NetSuite 2023 Release 2 update

NetSuite 2023.2 is now available with updates to Financial, Operations and Supply Chain

The latest functionality updates in NetSuite 2023.2 are designed to enhance key features across finance, operations, supply chain, and accounting.

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 article we delve into some of the key features and improvements introduced in this release.

NetSuite 2023.2 Financial Managment update – Streamlined Account Reconciliation

One of the standout feature updates in NetSuite 2023.2 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, data breaches and minimises the risk of internal data leaks.

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 forecast with NetSuite 2023.2

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 2023.2 brings several upgrades to supply chain management 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.

Data security in NetSuite 2023.2

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 2023.2, several expected improvements 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 in your business?

NetSuite is a full, cloud-based enterprise resource planning (ERP) suite that gives organisations what they need to run efficiently and accelerate seamless scalable growth. Supporting 37,000 customers in 219 countries and territories worldwide, NetSuite has everything you need to grow, in one place, on a single cloud platform.

If you are considering an ERP solution, take a look at what we do, how we got here, and how NetSuite works. Our FlexSafe™ERP methodology ensures that every NetSuite implementation is meticulously executed that is transparent, collaborative and increases user adoption by reducing change resistance. We have a proven track record of process expertise, and providing scalable cloud solutions.

Our award-winning team helps you get the most value from NetSuite, so you can focus on what really matters – your customers, your people and your business.

If you are ready, schedule a demo using our calendar, or call us on 1800 155 683.

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