NetSuite Release 2021 Release 2 Brings Online Invoice Payment Options, Flexible Inventory Allocation and Automation to Manage Retirement Plans – Sneak Peek

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Last year, business leaders faced the almost impossible task of navigating challenges that changed weekly. Many of those challenges persist, and leaders still need more timely and more accurate data as they optimize for success. They need to continue becoming more efficient in keeping costs down, productivity high and customers happy.

New functionality in NetSuite 2021 Release 2 helps satisfy these needs and more — from the need for greater insights and detailed control over inventories to better supply planning capabilities to automation that speeds and eases payments and improves benefit management.

Smart Financials and Operational Automation

  • It’s now easier for customers to pay invoices online with a new feature called payment link. Emailed invoices can now include a link to a secure payment portal where customers can view and pay their bill in a click via credit or debit card, PayPal or other online payment method. They can pay partially or in full depending on rules you set, and NetSuite automatically records the payment accordingly.
  • New functionality also supports ACH payments directly within the SuiteCommerce MyAccount, allowing suppliers and vendors to pay faster and more efficiently.
  • Spend less time on manual invoice entry and clearing with the new automated cash application function. It automatically matches imported bank payments with open invoices in NetSuite. Once approved, GL payments are automatically created and applied. Together, this and the payments feature help to improve cash flow, lower days sales outstanding (DSO) and reduce AR aging.
  • Users managing multiple subsidiaries in NetSuite can now consolidate purchase requisitions across subsidiaries, in addition to purchasing and billing. Purchased items will be received at the relevant subsidiary, regardless of which entity created the purchase order or requisition. Receipt and payment in different subsidiaries will be automatically cross-charged to balance the general ledger and intercompany accounts.

Frictionless Inventory Management

  • New allocation options allow planners to automatically prioritize inventory allocation to sales orders by gross profit or revenue as well as get a better understanding of the impacts reallocation has on other transactions.
  • Warehouse workers can now quick ship a pallet from a handheld device with enhancements to NetSuite Warehouse Management. Cartons can be added or removed from a pallet, offering shippers more flexibility in packing multiple orders going to the same destination and optimizing shipping costs by holding a pallet and not shipping it until it’s full.
  • Users can also automatically generate lot numbers and add custom fields for additional lot information such as supplier lot number, manufactured date or any other data.

Continuous Employee Engagement*

  • New functionality in SuitePeople automates calculations for 401(k) plans, with rules-based formulas for calculating employer match amounts. The match amount will automatically update when an employee changes their contribution amount.
  • Similarly, employees over age 50 can opt to make an annual catch-up contribution to several types of retirement plans, and the system automatically follows IRS rules around those contributions. New functionality automates age matching calculation for catch-up amounts and provides the ability to manage contribution limits per employee.

This post was originally posted on the NetSuite Blog. By Lisa Schwarz , Senior Director, Product Marketing