Almost 6 months into this pandemic, organizations suddenly had to switch to work remotely. With no vaccine yet in place, looks like this is the new normal. While it was easy to move physically from the office to your home, a lot of your processes are not. And this is a struggle for some Accountants because they use some legacy systems that could not cope up with the recent change. But with NetSuite, which is built on Cloud from the ground up, this is a breeze.
You have settled on NetSuite, the No. 1 cloud business suite in the world, and you want to access the full benefits of your solution and optimize your investment.
Now that you've been investing in your NetSuite solution, it's time to invest in the people who'll use it. Upaya’s NetSuite training services offer a range of modules and process training to provide the employees with the skills they need to simplify their work, improve efficiency, and automate business processes. From high experience to solutions to product recognition to credential opportunities -Upaya’s training services offer the tools you need when you need them.
The year 2020 has definitely been something different. We are halfway through a year that felt like a rollercoaster ride, making it hard to keep up with system upgrades and maintenance. We want to make sure that we make our client’s life easier so, let us help you by providing a quick read of the main features and changes of NetSuite’s latest 2020.2 release.
The Coronavirus pandemic has devastated various economies across the globe. In some cases, the virus is slowing, but it will take a long time for economic recovery for many countries and thus companies. In recent times many well-known brands had to file for bankruptcy and so many others had to layoff team members. There also looms the threat of a resurgence of the virus and increase in infections in the fall. Considering so many unknowns, businesses have to agile and strategize to preserve their financial stability.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Steering a company during uncertain times requires an analytical approach with an emphasis on visibility, control and agility.
You need visibility into cash flow, receivables, projects, inventory and operational risks. You need prudent advice, a list of potential sources of capital and a single-minded forward-focus. With so many critical decisions to make, you need the right numbers, and you need them right now.
If your growing company is experiencing pains where QuickBooks may limit your business growth, it is time to consider NetSuite's cloud-based products and service. Accounting software plays a central part in overseeing trade records. QuickBooks, which is simple and basic bookkeeping software, is commonly used by small business organizations. As your company grows, you need to consider moving from QuickBooks to NetSuite, a web-based application, to attain unending openings for your commerce.
About a decade ago, financial data was confined in office premises. The word 'Cloud' was regarded as unstable and insecure. No one dared to get into the Cloud. But the world evolved and Cloud became the most sought-after infrastructure. Now, everyone is in the Cloud. When the world is at your fingertips, how do you ensure that your data is not compromised?
Upaya’s goal is to delight our clients by helping them make the most of what NetSuite can do. Upaya has been creating a lot of products to automate manual processes. Our latest product, which is Upaya Vendor Payment Fee, does just that. It automates the recording of associated fees, like wire fee, when sending payment to the vendor. When a bill is created in NetSuite and will be paid via wire transfer, there is an equivalent wire fee. Under normal circumstances, the journal entry to record the wire fee is a separate line item when the bill is paid. This is ideal if you have one or two bills payment to process. But what if you have a lot? Then it will become tedious and cumbersome to do that.
Upaya’s New Product: “Shared Vendor Bill” helps Multi Subsidiary Companies Overcome Obstacles of Intercompany Transactions
Organizations with multiple subsidiaries face challenges with regards to their intercompany transactions. Elimination is one of them. But there is also the tedious process of allocating shared expenses between parent and children. This is why Upaya created a product called Shared Vendor Bill Allocation.
Is your business actively planning? or Are you still planning on a yearly basis? Do you want to achieve more agility in your business? Moving to active planning is the first step to achieve business agility. The best way to get into it is to embrace the 3 Cs -- Collaborative, Continuous and Comprehensive.
We are very excited to announce the launch of our new product "Customer Payment Made Easy" for companies running on NetSuite who are looking to add efficiency and accuracy in recording the customer payment process. Upaya’s new product provides efficiency and zero errors in handling customer adjustment fees because it removes the need for manual labor by automating the process.
It is imperative to choose the right ERP software, but the right way to deploy it depends heavily on selecting the right ERP implementation partner. A trusted execution partner's function is to assist you in developing a deployment plan, managing the deployment project and providing long-term support.
In this article, we will address several important elements of how prospective implementing partners for ERP can be evaluated.
