NetSuite 2024.2 Release: Key Enhancements and New Features
NetSuite’s 2024.2 release, scheduled for rollout between August 16 and October 26, 2024, brings significant improvements across various areas of the platform. This latest release introduces a comprehensive set of new features to give organizations visibility into workforce costs, boosting bill capture accuracy and increasing bank connectivity.
Key Enhancements
- Enhanced workforce cost analysis capabilities, allowing better visibility into labor expenses across departments.
- Upgraded bill capture functionality to increase accuracy and streamline accounts payable processes.
- Expanded banking integration options, with a wider range of financial institutions offering direct connections to NetSuite.
These improvements, among others, demonstrate NetSuite’s commitment to delivering a more robust and versatile platform for businesses seeking to optimize their operations and financial management practices. The exact date for your scheduled upgrade can be found in the “New Release” portlet in your NetSuite dashboard.
SuiteWorld ’24
Of note, SuiteWorld ‘24 is less than two months away. This year’s theme is “All Systems Grow!” which can be appreciated in the newest releases described below. Withum’s NetSuite Consulting Services Team will be in Las Vegas for the event. Let us know if you’ll be there, and we can chat about all things NetSuite!
Let’s Take a Closer Look at the 2024.2 Release Updates
- 1. Expanded Bank Connectivity
- More Banks in the US and Canada: Connect to over 14,000 financial institutions.
- OAuth Connections: Secure, stable connections to over 700 banks, reducing re-authentication needs.
- Bank Feeds SuiteApp: This app automates data flow from banks to NetSuite, facilitating the automated reconciliation of statements and up-to-date financial data.
- 2. Enhanced Subscription Management
- Prepay Functionality: Supports consumption-based pricing models with prepayments that deplete over time.
- CPQ Integration: This integration integrates configure, price, and quote (CPQ) with SuiteBilling for cohesive and efficient subscription management.
- 3. Improved Workforce Cost Visibility
- SimplyInsured Integration: Employees can enroll in health benefits via SuitePeople, with costs automatically deducted and posted to the general ledger.
- SuitePeople Workforce Management: The mobile app’s updates include break reminders and detailed time-tracking fields to help with resource allocation decisions.
- 4. New Close Task Management
- Interactive Task Management: Centralized feature for creating, assigning, and monitoring financial close tasks, ensuring proper sequence execution and faster book closing.
- 5. Streamlined Invoice Processing and Payments
- AP Automation: Automates vendor payments for multiple subsidiaries and processes prepayments directly to vendor accounts.
- Bill Capture Enhancements: AI-powered improvements for quicker, error-free invoice capture and improved review page organization.
- 6. Enhanced Cash Flow Visibility
- Order-to-Cash: Combines datasets to analyze customer payment activity, refunds, and order fulfillment.
- Procure-to-Pay: Analyzes item receipts, vendor bills, and payments to manage cash outflows.
- Account Analysis: Customizable subject area for presenting financial information without data augmentation.
- 7. Health & Beauty Standardization
- SuiteBundler: SuiteSuccess Health & Beauty Standard and Premium edition bundles are now deployed in the SKU, instead of SuiteBundler.
- Roles: Following the SuiteSuccess role update, all users with the Health & Beauty SKU should review the roles in their instance.
This release demonstrates NetSuite’s commitment to continuous improvement, focusing on user experience, efficiency, and expanded functionality across finance, operations, and customer management. As always, the specific features available to each customer may vary based on their NetSuite edition and enabled modules.