NetSuite's twice annual release cycle is starting 2024 with a bang thanks to a range of new features and functionalities being released to your platform.
- You will need to be upgraded to NetSuite version 2024.1 in order to access these new features. You can check your version number at the bottom of your NetSuite home page if you are unsure which NetSuite version you are running.
- If the features and SuiteApps are not available in your NetSuite account after you upgrade, your access may be subject to the terms of service in your NetSuite contract or require an additional purchase. Please contact your customer success contact for further details or email@example.com.
What's new in NetSuite 2024.1?
Read on to learn about all the significant enhancements across various modules, aiming to further streamline your operations and elevate your efficiency on the NetSuite platform.
Embedded AI across the suite
NetSuite’s slew of new AI capabilities stole the spotlight at SuiteWorld 2023, and we’ve been eagerly awaiting news on when they would be made available to our Australian and New Zealand customers. Here’s what’s dropping in 2024.1.
NetSuite Text Enhance
Leveraging generative AI, Text Enhance harnesses company-specific data within NetSuite to help you craft and refine content that's contextually rich and personalised.
AI in planning and budgeting
A new Intelligent Performance Management feature in NetSuite Planning and Budgeting has launched to help you discover trends and correlations effortlessly with AI predictive algorithms, making your financial planning more intuitive.
NetSuite Bill Capture
Improved matching intelligence in NetSuite Bill Capture enables the capture of more comprehensive invoice data. This additional data feeds into the AI engine, significantly reducing the chances of bill creation errors or the need for post-creation edits.
NetSuite Analytics Warehouse
New prebuilt AI/ML models in NetSuite Analytics Warehouse can be put to use predicting business outcomes and mining deeper insights. While a new single sign-on allows users to log into both NetSuite and NetSuite Analytics Warehouse with one set of login credentials.
NetSuite Enterprise Performance Management
The past few years have seen NetSuite release a series of Oracle's enterprise-grade applications into its suite. With the 2024 Release 1, these technologies converge in the new NetSuite Enterprise Performance Management (EPM) offering.
Built from the Oracle Fusion Cloud Enterprise Performance Management (EPM) solution, this new suite unifies financial processes like planning, budgeting, forecasting, account reconciliation, financial close, and reporting processes to improve the speed and accuracy of your financial processes.
For example, the existing NetSuite Planning and Budgeting is now enhanced with Intelligent Performance Management (IPM). This augmentation allows the continuous monitoring and analysis of plans, forecasts, and variances, adeptly identifying trends, anomalies, biases, and hidden correlations.
Additionally, NetSuite EPM includes the Profitability and Cost Management Reporting feature, for deeper insight into the profitability of various business segments, including customers and products.
You will find a number of other notable solutions in NetSuite EPM. Let’s start with NetSuite Account Reconciliation and NetSuite Close Management and Consolidation.
NetSuite's Account Reconciliation
NetSuite's Account Reconciliation solution streamlines the process of reconciling various accounts, including bank and credit card transactions, intercompany activities, and invoice-to-PO matching. It also automates the reconciliation process, reducing errors and eliminating manual efforts.
NetSuite’s close management and consolidation
NetSuite’s close management and consolidation streamlines financial processes for your finance teams by automating manual tasks like journal entries, account reconciliations, and variance analysis. By consolidating all financial data in one place, accounting staff will enjoy much easier access, quicker and more accurate financial reporting and faster closing of books.
NetSuite Corporate Tax Reporting
NetSuite Corporate Tax Reporting has been introduced to automate the tax reporting process and support organisations with multinational operations in complying with the OECD's country-by-country reporting (CbCR) requirements.
NetSuite Narrative Reporting
In addition, NetSuite Narrative Reporting will facilitate a better understanding of financial data by enabling the integration of narrative descriptions with financial statements and data in a single report. This not will make information more accessible to stakeholders and offer a collaborative platform for your finance teams to streamline the creation and publication of both internal and external reports.
Other notable enhancements
The NetSuite Transaction Line Distribution SuiteApp can now distribute expenses from purchase orders, expense reports, credit card transactions, and checks across benefitting subsidiaries or segments of the business.
NetSuite Benchmark 360 has arrived to helped you evaluate operational and financial metrics, so you can quickly gauge your performance against comparable businesses within your industry and geographical area.
The 2024.1 release of this tool offers insights into several key metrics, including:
- Days cash on hand
- Days sales outstanding
- Days payable outstanding
- Employee turnover rate
- Revenue per full-time employee
An updated NetSuite Electronic Invoicing SuiteApp now facilitates direct connections from within NetSuite to various national, international, and government electronic invoicing platforms.
There’s plenty more granular details in the full release notes including:
- SuiteApp updates including a range of enhancements across accounting, inventory management, manufacturing, order management, taxation, and wholesale distribution SuiteApps.
- Significant upgrades in user interface, including the introduction of a Favorites feature in dropdown lists, and improved color contrast for better readability.
- SuiteAnalytics enhancements such as the availability of calculated measures from the pivot grid and single sign-on access to the NetSuite Analytics Warehouse.
- Significant updates in employee management and inventory management features.
- Various enhancements in order management, including uplift pricing for SuiteBilling, electronic invoicing, and bank payments enhancements.
And don’t forget to apply for your Release Preview test account, so you can see firsthand how the new features will integrate with your existing data, workflows, and customisations.