5 New Tools for Nonprofits in NetSuite 2022 Release 1
As nonprofits take on some of the biggest challenges facing society, they’re forced to tackle many of the same hurdles as for-profit organizations—and often more. Aside from the daily challenges of ensuring the company stays solvent, there are numerous complications connected to changing geopolitical climates, funding issues, and the intricacies of staffing.
With NetSuite's 2022 Release 1 for nonprofits, you can clear some of the most problematic roadblocks with automated features that simplify your workflows.
1. Intercompany Transaction Matching
NetSuite’s intercompany transaction matching feature enables nonprofits to automatically align some of the most pivotal transaction details across multiple entities. In this way, they can cut back on manual work while also reducing the number of mismatches stemming from human error.
For example, suppose a fictional for-profit organization, ABC Enterprises, has a nonprofit subsidiary called XYZ Gives. While the two entities are unique, they often share the same credit memos, invoices, and bills. NetSuite automatically aligns these financial details for you instead of manually typing in or copying and pasting these details for both ABC and XYZ.
2. Customizing Transactions That Impact Cash Flow
With the NetSuite 2022 Release 1 for nonprofits, you can customize transactions that impact your overall cash flow. In doing so, you see, at a glance, how specific capital expenditures and major non-cash donations affect cash flow, for example.
This then allows you to create financial models that show stakeholders the effects of different transactions. You can also use this feature to devise a more accurate budget strategy, regardless of how complex your cash flow picture is.
3. Payroll Costs Automation
NetSuite for nonprofits allows you to automate the payroll costs associated with programs, projects, or grants. These can include salaries and fringe benefits, which often fluctuate from day to day. Your cost summaries automatically adjust to account for a mixture of staffing changes, payroll updates, and other considerations. As a result, you get full financial visibility into a project, particularly how payroll costs impact the overall funding landscape.
For instance, suppose a key project manager accepted a position at another company, and you had to quickly promote someone to take their place. The changes associated with the exit of the old manager, the new manager’s salary, and the differences between them can be automatically factored into your finances.
4. Recurring Transactions Automation
Nonprofits often have donors who regularly contribute to specific projects or the organization itself. With NetSuite 2022 Release 1, you can automate recurring donations, eliminating the need to input them manually each time.
For instance, let's say a local corporation, 123 Advisors, donates money to your nonprofit every quarter—both to support your cause and for tax benefits. With NetSuite 2022 Release 1, you can automate this transaction, recording it every quarter as needed. Not only do you save your staff time, but you also reduce the chances of a mistake being made in the process of recording the payment.
In addition, NetSuite aligns multiple financial tools simultaneously, so the effects of the transaction is reflected across budget structures.
5. HR Performance Management
NetSuite for nonprofits also comes with a feature called SuitePeople, which automates key HR functions. It enables managers and the people who report to them to monitor progress towards goals they’ve set to help employees improve, advance, or align their performance with the nonprofit’s objectives.
For instance, with SuitePeople, you can set up an automatic monthly email, which the system sends out to managers, containing reports on a team's progress towards its goals. You can also configure the automated emailing system to alert you of any areas of concern, so you can address lags or performance issues before they significantly impact the organization’s objectives.
With NetSuite, you can streamline organizational alignment because you have tangible performance data automatically delivered on a regular basis.
Fine-Tune Your Nonprofit’s Business Engine with GSI
To ensure a smooth implementation of NetSuite 2022 Release 1 across their organization and any subsidiary, nonprofits will do well to partner with NetSuite experts like GSI. NetSuite managed services by GSI will take the heavy lifting off your plate, as experienced staff help you make the most of the features that will deliver great benefit to your organization. To know more, connect with GSI today.