The landscape for Australian Not-For-Profits is constantly evolving.
Shifting demographics, changing regulatory requirements, reporting, and expanded funding examinations present challenges to this sector. Successful nonprofits are those that can adapt to the demands and still deliver their services.
The recent bushfires and COVID-19 crisis have highlighted the importance of using the correct data for financial visibility, analysis and literacy within the Not For Profit sector, from Boards to Management to volunteers.
NetSuite 2020 Release 2, the second platform upgrade of the year, delivers to their global Not-for Profit customers the insights and capabilities they need to address these challenges. From employee management and supply chain innovations to financial and operational excellence enhancements and new developer tools, NetSuite 2020 Release 2 offers everything Not-For-Profits will need to position themselves for future success
As the rules of governance change and the financial visibility, management and operational performance demands continue to evolve, NetSuite’s 2020 Release 2 includes a host of capabilities that help nonprofits actively address these challenges.
Financial and Operational Excellence
- The creation of financial position statements (balance sheet reporting) on a custom segment – most commonly fund, grant, or program, through the new, automated process, enables Not the financial team to auto-balance accounting entries by multiple dimensions and create balancing segments by simply checking the balancing checkbox on the custom segment record.
- The NetSuite SuiteSuccess Social Impact Editions allow nonprofit organizations to allocate labor expense costs (salary + fringe benefits) to programs, projects or grant segments. This streamlines the process of billing actual costs to the granting body on cost-reimbursable grants and helps Not for Profits easily view and report on total direct costs of running a program or project including the actual labour costs.
- Bank reconciliations are streamlined by automatically creating and posting transactions direct from imported bank data. This automation will greatly reduce the manual time and effort to process and match your bank data to your books.
- Multiple invoices can be consolidation into a single group customer invoice with payments applied to individual invoices. This consolidation will help to reduce the manual time the finance team takes to manually group invoices and increase accuracy in the process. It also ensures that invoices are delivered to the customer accurately to decrease overdue days while improving cashflow.
- The management of approvals and actions from the Employee Center has been streamlined by configuring an approval workflow for vendor prepayments. Bulk updates and imports of vendor prepayment transactions by users by leveraging the CSV import assistant. Copies of existing vendor prepayment transactions can also be made.
- Next Generation Custom Transactions capabilities have been extended with an increased number of transactions which custom transactions can be transformed to and from. Links will now be able to be created between such transformations for easier reconciliation of the transactional business flows.
- Automated inter-company financial statements reduces the resources required for verification which will speedup the accounting periods close while decreasing the human error risk.
- Easily net inter-company receivables and payables to enable accountants and financial controllers to offset mutual inter-company open balances and automatically generate inter-company netting settlements. This new feature enables fewer open inter-company transactions and reduced manual effort to manage open balances
Optimising the Project Lifecycle
- For revenue budgets you can now calculate revenue based on quantity and rates from rate cards, items and billing classes for increased accuracy. The Work Breakdown Structure (WBS) allows a template to be save to enable the creation of future WBS budgets for similar projects. This will be a real time-saver for Not for Profits organisations that manage similar projects for numerous clients
Learn More About Netsuite 2020 Release 2 for Not-For-Profits
These are just the highlights; there’s much more for nonprofits in NetSuite 2020 Release 2 than can be covered in a single blog post. For more specifics on the complete list of new features, be sure to read the Release Notes 2020.2