NetSuite 2021.1 Release Increases Automation and Intelligence to Boost the Growing SaaS Business Models for Software Companies
Analysis from IDC predicts that over the next five years, 80% of enterprises will shift to cloud-centric infrastructure and applications twice as fast as before the pandemic. This shift is creating unprecedented opportunities for software companies.
Software-as-a-Service has changed the way businesses acquire and use software. Using this business model, on-demand applications are hosted by a vendor’s servers and accessed over the Internet. Software firms are transitioning from a model of charging customers for software licenses to one where they charge for usage of their product.
To help software companies address new challenges related to the modern business model and boost employee engagement, NetSuite 2021.1 Release includes new features and capabilities designed to streamline projects and inject more automation and intelligence into financial processes.
Modern Business Model Management
- SuiteBilling has a brand new feature that lets software companies charge clients for changes to original invoice amounts, rendering credit memos unnecessary. The changes will be reflected in the invoice, ensuring that it precisely reflects what the client owes. This game-changing feature is sure to reduce the annoyance of having to issue credit memos.
- SuiteBilling’s voiding functionality automatically credits voided usage against a previously billed charge, reversing the revenue and eliminating the need for manual corrections. This saves you time and money by automatically crediting invoiced charges.
Smart Financials and Operational Automation
- Software companies can now automate the process of importing financial data from their local and international banks in Australia and New Zealand through the ‘multi-bank’ feed service from the Bank Feeds SuiteApp.
- The new centralised purchasing and billing feature allows software companies to consolidate purchases across multi-subsidiary organisations and generate vendor payments from a single location. This can result in simplified purchasing, reduced purchase order volume, and increased productivity.
- Configurable transaction numbering enables financial departments to implement automated numbering of transactions across any division or location, with dynamic rules that reset each fiscal year. In this way, document numbers are always correct and up-to-date.
- Expense report policies are a new addition to the expense report functionality, and they provide a way to ensure compliance with company policies and client contracts. Expense lines can be set up with limits, and additional filters allow for tweaking of policies based on billable line items.
- SuiteApprovals allows staff to review, approve, and reject transactions via email. That means that they can approve transactions from their phones or tablets, eliminating the need to access a computer and enabling them to work remotely. With an email approval log that’s easy to search, it’s easy to trace transactions and ensure accuracy.
Project Lifecycle Optimisation
- Using the Project Purchase Automation and Visibility feature, project managers can initiate purchases directly from projects. The project-centric views of transactions and approvals leads to better collaboration between purchasing and project management. With an easy, simplified user experience, managers can see how purchases are affecting their projects.
Learn More About NetSuite 2021.1 Release
If you’re new to the release process, or you want a comprehensive insight into how the new features can streamline and automate processes in your business, you can join the OneKloudX NetSuite User Group meeting on 22 April 2021 03:00 PM AEST.
If you want help preparing your organisation for the transition, please contact a OneKloudX Business ERP Consultant today on email to email@example.com or tel. 1800 155 163