Reliable customer-sales relationships are essential to a successful business. A CRM (Customer Relationship Management) system is the strongest driver that allows salespeople to boost customer loyalty. However, the idea of a cloud CRM like Salesforce may be a fresh concept for those of you who are still stuck using spreadsheets and other adhoc technologies to handle sales.
The technical world is consistently dynamical, with innovation, invariably simply around the corner. Staying abreast with the most recent technologies and future innovations has become critical for the survival of any business.
Mark Hurd, CEO of Oracle, once said, "Every Business is a cloud Business." This seems to become the situation in 2019, but the Cloud has not always been as common as it is today.
The Salesforce Spring ’19 unleash is here, and you’ll currently be able to explore the exciting new options and upgrades of the latest release. Here could be a fast summary of Salesforce Spring ‘19 unleash date, our most precious options within the Salesforce Spring ’19 unleash, just like the advanced Lightning expertise options, Deals Cadences, Flow Builder,Lightning internet elements, Apex, Communities, and APIs.Sandboxes.
It's somehow that time of year again — the Winter '19 release notes have become available to preview. We thought it would be pretty helpful to post about some of the most currently talked-about new features for Salesforce users. So, here are new updates to help you deliver even more connected customer experiences and build lasting customer relationships. Let us know which one is your favorite!
Blockchain is one of the most hyped technologies around, and forward-thinking organizations are already finding ways to take advantage of the distributed ledger, and not just in the most commonly cited industries like financial services and supply chain. Solar Site Design provides a collaborative platform built to gather information about solar projects. It’s been a NetSuite customer since 2007 and is one of the first companies to take advantage of the integration between NetSuite and Oracle Blockchain Cloud Service.
ASC 606 (Revenue from Contracts with Customers) is the new revenue recognition standard that affects all businesses that enter into contracts with customers to transfer goods or services. Developed jointly by the Financial Accounting Standard’s Board (FASB) and Internal Accounting Standard Board (IASB), ASC 606 provides a framework for businesses to recognize revenue more consistently. The IASB refers the new guidelines as IFRS 15...
It is no secret that Salesforce is the leading CRM platform. If you are already using Salesforce or in the process of rolling it out, you may know of key productivity benefits. Salesforce continues to improve on user productivity by reducing number of clicks to accomplish tasks and user customizable Lightning interface...
There has been a dramatic shift in the marketplace in ownership models. A shift from perpetual ownership to fixed-term subscription models to hybrid models that combine products, subscriptions and services. This shift has led to changes in how businesses sell.
Many businesses are still operating on departmental solutions which are obsolete in meeting the needs of today’s customer. The key is to implement a robust ERP system.
Consumers today have virtually unlimited options for researching and purchasing products, with online sales and new digital channels providing not only transparency into pricing but the actual shopping experience for millions of shoppers around the world. This easy access of information has raised expectations that most businesses are having a hard time delivering on...
SMillennials are digital natives and one of the largest generations in history (even bigger than baby boomers!) and moving into their prime spending years.
Millennials have come of age in an era dominated by technological change and disruption, giving them a different set of behaviors and experiences than previous generations.
This digital affinity means they are willing to try new technology and sacrifice some privacy for a better service experience at a much higher rate.
So how do you prepare your customer service for millennials?
Every year brings change to the software industry but with a new administration, amendments to revenue recognition rules and ongoing business model evolution, 2017 promises to be especially challenging. Tech companies will be faced with even more unique challenges including adapting to new accounting standards in preparation for ASC 606, embracing hybrid business models with a myriad of billing options, and meeting the compliance requirements associated with an IPO. While the backdrop for the software industry is quite bright.....
2017 promises new challenges and change across the retail sector. Yet, where those previous challenges were often met with technological advances or new approaches to consumer interactions, the best way for retailers to confront the trends of 2017 is with a close evaluation of their foundation. This involves consolidating their core systems and initiating a one-system approach.....
SuiteWorld 16– Make Bold HappenIn May the team at Upaya attended SuiteWorld 2016. SuiteWorld is the #1 cloud ERP conference where NetSuite users and solution providers come together to make bold happen.
At this year’s SuiteWorld, there were essentially three main highlights of note. The first of which is the most impactful, and that is the announcement of OneWorld 16, a significant enhancement to the global finance functionality. Arguably the next highlight of the conference is the announcement of SuiteBilling, the first unified Order-to-Billing-to-Revenue system on the cloud.
