NetSuite, the industry’s most stable and feature-rich cloud ERP suite, goes through two update releases every year. This usually happens in Q1 and Q3.
These releases bring new features and enhancements to NetSuite’s entire install base, which means all 26,000+ customers receive these updates.
This way, every customer is on the same release and they’re using the latest and greatest of the software, which helps the NetSuite team to maximise development and get benefits of scale.
New Key Capabilities in NetSuite 2021.2
So what’s new in NetSuite 2021 Release 2? It turns out the key features in NetSuite 2021.2 include new capabilities for streamlining and automating financial operations, enhancing inventory management, supply chain, and warehouse management, as well as functionality to improve performance and retirement planning.
Let’s dive deeper into each one!
Enhanced Financials and Operational Automation
A new feature called payment link now makes it more convenient for clients to pay invoices online. This payment link, which can be included in emailed invoices, links to a secure payment portal where customers can view and pay their bill with a click via credit or debit card, PayPal or other online payment methods.
This gives your customers the power to pay partially or in full depending on the rules you set, and NetSuite automatically records the payment accordingly.
Other than payment link, there is a new feature that allows for automated ACH payments directly within the SuiteCommerce MyAccount. This means suppliers and vendors can now pay faster and more efficiently.
With the new automated cash application feature, you’ll spend less time on manual invoice entry and clearing. It matches imported bank payments with NetSuite open invoices automatically. Once your account is approved, GL payments are automatically generated and applied. Using this and the payments function together, you can improve cash flow, minimise days sales outstanding (DSO) and reduce AR aging.
It is also now possible for users managing multiple subsidiaries in NetSuite to consolidate purchase requisitions across subsidiaries, in addition to purchasing and billing. Purchased items will be delivered to the appropriate subsidiary, regardless of who generated the purchase order or requisition. The general ledger and intercompany accounts will be automatically balanced by virtue of receipts and payments in separate subsidiaries.
Inventory Management Automation
New allocation options allow planners to automatically prioritise inventory allocation to sales orders by gross profit or revenue as well as get a better understanding of the impacts reallocation has on other transactions.
Also, with improvements to NetSuite Warehouse Management, warehouse workers can now swiftly ship a pallet from a handheld device. Cartons can be added or removed from a pallet, offering shippers more flexibility in packing multiple orders going to the same destination and optimising shipping costs by holding a pallet and not shipping it until it’s full.
The user has the option to automatically generate lot numbers and add custom fields for extra lot information, such as supplier lot number, manufactured date, or any other relevant data.
Automated and Frictionless Employee Management
SuitePeople now offers a new feature to automate 401(k) calculations, with rules-based formulas for calculating employer match amounts. When an employee changes their contribution amount, the match amount is automatically updated as well.
Similarly, older workers (over 50) now have the option to make an annual catch-up contribution to a range of retirement plans, and the system will automatically adhere to IRS regulations. New capabilities automate age matching calculation for catch-up amounts and allow you to manage contribution limits for each employee.
NetSuite 2021 Release 2 Schedule
As usual, the new NetSuite release will be made available to customers following a rolling deployment strategy.
This means the new software will slowly replace the previous version by completely replacing the infrastructure on which the application is running.
NetSuite customers will be updated in phases, beginning in August 2021 and culminating in October 2021.
More Information about NetSuite 2021 Release 2
For further details on the new release, check out the release notes.
Here’s a podcast from NetSuite that provides an in-depth overview of the release:
Also, industry-specific sneak peeks are officially available on the NetSuite blog for the following industries:
A better understanding of how all the new features will integrate with your data, processes, and configurations can only come from hands-on access. So ensure you request access to your Release Preview test account.
FinanSys is a full-service NetSuite Partner with a proven track record of success.
We’ve been implementing ERP and financial management solutions for over 23 years in a range of industries. To us, it’s not just work — we take pride in the quality of the solutions we deliver and we aren’t satisfied until your projects meet the highest standards.
Our team takes keen interest in understanding your requirements and each project, large or small, is done with unmatched attention to every detail.
We’re here to ensure you get the best possible return on your investment
For more information, please contact us today :
FinanSys Solutions Ltd
Address: 107 Cheapside, London, EC2V 6DN, UK
Phone: +44 (0)20 7456 9833