehouse managers for more output. Operation managers must then figure out how to utilize their resources efficiently to ensure they meet these demands and not fall under economic pressures. 

NetSuite 2022.1 Warehousing has compiled a suite of custom solutions to make warehouse operations more efficient and reduce management worries. Starting with updates in automation, warehouse managers can experience faster, more accurate daily processes to meet the demands. This release review also introduces the new centralized dashboard in NetSuite Analytics Warehouse that helps busy project managers see cash flow trends and optimize the supply chain management.

NetSuite 2022.1 Warehousing focuses on optimizing all aspects of the receiving, storing, and fulfilling stages. Explore more on NetSuite 2022.1 release in the overview document below:

Automated Packing and Picking on Mobile App

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The current release allows operations employees to do more on NetSuite’s Warehouse Management System (WMS) mobile app. From performing order processing to wave transactions, organizing and storage to staff administrative processes.  

NetSuite 2022.1 Warehousing comes with real-time insights on each process in the supply chain to ensure project management visibility and quality inspections at any required stage. This information also helps managers to keep an eye on inventory with their complete warehouse management system.

NetSuite Pack Station – Packing Efficiency:

The app updates help to ensure accuracy in packing and shipping processes. For instance, operation managers easily find items picked and their shipping destinations, then have them packed in that same dispatch.

Package Weight Conversions

Warehouse employees can now convert easily between kilograms to pounds based on item weight requirements. No longer stopping to calculate the unit conversion and lessening the chance of errors. 

Bulk Pack for “Ship as Is”

The updates allow workers to process “Ship as Is” items in bulk, for both packing and unpacking. This lessens any duplicating issues when picking similar items that are needed for different orders at one time. 

Instructions Access Before Packing

Packers can now see packing instructions easily on the mobile app before starting the order. Accessing the instructions ahead of time helps with properly preparing for what is required for the order to save time and avoid errors.

NetSuite Warehouse Management System (WMS) App- Picking Efficiency:

Users can now pick similar items faster without duplicating the pick paths using the latest features in the NetSuite WMS app. Counting errors can also be reduced during scanning with the tally scanning feature that performs both functions at the same time. The single mobile screen gives more visibility to comprehend real-time data to improve inventory monitoring.

Zone Picking

With the warehouse in zones, workers can now pick in specific zones to save time and avoid duplication of pick paths. This increases the production output, business expandability, and operations agility for varying proportions for orders, products, and picker capabilities.
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Tally Scan

Order pickers can simultaneously count items as they are being scanned with the new tally scanning functionality. Workers no longer need to manually tally the items in the system for cycle counting, transferring inventory, and product putaway.

Wave Filtering on Mobile Device

On the mobile device, users can now find filters for orders and waves not currently being picked, which help workers find tasks to start and avoid duplicate orders.

Picking & Wave Transactions

Updates in the mobile app provide comprehensive visibility for picking and wave transaction statuses. This is done in real-time and all on one screen in the app.

Warehouse Operations are Optimized for Efficiency

NetSuite 2022.1 has updates for each stage of warehouse management with the objective of increasing production yield and operational efficiency.

Receiving

Warehouse employees have a better handle on logistics on inbound inventory ensuring proper receipt and storage. In addition, transportation can be managed and monitored easily with the NetSuite WMS system.

Updates on the mobile app now ensure each item is received accurately and can be easily viewed instantly to fulfill any open orders. For putaway strategies, only the required item information is acquired and, at the same time, put into the inventory.

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Storage

Warehousing businesses can benefit greatly from organizing their storage space in a strategic manner that best fits the processes. It is even more critical to have strategic space organization in busy seasons, such as the holidays since there may be additions to inventory in order to meet the demand at that time. NetSuite 2022.1 release updates help to ensure items are relevantly stored in the warehouse, that there is always space for new arrivals. In addition, it helps to conveniently identify and store fast-moving inventories to reduce picker movements

Fulfillment

NetSuite 2022.1 has optimized each stage of the order fulfillment process, by ensuring customers receive their orders with speed and accuracy. The warehouse workers also experience simplified and standardized processes that lessen errors and improve operational efficiency with the allocation at fulfillment functionality.

Let’s explore each stage of order fulfillment from identifying and releasing orders, to assigning them to item lots, plus additional optimized capabilities at sub-stages.

Wave Release for Identifying and Releasing Orders

It is easier to identify appropriate orders to be released in waves based on any of the custom record types:

  • Customers
  • ETA (estimated time of arrival) or shipping dates
  • Item types
  • Specific Zones
  • Delivery Method

Releasing all picked items together increases efficiency and saves time.

Recommended Item Lots

The relevant and recommended item lots can be identified using the pick strategies in the system. The strategies are selected based on the purpose of the items. For instance, the First-Expired-First-Out (FEFO) method is used to assign items into lots based on production dates. Other picks include ones to clean, fill or assign to the primary bin location.

Warehouse Picking Guidelines

To ensure inventory is optimally utilized, guidelines and best practices are provided to workers through the system. The utilization criteria are based on when and how items are used to meet efficiency standards.

Pick Path and Zone Picking Strategies

For single- and multi-order picks, the release comes optimized to support zone picking and pick path strategies. Workers can save time on multi-orders by seeking grouping opportunities for similar items when processing multiple orders at once.

Additional Business Intelligent Features in Pack Station mobile app

Companies can conveniently identify items that should be packed together based on having a similar shipping location using Pack Station. Also, customizable labels and lists (such as pack carton details & pallet labels, bills of lading, and packing lists) can be printed readily for faster shipment. To help decrease shipping costs, item weights can be checked at the kiosk to attain more affordable packaging.

Pre-Built Analytics for Warehouse Operations

Many warehousing businesses have seen the benefit of implementing the latest version of the NetSuite Analytics Warehouse. The tools for business intelligence along with the prebuilt data warehouse give businesses smart data inferences from their daily transaction data all on a single dashboard. In addition, the new version integrates both NetSuite and non-NetSuite datasets with a built-in report builder that managers can use for financial planning.

List of Pre-Built Analytics from NetSuite 2022.1 Release: ​

Explore more advanced features of the NetSuite 2022.1 Release

Get a comprehensive overview of the current updates NetSuite has for other industries in the Release Notes.

Test your business workflows! See how the latest updates can optimize your business by testing the new features in the Release Preview Test Account.

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