NetSuite Release 2024.1
The latest release introduces new capabilities specifically designed to support finance professionals in streamlining routine financial tasks such as planning and budgeting, account reconciliation, financial close, and reporting. Talk to our experts about how you can upgrade your software and maximize your profitability.
Enterprise Performance Management
In NetSuite 2024 Release 1, a comprehensive Enterprise Performance Management (EPM) offering integrates various enterprise-grade applications, including planning, budgeting, forecasting, account reconciliation, financial close, and reporting processes. Leveraging the foundation of Oracle Fusion Cloud Performance Management and seamlessly integrated into NetSuite ERP, this suite of cloud applications enhances business visibility, decision-making, and the efficiency of finance teams.
AI-driven Analysis and Deeper Insights
NetSuite's Account Reconciliation streamlines the reconciliation process across various accounts, including accounts payable, accounts receivable, bank and credit card transactions, prepaid accounts, accruals, fixed asset accounts, intercompany transactions, and other balance sheet accounts. In NetSuite 2024.1, a new task management feature enhances the efficiency and accuracy of Account Reconciliation, offering a centralized platform to assign tasks from the close checklist, customize activities, and allocate them to team members.
Meanwhile, NetSuite Close Management and Consolidation assist companies in meeting regulatory requirements and internal governance standards by providing a centralized platform for managing the consolidation and financial close process.
Clear Context and Automation to Reporting
NetSuite Corporate Tax Reporting automates tax processes, ensuring efficient compliance with OECD country-by-country reporting (CbCR) obligations for organizations with multinational operations. The new workflow, task management, and transfer pricing capabilities enhance finance teams' speed and accuracy in tax reporting.
NetSuite Narrative Reporting integrates narrative writing with financial statements, simplifying data interpretation. It offers a central platform for finance.
teams to collaborate throughout the creation and publication process for both internal and external reporting.
Apart from NetSuite EPM, the 2024.1 release includes various new features and upgrades, including:
Simplifying Sales and Billing Operations
The introduction of the NetSuite Connector for Simphony Point of Sale (POS) enhances automation, while improvements to NetSuite SuiteCommerce and CPQ ensure seamless online interactions for both B2B and B2C customers. Specifically, the Simphony Connector consolidates daily activity into a single cash sale per location in NetSuite, providing real-time information and enabling comprehensive reporting for businesses in the hospitality industry.
Added Information for Bill Capture
Enhancements to NetSuite Bill Capture now include additional fields, such as PO number, memo, posting period, discount date, and custom segments, accessible on the Review Bill page. These extra fields provide more data for NetSuite Bill Capture intelligence, reducing the chances of bill creation failure or post-creation edits. The 2024.1 release further improves the user experience in Bill Capture by introducing filters for vendor, upload source, and email source on the scanned vendor bills page.
New Metrics for NetSuite Benchmark 260
As per 2024.1, the NetSuite Benchmark 360 tool - which empowers you to assess key operational and financial metrics, will include criteria such as: days cash on hand, days sales outstanding, days payable outstanding, employee turnover rate, and revenue per full-time employee.
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Learn More About Release 2024.1 & Upgrade
NetSuite Release 2024.1 comes with a wide range of innovative improvements spanning the entire suite. For the effective implementation of these features and the optimization of your software to meet your organization's evolving demands, schedule a consultation with our team of experts. We will lead you through the updates, offering practical insight into how the new features align with your data, workflows, and customizations.