NetSuite 2022.1 Release

Bhavna Agarwal, Inah Bejec
| 2/16/2022
NetSuite 2022.1 Release

COVID-19 created a slew of challenges for businesses to face.

As you continue to adapt, NetSuite has adapted with you by enhancing their solution. The 2022.1 NetSuite release focuses on efficiencies, automation, mobility, and visibility in your business. Let’s dive into more detail on these enhancements, and how they can make your life easier.

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Increase visibility into current cash position and projections

Monitor cash flow

NetSuite Release 2022.1 includes the NetSuite Cash 360 dashboard which enables you to effectively manage your cash flow by getting a real-time view of your cash position and generate fast and accurate near-term cash flow forecasts. Its configurable dashboard allows you to monitor payables, receivables, and available cash by combining multiple data points:

  • New funding sources
  • Planned expenditures
  • Billing schedules
  • Sales forecasts

You can review cash flow trends, run a rolling six-month cash flow forecast, what-if scenarios, and see cash inflows and outflows based on historical averages from customer data to estimate projected collections and disbursements.

Simplify intercompany accounting

We know how complicated reconciling intercompany transactions can be, especially when your company has to go through thousands of them daily. NetSuite provides automation by adding the ability to automatically pair vendor invoices with credit memos and bill credits.

Easily process customer payments

Manual processes for pricing and billing are overwhelming, especially when customers need to process payments quickly and accurately at different times of the month. The bulk customer payment feature allows payments to be grouped and processed from multiple customers or customer groups in one step, saving time and productivity.

In NetSuite Release 2022.1, we have new, customizable invoice presentation templates that allow you to configure the line-item format that each client or project requires. Clients have all the information they need to process invoices, allowing for quicker approvals and payments.

Automate labor expense allocation

It can be difficult to keep track of all your payroll costs and distribute them accordingly. The NetSuite NFP Labor Expense Allocation SuiteApp allows not-for-profit organizations to allocate payroll costs, including salary and fringe benefits, to the benefiting program, project, or grant segments. You can either allocate labor expense by employee rates or employee pay transactions.

This feature is now available to all NetSuite SuiteApp users. It will work well with software companies, as they can allocate personnel costs to specific programs or projects that incurred the expense.

Improve project management visibility from a single dashboard

Single point of project control

Imagine working in a project management system that is intuitive and easy to use. The NetSuite Project 360 dashboard combines all aspects of a project into a single workspace within NetSuite SuiteProjects. You get an overview of the project’s crucial information:

  • Resources and financials
  • KPI monitoring
  • Project profitability
  • Project team calendars
  • Consultant utilization
  • Schedules
  • Client contract details

It allows you to contact a team member who’s behind schedule and take corrective action. You can track team timelines and manage employees, external vendors, and contractors from the project record to collaborate, share resources, and keep assets utilized.

Increase warehouse operational efficiency with the aid of mobile enhancements

Improving warehouse efficiency

Inefficient warehouse processes can negatively impact your business. NetSuite Release 2022.1 has a zone pick and merge functionality that allows warehouse managers to define and assign pickers to specific zones that work best for their business.

This capability avoids redundant work, limits picker movements, and increases flexibility for both small and large order volumes, different product sizes, and number of pickers.

An additional mobile process enhancement to NetSuite is the new tally scan functionality that counts items as they are scanned rather than requiring manual entry of quantities when putting away products, cycle counting, or transferring inventory.

Performance management tools for attracting and retaining talent

Promote engagement and employee retention with enhancements to NetSuite SuitePeople

The new manager digest in SuitePeople allows managers to see all performance-related information for an individual or team – prompting managers to step in before performance problems affect customers. It helps leaders stay informed on their team’s achievements, goal progress, and areas that need attention via an automatically generated monthly email.

With SuitePeople advanced scheduling, it’s fast and easy to schedule performance reviews for a group of employees based on their work anniversary. Just add employees to a dataset, and it will automatically send out requests for annual reviews and 30, 60, and 90-day check-ins with new employees.

Increasing efficiency, predictability in the supply chain

Vendor delivery performance scores

It’s important to continue evaluating your relationships with vendors. NetSuite Release 2022.1 enables you to review the available vendor performance scores when creating purchase orders, releasing orders from the order items page, and releasing orders from the order requisitions page.

Based on this predicted risk, you can reformulate your purchase order by changing vendors or altering the order request date. This feature enables better purchasing decisions and may help you negotiate friendlier deals with vendors.

Supply chain management mobile enhancements

Customization doesn’t have to involve tons of coding on your end. Retailers can easily add columns to display fields like customer, rate, quantity, and location. With the enhanced navigation for pop-up windows, you can select the target page to perform the navigation.

For example, the pop-up can describe where inventory is tied up and inform you of an inventory shortage. Inventory planners and buyers can see the impact from supply constraints. As a result, they can make decisions to allocate supplies in the smartest way possible.

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Keeping an eye on inventory

Easier inventory inspection and allocations

Wasting inventory can lose your business not only time, but a lot of money. First expired, first out (FEFO) describes a way of dealing with product inventory that has a limited shelf life. FEFO is mostly used in industries where expired dates are calculated based on a batch-expired date or shelf-life time.

The FEFO fulfillment model helps businesses minimize wasted inventory by moving it before it loses some or all of its value. Retailers can see to it that they are using the inventory appropriately and decreasing waste from expired items.

These enhancements are available for testing when you request access to your NetSuite Release 2022.1 preview test account. If you have questions about customizing them for your account, reach out to an experienced Crowe consultant.

Interested in learning more about the NetSuite Release 2022.1?

Contact us to hear about what it might look like to use Crowe to implement your NetSuite ERP.
Adnan Patel
Adnan Patel
Principal, Oracle NetSuite Leader
Steven Parker
Steven Parker
Managing Director, Consulting
Alejandro Alvarez
Alejandro Alvarez