With the NetSuite 2020.2 release, a lot of its processes have been automated. Take the bank reconciliation as an example. It used to be a manual task wherein you review the bank statements and try to match them with your transactions in NetSuite. This time around, NetSuite takes one step ahead by giving you the opportunity to import your bank statements and also automate the process of creating and matching account transactions with imported bank data. Auto-create rules enable you to automatically create and match transactions for deposits and charges for GL bank accounts, and charges and refunds for GL credit card accounts.
Another new feature from this release is the consolidation of multiple invoices. This invoice group feature of NetSuite combines multiple invoices from one Customer based on characteristics that the invoices share. A customer can have multiple invoice groups based on different criteria for each group. A customer can also pay this group of invoices which reduces days sales outstanding (DSO).
Organizations also spend a lot of time in managing their intercompany transactions. With the Cross Charge Automation feature, NetSuite automatically generates cross charges between subsidiaries that provided business services to each other. By improving cross charge automation, accounting managers can automatically post, match, and reconcile transactions based on cross-subsidiary fulfillment events and record it all in NetSuite.
In addition to the automation of cross charges, NetSuite also included an Intercompany Netting functionality. This enables organizations to settle mutual intercompany open balances across subsidiary and then automatically generate intercompany settlements. When this is utilized, you reduce the number of open intercompany transactions and receive the following benefits: less manual effort spent in reconciling, revaluing and eliminating open intercompany balances, decreased time spent on payment processing and reconciliation, and simplified period close.
As we move to this “new normal”, organizations have to invest in technology that will save money, automate processes and extract useful information to help executives make informed financial decisions. This new technology found in NetSuite will also save Accountants valuable time by allowing them to focus on managing exceptions, create efficiencies, and visibility to financial operations. This and more sets up your organization for success.
If you want to know more about NetSuite and Upaya’s NetSuite service offerings, you may email us at: firstname.lastname@example.org
Hope this quick read was helpful!!!
Till Next Time,