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NetSuite 2023 Release 2: Updates to Financials and Operations

NetSuite’s 2023 Release 2 is here. Designed to enhance key features across finance, operations, supply chain, and accounting, this NetSuite ERP empowers businesses to achieve more, easier.
This release is a significant step forward in optimising business operations and financial management. From streamlined account reconciliation to enhanced cash flow visibility and smarter inventory management. This release is packed with features that drive efficiency and accuracy.
In this blog post, we will delve into some of the key features and improvements introduced in this release.

Streamlined Account Reconciliation

One of the standout features is NetSuite Account Reconciliation. This tool offers:
  • Standardised processes for streamlined account reconciliation.
  • Automated transaction matching.
  • Centralised workflow management.
These enhancements not only save time but also reduce the risk of errors in your financial statements. Moreover, increased automation capabilities have been integrated into the Order Management module. This allows for seamless order processing, from creation to fulfilment, resulting in faster order turnaround times and improved customer satisfaction. By automating order management processes, organisations can minimise errors and maximise productivity, enhancing overall operational performance.

Cash 360: A Comprehensive Dashboard

The Cash 360 dashboard provides a 360-degree view of your cash flow, enabling better financial planning.
  • Cash projections for multiple subsidiaries, including consolidated ones.
  • A starting balance that reflects all ‘bank’ categorised accounts for your subsidiary.
  • An expanded cash forecast table, covering all posted transactions affecting A/R and A/P.
Also, the new release includes improved cash management functionality so user can easily reconcile multiple bank accounts within a single operation, reducing manual efforts and save time. Additionally, the optimised interface provides a more intuitive experience, making it easier for finance teams to navigate enabling them to perform various financial tasks quicker.

Future-Proof Your Cash Forecasts

The new release allows you to:
  • Access future transactions set for specific date ranges.
  • Factor these transactions into your overall closing balance.
  • By clicking on any amount in the cash forecast table, you can view a detailed list of accounts considered in that calculation.
Plus, you can export this data as a CSV file for further analysis. The new release leverages artificial intelligence and machine learning algorithms to provide actionable insights, enabling businesses to make data-driven decisions and enhance performance.
Advanced analytical capabilities, such as predictive forecasting and anomaly detection, enable organisations to proactively identify trends and potential issues. By leveraging these intelligent analytics tools, businesses can stay ahead of the competition and drive growth.

Supply Chain Management Mobile Enhancements

NetSuite 2023 Release 2 brings several upgrades to SCM Mobile:
  • Role-switching within the app.
  • New options for saving mobile configurations.
  • Support for dynamic IP addresses for printers.
  • Adjustable button sizes for better user experience.
These features make the SCM Mobile App more flexible and user-friendly. The latest release introduces responsive design enhancements, making it easier to navigate and perform tasks on smaller screens. This mobile optimisation enables greater flexibility for users, with guided learning, allowing them to access critical information and perform necessary activities while on the go.
Additionally, NetSuite 2023 Release 2 will focus on enhancing the overall user experience by introducing more interactive and responsive elements. Users can expect improved navigation with faster loading times and a more intuitive workflow. The user interface will be optimised for different devices, ensuring a seamless experience across desktops, laptops, and mobile devices.

Smart Count SuiteApp 3.0.4:

The Smart Count SuiteApp version 3.0.4 offers:
  • Inventory adjustments even if the ‘Adjustment Location’ field is blank.
  • No requirement for setting the next inventory count date when creating a custom saved search.
  • A ‘Counted By’ field listing all users who have performed item counts.
These enhancements streamline your inventory management, making it more efficient and error-free.
Furthermore, NetSuite 2023 Release 2 will likely incorporate enhanced audit logging capabilities. This means that a more comprehensive and detailed log of system activities will be maintained. This log will include information such as user actions, system changes, and data access, which can be invaluable for forensic analysis in the event of a security incident. The improved audit logging functionality allows manufacturing executives to closely monitor and track any suspicious activities, thus helping to identify and respond to potential security threats more effectively.

What are the expected improvements to data security in NetSuite 2023 Release 2?

As business executives, it is crucial to stay informed about the latest advancements in data security to ensure the protection of sensitive information within our organisations. In the upcoming NetSuite 2023 Release 2, there are several expected improvements that will enhance data security.
One of the key improvements is the implementation of enhanced encryption capabilities. This means that data stored in NetSuite will be further encrypted to protect against potential breaches and unauthorised access. This advanced encryption technology will provide an extra layer of security to safeguard critical business data and confidential information.
Additionally, NetSuite 2023 Release 2 is expected to introduce improved access controls. This will enable manufacturing executives to have more granular control over who can access specific data within the system. By implementing stricter access controls, it becomes easier to manage user permissions and ensure that only authorised individuals can view or modify sensitive data, such as banking or financials. This helps prevent data breaches and minimises the risk of internal data leaks.

Are you ready to save time and solve the most complex challenges of your business?

OneKloudX is the perfect partner for your NetSuite implementation. Our award winning team of certified consultants can help you every step of the way, from business process analysis to go-live and beyond. Our FlexSafe™ methodology ensures that every NetSuite implementation is executed flawlessly, minimising risk, while maximising productivity and revenue growth. With OneKloudX, you can be confident that your ERP solution will be up and running smoothly in no time.

If you have any questions about the functionality in NetSuite ERP 2023 Release 2, contact the OKX team or ring 1800 155 683


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