Unlocking Your Business Potential with NetSuite Release 2024.2

NetSuite Release 2024.2 is packed with upgrades designed to boost your business operations. These updates cover everything from smarter revenue management to better inventory controls, helping you become more efficient, stay compliant, and be more flexible. No matter your industry—whether it’s life sciences, SaaS, or something else—keeping up with these new features can help you get the most out of NetSuite, pushing your business towards growth and innovation.

Advanced Revenue Management

One of the standout features of the NetSuite 2024.2 release is the Advanced Revenue Management (ARM) in Configuration Mode. This allows businesses to configure ARM without disrupting current revenue recognition processes.

Why is this important?

Imagine you’re running a life sciences company, and you’ve just signed a multi-year contract for a new drug delivery system. ARM in Configuration Mode ensures that your revenue recognition setup is solid before it goes live, preventing any financial reporting mishaps. This feature integrates seamlessly with the new Prepay with Drawdown functionality, allowing for accurate revenue recognition for prepay and usage elements, which is crucial for subscription-based models.

Example: A SaaS company offering a subscription-based lab management software can now manage prepayments and usage more effectively. The system accurately recognizes revenue as the services are consumed, ensuring financial statements reflect true business performance.

Inventory Management Enhancements

Inventory management has always been a critical area for businesses, and the latest NetSuite update brings significant improvements here. Enhancements include better warehouse management, smart count, and quality management.

• Warehouse Management Enhancements: Now, you can prioritize orders by viewing the creation, release, and completion dates on wave transactions. This is particularly useful for businesses handling perishable goods or those with high turnover rates. Efficient order management ensures timely delivery and minimizes spoilage or inventory obsolescence.
• Smart Count Enhancements: The updated Smart Count mobile app now includes new fields like total quantity counted and available lot numbers, streamlining the inventory counting process. This automation reduces errors and saves time during stock audits.

Example: A BioTech company can now conduct inventory counts more efficiently, ensuring critical supplies like reagents and lab equipment are always available when needed, which is essential for uninterrupted research and production.

• Quality Management Improvements: New features ensure that only authorized personnel can update inspection data, and the system prevents unauthorized changes. This is vital for maintaining compliance with industry standards and ensuring product quality.

Example: A pharmaceutical manufacturer can now better manage quality inspections, ensuring that every batch of drugs meets stringent quality standards before it reaches patients, thereby safeguarding public health and maintaining regulatory compliance.

Compliance and Localization Enhancements

Staying compliant with international regulations is a top priority for global businesses. NetSuite release 2024.2 includes several localization enhancements to help companies meet these requirements.

• Advanced Localization Enhancements: The release includes new templates and language support, making it easier to comply with local tax regulations and reporting standards. This reduces the risk of penalties and ensures smooth international operations.

Example: A multinational company operating in India can now generate and certify electronic invoices for services according to national standards, simplifying compliance and reducing administrative burden.

• India Localization SuiteTax Engine: This update includes support for new languages, better tax calculation features, and improved compliance reporting.

Example: An Indian subsidiary of a global corporation can now ensure accurate tax calculations and compliance with local tax laws, reducing the risk of penalties and enhancing financial accuracy.

SuiteAnalytics and SuiteCloud Updates

Analytics and cloud services are the backbone of modern business intelligence. The 2024.2 release brings new capabilities that enhance data analysis and customization.

• Export Pivot Tables to Excel: You can now export pivot tables directly to Excel, allowing for deeper analysis and easier insight-sharing. This feature supports extensive data manipulation and reporting, enhancing decision-making processes.
• SuiteCloud Enhancements: The new updates provide better development tools, improving customization and integration capabilities. This ensures that businesses can tailor the platform to their unique needs, fostering innovation and operational efficiency.

Example: A financial services firm can now quickly export complex financial models to Excel for further analysis, providing clients with detailed insights and better service, thereby enhancing customer satisfaction and competitive advantage.

Employee and Payroll Management

Managing your workforce efficiently is key to maintaining productivity and morale. The new release offers significant improvements in payroll and employee management.

• Post Consolidated Payroll Batch Totals to the General Ledger: This feature allows payroll administrators to post totals without revealing individual employee details, enhancing privacy and security. This helps in maintaining confidentiality while ensuring accurate financial reporting.
• SuitePeople Workforce Management Enhancements: These updates make it easier to manage workforce schedules, track time, and ensure compliance with labor laws. Enhanced time-tracking and scheduling features improve workforce productivity and labor cost management.

