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With the 2015.1 release of NetSuite’s cloud-based business management software right around the corner, Aminian Business Services would like to provide you with a quick summary of the new features and enhancements that will soon be available in your NetSuite account.
NetSuite Release 2015.1 provides you with new features such as advanced GL customization to tailor your general ledger for your unique transaction needs, new request for quote capabilities and subsidiary vendor record improvements to optimize purchasing, and project management enhancements for better visibility into project profitability and resource management for services-based businesses. These new features and enhancements include, but are not limited to:
Enhanced General Ledger Customization
New Request for Quote for Enhanced Procurement
Improved Inventory Management for Assemblies with Multiple Styles and Variations
New Grid Order Entry for B2B Purchase Ordering of Similar Items
New Approval Workflows for Streamlined Procurement and Billing
Timesheets Enhancements
New NetSuite for Android
SuiteFlow: Workflow Templates
SuiteBuilder: Enhanced Editor for Advanced Printing Templates
Generic Email Capture
Enhanced General Ledger Customization
As your business continues to grow and evolve, we are excited to introduce tools that provide unprecedented flexibility to your general ledger (GL). With NetSuite Version 2015 Release 1, financial accountants can define the GL impact of transactions, especially for industries or tax jurisdictions that follow unique accounting practices.
Also with this release, financial accountants will be able to create custom transaction types. Rather than using generic journal entries to generate the accounting representation of your business events, create your own transaction types that are more specific and contextual to understanding the relevance of the business event.
New Request for Quote for Enhanced Procurement
With new request for quote (RFQ) capabilities, sourcing managers and buyers will be more efficient in managing competitive bidding across multiple vendors.
Whether seeking a vendor to provide direct materials or a supplier for office supplies and outsourced services, users will be able to create and send RFQs to multiple vendors, and then analyze the responses to obtain the best terms and pricing for purchases on specific items. Once a vendor is selected for an RFQ item, the system will automatically create purchase contracts using the terms and pricing provided in the RFQ.
Improved Inventory Management for Assemblies with Multiple Styles and Variations
With NetSuite Version 2015 Release 1, the Matrix Item Assistant feature is now available for assemblies – enabling manufacturers, wholesale distributors and retailers to create item records quickly and easily with all the combinations of product styles and variations and their respective bill of materials and routings. Once matrix item records are created, users will also have the option to make mass updates across records (e.g., component and location information) without having to spend time editing each item record one-at-a-time.
Lastly, this feature will enable merchants to display dropdown menus on their webstores for shoppers to select from the different product combinations available. For example, rather than create SKUs individually for every single product combination and require shoppers to spend time browsing through listings, a merchant can now create parent matrix items for assemblies and present dropdown menus for shoppers to choose the configuration they want regarding attributes like size, color, type, and for any other component needed in the assembly. Provide a better shopping experience using less clutter and spend less time and effort to manage your SKUs and assemblies.
New Grid Order Entry for B2B Purchase Ordering of Similar Items
Consumer spending trends and fads are fleeting. Whenever a “hot” item is on the market, companies need to capitalize on short-lived windows of opportunities. With NetSuite Version 2015 Release 1, sourcing managers and buyers can now create purchase orders with multiple like items more quickly and easily using the new grid order entry form in the Grid Order Management SuiteApp.
This feature is particularly useful when creating purchase orders in bulk (e.g., retailers, wholesalers or distributors). The grid order entry form is a popup window within a purchase order that allows you to select multiple like items and then enter the quantities to be ordered quickly and easily without having to enter each item separately. For example, a buyer in the apparel industry can create an order of similar items that vary by colors and sizes in a single place using a grid order entry form.
This feature can be especially helpful when creating purchase orders for items that are very popular due to high demand or seasonality. Realize a better procurement experience for your similar items so you can move inventory to the right place at the right time.
New Approval Workflows for Streamlined Procurement and Billing
NetSuite Version 2015 Release 1 features new SuiteApp approval workflows to help streamline procurement and billing. With the recent introduction of new capabilities for blanket purchase order and purchase contract transactions and pending invoice approvals in the previous release, we’re excited to introduce workflows with prebuilt process states to expedite approvals and manage exceptions promptly.
Timesheets Enhancements
By clicking on copy previous button in a timesheet, users can copy the previous line making it easier and faster to use timesheets. In addition, users and administrators now have more control and flexibility over timesheets with the ability to edit time entries in Pending Approval state.
Once the time entry is approved, only administrators can override time entry status or edit it, ensuring better control. Managers also now get a timesheet link in e-mail making it easier for them to approve timesheets. We have also made it easier to track migration from previous time tracking to the new timesheet functionality. The administrator will receive an email informing him/her that migration has begun, with a link to the web page where he/she can see the progress of migration with status, error messages and log.
New NetSuite for Android
We are launching NetSuite for Android, the world’s first ERP Android OS application delivering rich ERP capabilities for mobile users to conduct business on the go—from airports, client sites, coffee shops, home or anywhere. Users can have new flexibility in managing their business over a smartphone and mobile OS of their choice. NetSuite for Android capabilities include:
- Home dashboard synchronization. Access key performance indicator (KPI) metrics and scorecards, trend graphs, report snapshots and more.
- Full record support. Create, edit, delete, and view key record types including leads, customers, sales orders, invoices, expense reports and more.
- Business action support. Approve sales orders and expense reports, convert estimates, accept customer payments, bill sales orders and more.
- Complete time and expense management. Manage time tracking and expenses quickly and easily, including bulk uploads of multiple images of receipts captured on mobile devices.
SuiteFlow: Workflow Templates
With NetSuite Version 2015 Release 1, workflow administrators have a new option for workflow creation—workflow templates. Common and frequently used workflows such as approval processes are provided as templates to save time for workflow administrators. Instead of beginning with an empty workflow, administrators can utilize the most suitable template as a starting point when they create a workflow. To simplify template selection, each template offers a description of the workflow it captures. Workflow templates can also be used as working examples to save time for new SuiteFlow users.
SuiteBuilder: Enhanced Editor for Advanced Printing Templates
The new template editor for Advanced Printing combines the ease of use and drag-and-drop capabilities of basic printing with the power and flexibility of advanced PDF/HTML templates. The new editor does not require HTML knowledge. Its simpler interface supports increased productivity while preserving advanced capabilities, such as access to source code when needed.
You can now easily access a list of available record fields and add selected fields and their corresponding labels to your template in one simple step. Other printing elements are also available for use, including HTML-based elements such as tables and pictures, and print-specific elements such as labels, headers, footers and page numbers.
Previously created templates are fully compatible with the new editor. The enhancements to the template editor make advanced printing functionality easy to use and can boost your productivity when customizing new or existing layouts. You no longer require scripting skills to create the ultimate look for your printed record. This feature is now generally available.
