The new functionality encompasses several areas:
- Global financials
- Revenue recognition
- Services Resource Planning (SRP)
- Supply Chain Management (SCM)
- Governance, Risk and Compliance (GRC)
The company stated that these enhancements would give NetSuite customers the ability to continue to scale and innovate efficiently.
NetSuite issues two major upgrades every year, with customizations that carry forward automatically, giving customers the assurance that they’re always on the latest version of the software.
“For many years, NetSuite has been the clear leader in global cloud financials and ERP. With this release the lead just got bigger,” said Jim McGeever, Executive Vice President of Oracle NetSuite Global Business Unit. “The major investments we have made in product development over the last several years, combined with the incremental Oracle resources, have allowed us to deliver the greatest amount of new financial and ERP features and functionality ever.”
The specific enhancements in these new Cloud ERP features include:
Global Financials: more automation and simplification of complex multi-company and multi-country financials
- New Intercompany Journal Entry: NetSuite OneWorld delivers advanced intercompany journal entry capability which allows accountants more flexibility and control when booking intercompany transactions.
- GL Impact Locking: NetSuite introduced new functionality designed to help customers meet the accounting and compliance requirements of many countries around the world, plus improving support for GRC mandates such as Sarbanes-Oxley (SOX), internal controls, enhanced GL audit numbering, and more visible changes to financial records.
Revenue Recognition and Billing: simplifying complexities
- Next Generation Revenue Management: Designed to support compliance with the ASC 606 revenue standard, NetSuite’s Advanced Revenue Management automates revenue forecasting, allocation, recognition, reclassification, and auditing through a rule-based event handling framework. Its’ advanced revenue management allows you to defer revenue for recognition across future periods according to rules you configure. It supports fair values based on vendor-specific objective evidence (VSOE), best estimate of selling price (ESP), and third-party evidence providing greater flexibility and transparency in recognizing revenue.
- Billing Price Books: Allows for multiple pricing schemes to be available for each subscription plan whether it’s by currency or region, or any other dimension critical to the business.
Services Resource Planning: more flexibility, automation for services companies
- Improved Performance and Ease of Use when Running Charges:Running large numbers of charge transactions can be tedious and time consuming. Improvements in the latest version address many of these problems and improve the entire user experience.
- Time Rejection Note: Enforces that timesheet approvals provide details as to why a timesheet entry was rejected and what actions the submitter must take to address the errors.
- Time Threshold Improvements: Adds additional rules to enforce limits for timesheet hour entry and produce fewer errors.
- Enhancements to Contract Renewals: Flexible contract creation, creating contracts based on status of sales order, flexible start date for renewals, relieve restrictions imposed by the contract, and flexible maintenance and support pricing.
- Improve Billing Flexibility with Billing Rate Cards:Tailor billing rates per customer and project, consolidate view of billing rates and optimize rate cards across eco-system of customers and projects.
Supply Chain Management: more optimization of complex supply chains
- In-Transit Accounting Enhancements: The inclusion of in-transit quantities and amounts in the Group Average Cost feature allows customers to have better visibility of their total investment and activity relative to the items they are managing across locations.
- Enhanced Transfer Order Processing: Inventory managers can now move inventory using intercompany and transfer orders at cost, while warehouse managers can now declare the inventory ownership on the intercompany and transfer orders to change either at time of shipment or receipt.
- Vendor Dashboard: The new vendor dashboard provides at-a-glance access to any and all information related to your vendors and also allows you to customize the screen – choosing from a variety of standard or custom reports, saved searches, KPI’s, charts, tasks and alerts.
- New WMS Lite Features: Including fulfillment, receiving, inventory movements and the ability to create flexible cycle count plans that can be reused to speed up count generation process, simple replenishment based on orders, being able to execute picking on RF device without Pick Reports. Users can now enter transactions using different and multiple UOMs. The UOM conversion information and calculations for the transaction will also be visible. A new icon based touch menu interface improves the look and feel of the mobile application.
- Phantom BOMs:More easily supports complex BOM structures and systems by using phantoms to streamline the engineering process.
- Edit In-Process Work Orders:Handles the unknowns of manufacturing by making on-the-fly changes to the work order to account for re-work, repair and unexpected situations.
GRC: more GRC controls
- Enhanced 2FA:All users with non-customer center roles are able to use time-based one-time password (TOTP) Authenticator applications as their second factor to log in to NetSuite. Examples include Google Authenticator, Microsoft Authenticator (Both on Screen), Okta Verify, Duo Mobile, Authy or any other authenticator app that supports the TOTP algorithm defined by IETF RFC 6238.
- Detailed Audit Trails for Script and Script Deployment:This enhancement gives development teams, account administrators and auditors granular and detailed visibility into changes to these records, by whom and when. As with other system notes in NetSuite, this is also a searchable audit trail.
We’re excited to see these useful new Cloud ERP features rolled out, and we’ll be happy to show you a demo of the full system at any time. Just contact us.