Optimize Cash Management
Managing cash flow is crucial for any business, and NetSuite 2024 Release 2 brings several key enhancements to help you do just that. The AI-powered improvements to NetSuite Bill Capture now offer more accurate mapping logic, making it easier to scan bills and identify variances. This update also enhances NetSuite AP Automation, enabling companies with multiple US subsidiaries to automate vendor payments for each one individually.
In addition, the new Bank Feeds SuiteApp expands connectivity, allowing you to link your NetSuite account with more financial institutions across the US and Canada. For businesses looking to forecast cash flow more accurately, the Cash 360 SuiteApp now supports installment schedules, giving you better insight into your accounts receivable and payable.
Streamline Subscription Management
For businesses offering subscription-based services, managing billing and customer relationships can be complex. NetSuite 2024 Release 2 simplifies this process with new prepay functionality in NetSuite SuiteBilling. This feature allows companies to charge in advance for services consumed over a contract period, making subscription management more straightforward and predictable.
Moreover, new capabilities in NetSuite CPQ (Configure, Price, Quote) now support the inclusion of subscription items from SuiteBilling in product configurations. This integration streamlines the quoting process for companies that offer both services and physical products, reducing the complexity of managing diverse offerings.
Achieve Warehouse and Manufacturing Excellence
Efficiency in the warehouse and manufacturing floor is key to maintaining a competitive edge. NetSuite 2024 Release 2 introduces several tools to help you achieve just that. The Supply 360 SuiteApp now allows for quick generation of Manufacturing Shortage Reports, ensuring that all necessary components are available to meet planned work orders. The new Available to Build SuiteApp further enhances this by showing what assemblies can be built with the current inventory on hand.
For those managing warehouses, NetSuite WMS (Warehouse Management System) now includes automated bin replenishment, ensuring that stock levels are maintained without manual intervention. Additionally, NetSuite Ship Central can automatically select the most cost-effective shipping method and create return and hazardous materials labels, reducing shipping costs and improving safety compliance.
Empower and Engage Employees
NetSuite 2024 Release 2 also includes enhancements designed to empower your workforce. NetSuite SuitePeople now integrates with SimplyInsured, a benefits partner that allows employees to sign up for health benefits directly through the SuitePeople employee center. This makes it easier for both new hires and existing employees to manage their benefits.
The SuitePeople Workforce Management mobile app has also been updated with new time clock functionality, including a break completion reminder and additional time fields for capturing data like location, job, project, and task. These enhancements ensure that your team remains compliant and productive, while also making it easier to track and manage their work.
Diversity and Inclusion: A Commitment to All
NetSuite’s commitment to diversity and inclusion is reflected in this release as well. By providing tools that support businesses of all sizes and industries, NetSuite helps create a more inclusive business environment where everyone has the opportunity to succeed.
How the Release Process Works
New features and functionalities are automatically rolled out to all NetSuite accounts twice a year. The best part? Most of these updates are free, making it easier for your business to stay at the forefront of innovation without additional costs.
NetSuite 2024 Release 2 is packed with innovations designed to help your business thrive. Whether you’re focused on financial management, subscription services, warehouse operations, or employee engagement, this update has the tools you need to succeed. Don’t miss out on these powerful new features—explore the resources and get ready to take your business to the next level.
