Tag Archives: NetSuite
You’re Still #OpenForBusiness — and NetSuite is Here to Tell Your Story
You’re Still #OpenForBusiness — and NetSuite is Here to Tell Your Story
Posted by Barney Beal, Content Director
Amidst the upheaval and unprecedented change around the world today, people are showing resilience, compassion and grit.
Many businesses, and NetSuite customers in particular, are stepping up to the challenge. The answers often pour out of creative minds in the middle of the night. They are born sometimes out of necessity — out of goodness and serving others — and sometimes just out of pure survival instinct.
This perseverance, drive and quick thinking are helping to keep them #OpenForBusiness. It’s also inspiring and a story NetSuite wants to share.
Already, customers are demonstrating how it’s possible to remain #OpenForBusiness:
- Language learning app Duolingo is teaching students new languages for free as parents adjust to homeschooling and online learning.
- Dog is Good continues to spread joy with its pup-inspired apparel while giving back to pet and veteran organizations.
- Kiva is making its small-business loans more accessible to hard-hit entrepreneurs by expanding their eligibility requirements and enacting longer grace periods.
That’s just a small sampling of the steps people have taken in a few short weeks or less, and there’s plenty more out there. NetSuite wants to help share those stories. This is a critical time for our businesses, our country, our world. It’s a time to turn toward community, and the NetSuite community can be a valuable one.
Here and over on Grow Wire, where you can already find stories of businesses going above and beyond, NetSuite will be sharing how our community is helping others — and themselves.
#OpenForBusiness will be a regular showcase of NetSuite’s amazing customers that are very much still ready to serve customers of their own.
Please follow NetSuite’s social channels to see the latest from some of the greatest businesses on the planet.
Don’t forget we’re in this together.
by Barney Beal filed under
NetSuite Expands Integration Capabilities with new REST Web Services
Posted by Tomas Novotny, Senior Product Manager, SuiteCloud Platform – Integration
SuiteCloud SuiteTalk REST Web Services are now generally available for all Oracle NetSuite products, extending a robust set of complementary SuiteTalk SOAP web services that have been part of NetSuite’s core integration solution for several releases. Including REST web services in SuiteTalk provides developers and administrators with even more options for integrating NetSuite with external applications, environments and data sources.
REST is a modern, lightweight, easy-to-use application program interface (API) based on a widely adopted architectural style. SuiteTalk delivers a full range of REST APIs exposed via a standard web services interface, securely accessible from external client applications.
REST web services provide users with seamless access to NetSuite record metadata, support API discoverability, offer link-based navigation and give users a uniform approach to interacting with both custom and standard records.
Another benefit: no server-side coding or management of custom scripts is necessary as is the case with server-side RESTlet scripts used to extend SuiteScript APIs when building REST-based integrations.
Here are some of the SuiteTalk REST Web Services Highlights from the latest update:
Metadata – Web services metadata provides schema defining each contract, enabling developers to dynamically discover API endpoints. This metadata contains all available resources such as records, data formats, values for input and output fields and supports HTTP methods and query parameters. Metadata can be returned either as JSON Schema, or via OpenAPI 3.0 (Swagger) format.
CRUD Operations – Create, Read, Update and Delete operations are now supported on records, sublists and subrecords within the parent record, and developers can make use of internal and external IDs to identify and reference these records. Additionally, upsert operations are now fully supported. It’s also possible for control the level of expansion for record subresources (sublists and subrecords) as a link or a fully expanded entity, and record subresources can even be accessed directly.
Query – The NetSuite 2020 Release 1 version of REST web services introduces powerful new query functionality, an area in which NetSuite will continue to invest. The NetSuite REST API now provides users with direct access to SuiteQL, a highly performant SQL-like query language. You can even execute advanced ad-hoc queries to perform actions such as multi-level joins, filtering, sorting, aliasing and paging. Logical, relational and equality operators are supported and make it possible to execute Saved Workbooks data sets.
Supported Records – All SuiteScript records available in the NetSuite 2020 Release 1 are supported in REST to maximize coverage of business objects. Please note that certain records may still be in beta status, so be sure to review the API and developer documentation to learn more.
For those who haven’t tried out these powerful new REST web services, spend some time exploring news ways to integrate NetSuite with other applications and environments managed by your organization.
To learn more, please refer to the Online Help articles available in NetSuite Help Center or SuiteAnswers, and get more specifics on the new features in the Release Notes.
by NetSuite filed under
Australian Chocolatier Belgian Delights Selects NetSuite to Sweeten Operations
Belgian Delights, an Australian specialty chocolate manufacturer, has implemented Oracle NetSuite to support its national and international growth strategy. With NetSuite, Belgian Delights has been able to increase the capacity of its small team and expand its range of customised authentic Belgian style chocolate lines by taking advantage of an integrated platform to streamline its core business and financial processes.
