6 Key Features in NetSuite’s 2020.2 Release

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NetSuite 2020 New Release

With the world’s uncertainty right now, businesses need a strong foundation to reenter the market confidently. NetSuite’s bi-annual product update, the second update of the year, is now accessible to all 21,000 of NetSuite’s customers instantaneously thanks to the cloud.

In total there are 189 new features included in this release, in terms of flexibility, this is a tremendous enhancement for NetSuite users looking for the most efficient way to run their business. For a full breakdown of NetSuite’s expansive list of features, you can check out NetSuite’s Release Notes, but here we’ll be breaking down the key elements that customers can be most excited to use.

1. SuiteAnalytics Gets an Upgrade

Some may be familiar with SuiteAnalytics, the cross-department-and-subsidiary analysis tool, with this new release, some crucial updates come. Users will find that they can now create multiple data sets within a single workbook. Therefore this allows users to generate pivot tables and charts that allow for better data visibility and insights.

NetSuite 2020, new release, update

2. Consolidate Invoices With Invoice Grouping

Combine multiple invoices into one with NetSuite’s improved invoice grouping. Payments are accepted at a group level and can be applied to individual invoices that then accelerate the invoicing process. Not only does this save businesses the time and headache of manual processes, but it also ensures accuracy with automated invoicing.

bank reconciliation

3. Fast-Track Bank Reconciliation

Automatically create and post transactions from imported bank data to save time on your bank reconciliation, which would otherwise be a time-consuming process. 

4. Manage Intercompany Charges 

Easily manage charges across multiple subsidiaries and ease the flow of intercompany processes. So whether your business is international or a domestic multi-subsidiary company you can automate post-cross-charge transactions between subsidiaries. You can also automate the netting of intercompany receivables and payables, thus bridging data visibility. 

5. SuiteBilling Portal

SuiteBilling will now feature a My Account portal so that users can easily manage subscriptions online. This then saves time for businesses and customers who use SuiteBilling to contact shops directly and save a call to support centers.

SuiteBilling Portal

6. SuiteCommerce Updates

Enhanced form and workflows now allow users to manage and approve new wholesale buyers to purchase on your eCommerce site. Because of this, it is great for B2B wholesalers that want to sign up buyers more efficiently online. Additionally, there are some new features that include added layout flexibility, enhanced mobile user experience, and multi-language support.

NetSuite 2020, SuiteCommerce

Why You Should Be Excited About This Release

These new features, which are a regular occurrence for NetSuite, weave new innovation, and efficiencies for customers into their pre-existing systems. If you’re not already on board with all the amazing features NetSuite has to offer now is the time to invest in a system that makes sure you are always running on the latest and greatest software.

Stay ahead of the curve and hire the best team to implement your NetSuite solution. The experts at Kodella are experienced in all things NetSuite with over 35 years of collective experience. Whether you’re looking to add additional modules to your pre-existing NetSuite solution or just want to get rid of your disjointed systems–Kodella can handle it. Contact our team today!

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