It made perfect sense to stick with what was working (or sort of working). But as the years have gone by, that strategy has become costlier. Indeed, the emergence of cloud ERP has brought into question the very idea of running legacy, on-premise systems. But an on-premise system that is receiving minimal feature enhancements while the vendor focuses on migrating the customer base to an entirely new product? The money spent on provisioning servers and on maintenance and support alone creates a compelling case for moving on, nevermind the upgrade hassles.
In today's hyper-paced business environment, companies grow lightning-fast. Almost overnight, startups evolve into multinational concerns, inheriting all of the complexities that come with operating globally.
This fast track to business performance requires a technology platform that can usher a company through difficult growing pains, one that gives a young business the ability to respond quickly to opportunities without the distraction of having to maintain unwieldy IT systems.
Moving to a new e-commerce platform may seem like a big undertaking, but it’s a necessity if your legacy applications are too old to support the type of brand experience and functionality today’s consumers expect. So, how do you know when you need to replace your aging e-commerce system? Below are some of the key questions you should be asking yourself to find out if it’s time to move on.
For many service professionals struggling to manage and pull together three separate silos of finance, sales and project information, the case for bringing in cloud-based professional services automation (PSA) is obvious. By tightly integrating PSA with existing ERP and CRM applications, a company can gain clear quote-to-cash end-to-end visibility, usability and accountability as well as put in place true cross-functional collaboration.
Today the Internet of Things (IoT) and Bring Your Own Device (BYOD) are poised to transform the world of business -- whether the workplace and the business processes that sit behind it are ready or not. As more businesses adopt BYOD policies and evaluate the benefits of the IoT, IT and finance decision makers need to be aware of the pitfalls and practicalities that each trend presents. Moreover, they also have to understand what implications these trends will have on their ERP systems and on the way finance is run in general.
Google Maps have made it simpler and faster for us to explore the globe than ever before. Using Google Maps, we can search satellite images, aerial photography, watch street maps, get full 360 ° street views, get real-time traffic conditions, plan better, and more.Google Maps can then prove to be a solid partner when it comes to business management and optimization. NetSuite understands the importance of Google Maps for business, and that's why you can now integrate Google Maps seamlessly into your existing framework and make your business easily accessible to your customers and your supply chain more efficient.
When planning to incorporate NetSuite Enterprise Resource Planning (ERP) software, companies frequently get overwhelmed with a plethora of queries. The questions always begin with "How much does NetSuite cost? "And" What are the benefits of buying it?”. These kinds of questions also cause small and medium-sized businesses to hesitate to incorporate ERP systems into their business processes.
Oracle-NetSuite is a cloud based software system that enables you to streamline and extend your business processes. In real-time, our customers can manage their entire business anywhere anytime with internet connection and just a single sign on. Oracle NetSuite is the No.1 cloud-based business ERP system. Here are the five reasons why we think NetSuite will also remain the market leader in 2020!
A software company's USP is its decision-making ability, faster. In the cut-throat competitive world of computers and apps, a company makes those tiny choices on a daily basis that can prove to be the difference between success and failure. Australia tax rates have been updated, but with customers in Germany, you are based in Canada. How quick are you going to update your systems?
Business volatility causes owners to worry about income control. If you're doing an almost steady production business, then revenue management can be set aside. But none of the businesses are running this way. In addition to managing your finances, a revenue management strategy helps to build potential plans that will produce more business.
NetSuite data migration is an execution element that needs to be taken seriously as a mistake could result in permanent data loss or irrevocable data harm. If you are using outdated or unwanted programs and have chosen to transfer your Customer Relationship Management (CRM) or Enterprise Resource Planning (ERP) activities to new software, then a formal migration procedure is a requirement. Thankfully, information mapping by NetSuite is fairly easy thanks to the built-in toolbox of NetSuite.
NetSuite has announced the recent characteristics in the highly anticipated release of NetSuite 2019.2. There will be improvements across a number of system fields, such as economic capacities and even more strong analytics, as well as a broad variety of fresh industry-specific characteristics. NetSuite clients profit from two significant annual software updates that happen automatically, meaning that everyone running on NetSuite operates on the most up-to-date software version. Read on and see some of the excellent new features that NetSuite users can use
SuiteTalk is an integration instrument for Web Services that enables the integration of NetSuite with legacy systems and third-party apps. SuiteTalk allows developers to use any programming language or platform that supports the SOAP standard to create business objects from NetSuite in that language.
