NetSuite Release 2023.1
NEW FEATURES OF ERP #1 WORLDWIDE
Behind a great company, there will always be a great ERP system!!!
This adage fits very well in the case of large companies such as P&G, DELL or FedEx that have chosen NetSuite as their ally in the search for progress; it has allowed them to be innovative and competitive through the visualisation of all their operations in real time, giving them the opportunity to optimise their business processes while helping them to adapt to the very frequent changes of today’s world.
This is evident in the new Release 2023.1, as it brings with it several benefits that we would like to share today so that we can learn more about our ERP and keep in touch to take advantage of all its functionalities.
Improvements for Projects
The Project 360 Dashboard receives in this release enhancements and new project costing capabilities that give it decision-making power for the allocation of Cash Flows to other areas of the company. Finance areas looking to accurately recognise revenues and costs during accounting periods will be able to leverage the Cost to Cost Percent Complete SuiteApp and Advanced Revenue Management, and by using NetSuite’s charge-based billing they will be able to set up customer-specific rules that align with Accounts Receivable processes.
Empowering Finance and Quality in Operational Processes
Several of the operational tasks that require significant time from finance team members are now possible to automate and standardise allowing these users to focus on analysis and research activities.
NetSuite AP Automation users have the option to upload supplier invoices by simply emailing them to NetSuite. These are automatically processed by including all the information required by the transaction form and matching it to the corresponding purchase order.
With Release 2023.1 SuiteBilling helps companies selling subscription services by allowing a percentage price increase to be automatically applied to a customer’s renewal price.
Other improvements include:
Companies working with exempt items will be able to create nexuses by assigning them to the subsidiary, classifying it as tax exempt and thus bypassing the assignment of a tax engine, thus disabling transaction tax calculations for that nexus.
Non-profit subsidiaries can also optimise their allocation of indirect costs by entering a provisional tariff for a customised segment, and have more control over their results.
It is now possible to automate the calculation of rebates and trade promotions on kits and assembly items in addition to standard inventory items via the Rebates and Trade Promotions option.
New alternatives that support companies that value their human capital
The SuitePeople Workforce Management module brings improvements to all areas involved, Supervisors will be able to optimise shift scheduling and improve their communications with their subordinates, Finance will find new automated salary calculations and excellent integration with NetSuite Payroll, and employees can now record their time and attendance, view their schedules, clock in and out and request shift changes, all from any device, even their mobile phone. This also means a sales benefit as companies’ knowledge of their workforce together with sales data will allow them to match labour supply with business demand so that the right number of people are available to serve their customers.
SuitePeople Workforce Management now has a built-in wage rules engine to help you automatically calculate hours, overtime and holidays and avoid over-scheduling a worker and not complying with regulatory requirements.
Supply Chain Self-Sufficient
Ship Central is the new mobile application that features packing and shipping capabilities, allowing you to maximise warehouse workers’ time and minimise shipping costs. Workers can identify multiple orders going to the same customer, consolidate shipments, determine the best carrier based on delivery date or location type, and print the correct shipping labels on the fly using the NetSuite Pack Station shipping functionality.
With the enhancements that Release 2023.1 brings to the NetSuite WMS module, employees are now able to:
Select kits according to zones, with items grouped together for packaging.
Mark partially selected orders as complete, which is useful if you want to reserve some low stock items for other customers.
Mark a container as empty, either due to insufficient quantity, damaged products or other problem.
If containers are unexpectedly empty or damaged, they can be blocked and an alert sent to the managers for resupply.
Other improvements in 2023.1 for the warehouse and manufacturing areas:
NetSuite Smart Count has been enhanced to handle serialised and batch numbered items.
BOM reports with a complete breakdown of all costs related to the production of assembly items, including materials, labour, machinery, setup and overhead costs.
The Manufacturing Mobile Suite now supports stand-alone assemblies without an associated work order.
Quality control teams can now create automated inspection requests in NetSuite Quality Management for items produced by contract manufacturers.
Empowering Analytics Warehouse
Customers now have access to almost 90 % of the transaction types and can improve their analysis with new data sets in the different areas such as sales, inventory, finance, purchasing and support.
Also to be found in this Release:
The ability to connect other applications, via CSV files or importing spreadsheets.
Direct connections to three of the most widely used cloud applications: Salesforce, Shopify and Google Analytics.
Pre-engineered visualisations and expanded dashboards for professional services firms, software vendors and manufacturers.
Improvements to Fixed Assets
The enhanced asset splitting feature now allows you to split assets into multiple records in one transaction.
In the asset split details sub-tab, you can specify the number of assets for each record to be generated after the split.
The values of the assets generated are calculated on the basis of the amount divided, but you can also change these values.
Introduction of quarterly and half-yearly rental frequency for leased assets.
It is now possible to transfer unused budgets from the previous budget period to the current period.
Support for different budgeting methods: Currently, the only budget supported in SuiteApp is monthly. From this version onwards, SuiteApp supports the following budgeting methods:
Customised (manually entered star and end date)
Global Search Enhancements
The results of the menu search function appear in a results section of the current page.
Searches using the menu search function include all fields, tabs and sub-tabs of the current NetSuite form.
To view results for the current page without using global search, press ALT+SHIFT+G.
To see the full list of results, click on show (N) more results.