NetSuite’s bi-annual product update, tailored to help customers overcome their most pressing business hurdles, has been announced. NetSuite 2023 Release 2 (NetSuite 2023.2) delivers improvements in accounting, billing, data analytics, warehouse management, training resources, and more. Let’s break down the new key features that will enhance your business.

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NetSuite 2023.2’s updated Account Reconciliation tool is here to make the often monotonous and laborious work of financial closing a thing of the past. By automating and standardizing the general ledger reconciliation process, the solution bolsters internal controls and compliance, increases the precision of financial statements, and accelerates the close process.

The upgraded Bill Capture feature now leverages enhanced machine learning capabilities and Oracle Cloud Vision to make bill payment an absolute breeze. With the Netsuite 2023.2 feature, accountants can upload invoices into NetSuite effortlessly, and the system autonomously populates bill record fields, saving time and reducing errors.

The new Vendor Invoice Distribution SuiteApp allows teams to conveniently split costs from a single vendor bill. Once the cost distribution is complete, the SuiteApp generates the corresponding standard or intercompany journal entries automatically.

Software companies that rely on recurring revenue will find the new SaaS Metrics Dashboard extremely useful. It provides a straightforward view of critical metrics and a rolling revenue forecast for 12 months based on recurring spend patterns of your existing customers.

In the data-driven world of business, the NetSuite Analytics Warehouse has undergone significant enhancements to make data accessibility even simpler. NetSuite 2023.2 now provides a set of 57 pre-configured metrics that cover diverse subject areas, thereby saving users from the hassle of manually combining datasets or performing complex calculations.

The Supply Chain Management (SCM) mobile app has seen a significant upgrade, allowing employees to switch roles within different modules without the need to log out or return to the native NetSuite screen, thus enhancing user experience.

NetSuite Warehouse Management System (WMS) now enables supervisors to assign or reassign pick tasks using the new Bulk Pick Assignment feature. Additionally, with NetSuite Smart Count, operators can efficiently scan GS1 GTIN advanced barcodes for quicker, error-free picking and packing.

NetSuite Ship Central now offers advanced features for finding the best shipping rates, generating international shipping and return labels, and performing advanced weight cost calculations.

Companies leveraging Shopify or Amazon will benefit from the strengthened connection between these platforms and NetSuite. The improved capabilities in the NetSuite Connector mean that Shopify payments now auto-reconcile in NetSuite, and businesses can directly purchase shipping services from Amazon, syncing that information back to NetSuite for fulfillment.

In an effort to help users extract the maximum value from their NetSuite investment, NetSuite Education Services has introduced a new resource – NetSuite Guided Learning. This tool offers contextual, on-demand guidance within your NetSuite instance for specific tasks. Whether you’re customizing dashboards, building and editing reports, or managing leads, NetSuite Guided Learning is there to lend a helping hand.

NetSuite 2023.2 is jam-packed with enhancements to help your business thrive. Immerse yourself in the full details to leverage the immense potential of these exciting updates. For more details check out the NetSuite 2023.2 Release notes.

Log in to your dashboard and check out the new release portlet to learn more about your upgrade date, see sneak peeks and more regarding the new NetSuite release. Contact us with questions.