Internal sales orders emanate from requisitions of inventory for sale that are intended for internal use. This process is common to software/tech industries and other company start-ups that heavily engage in product development and other R&D initiatives which require certain departments to continually test and enhance the products they sell to end customers...
And just like that, SuiteWorld19 is over and we are looking forward to SuiteWorld20 on April 20-23, 2020 to be held at the vibrant city of Las Vegas. “Grow Beyond” was the theme of this year’s SuiteWorld encouraging the whole ecosystem to grow beyond as NetSuite grows into new areas with more scale and focus. Upaya was awarded 5-Star award again this year!!! We thank our clients who continue to put their confidence in our experienced and able NetSuite team. Summarized below are this year's big announcements, and watch the keynotes highlights from this incredible event...
In this day and age of fast changing technology environment it is hard to keep up with latest versions and releases. We are in the business of making our clients life easier and efficient. So, we are providing a quick read of the main features and changes of NetSuite’s latest release.
Oracle cloud Infrastructure is a set of complementary cloud services that enable you to build and run a wide range of applications and services in a highly available hosted environment.
Trouble with Printing Custom Fields on Packaging Slip?
Based on queries and feedback from several clients we realized there can be an issue with printing custom fields on packaging slips.
In order to help all NetSuite clients that face this issue and ensure this becomes a non-issue moving forward, we are sharing how to resolve it with our latest NetSuite Tip.
It is that time of the year again… When your NetSuite home dashboard starts showing messages about the semi-annual release. Have you started thinking about what are the new functionalities, features & enhancements and how they can enhance your business? Have no fear…Upaya is here to the rescue!!! Here is our quick rundown on the significant points of the new version of NetSuite:
Recently Oracle NetSuite announced 14 new editions of its SuiteSuccess industry cloud solutions and 20 enhancements for its core application technology. These announcements were focused on helping customers deal with barriers to growth in a disruptive and ever changing digital economy.
This was the theme of the recently concluded largest gathering of NetSuite users, partners and developers from all over the world, theSuiteWorld’18. All through these 3-day conference of the industry’s #1 Cloud ERP, words that will stick by you are GROW. GROWING. GET GROWING. We’ve roundup some of the highlights of the event. Have a look and enjoy reading...
It’s out! Catch the release of 2018.1 to experience the new enhancements and features from the no. 1 cloud ERP in the world. We’ve highlighted some of the features which present great deals for you. They are outlined based on the functionality.
It’s that time of the year again, the holiday rush is in and while we are busy crossing off everything in our holidays to-do list don’t forget to take care of your accounting checklist as well.
Create a budget
Assess where your company stands by utilizing the Budget vs Actual report. As early as the start of the last quarter of the financial year, it is recommended to start budgeting for the next year...
This is the first year that NetSuite was showcased at Oracle’s OpenWorld. NetSuite’s event SuiteConnect 2017 and had a separate presence.
The keynote at SuiteConnect was Evan Goldberg, Executive Vice President of Development at NetSuite.
He began by discussing how NetSuite had been able to accelerate its growth into many new countries since joining Oracle. The key point to take from...
NetSuite’s focus has been always on running the “whole” business from inception. The suite includes many outstanding capabilities, built in from the ground up, including: pure cloud architecture, built-in Business Intelligence, customization framework, ecommerce and more. These are all incredible capabilities, but its core mission -- software built to run a business - has always been a subtle misunderstood differentiator.
It’s amazing how many other competitive products out there started off with a different focus. That focus was not running a business. They were created to run...
SuiteFlow is the workflow engine of NetSuite. It is one of the best offerings of NetSuite that helps you take control of your business processes. Definitely, one of my favorite areas. If you haven’t created a workflow to manage an internal business process, you are missing out on some powerful business tools.
Using manual processes are erroneous, time consuming and obsolete. Workflows bring your specific business processes into the NetSuite system. With NetSuite, you can build a custom business process tailored to your unique company needs inside your NetSuite account. There is no suitescript requirement to create your own workflows and it is achieved by a simple point and click graphical interface. So, anyone on your staff members could help create this process in your system.
Lets cover the basics…. What are Web Services?
