NetSuite upgrades its whole customer base twice a year, constantly improving its solution by introducing new capabilities or improving existing features. NetSuite employs a staged rollout strategy, starting with a small number of customers and gradually expanding to the full customer base.  

Oracle NetSuite continues to roll out big enhancements to modules and new features to help clients expand their capabilities. From August to October, release 2 is being rolled out in stages.  

Here's some key highlights of 2021’s exciting second release.

What’s New?  

  • Bank Cash reconciliation application: Enhanced bank statement import and matching process allowing customer payments to be automatically created and applied to open invoices. Payments applied through this process are automatically matched and cleared from the reconciliation process. 
  • Amend GL Accounts without affecting history: Changing the inventory asset and cost of goods sold accounts on an item currently results in a bulk update of all past transactions to the new account. The historical transactions will no longer be updated as of release 2021.2, resulting in a more accurate historical audit trail. 
  • Supply allocation improvements: More flexibility and logic in determining the allocation of stock to sales orders by an improved feature which includes an optimised allocation for revenue or gross profit, allocation button on sales orders to allocate items to individual orders.
  • Project-based approvals: Route purchase orders/invoices related to the project directly to the project manager for approval saving time and faster processing on project-related transactions.
  • Interface Improvements for Analytics Workbooks: Enhanced functionality in workbooks featuring building the pivot tables and exporting them for sharing or analysis, available in CSV format too. 2021.2 update improves initial load times for particularly large data sets and automatically updates cached data every 60 minutes.                                                                                                      

Key highlights by Industry 

Highlights for Retail Companies 

  • Condensed website automation for setting up Suite Commerce sites into one click, allowing the installation to run in the background and saving time of up to five hours for the administrator. 
  • Streamline inventory management with a new enhancement to NetSuite WMS- Tally scan, which now supports inbound processes. 
  • The new NetSuite Connector integrates with marketplaces and e-commerce platforms, which allows an easy flow of sales and inventory data between NetSuite and other platforms. 

 Highlights for Manufacturing Companies 

  • More flexibility in viewing Planning Workbench with date-based planning results available in daily, weekly, and monthly buckets. 
  • More accuracy in NetSuite WMS with tally scanning in inbound processing. 
  • Automatic consolidation of purchase requisitions across subsidiaries in addition to purchasing and billing. 

 Highlights for Non-profit Companies 

  • Improved non-profit deployment model that makes use of a newly updated verification SuiteApp. 
  • Control project budget and speed up the approval process by adding the project manager as an approver in the new enhanced Suite Approvals. 

 Highlights for Service Companies 

  • Optimise the project lifecycle with a more intuitive user interface for managing tasks and overall projects.
  • Better insight of cash flows by using a new automated cash application which matches imported bank payments with open invoices and reduces days-sales-outstanding (DSO). 
  • Track and prevent overspending by validating purchase requests, orders, and vendor bills against the allocated budget with the new expense commitment feature.  

 Highlights for Wholesale Companies 

  • Increase efficiency with NetSuite WMS which offers new capabilities to quickly ship a pallet with a handheld device. 
  • Demonstrate compliance initiative and customer quality with the automatic generation of Certificate of Analysis for customers. 

Learn More About NetSuite 2021 Release 2 

This brief overview is only a snapshot of the latest release. NetSuite 2021 Release 2 introduces dozens of new features and enhancements. Read the release notes or tune in to the 2021 Release 2 podcast episode on Apple Podcasts, Spotify and YouTube to learn more.                                                                          If you need assistance during the upgrade process, or want to understand some of the new features that may benefit your business, please get in touch with our support team via  support@annexa.com.au or calling 1300 994 550. 

Annexa is a leading NetSuite partner with extensive experience designing and implementing comprehensive and customised business systems, including payroll solutions, financial management, warehouse management and ecommerce solutions.