Founded in 1987 as a specialty chocolate and pastry shop, Belgian Delights opened a custom designed chocolate factory in 2000 in Molendinar, Queensland to offer a variety of Belgium chocolate lines, ranging from personalised, individually wrapped couverture chocolates, through to boxes of assorted truffles. To meet growing national and international demand, Belgian Delights needed to be able to streamline complex manufacturing processes and gain a complete view into operations across its rapidly expanding business. After careful evaluation, Belgian Delights selected NetSuite.
“Our business is inspired by a passion for chocolate sustained through three generations and we take the utmost pride in the quality of our products,” said Christophe Verstreken, General Manager, Belgian Delights. “As a family business, we want to continue this legacy and that requires us to focus on every detail. As our business expanded, maintaining that focus was becoming increasingly difficult and that’s why we had to rethink the way we run our operations. With NetSuite, we have been able to increase visibility, streamline financial and manufacturing processes, and most importantly of all, stay true to our family’s traditional chocolate making heritage.”
With NetSuite, Belgian Delights has been able to improve accounting, financial, CRM and manufacturing processes and enhance visibility across its growing operations. This has enabled Belgian Delights to minimise overhead costs and use data to gain a deeper understanding of its manufacturing processes, with customised information on nutrition and allergens able to be easily captured and processed. By providing a single source of truth across all core business processes, NetSuite has also enabled Belgian Delights to expand its range of customisation options for its wholesale customers, some major speciality retailers as well as some of Australia’s leading hotel groups. Belgian Delights worked with NetSuite partner JCurve Solutions to implement NetSuite.
“Australian manufacturers are an important part of our economy and require sophisticated systems to handle complex supply chain and financial operations,” said Jason Toshack, General Manager, Oracle NetSuite ANZ. “With NetSuite, the Belgian Delights team has been able to drive efficiencies across their business so they can focus on scaling operations and meet customer expectations. We’re happy to be playing our own small part in helping Australians enjoy their beloved chocolate.”
About Belgian Delights
Belgian Delights is a business inspired by a passion sustained through three generations, to create exquisite handmade Belgian style couverture chocolates to be shared and enjoyed. The company operates from a state-of-the-art HACCP certified factory in Molendinar and in 2009, began selling their chocolate lines online. The Belgian Delights retail and wholesale chocolate business continues to grow, staying true to the Verstreken family’s traditional chocolate making heritage.
About Oracle NetSuite
For more than 20 years, Oracle NetSuite has helped organizations grow, scale and adapt to change. NetSuite provides a suite of cloud-based applications, which includes financials / Enterprise Resource Planning (ERP), HR, professional services automation and omnichannel commerce, used by more than 19,000 customers in 203 countries and dependent territories.
For more information, please visit https://www.netsuite.com.
Follow NetSuite’s Cloud blog, Facebook page and @NetSuite Twitter handle for real-time updates.
About Oracle
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at oracle.com.
Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.
Sustainable Manufacturer BioPak Unpacks Success with NetSuite
BioPak, an Australian market leader in sustainable and compostable packing, is using Oracle NetSuite to support its mission to produce the most sustainable and environmentally friendly packaging on the market. With NetSuite, BioPak has been able to take advantage of an integrated business platform to drive efficiencies across its core operations while expanding both its range of products and services and the number of markets it serves.
Founded in 2006, BioPak manufactures sustainable and compostable packaging that provides an alternative to traditional plastic takeaway food packaging. As it continued to grow its business, BioPak has expanded the range of eco-friendly alternatives it offers its customers. For example, it recently launched an industrial composting collection service that helps turn food packaging and waste into nourishing compost. As it has added new products and services and expanded its operations domestically and internationally, BioPak has taken advantage of NetSuite to manage its entire business.
“We’re focussed on reducing fossil fuel-based plastic used in foodservice and are always looking at how we can offer our customers more sustainable alternatives,” said Gary Smith, CEO, BioPak. “As we have grown our business, NetSuite has allowed us to stay focused on our mission by providing us with accurate data across all products at all locations throughout Australia, Singapore, the U.K. and New Zealand. We run everything through NetSuite — from custom ordering portals, to procurement, we least cost freight, and automated analysis and monitoring — so we always have a complete view into our business and can ensure our customers never run out of product.”
