Oracle NetSuite has and is making enhancements that help their users reduce manual efforts and streamline their financial management. As a part of NetSuite Now On Air which started last week, I attended several session on product developments and features, here are just a few more of the improvements (which I didn’t address in my earlier feature) that NetSuite has or is in the process of making.
- The combination of seamless banking integration via the Bank Feeds SuiteApp and a new banking plug-in featuring open banking APIs enables automated import of banking data into NetSuite from financial institutions around the world. When combined with the ability to perform streamlined bank reconciliations from that imported bank data using enhanced AI rule-based matching, as well as auto journal posting, NetSuite is not only saving users substantial time in processing and matching their bank data but also delivering increased financial insights.
Adapted from NetSuite Now On Air: "What's New With Cash Management" (Source - Oracle NetSuite)
NetSuite_Match-bank-data
- Invoice grouping enables the consolidation of multiple invoices into a single invoice that’s delivered to the customer, and it also allows payments accepted at the group level to be applied to individual invoices. This reduces manual grouping, ensures accurate invoices and improves cash flows by decreasing days sales outstanding.
NetSuite Invoice Grouping feature - Source: Oracle NetSuite - 10/5/2020
Netsuite_Build-on-press-event_Invoice-grouping-illustration
- Greater flexibility when creating subscriptions. Easily change billing parameters, such as billing schedule and billing terms, prior to activation of the subscription. There’s no need to start all over again with a brand-new subscription. This helps to reduce the number of subscriptions abandoned in the system, as the billing account isn't required until activation and offers flexibility to swap billing accounts if required, rather than having to start again with a brand-new subscription and billing account.
Oracle NetSuite: SuiteAnalytics Workbook for Subscriptions (Source - Oracle NetSuite)
NetSuite_Subscription-workbook
- SuiteAnalytics Workbook for Subscriptions provides powerful insights on recurring revenue for existing and renewing subscriptions. Use the workbook template for out-of-the-box analytics on recurring revenue, churn, up-sell, down-sell and much more. Customize it with additional filters and data by modifying the included data-set template. Graphs and charts provide at-a-glance views of revenue trends and details.
To learn more about the latest Oracle NetSuite updates as well as resources for businesses, tune into NetSuite Now On Air, a virtual event series offering practical advice on important business topics with NetSuite executives, industry experts, and customers. Content will be available on-demand thru October 30, 2020. REGISTER HERE.
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