Discover new features in the NetSuite 2023.1 release

Oracle NetSuite releases new features and functionality automatically to NetSuite twice a year. In the 2023.1 release, NetSuite will receive updates and enhancements around financials, project management, supply chain operations, customer experiences, and more. Our team of software engineers and industry experts compiled a list of updates and enhancements we believe will be most valuable to companies currently using NetSuite.

To learn about previous releases, you can read our NetSuite 2022.2 and NetSuite 2022.1 blogs.

Manually entering vendor bills as a part of the accounts payable (AP) process is time-consuming, labor-intensive, and error prone. In the 2023.1 release of NetSuite, new features are added to automate the entire bill capture process to enable companies to save time and minimize errors. Additionally, enhancements were also added to payment automation capabilities.

• Bill capture – Users can now upload vendor bills by emailing them to NetSuite. NetSuite will then automatically process the bill to create a digital version, eliminating the need to manually input vendor details.
• Payment automation – When a payment is sent from the payer’s bank to the vendor, a corresponding journal entry will automatically be created in NetSuite for that transaction, eliminating the need to enter those details manually.
• Vendor approval routing – When a new vendor is added or any changes are made to an existing vendor or bank record, the change must go through approval routing to make sure information is correct. This update reduces risk and helps organizations ensure details required for vendor payments are accurate.
• Uplift at renewal – The new uplift at renewal feature allows SuiteBilling users to automatically apply a percentage increase to a customer’s renewal pricing.
• Rebates and Trade Promotions – Added capabilities to this SuiteApp allow businesses to automate rebate and trade promotion calculation on kits and assembly items and standard inventory items.

In the 2023.1 release of NetSuite, new features and enhancements are included to optimize project lifecycles and services firm cashflows. These enhancements give users more visibility and control over revenue recognition, project billing, and project status.

• Project Cost Percent Complete – NetSuite’s Project Cost to Cost Percent Complete SuiteApp along with Advanced Revenue Management offers organizations the flexibility to define the basis for budget and cost on projects and recognize ongoing revenue based on project percentage completion.
• Charge–based billing – With charge-based billing in NetSuite 2023.1, users can create charges through project records or against a customer record, easily calculate billable rates, generate accurate invoices, and update records automatically during the overnight charged-based billing run.
• Project 360 Dashboard – With this release, access to the dashboard is expanded to include additional roles beyond project managers, such as department heads and supervisors. There are five access levels that will define what a specific users or role can view in the dashboard.

NetSuite 2023 Release 1 includes features that help leaders optimize their supply chain, enhance employee productivity, identify savings opportunities, and closely monitor costs.

• NetSuite Ship Central – The NetSuite Ship Central mobile application adds shipping functionality to NetSuite Pack Station to allow warehouse workers to pack and prepare orders for shipment from a single application.
• NetSuite WMS – In the latest version of NetSuite WMS, individual items that are a part of a kit can now be broken up for more efficient picking. Additionally, new picking flows allow those on the warehouse floor to mark partially picked orders as complete. Pickers can also mark a bin as empty if it doesn’t have enough items to complete an order.
• NetSuite Smart Count – NetSuite Smart Count has been expanded to allow employees to perform cycle counts without shutting down operations for lot- and serial-numbered items.
• Costed BOM Report SuiteApp – This new app provides a breakdown of all expenses related to producing assembly items. This provides information for decision-makers to better control costs and identify alternative components.

A workforce management system helps optimize employee output while providing effective support for them to do their jobs. A workforce management system helps optimize schedules, digitally track hours, calculate wages, and pay workers. In the 2023.1 release, Oracle NetSuite released NetSuite SuitePeople Workforce Management, a solution created to help organizations manage labor costs and profitability.

NetSuite SuitePeople Workforce Management helps businesses eliminate multiple applications and spreadsheets by providing a unified solution that streamlines scheduling, simplifies the capture of time and attendance, automates wage calculations, and provides a better experience for both employees and managers. SuitePeople Payroll seamlessly processes approved hours for payroll runs and automatically posts to the general ledger. The mobile app lets employees view their schedules, clock in and out, and request shift changes. Additionally, your financials will be updated in real time as data is seamlessly transferred to your ERP system.

NetSuite 2023 Release 1 includes numerous enhancements to help organizations ensure that their customers’ digital experiences exceed expectations across multiple touchpoints.

• Intelligent Recommendations – Intelligent Recommendations uses machine learning to suggest products to your customers. This feature will now be available for most customers, regardless of transaction history and inventory size. Additionally, this release includes two new recommendation algorithms for NetSuite CRM and SuiteCommerce.
• NetSuite CPQ – The 2023.1 release includes a new dropdown helper on the ruleset maintenance page that allows you to select pairs of questions and answers. Additionally, it is now possible to limit access to the CPW Maintenance UI to specific users, roles, or departments.
• SuiteCommerce – In the 2023.1 releases of SuiteCommerce and SuiteCommerce Advanced, ACH payments are now supported in the checkout flow. Additionally, SuiteCommerce and SuiteCommerce Advanced web stores can take advantage of Google Analytics 4 (GA4), Google’s latest analytics service.

The NetSuite 2023 release 1 includes valuable, time-saving new features providing more automation and flexibility than ever. This latest release is robust and full of valuable updates and enhancements in addition to the new features and functions listed above. To learn more about the new features in NetSuite 2023.1 and how the changes can benefit your organization, contact our team today. Rand Group is an experienced NetSuite implementation and support partner dedicated to helping our clients get the most out of their NetSuite solution.