Every year Oracle | NetSuite releases two major upgrades to improve and enhance the functionality of their NetSuite enterprise resource planning system, here is some insight on the second release for the year 2021, NetSuite 2021.2.
Twice a year, NetSuite gives access to Release Preview accounts to its customers to let them test and navigate through the new changes and to ensure they do not negatively impact existing workflows and customizations. These Release Preview Accounts are made available to every NetSuite Account in staggered approaches to help companies determine if the new changes and updates that NetSuite brought in 2021.2 will be suitable for their financial operations, accounting preferences, supply planning process, etc.
Therefore, at ERP Buddies, we like to encourage our clients to take the opportunity to use these Release Preview accounts (Sandbox Account) so that they can test existing customizations against the new changes introduced by NetSuite in 2021.2 before NetSuite pushes the upgrade in the Production Account. Businesses can also take this opportunity to optimize current processes to enhance them furthermore. These testing opportunities will ensure that the implementation of updates is a successful project for business operations.
Business leaders and project managers alike always will need improvements in their systems for them to be operating at full capacity. Operations fluctuate with trends, supply and demand therefore, leaders need more timely and more accurate data as they optimize their operations for success. They require the need to continue becoming more efficient in maintaining expenses down, productivity high, and customers satisfied in their business units.
NetSuite, therefore, introduced several updates all tailored to the needs of business owners and to support their business processes. The updates include online invoice payment options, flexible inventory allocation, easy bank payments management, and automation that allow for retirement plan management. This satisfies the need for greater insights and detailed control over inventories to better supply planning capabilities to automation that speeds and eases payments and improves benefit management.
NetSuite introduced a new method for customers to pay. This feature highlights, payment link, customers can pay invoices online. An example can be seen in the case of emailed invoices, they can now include a link to a secured payment portal, where customers can view then proceed to pay their bill via credit or debit card, PayPal, or other online payment methods. Payment plans can even be set where customers may pay in full or partially, then the payment is automatically recorded.
This addition will make it easy for customers to make electronic payments through an eCommerce site or emailed invoices. There are many options for customers to make payments which include debit/credit or PayPal, existing SuiteCommerce customers can opt to use ACH and SEPA payments directly from their MyAccount. NetSuite records the purchase transactions processed which automates parts of the matching process, this ultimately boosts efficiency for the finance departments, allowing them to bank with expertise.
In a warehouse setting, workers can now quickly ship pallets from a handheld mobile device due to the enhancements to the NetSuite Warehouse Management module. Cartons can be added or removed from pallets which will, in turn, offer flexibility when packing several orders that are headed towards the same destination to reduce project-based transactions. NetSuite WMS will lower expenses for business owners through optimization and holding pallets until they are full.
When handling lots, users can now automatically generate lot numbers in addition to the addition of custom fields for extra lot information, this would include data such as supplier lot number, manufactured date, expense reports, or any other specifics.
This new feature involves the SuitePeople modules, which will now determine calculations for 401(k) plans, with rules-based formulas that will calculate employer match amounts. When an employee changes their contribution amount the match amount will automatically update.
Likewise, employees over 50 can decide to make annual contributions to different types of retirement plans, and the system automatically follows IRS rules around the contributions made. This new feature will automate age matching calculations for the catch-up amounts which when giving the ability to manage the contribution limits per employee.
2 major NetSuite updates happen every year and while we mentioned most of the features, some can be tailored to your specific industry. But there are a lot more additional features in the NetSuite 2021.2 upgrade. Like previous releases please keep in mind that this is a compact debrief of the new features. At ERP Buddies we recommend scheduling a call with our experts to get a full grasp of how the updates will add to your value and benefit your operations. As these updates are done to elevate your business objectives we recommend them to full advantage.
It is also recommended to request a Release Preview test account, it will give you a hands-on insight into the updates and how they would work with your business Check out our NetSuite 2021.2 Upgrade FAQs to know how you can request your Release Preview Account. Once you receive access to yours, ERP Buddies will help you improve your company workflows and operations with the addition of these updates, and allow you to continue on the road to digital transformation.