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.
Please note:
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.
Download the full NetSuite 2024.1 release notes >
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.
Leveraging generative AI, Text Enhance harnesses company-specific data within NetSuite to help you craft and refine content that's contextually rich and personalised.
Learn more about NetSuite Text Enhance and how it will help your role >
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.
Learn more about NetSuite Planning and Budgeting >
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.
Learn more about NetSuite Bill Capture >
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.
Watch our demo of NetSuite Analytics Warehouse >
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.
More about NetSuite Enterprise Performance Management >
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 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.
Learn about NetSuite Account Reconciliation >
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.
Learn about NetSuite Financial Close Management >
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.
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.
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:
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:
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.