Sometimes we assume and overlook to explain the basics. Let me start by explaining what are Web Services, the name itself indicates that its a service which is available over the Web, that’s it. As an example you can consider http://www.upayasolution.com, Whenever you hit the URL in the web browser it will gives you some output in HTML format, you can also consider this as a Web Service. With Web Services, one can communicate different applications on different platforms, like a Java Application in Windows platform can easily communicate with the application developed using .net/php in Linux operation system. Web Services are mainly of 2 types..
SuiteWorld, NetSuite’s annual conference, was in Las Vegas this year. And NetSuite went big!!!
The Big question on everyone’s mind after the Oracle acquisition was “What’s next for NetSuite?”.
And it was answered by Oracle’s CEO, Mark Hurd. He was briefly on stage for day one’s keynote. He didn’t waste much time and told a few things he thought everyone in this ecosystem should know...
It’s that time of year folks! NetSuite is rolling out its first release of the year and 2017.1 is packed with great new features and enhancements.
- New global financial capabilities help companies manage their general ledger seamlessly across subsidiaries and currencies and meet governance and compliance requirements.......
In this day and age, businesses need to stay one step ahead in terms of targeting customers and adding value to them. The first step is to get a cutting edge, futuristic cloud based technology like NetSuite. Next, optimize the use of NetSuite to meet your business goals. One such way is to integrate Google Maps into NetSuite.
When creating a Compound Asset, some information of the components is not added to the Compound Asset record. The Department, Location, and Classes can be different among components. Therefore, Compound Assets D/C/L fields are empty.
NetSuite for iPhone Mobile App Puts Mission Critical Business Processes in the Hands and on the Wrists of On-the-Go Professionals
Have you ever needed to quickly access key business data right before going into a meeting with a client?
If you have found yourself in that situation, not only are you a prisoner to the software systems that you use (good luck if you use on-premise software), but you can also be limited by the amount and type of information they make available on mobile. The latest NetSuite for iPhone mobile application is aimed to empower on-the-go professionals with the business data and critical business processes to boost productivity and increase efficiency at any time, wherever their business takes them, all from their iPhone or Apple Watch.
NetSuite provides a variety of standard reports that are available at the Reports tab. These reports can be further customized using the Report Builder., example of these are Balance Sheet and Income Statement Report. We can further customize them according to legacy’s requirements.
One of the things that limits the Netsuite functionality is when an accounting period is already closed and you want to change some information in it.
For example if the customer wanted to change the address in an Invoices which is posted to a closed period.
No one can make an address change to any transaction in a closed or locked accounting period. Address changes may alter the tax rate of the transaction, which may have an indirect impact on the G/L.
NetSuiteprovides related record links of transactions created fromtransaction records. Take for instance,if a user has received and billed against a purchase order (PO); any user with appropriate permissions to view the transactions associated to it can access the information under the Related Records tab.
Create a RESTLet in NetSuite.
The challenge encountered by most NetSuite users is the ability to customize the data shown under the Related Records tab, which in most cases; helps users optimize certain business processes that involve data validation.
Steps and procedure:
Create a RESTLet in NetSuite.
1. For the sake of simplicity, let’s use the following script:
var record = nlapiLoadRecord('customer', '111');
varcompanyName = record.getFieldValue('companyname');
Tracking Estimated Gross Profit at the transaction level helps provide sales managers and reps with key data for negotiating pricing with customers, for establishing pricing policy, and for establishing and tracking commission plans. With this feature set up, sales reps and managers will see the Estimated Gross Profit on Opportunities on up to Invoices.
The decision to replace an existing ERP system is never made lightly. Indeed, the time, expense and business upheaval of transitioning systems can scare away companies that confront all manner of business process bottlenecks, limits on growth and inconsistent data with incumbent systems.
Yet, despite the challenges there are plenty of businesses that have made the decision to go ahead and rip out existing ERP systems in favor of another. They have found that the flexibility, scalability and new functionality, particularly in cloud-based systems, have made the transition well worth the trouble.
Philanthropy has for decades been instrumental in bettering underserved populations and advancing economic, educational, healthcare, environmental and other social causes around the globe. At the heart of the multi-billion dollar sector is Foundation Center—the leading source of information about philanthropy worldwide.
This post has been started in reverse and has not started by outlining the compelling benefits offered by a cloud based business system such as NetSuite, because when companies look at the questions and responses in the charts above, they will learn not only from the mistakes of other companies but also their own.
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