NetSuite Release 2021 Release 2 Introduces These New Features For Financial Automation, Inventory Management

The much-awaited NetSuite 2021 Release 2 is finally here, and it brings along stunning new features for businesses, to leverage the power of Cloud, and accelerate their business growth.

 

With the NetSuite 2021 Release 2, Oracle NetSuite becomes even more powerful and feature-rich, especially for financial automation and inventory management.

 

Here are the new features that you should know:

 

Financial Automation

 

Under financial automation capability, Oracle NetSuite has introduced two new, super beneficial features for SMEs and startups:

 

#1 Invoice Payment Becomes Easy

 

A new feature called Payment Link has been added by NetSuite, which enables your customers to swiftly make the payments, right from the invoice.

 

When you share any invoice with your users, then this Payment Link can be attached right within the invoice and using this link, your customers can make the payment via credit/debit card, online banking, or PayPal.

 

This payment link supports both partial payments (based on the rules of the payment you set), or full and final payment; both will be recorded and updated by the NetSuite database in real-time.

 

#2 New Automated Cash Application Function

 

Oracle NetSuite now offers a new, automated cash application function, that allows the users to spend less time on manual invoice entry and clearing, and helps the business to automate this entire process.

 

With this function, NetSuite will automatically match the imported bank payments with open invoices, and once approved (the only manual process), the GL payments are automatically credited and applied. 

 

This not only helps your business to improve cash flow, but also lower days sales outstanding or DSO, and reduce AR (accounts receivable) aging.

Inventory Management

 

Under inventory management, here are the two new fascinating features under NetSuite Release 2021 Release 2:

 

#3 Prioritize inventory allocation

 

With this new feature, inventory supervisors, and planners can prioritize the inventory allocations, and ensure more ROI from their sales.

 

This new feature enables the management and the planners to filter those orders, whose gross profits and revenues are higher, compared to other orders. And once this is done, then the inventory allocations can be focussed on these high-ticket orders, ensuring seamless delivery and generating more profits. 

 

Besides, the planners can also get a more accurate idea of the implications of any inventory allocations on other transactions and accordingly make an informed decision.

 

#4 Optimized Warehouse Management 

 

With this new feature under NetSuite Release 2021 Release 2, Warehouse Management becomes even more robust and powerful. Now, warehouse workers can quickly modify and enhance a pallet before shipment, right from their handheld device. 

 

This way, cartons from a pallet can be taken out, regrouped, and shipped along with other cartons to the same destination, thereby reducing shipping costs and optimizing logistics operations. Another real-world application of this new feature: The shipment of a pallet can be stopped and postponed, to ensure that only fully loaded pallets are shipped, and not vacant ones.

 

If you want to know more about the stunning new features of NetSuite Release 2021 Release 2 and find out how your business can benefit from these updates, then get in touch with our NetSuite Consultants right away.

Schedule a no-obligation consulting session, and discover the power and capability of Oracle NetSuite.