Professional Services Firms: What’s New in NetSuite 2021.2
In this blog post, we're going to highlight the major enhancements in NetSuite 2021.2 for professional services firms. These enhancements were rolled out to customers between July through October 2021, but have you had a chance yet to take advantage of them? Let discuss each of these major enhancements in more detail.
Project Lifecycle Management
More Intuitive User Interface
With this enhancement, users get a much more intuitive user interface for managing overall projects and related tasks, improving usability, and allowing project managers to better visualize the status of a project throughout its life cycle.
Adding Project Managers as an Approver Type
With this change in SuiteApprovals, users can add PMs as an approver type, allowing PMs to now review, approve, and reject project transactions, including vendor bills, purchase orders, and expense reports. This enhancement gives project managers better control over their budget and creates more flexibility in the approval process.
Smart Financials and Operational Automation
Payment Link on Invoice
With this change, a payment link can be added to an invoice being sent via email or mobile that takes the recipient to the payment portal where they can pay via multiple options as defined by business rules.
Consolidate Purchase Requisitions Across Subsidiaries
In the enhancement in 2021.2, users can consolidate purchase requisitions across subsidiaries. Items are received at the target subsidiary and cross-charged to balance intercompany accounts.
Matching Imported Bank Payments with Open Invoices
With this new update to cash application, imported bank payments are automatically matched to open invoices. Netsuite automatically creates GL payments and matches them to open invoices, reducing manual tasks, reducing day sales outstanding (DSO), and providing better management of cash flow.
Validating Purchase Requests, Orders, and Vendor Bills
With this new feature to prevent overspending, purchase requests, orders, and vendor bills are validated against allocated budgets, so managers can ensure budgets are followed.
Automated 401k Match Calculations
When employee contributions change, rules-based formulas are used to automatically calculate employee matches with this enhancement.
Age-Matching Calculations over 50
In this update, age matching calculations are determined for employees over 50 with automatic catch-up amounts for those eligible, ensuring compliance with IRS retirement plan limits.
Netsuite Podcast on 2021.2
Check out the following Netsuite podcast on the latest release and dive into move details.
In future blog posts, we will cover the new features in 2021.2 for Software, Non-Profits, and hopefully a sneak peek at 2022.1 in the very near future!
Also, please check out our following blog posts on 2021.2
Please reach out to our Netsuite consulting services group if we can help with any of your Netsuite needs.