If the pandemic has taught us anything in business, it’s that agility is everything. The ability to plan out different financial scenarios and to react quickly to insights and world events has helped many companies to realign or completely pivot their businesses over the past months.
Going forward, having the power to adapt and build on these changes will continue to be important in improving financial business performance. It’s here that NetSuite can help – with features that can balance both your short-term concerns and your longer-term objectives.
Here are some of NetSuite’s enhanced automation features that are coming in 2021. They have been designed to deliver the agility you’ll need for 2021 and beyond, through better financial visibility, improved accounting efficiency and achieving a more streamlined monthly close.
Intelligent Financial Automation
Smart, rules-based workflows can be employed within NetSuite to automate the movement of cash in and out of the business. This includes functions like: payment runs; bank or credit card reconciliations; and automatically assigning a customer’s payment to an outstanding invoice.
The NetSuite Bank Feeds SuiteApp automatically retrieves data for bank and credit card accounts from thousands of financial entities across Europe, the Middle East, Africa and North America. Transactions are checked and matched automatically to data in the general ledger and if there are any exceptions, these are flagged up for manual investigation. Machine learning is applied to the transactions, so as time goes on and as you process more transactions, you will see improved match rates.
Optimised Closing Processes
NetSuite negates much of the worry and hassle of closing the books at the end of an accounting period. Your accounts department staff will thank you for the time and effort it saves them.
Manual journal entries are much reduced thanks to automatic account reconciliation, smart accruals and other improved intercompany accounts functionality. This saves time and helps you to close an accounting period far more quickly – whether that’s at the end of a month, a quarter, a half or a year.
Pro forma financial information is displayed on a comprehensive dashboard, giving you all the data you need for a snapshot financial assessment of your business. You gain visibility across a wealth of financial information, including any unposted transactions or exceptions. Having this data available in the run-up to a close means that your finance team can attend to any anomalies or issues as they arise, rather than having to wait until the busy month-end close to deal with them.
There are new task management features that help with closing an accounting period more efficiently. You can create your own custom task lists, assign tasks to individual staff, attach documents to tasks, and track the status of incomplete tasks.
NetSuite Planning and Budgeting is a solution that is configured with best practice processes, KPIs, reports and dashboards. It’s a powerful analytical tool that allows you to develop budgets by department. These plans are flexible and can be adapted so that short-term scenarios can be catered for, while still taking longer-term financial goals into account.
New budget functionality projects income and expenses to help automate and speed up the budget planning process by eliminating manual collection of data. This saves your accounting staff time and effort and reduces the amount of time it takes to produce your budgets.
Achieve More with NetSuite
The pandemic has caused unforeseen scenarios for many companies. But NetSuite can help you become more agile and to therefore react to similar situations in the future.
With increased automation, new financial functionality and enhanced intelligence, NetSuite is primed to help reduce manual tasks, improve accuracy and give you the insights you need to make informed business decisions.
Speaking at a recent NetSuite event, Andrew Hery, director of product management at Oracle NetSuite, said, “By focusing on visibility and intelligence, NetSuite will become a trusted advisor, offering insights and recommendations throughout the everyday decision-making process.”
These features enhance NetSuite even further, making it easier for you to operate more effectively, collaborate across your business more easily and run a more efficient – and hence more profitable – business.
If you would like to discover how NetSuite can deliver the smart financials you need to drive the commercial results you want, get an immediate quote today, with no appointment needed, no hassle and no sales calls. Or you can book an appointment with one of certified consultants.