Example: A healthcare provider can now manage payroll more securely, ensuring that sensitive employee data is protected while maintaining accurate financial records. This reduces administrative burden and enhances compliance with labor regulations.

Customer Relationship Management (CRM) Enhancements

Improving customer interactions is crucial for any business. The latest CRM updates in NetSuite release 2024.2 provide a more comprehensive view of customer data and interactions.

• New CRM Limited Access User Role: This role allows users to perform sales, CPQ, marketing, and support activities while restricting access to sensitive information. This enhances data security and compliance with privacy regulations.
• Customer 360 Page: This new feature provides a complete view of customer interactions, financial information, and transaction history, enabling better decision-making and customer service. Businesses can deliver personalized experiences and build stronger customer relationships.

Example: A retail company can use the Customer 360 Page to track customer purchase history and preferences, tailoring marketing efforts to individual needs and increasing customer satisfaction and loyalty.

Enhanced Financial Connectivity

• Connect to More Financial Institutions: NetSuite 2024.2 lets businesses directly connect to more banks in the US and Canada through a partnership with a new financial aggregator, allowing for connections to over 14,000 financial institutions. This also includes Open Authorization (OAuth) connections to over 700 banks, offering stable, secure connections with less frequent re-authentication.

Example: Businesses can now automate the reconciliation of bank and credit card statements with the general ledger, ensuring access to up-to-date financial data for informed decision-making and reducing manual reconciliation efforts.

Increased Functionality in Subscription Management

• Prepay Functionality: NetSuite SuiteBilling now includes prepay functionality, allowing companies with a consumption-based pricing model to charge in advance for services. This improves cash flow management and customer satisfaction by providing flexible billing options.
• Integration with CPQ Solution: The integration of NetSuite’s configure, price, and quote (CPQ) solution with SuiteBilling allows companies to include subscription items for products or services in the configuration process. This streamlines sales and billing processes, enhancing efficiency and customer experience.

Example: A company can manage prepayments and automatically replenish them based on minimum thresholds, improving efficiency and customer satisfaction by ensuring uninterrupted service delivery.

More Visibility into Talent Costs

• Integrated Benefits Partner: NetSuite SuitePeople includes a new integrated benefits partner, SimplyInsured, allowing businesses to provide employee health insurance seamlessly through the platform. This integration simplifies benefits management and improves cost tracking.
• Enhanced Time Clock Functionality: Updates to the time clock functionality in the SuitePeople mobile app include a break completion reminder and new time fields for better resource allocation decisions. This enhances workforce productivity and compliance with labor laws.

Example: Finance teams can track and manage workforce-related costs in real-time, improving compliance and employee productivity. This aids in accurate financial planning and workforce management.

Enhanced Invoice Processing and Payments

• Improved Bill Capture: NetSuite 2024.2 includes enhancements to the Bill Capture feature, allowing for more accurate and efficient vendor invoice processing with AI-powered improvements. This reduces manual errors and speeds up the invoice processing cycle.

Example: Companies can capture vendor invoices quickly with fewer errors, improving control and visibility over accounts payable processes, thereby enhancing financial accuracy and supplier relationships.

New Close Task Management Capabilities

• Interactive Task Management: The new interactive task management feature in NetSuite Account Reconciliation provides a centralized place to create, assign, manage, and monitor tasks around the financial close, ensuring faster and more accurate closings. This streamlines the financial close process and reduces the risk of errors.

Example: Accounting teams can focus on other critical tasks, knowing that the financial close process is streamlined and efficient, which enhances overall financial management and reporting accuracy.

Next Steps

The NetSuite 2024.2 release offers a wealth of new features and enhancements that can transform how your business operates. From advanced revenue management to cutting-edge inventory controls and improved compliance, these updates provide the tools you need to stay competitive and efficient.

Whether you’re in life sciences, SaaS, or any other industry, leveraging these new features can drive growth and innovation in your business. At Sikich, we’re committed to helping our clients navigate these changes effectively, ensuring they derive maximum value from their NetSuite investment.

Are you interested in learning more about how NetSuite 2024.2 can benefit your business? Contact us anytime to discuss how we can help you unlock the full potential of NetSuite and drive your business forward.