NetSuite 2020.2 for IT Services and Software Companies Improves Subscription Management
IT Services and Software companies can now manage their subscription billings, reduce costs, and improve efficiencies with NetSuite 2020.2 Release.
For many software companies managing subscription-based finances has always been, and continues to be a cumbersome process, often it’s a manual operation. The pandemic has resulted in bringing opportunities for IT Services and Software businesses which are going to require the software industry needs to find new ways to become agile, increase efficiencies with greater business insight. NetSuite 2020.2 addresses these challenges and more. The enhanced NetSuite solution enables accounting teams to increase effectiveness and productivity and harness the power of automation with critical projects and team member assignment.
Now software companies will be able to see increased capabilities for managing customer accounts, posting transactions, control international entities and handle inter-company accounts receivables and payables quicker and easier.
Managing Business Models
• Customers can now be given a simple way to view and manage their subscriptions securely and cost-effecively. MyAccount provides customers with access and full account visibility, allowing allowing companies to manage their information, view order history, modify subscriptions and pay invoices in a streamlined self -service portal.
• SuiteAnalytics Workbook for Subscriptions provides recurring revenue insights throughout each subscription lifecycle by utilising the workbook template for analytics on recurring revenue, the finance team will be able to identify, churn, upsell and downsell, and more with customisable filters. They will be able to produce graphs and charts of revenue trends in detail.
• With Subscription creation flexibility it is now possible to easily change several billing criterion prior to subscription activation such as schedule and terms, which will lower the subscription abandonment rate.
Intelligent Cash Management
• Streamline bank reconciliations with additional automation to transaction creation and postings directly from imported bank data. This will significantly reduce the manual time taken to process and match bank data to financial information.
Improved Financial and Operational Quality
• Invoice grouping enables the consolidation of multiple invoices into a single invoice that’s delivered to the customer, allowing payments accepted at the group level to be applied to individual invoices. This reduces manual workload, ensures invoice accuracy resulting in cashflow improvements by shortening the outstanding time period.
• Accounting teams can now automatically post cross charge transactions between subsidiaries reducing the manual workload and accelerating the closing process.
• Net-intercompany receivables and payables can now easily offset mutual intercompany open balances and auto-generate intercompany netting settlements, resulting in fewer open transactions and reducing time and effort to control manually.
• Expense report credit card integration enables the population of expense module expense lines directly from American Express corporate credit cards. This feature streamlines the process, increases user adoption and minimises data entry errors.
These are just the highlights; there’s much more for IT Services and Software Companies in NetSuite 2020 Release 2. You can obtain the Release Notes 2020.2 here and get more specific details on all the new features.