Our Top 3 Updates from NetSuite Release 2023.2 and How They Can Elevate Your Business
The latest NetSuite updates offer cutting-edge features that offer your company an advantage over the competition—as long as you understand them.
The world of business software is constantly moving, changing, and developing. So, you’ve got to stay ahead of the curve if you want to compete.
As an Oracle NetSuite customer, you must make the most of the system’s biannual updates or miss out on tools that could boost your company’s efficiency, productivity, and even sales. And NetSuite release 2023.2, the latest upgrade, offers many helpful features, including new automation and reporting capabilities.
We know it’s tedious to research each release and investigate how the new 2023.2 features can help your business. So, as your trusty NetSuite consultants, we’ve done the work for you. You can read our full summary of 2023.2 or catch our favorite updates below.
The SuiteDynamics experts are also on-hand to offer guidance about making your NetSuite system work better for your business. Schedule a consultation today.
Standout Features from NetSuite Release 2023.2
NetSuite Release 2023.2 includes many innovations, from fine-tuned SuiteApps to revamped modules. However, a few upgrades deserve special attention as the features we believe will have the greatest impact on day-to-day operations.
1. NetSuite Account Reconciliation: Streamlining Precision
One of the more exciting announcements from NetSuite release 2023.2 is NetSuite Account Reconciliation. This paid licensed add-on module brings automation to the forefront, simplifying the reconciliation process for your general ledger.
Essentially, it enhances accuracy and efficiency, automating reconciliation for inter-company transactions, credit card and bank transactions, accounts receivable and payable, and accruals and fixed asset accounts.
Why you need it:
- Drastically reduces the need for manual intervention, consolidating tasks in a unified workspace.
- Harnesses an intelligent auto-match system that simplifies matching for zero-balance and low-risk transactions.
- Frees up accounting teams to tackle more strategic matters.
- Amplifies the efficiency and accuracy of reconciling large volumes of accounts.
- Strengthens internal controls and compliance measures.
- Enables detailed flux analysis, shedding light on significant balance changes over specific timeframes.
- Securely stores each reconciliation in a document repository, ready to support audits and regulatory requirements.
2. NetSuite Guided Learning: Your Personalized Knowledge Hub
Imagine having a personal mentor within NetSuite, ready to guide you through any task. The NetSuite release 2023.2 has made that a reality with its Guided Learning feature. This free widget will ensure you're never lost in a maze of complex tasks.
Why you need it:
- Provides in-application training for specific tasks and crucial features.
- Eliminates the need to hunt down instructional videos when exploring something new.
- Offers step-by-step directions directly within the system, adapting to your unique tasks.
- Boasts over 50 interactive learning guides catering to roles spanning finance, project management, sales, and beyond.
- Even seasoned users can unearth hidden gems to supercharge their NetSuite expertise.
3. NetSuite Analytics Warehouse: Unleash Data's Potential
Data isn't just information; it's the compass guiding your business decisions. NetSuite Analytics Warehouse takes this philosophy to heart, offering an optional paid licensed add-on module that's a game-changer across industries.
The NetSuite release 2023.2 has given this module a remarkable boost, endowing it with more pre-built metrics and enhanced features to supercharge your data utilization.
Why you need it:
- Introduces a treasure trove of 57 new pre-built metrics spanning sales, finance, and project management.
- Unveils a fresh budget category tailored for planning budgets using consolidated data.
- Empowers you with scenario analysis and internal-use financial statement creation.
- Showcases a more intuitive user interface with new dashboard layouts and essential metrics.
- Welcomes a new connector for private equity firms and multi-subsidiary organizations, streamlining consolidated reporting and benchmarking.
- Offers more frequent data refreshes for real-time reporting.
- Simplifies user access rights assignment and enhances the porting process.
- Equips leaders for more incisive performance analysis and sharper decision-making prowess.
What Does This Mean for You?
The current business landscape is fast-paced and harshly competitive. Your company will only thrive if you fully utilize the tools at your disposal, including new NetSuite upgrades.
The NetSuite release 2023.2 provides several new opportunities for improved efficiency and growth. Its Account Reconciliation, Guided Learning, and Analytics Warehouse features facilitate smoother operations, better insights, and unparalleled success. But you’ve got to know how to maximize them.
Of course, we understand you have a business to run, which takes time and focus. That’s why we’re happy to lend our considerable knowledge. SuiteDynamics experts can offer thorough guidance on how to make NetSuite work for your business. Schedule your consultation today.
Disclaimer from NetSuite: The preceding is intended to outline Oracle NetSuite's general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.
Part of this text was generated using GPT-3, OpenAI’s large-scale language-generation model. After generating the draft language, our team edited, revised, and fact-checked it to ensure readability and accuracy. SuiteDynamics is ultimately responsible for the content of this blog post.