With NetSuite, BioPak has been able to take advantage of a single business platform to streamline sales, warehouse, freight and marketing processes, create new products and services for its customers, and scale its business internationally. Using NetSuite, BioPak created a custom Carbon Calculator that pulls data to give its customers — such as Woolworths, Bunnings Warehouse, many Councils across Australia and New Zealand, Deliveroo, The Star, Mad Mex and many more — a complete picture of their environmental footprint. These impact statements put a tangible value on switching from regular packaging to BioPak through information such as carbon savings, amount of compost created, reduction in landfill waste and plastic avoided. With an integrated and flexible platform for all core business processes, BioPak has been able to focus on expanding its operations and recently launched in Singapore.
“We all know the damage packaging can have on the environment and that’s why it’s so important that organisations like BioPak provide eco-friendly alternatives,” said Jason Toshack, General Manager, Oracle NetSuite ANZ. “BioPak has championed innovative solutions for many years and a big part of that has been taking advantage of data to streamline operations and help its customers think about packaging in new ways. BioPak’s journey with us over the last nine years demonstrates how an organisation can focus on its core mission and deliver value directly to its customers by continually driving operational efficiencies.”
About BioPak
BioPak produces sustainable alternatives to conventional single-use packaging for the foodservice industry, offering carbon neutral compostable packaging solutions made from rapidly renewable, plant-based raw materials. In 2018, BioPak launched its own compost service in Australia & New Zealand, a recycling initiative designed to close the loop on waste and curb single-use packaging pollution.
About Oracle NetSuite
For more than 20 years, Oracle NetSuite has helped organizations grow, scale and adapt to change. NetSuite provides a suite of cloud-based applications, which includes financials / Enterprise Resource Planning (ERP), HR, professional services automation and omnichannel commerce, used by more than 19,000 customers in 203 countries and dependent territories.
For more information, please visit https://www.netsuite.com.
Follow NetSuite’s Cloud blog, Facebook page and @NetSuite Twitter handle for real-time updates.
About Oracle
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at oracle.com.
Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.
New Year, New Growth Hacks for NetSuite ANZ Customers
It might be a new decade, but one thing that’s definitely not new is that our customers, regardless of size or industry, are constantly looking for ways to unlock growth.
And as 2020 kicks into full gear, it’s only fitting that we deliver new capabilities with NetSuite to help ANZ organisations take their business to the next level. The new SuiteSuccess additions we are introducing today give ANZ organisations access to years of industry leading practices. So how exactly does that work?
SuiteSuccess is a pre-configured industry cloud solution that is built on knowledge we have acquired working with more than 19,000 organisations and 1,000 partners over the last 20+ years. Or put another way, SuiteSuccess provides a powerful blueprint for growth that organisations can quickly take advantage of to unlock their potential.
And to top it all off, with pre-built KPIs and dashboards, SuiteSuccess helps organisations achieve the benefits of the cloud in as little as 45 days. In ANZ, our customers have embraced SuiteSuccess and are already seeing the benefits.
The latest innovations within the NetSuite platform include new SuiteSuccess financial management capabilities that are designed to help organisations in ANZ increase business efficiency, adapt to change and achieve faster time to value. Here’s what’s new in SuiteSuccess for our ANZ customers:
- Inventory Management: A new pre-configured solution that helps organisations improve the accuracy and traceability of inventory management with lot and serial tracking, pick, pack and ship, and bin management features.
- Work Orders & Assemblies: A new industry-specific solution that helps wholesale distributors and retailers gain greater control of their operations with new assembly item record, work order processing, and inventory features.
- Project Management: A new pre-configured module allows professional service organisations to keep track of internal projects by taking advantage of project record management, task assignment, work calendar project billing and reporting capabilities.
- Revenue Management: A new pre-configured solution help customers achieve real-time visibility into their financial status by streamlining revenue recognition and management.
- Fixed Asset Management: A new fixed asset calculation engine with standard and custom depreciation methods gives customers access to a single source of truth for assets.
- Demand Planning: A new pre-configured demand management solution helps customer gain greater control of inventory planning.
- Financial Management: A new pre-configured role and dashboard solution helps customers automate financial processes, reduce costs, manage multiple budgets and improve reporting, accounting and allocation.
The latest innovations within the NetSuite platform include new SuiteSuccess vertical industry cloud solutions and financial management capabilities that are designed to help organisations in ANZ increase business efficiency, adapt to change and achieve faster time to value.
