Learn more about the new features available in your NetSuite account
With the 2014.2 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 2014.2 incorporates a completely revamped UI with powerful new functionality and capabilities to deliver on many key customer requests, and provides users with improved visibility and flexibility within their NetSuite account. These new features and enhancements include, but are not limited to:
NetSuite Release 2014.2 marks the introduction of a completly new user interface. This bold and intuitive new look incorporates a modern, responsive design, providing users with an optimal viewing experience across all devices. See NetSuite’s new user interface in action by viewing the video below
A powerful new feature in NetSuite Version 2014.2 is Multi-Book accounting. Whenever the same business event requires different accounting treatment because of industry-specific rules, country-specific rules or both, different reporting outcomes will occur. To report financial results within compliance based on multiple accounting standards concurrently, accounting departments can now leverage Multi-Book to comply with any standard.
Automated accounting rule-driven engine. Multi-Book accounting eliminates data entry replication and reduces the need for error-prone manual adjustments from processes due to managing multiple books per accounting standard. Using a powerful rule-driven engine, accounting departments can now create business transactions and automatically post the activity to all books efficiently in accordance with the appropriate accounting standard.
Foreign currency management. Multi-Book enables accounting departments to record transactions using book-specific functional currencies.
Real-time financial reporting and analysis per book. Leveraging an automated rule-driven engine, Multi-Book provides real-time visibility to see accurate “flash” financials for any book—standard financial reports, VAT/GST reports (International Tax Reports SuiteApp), saved searches and more.
New Requisition and Purchase Contract for Spend Management
NetSuite Version 2014 Release 2 introduces powerful procurement features that will significantly improve end-to-end management of the materials and services acquisition, efficiently aligning buying needs across the company and helping you be more efficient and save money on an ongoing basis.
Requisitions. Employees will be able to submit one requisition for all the items and services they need, regardless of how many vendors may be involved. In fact, employees will not even need to know which vendor(s) the items and services will be purchased from.
Purchase Contract & Blanket PO. NetSuite Version 2014 Release 2 enables you to take advantage of quantity-based terms and discounts that apply to a company’s annual volume of goods or services with the new purchase contract and blanket purchase order capabilities. Using a new purchase contract feature, sourcing managers and buyers can enter negotiated terms, tiered pricing and other discounts for purchases with a specific vendor over a predefined period.
NetSuite Version 2014 Release 2 features new revenue recognition functionality to improve the financial close process, strengthen relationships with auditors and reduce delays and manual work.
New Deferred Revenue Rollforward Report. Provide auditors with a deferred revenue rollforward report, out of the box, and easily present the flow of deferred revenue between beginning and ending balances. Faced with higher audit standards and complex reporting requirements for managing revenue recognition, your finance teams will be able to continue building strong relationships with auditors while needing less time to prepare, create and provide audit support documentation.
Improved journal entry exception handling and posting. Whenever facing potential exceptions (e.g., uncertain invoice collectability), users now have the option to temporarily postpone revenue recognition journal entries by flagging a line item on a transaction. Once the exception has been reviewed, your accountanting team can remove the pause and proceed with the postings. As a result, accountants no longer have to spend unnecessary time creating manual journal entries or editing sales orders to adjust for revenue recognition postings that are still being reviewed.
Journal Summarization. Version 2014.2 also introduces a new feature that can summarize revenue recognition schedules by the following attributes for journal entry postings: Accounting book, Subsidiary, Posting period, Account, or Class/Department/Location.
Support for Overlapping Work Order Operations to Reduce Lead Time
In order to enable companies to realize leaner manufacturing processes, NetSuite Version 2014 Release 2 marks the arrival of overlapping work order operation capabilities . To ensure that work order lead time is kept at a minimum by improving manufacturing resource capacity utilization, multiple work orders can now be staggered and processed, rather than one at a time, throughout the production cycle.
This new feature will help reduce work order lead time significantly and improve work center utilization. Run lean with overlapping work order operations to deliver more value to your customers and keep them satisfied.
Mobility is about empowering your workforce leading to improved productivity and efficiency. NetSuite Version 2014 Release 2 continues to enhance NetSuite’s mobile functionality and the user experience for your iOS device. Key features launched with this release are:
Automatic outbound phone call and activity logging. NetSuite lets you capture all interactions with your prospects and customers whether in the office or on the go. With this feature, NetSuite enables you to log your calls as well as create and log activities from your mobile device to NetSuite.
Time zone synchronization. Travel a lot? Now there is no need to remember to change time zones in NetSuite when traveling. This enhancement will notify you if your iPhone and NetSuite time zones don’t match and with a single tap update your NetSuite time zone setting.
Receipt logging. No more wallet bursting with receipts, no marathon expense entry sessions and managing and tracking down receipts. With this feature, NetSuite streamlines expense tracking while on the road so that you don’t have to remember, track and manage any expense information.
With NetSuite Version 2014 Release 2, NetSuite is introducing new campaign management capabilites that will help to drive sales, service, and marketing performance. These key features include:
Marketing Template Layout Selection. For users without HTML/CSS experience, it’s now easy to create customizable templates for email campaigns, newsletters and customer surveys from predefined layouts. These templates can be used as a base and customized with images and content just by selecting and editing each item.
Tracking Click-through Rates for Individual Links in Marketing Emails. Click-through measures how many of your email recipients clicked on a link in your marketing emails and is one of the most important metrics in email marketing. Campaign managers now have the ability to track click-through rates for individual links in marketing campaign emails and display this information in marketing reports
With NetSuite Version 2014 Release 2, a new B2B Customer Center enables B2B merchants to deliver a seamless and efficient B2C-like online shopping experience and extends robust functionality for B2B buyers to view order status, details and history, track shipments, reorder goods, approve quotes, make payments, manage account information, request refunds and returns and more. Realize a rich commerce experience across all devices and touch points with:
New flexibility and customizability. B2B merchants gain greater control over customizing the portal, such as tailoring a customer’s experience through role-based permissions and delivering pixel-perfect design that promotes a business’s brand.
Billing and payments. B2B buyers now have flexible payment options, including paying single or multiple invoices, and can take advantage of discounts for paying early.
Product list management. A simple and intuitive product list feature enables buyers to create custom shopping lists to expedite recurring purchases.
Account management. Customizable dashboards give buyers a snapshot overview of outstanding and available balances, deposits, credit limits and memos, current terms and more. Buyers can also readily print statements, view transaction histories and update key account data.
With NetSuite Version 2014 Release 2, SuiteFlow includes a completely reworked Workflow Editor interface. The improvements are visible at a glance and greatly enhance productivity and ease of use. During workflow creation and editing, users can use the new drag-and-drop functionality to visualize, model and implement business processes.
The workflow editor provides a new way of accessing workflow state and transition properties. Users can easily access properties of states or transitions from the diagrammer by selecting the object in the diagrammer.
The full property set of workflow, states, actions and transitions can be accessed by double-clicking on the object in the diagrammer or via the edit icon in the side panel. Properties will display in separate popup window.
NetSuite Version 2014 Release 2 provides a new capability that can reschedule jobs within your production timetable using a simple drag-and-drop motion. Using a new manufacturing task manager, production planners will have a real-time calendar view of all work orders scheduled for production and their respective work status.
If a work center were to have work orders scheduled in excess of capacity, a simple drag-and-drop motion can reassign tasks to a different time slot or a different work center that has downtime.
Production planners now have the agility to keep pace with change and optimize output from all work center resources, allowing companies to run their shop floor more efficiently.