How Will Netsuite 2020 Release 1 Make Your Business More Competitive?

By Author: Sapna Gupta
Total Articles: 38
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Running an organization in the volatile environment is a complex undertaking. With increased competition and stringent regulatory requirements, it's critical that organizations should closely monitor the health and finances of projects. Furthermore, transparency, value-based services, & cohesive communication are some serious challenges that organizations need to address. Oracle NetSuite 2020 Release 1 enables organizations to become smarter, faster and more adaptable with visibility, automation and global financial integration. To address the needs of Accounting teams, NetSuite has brought enhanced capabilities across for supporting subscription revenue recognition, monitoring project health and streamlining processes, such as bank reconciliations with 2020 Release 1.

To address complexity associated with transparency and value-based services, NetSuite 2020 Release 1 unveils improved set of tools and smarter analytics to simplify management of project budgets. With this release, Accounting teams become more efficient through automation. Automated cost calculations ...
... increase accuracy as miscoded time or expenses can now be quickly identified. To cater to the challenging needs of developers, NetSuite 2020 Release 1 delivers number of significant enhancements to the SuiteCloud Platform such as updated software development lifecycle (SDLC) tools, etc. With newly enhanced SuiteCloud Platform tools, DevOps can accelerate their efforts by streamlining, automating develop, test and deploy efforts.

Key Highlights of NetSuite 2020 Release 1

• With new banking plug-in featuring open banking APIs, banking data can be imported automatically into NetSuite from financial institutions to deliver increased financial insight.

• With intelligent rules engine, you can automate bank data reconciliation to improve matching and reducing clutter.

• By automating balancing journals, you can generate reports balanced by segments, enabling easy builds of purchase and sale transactions.

• You get greater visibility into contract revenue, revenue allocation for increased understanding of whether offerings have been fully billed or not.

• Organizations having global billing and multi-subsidiary operations will enjoy streamlined billing with a single customer record and a clearer view of customer relationships.

• With enhanced audit trail, you have improved visibility into how changes to subscriptions impact revenue streams.

• With new update, subscriptions can now be managed in bulk. Usage activities that shouldn't be invoiced can now be removed easily.

• Automated cost calculations help to increase accuracy. Use smarter analytics to understand how costs are impacted when adding and editing activities.

• Time entries can now be easily modified. NetSuite Analytics now supports time modification requests and entries, improving visibility into changes.

• In NetSuite project profitability reports, tracked and actual time are better categorized as either actual or committed costs, and forecast and actual charges are now easily included.

• Vendor bills can now be approved by employees. Vendor prepayments also can be streamlined and auto-applied to bills.

• Generally available REST web services enable external applications to securely integrate with NetSuite.

• A new REST API browser provides developers with a visual overview of API structure and function.

• Updated SuiteScript 2.1 programming language supports the latest ECMAScript 2018 JavaScript syntax and is powered by Graal virtual machine technology, enabling developers to write powerful apps

• The SuiteQL API enables the creation of fast and scalable applications, and significantly improves query performance and efficiency.

• SuiteFlow now features expanded support for expense automation, and workflow actions such as data validations no longer require custom scripting skills.

Sapna Gupta is a technology enthusiast who is passionate to write about ERP, netsuite implementation partners usa , cloud solutions, IoT, Crypto and much more. She believes in delivering content with a pitch that makes topics easy to understand.