Exciting new features added to NetSuite’s 2023 Release 2 Update

NetSuite, a leading cloud-based enterprise resource planning (ERP) solution, has recently released its latest version, NetSuite 2023 Release 2. This updated version enhances all NetSuite areas, helping businesses streamline their operations, improve efficiency, and drive growth. NetSuite 2023 release 2 has many new features and improvements that can help companies stay ahead of the curve in an ever-changing business landscape.

Our NetSuite experts have compiled a list of the top themes in the latest release of NetSuite.

Enhanced AI-driven insights: NetSuite 2023 Release 2 uses artificial intelligence to give businesses more profound insights into their operations. With advanced predictive analytics and machine learning algorithms, users can make more informed decisions based on accurate forecasts and trends.

Dynamic financial reporting: This release significantly upgrades financial reporting. The new active reporting module lets users easily create customizable, real-time financial reports. Users can tailor the messages to their needs, visualize data, and gain actionable insights into their company’s financial health. 

Supply chain optimization: NetSuite’s Supply Chain Management module receives several enhancements, enabling businesses to optimize their supply chain processes. The release introduces features like demand sensing, enhanced inventory management, and automated supplier collaboration, facilitating smoother end-to-end supply chain operations.

E-commerce enhancements: For businesses engaged in e-commerce, NetSuite 2023 Release 2 brings a range of features to boost online sales. Improved integration with popular e-commerce platforms, enhanced customer experience management, and advanced order fulfillment capabilities provide a seamless online shopping journey.

Global tax and compliance tools: Staying compliant with evolving global tax regulations can be complex. This release introduces updated tax management features that help businesses navigate international tax requirements more efficiently. The automated tax calculation engine ensures accurate calculations and minimizes compliance risks.

Mobile app upgrades: NetSuite’s enhancements are noteworthy in an increasingly mobile business environment. The app now offers improved performance, user-friendly interfaces, and additional functionalities, allowing users to manage their operations on the go.

Customization and integration: NetSuite’s 2023 Release 2 focuses on providing users with more excellent customization options and integration capabilities. A revamped SuiteBuilder tool simplifies the process of building and customizing workflows, while enhanced integration APIs facilitate seamless connectivity with third-party applications.

Out of the many features in the NetSuite 2023 release 2, the following are our top 5 picks of the most beneficial new features. 

Transform how you manage your general ledger account reconciliation processes with NetSuite’s Account Reconciliation, now available as a cloud-based solution built on Oracle Fusion Cloud Enterprise Performance Management (EPM). With NetSuite Account Reconciliation, you can standardize and automate your account reconciliation procedures, automatically match transactions, and manage your account reconciliation processes in one place. This solution fully integrates with your NetSuite account, and the Account Reconciliation Sync SuiteApp delivers its default configurations.

Transform how you manage your general ledger account reconciliation processes with NetSuite’s Account Reconciliation, now available as a cloud-based solution built on Oracle Fusion Cloud Enterprise Performance Management (EPM). With NetSuite Account Reconciliation, you can standardize and automate your account reconciliation procedures, automatically match transactions, and manage your account reconciliation processes in one place. This solution fully integrates with your NetSuite account, and the Account Reconciliation Sync SuiteApp delivers its default configurations.

NetSuite’s Cash 360 dashboard improved. With the latest update, users can view cash projections for all active subsidiaries, including consolidated ones. In addition, the opening balance amount now considers the sum of all charts of accounts with the type bank for the user’s subsidiary up to the current posting period only. The cash forecast table has also been upgraded to include all posting transactions contributing to the computation of A/R and A/P amounts, including future-dated transactions that fall into the next posting period. Future-dated transactions are now included in total closing balance calculations. And that’s not all – in the cash forecast table, users can click on any of the following amounts to open a window that lists all accounts included in the calculation: opening balance, future-dated transaction, accounts receivable, and accounts payable.

Maximize your mobile app’s pick reversal efficiency with NetSuite’s enhanced capabilities. You can now reverse-pick tasks for components of work orders that have not been partially or fully built, with the option to reverse up to ten pick task lines at a time, including specific lot numbers and over-picked components. NetSuite WMS will automatically update the status and bin details of the associated work order. Plus, activate the “Choose bins for reversed pick task items?” rule to enable bin selection during the reversal of items. This new functionality ensures that the original quantity of the work order remains unchanged when over-picked components are reversed. Upgrade your pick reversal process today and experience the benefits of a more efficient mobile app workflow.

The Multiple Shipping Routes feature is a game-changer for your shipping processes. With this feature, you can ship to multiple addresses using different shipping methods in one transaction. The latest update sends line-level shipping and handling information to tax engines as tax calculation input lines. You no longer need to calculate taxes based on shipping and handling costs manually. This feature also includes line-level shipping and handling tax amount fields, so tax engines can now accurately calculate taxes based online-level details. Enable the Multiple Shipping Routes feature to take advantage of this feature and check the Enable Item Line Shipping box on your sales transaction. This will allow you to access shipping addresses, shipping methods, and shipping and handling costs at the line level, making your shipping process more efficient.

Ready to start using NetSuite 2023.2 new features or want to learn more about what new features are available? Rand Group is an experienced NetSuite Partner that has helped numerous clients across industries have successful NetSuite implementations, rescue failed implementation projects, and help with ongoing support. Contact one of our NetSuite experts today to utilize some exciting new features in NetSuite 2023 release 2.