NetSuite 2020.2 for IT services and software companies improves subscription management
Managing subscription-based finances remains cumbersome for many software companies, often requiring manual operations. The pandemic, however, has created opportunities for IT Services and Software businesses. They must now find new ways to become agile, boost efficiency, and gain greater business insight. NetSuite 2020.2 directly addresses these challenges and more.
The enhanced NetSuite solution empowers accounting teams to increase effectiveness, boost productivity, and leverage the power of automation. Indeed, now software companies can better manage customers, post transactions, and control international entities and inter-company AR and AP faster.
Managing business models for NetSuite 2020.2 for IT Services
- Customers now have a simple, secure, and cost-effective way to view and manage their subscriptions. MyAccount allows customers access to manage their information, view order history, modify subscriptions, and pay invoices.
- SuiteAnalytics Workbook for Subscriptions provides insights into recurring revenue throughout each subscription lifecycle. By utilising the workbook template, the finance team can apply customisable filters to produce detailed graphs and charts of revenue trends.
- Subscription creation flexibility now allows you to easily change several billing criteria before activating a subscription. Additionally, you can generate detailed graphs and charts of revenue trends.
- Intelligent cash management in NetSuite 2020.2 for IT Services
- NetSuite 2020.2 streamlines bank reconciliations by automating transaction creation and postings directly from imported bank data. This automation significantly reduces the manual time required to process and match bank data to financial information.
- Invoice grouping consolidates multiple invoices into a single invoice delivered to the customer. Payments accepted at the group level can then be applied to individual invoices, reducing manual workload and ensuring invoice accuracy. As a result, this improves cash flow by shortening the outstanding time period.
- Accounting teams can now automatically post cross-charge transactions between subsidiaries, reducing the manual workload and speeding up the closing process.
- Net-intercompany receivables and payables now easily offset mutual intercompany open balances and auto-generate intercompany netting settlements. This results in fewer open transactions and reduces the time and effort needed for manual control.
- Expense report credit card integration now populates expense module expense lines directly from American Express corporate credit cards. Ultimately, this streamlines the process, increases user adoption, and minimises data entry errors.
NetSuite 2020.2 for IT Services and Software Companies release notes
Overall, these are just the highlights; there’s much more available for IT Services and Software Companies in NetSuite 2020 Release 2. You can obtain the Release Notes 2020.2 here to get more specific details on all the new features.
Unlock NetSuite 2020.2 with Our Explainer Video
Discover how NetSuite 2020.2 transforms IT Services and Software businesses. Watch our explainer video now to see these powerful features in action.
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