NetSuite’s 2021.2 Release is out and our team has read the notes, reviewed all the new features, and compiled a list of our favorites. Read on to learn more and reach out if you have questions about these or any other features can help your business.
Lot Auto Numbering SuiteApp
Problem: Manufacturers have long complained about NetSuite’s inability to determine lot numbers for them, relying on users to create their own naming conventions with in-house counters for each new lot iteration for the day.
Solution: NetSuite has finally provided the flexibility to define different lot numbering formats and assign them to lot numbered items.
Impact: Increased automation with auto lot numbering allows for greater operational efficiencies and reduces mistakes/duplication from manual lot assignments.learn more
Automated Cash Application
Problem: Organizations with large invoicing volumes struggle with posting payments from their customers and applying them to the proper invoices (especially when they cannot reasonably rely on those payments being applied to the oldest invoices first!). Some organizations require hours and hours for matching customer’s many payments to specific invoice lines.
Solution: New customer mapping and import rules in NetSuite allow for the import of new GL bank payments that are created in NetSuite and mapped to open invoices for those customers upon approval.
Impact: Huge operational efficiencies are immediately realized following the setup of these new automated cash application rules.learn more
Problem: While sales are steady or growing, an organization’s Days Sales Outstanding (DSO) statistics are still very high, resulting in less available cash for capital projects and growth strategy investment. Tools such as invoices, statements, and dunning letters can assist with notifying customers of their open balances, but still lack the ease for resolving those balances.
Solution: NetSuite’s new invoice embedded payment link tool allows for customers to receive notification of an outstanding balance and immediately click the embedded link and satisfy that open balance through a payment portal.
Impact: Reduce Days Sales Outstanding (DSO) statistics, reduce AR Aging, and a better customer experience doing business with you!learn more
Certificate of Analysis for Quality Management
Problem: Organizations requiring product quality compliance from their customers have struggled to move their quality solution into NetSuite because of the limited nature of NetSuite’s Quality Management solution. For those organizations that ditched their costly Quality Management software to leverage a single platform solution in NetSuite, they had to spend countless hours and dollars investing in a custom solution to pull quality results out of NetSuite in the form of a PDF to send to their customers.
Solution: The new configurable Certificate of Analysis PDF for NetSuite’s Quality Management solution allows for the generation of a PDF with the results of your organization’s quality testing for products being shipped to your customers.
Impact: Product quality compliance requirements are now automated through NetSuite’s Quality Management solution. This is one less barrier preventing organizations from ditching their outside quality management system and moving on to a single platform with their ERP.learn more
Supply Allocation Updates
Problem: When organizations have limited inventory available and many customer orders, there are few options available for automating which customer orders should receive the existing inventory. Stock-out issues can be the difference between collecting revenue and a canceled order (missed sales opportunity).
Solution: The latest update to the supply allocation feature allows for the associated profitability or revenue from a customer order to receive their shipment first.
Impact: Reduces the chances of your higher revenue/margin orders from canceling due to stock-out issues. This results in a more efficient allocation of resources based on your highest margin customer orders.learn more