As organizations around the world continue to grapple with economic uncertainty and high business costs, the overall message is clear: it’s time to do more with less.

Currently, business leaders at companies with annual revenue of less than $250 million are focused on cost reduction while prioritizing efficiency, according to a Q2 2023 survey by CFO.com and NetSuite. The majority of financial leaders who participated in the survey say they plan to mitigate higher operating costs by increasing efficiency, making changes in recruiting, and embracing automation.

NetSuite 2023 Release 2 is designed to truly address the challenges and has now ‘turbocharged’ the new version with a range of features to help your business maintain profits. New features that provide more automation and increased visibility, all to increase the productivity, efficiency and engagement of your teams – without compromising on performance.

NetSuite Account Reconciliation gets increased functionality

If you want to speed up tedious and time-consuming year-end tasks, reconciliations are the place to start for the best results. NetSuite Account Reconciliation automates the entire general ledger reconciliation process, including intercompany transactions, accounts receivable (AR) and payable (AP), bank and credit card transactions, accruals, and balance sheet other items.

This eliminates the need to download data from source systems, compile spreadsheet details, manually review account balances, and use complex formulas to match and reconcile. Instead, all these processes are centralized in a single workspace. The intelligent automatic matching engine greatly simplifies the matching process for zero balance, low value or low risk transactions. It suggests matches based on rules that you can set, giving you the option to accept or discard them. With the capacity to match millions of transactions in minutes, accounting teams can focus on exceptions, high-risk reconciliations, and strategic tasks. This way, they can close the books faster – without headaches and late nights.

Automate reconciliations and transaction matching

As your business grows and the number of transactions increases, managing reconciliations manually is not only impossible, it’s also fraught with potential errors and compliance issues. By using NetSuite’s reconciliation solution, you can strengthen your internal controls and compliance, while increasing the accuracy of your financial reports by eliminating human error and delays. Each reconciliation is securely stored in a secure document archive to ensure traceability.

The result: faster closure and increased accuracy.

NetSuite has really taken note of what is in demand in these times and in the release we see improvements for e.g. management of invoice processes, increased insight into revenue and cash flows as well as simplified management of taxes, discounts and trade promotions. The main changes and new features include:

Improvements in invoice management:
NetSuite Bill Capture has been enhanced with machine learning capabilities that intelligently categorize expenses based on historical data.
It is now possible to easily distribute common direct costs from a vendor invoice across different subsidiaries, departments or other business segments with the Vendor Invoice Distribution SuiteApp.
Automatic creation of common or intercompany accounting entries after distribution.

More efficient payment processing:
The introduction of Payment Approval Routing in NetSuite AP Automation enables the submission and approval of payments in batches while maintaining payment controls.

Increased visibility into revenue and cash flows:
For SaaS companies, SaaS Metrics Dashboard is offered for real-time monitoring of key performance indicators and forecasting of revenue.
Cash 360 Dashboard provides increased visibility and insights into cash flow with data from all subsidiaries in one place, enabling creation of short-term forecasts and detailed analysis.

Simplified tax and rebate management:
SuiteTax now supports multiple delivery routes and line-level tax rates for management and delivery.
NetSuite Rebates and Trade Promotions SuiteApp has been enhanced with the ability to create tiered rebates and automatically select the best deal for each customer.
The biggest changes focus on automating and simplifying invoice management, increasing visibility into company finances, and making it easier to manage complex tax and rebate processes. These updates aim to help businesses be more efficient and informed as they navigate through financial uncertainty and high costs.

Contact us at Noresca to find out more