Every year NetSuite releases 2 major Releases & NetSuite 2022 Release 1 (NetSuite 2022.1) is here! Get an overview of the 2022.1 Upgrade and feature below!
The last 2 years have been challenging for everyone and the pandemic has forced us to change the way of our lives. Today if a business needs to thrive, it must learn to adapt rather than wait on things to get back to “normal”. Many businesses have capitalized on the opportunities that brewed due to Covid-19. Online shopping has seemingly become the new norm, and the chart of its growth is only going to shoot up. To stay on top of these trends, businesses must have access to accurate data in a timely manner. On top of that, saving time on manual tasks must be a priority as process automation and system integrations are the key to concrete customer experiences.
NetSuite puts forth the new Cash 360 dashboard that provides an effective way to manage company cash flow, billing options etc. in real-time. The Cash 360 dashboard provides real-time insights into your company’s cash position while generating faster and more accurate cash flow forecasts to help you plan. We understand that a Financial department may face a wide array of difficulties due to data/intercompany documents not being readily available. To counter that, the Cash 360 dashboard acts as a type of configurable dashboard that can be populated based on your requirements. Companies can set up their dashboard to show real-time information such as Accounts Receivables, Accounts Payables, Available Cash and any other relevant document data. To simplify things furthermore, Users can also review existing company cash flow and check for rolling 6-month cash flow forecasts (based on existing trends) for effective decision making and faster payments collection.
A crucial differentiating point is that this release improves forecasting abilities by combining multiple financial data points such as new funding, proposed expansion plans, future spending plans, billing schedules, sales etc. with open Accounts Payables and Accounts Receivables transactions. When historical customer transactions are coupled within this, it serves as a solid foundation to concrete your company’s forecasting capability.
If the company’s data integrity is not reliable, it wouldn’t be uncommon for the financial departments to report errors. With NetSuite, users can directly interlink company purchase orders with sales orders to save time and effort. Now with NetSuite 2022.1 release, Users can now automatically par vendor invoices with credit, discounts, refunds, bill credits etc.
With the upcoming Release NetSuite 2022.1 introduces the Project 360 dashboard within SuiteProjects, a great tool for Project Managers. The aim of this dashboard is to bring all project-related information in a centralized dashboard for easy access. With Project 360, Project Managers can quickly browse through important project-related information such as due dates, ETA, project resources, finances and more.
Project 360 also showcases, important project analytics such as actual vs total spend, budget utilization, wastage etc. These KPIs can be completely customized to showcase only the most relevant information to the project. Custom notifications can also be set up that trigger whenever a specific criterion is met.
We understand that project billing can be a tedious task especially when the customer demands unique information to be listed in an invoice. NetSuite recognizes this concern and to tackle it, it brings its new customizable invoice presentation template. The invoice presentation template allows Users to configure each individual invoice and its contents as per every client/project requirement. This makes billing super-easy as Customers can readily see requested information right away, making it convenient to collect payments.
NetSuite 2022.1 has brought new functionality to NetSuite WMS that now allows for convenient Warehouse management. Users can now utilize NetSuite’s Zone Pick and Merge functionality as part of the single or multi-order picking process. What does this mean? Warehouse managers/ Supply Chain Managers can now assign pickers to a specific zone while merging them during the staging phase. This helps to avoid redundant tasks and helps to limit picker movement to its zone as opposed to the entire Warehouse. Not only does this increase flexibility, but also decreases order fulfillment time for both singular or bulk orders that may or may not be from the same zone in a warehouse.
Another amazing functionality that has been added to NetSuite WMS is its ability to search and print labels from any screen. Users with permissions can also check the picking status of orders and waves (a group of orders).
In today’s age, going paperless is the way to go. The new update introduces paperless sorting for group orders or waves. Users can now also release and approve multiple group orders with just a few clicks.
Having an eye on inventory items is crucial for the optimal functioning of a warehouse. The new tally scan functionality provides an easy way to count items while they are being scanned. This includes inventory tracking, cycle counting and bin putaway tracking as well.
With the new enhancement to the NetSuite Pack Station, Users can now change weight metrics to either pound, kilogram etc. as needed. Packers can also check for packing instructions before the task for packing starts.
Users can now bulk pack and unpack “Ship As Is” items and select preferred quantities for bulk packaging. On the other hand, Users also have the option to bulk pack and unpack items that are being shipped individually.