If you would like to learn more about the latest ANZ additions to SuiteSuccess, visit https://www.netsuite.com.au/portal/au/products/suitesuccess.shtml
About Oracle NetSuite
For more than 20 years, Oracle NetSuite has helped organizations grow, scale and adapt to change. NetSuite provides a suite of cloud-based applications, which includes financials / Enterprise Resource Planning (ERP), HR, professional services automation and omnichannel commerce, used by more than 19,000 customers in 203 countries and dependent territories.
For more information, please visit https://www.netsuite.com.
Follow NetSuite’s Cloud blog, Facebook page and @NetSuite Twitter handle for real-time updates.
About Oracle
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at oracle.com.
Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.
Continuous Employee Engagement: What’s New with SuitePeople in the NetSuite 2020 Release 1
By Marc Holliday, Senior Product Marketing Manager
According to a recent report from Gallup, 85% of the global workforce is “not engaged or actively disengaged at work.” That is an extremely high percentage of workers and should concern business leaders. Employees who are engaged tend to produce more quality work, refer top talent to the company, achieve their goals and help others grow and develop. HR technology can play a role in helping employees engage more with self-service experiences to get answers to questions faster, being rewarded and recognized for a promotion, and automating tedious processes that sometimes get in the way of the enjoyable parts of work.
The NetSuite 2020 Release 1 introduces some great new enhancements to SuitePeople to help fast growing companies make work easier and more engaging for employees. Managers are now empowered to initiate change requests like promoting direct reports themselves. Bonuses and other variable pay types are now visible to employees and can be paid through SuitePeople U.S. Payroll, adding additional motivation. With new workforce planning capabilities, headcount needs can be modeled to support growth goals. All of these new capabilities engage employees in new ways to help them perform better and deepen their connection to the company.
Motivate and Retain Your Employees
Bonuses can serve as a great motivator for employees but can be a challenge for HR managers to include in regular payroll processing. With the flexibility to support and process various bonus types such as spot, referral, merit or even create custom types, payroll managers can now calculate and payout bonuses through SuitePeople U.S. Payroll without using a spreadsheet. Employees can now also see bonus targets and historical payouts for additional motivation. With this added visibility, HR managers have a new way to support retention strategies.
Empower Your Managers
With new enhancements to Manager Self Service, managers are empowered to initiate changes for their direct reports without having to rely on HR staff. These changes could include promotions, transfers and salary increases. Managers are equipped with real data to help justify the changes. Armed with salary increase percentages and experience for the job a direct report is being considered for promotion, managers can initiate the request from their desktop or mobile device, and have more confidence their request will be approved. Approvals for the requests can be defined using SuiteFlow and can be monitored by managers until they’re completed.
Planning for Growth
One of the biggest challenges in managing growth is planning for future headcount. Often times this is done in a spreadsheet with incomplete or missing information outside of the HR solution. Information comes in from multiple sources, standardized, but version control of the spreadsheet becomes unmanageable and decisions are more difficult to make and take longer. Now, CFOs or other executives can benefit from an up-to-date unified source of employee, financial and budget data to plan workforce needs faster. With a more centralized approach to workforce planning, data entry is reduced, revisions are easier, and a more accurate forecast can be used to support deciding on future needs.
Implement Changes Faster
Importing large files of employee information can take a long time, resulting in a lot of troubleshooting and re-keying of data especially when effective dates are required. An enhancement to the CSV Import Tool now includes effective dates for past, present or future changes. Bulk changes such as reassigning a group of people to a new department or awarding an annual salary increase across the entire company can now be done much sooner and faster while reducing the need to key in effective dates.
Additional Access Controls
Managing who has access to different types of employee information is a challenge, especially for companies with multiple office locations. HR managers are not always responsible for employees only at their location. NetSuite administrators can now define a restriction by subsidiary and location and assign it to a NetSuite role. For example, an HR manager located in a Florida office is responsible for only employees in the company’s Toronto location, and should not see sensitive employee data for individuals in their own Florida office. SuitePeople will allow organizations to control whose employee data can be seen according to company-defined policies.
Complete Employee Lifecycle Management
Offboarding employees can slow an HR department down. Tasks can be missed. Former employees can leave with company property. Valuable information can be lost if exit interviews are not conducted. These are just some examples of what can occur if a formal offboarding process is not in place. To complement SuitePeople HR’s onboarding process, a new offboarding process is now available to help reduce the burden on HR staff and better ensure all tasks are completed before the employee’s last day. Once a separation is known, the HR representative can create an offboarding plan, notify and assign tasks to other departments such as IT and Payroll to be completed based on the termination date.
Learn More
For more specifics on these features for North American companies, be sure to read the Release Notes.
If you already using SuitePeople and want to take a look at these features before your account is updated, be sure to request access to your Release Preview account. There, you’ll be able to see how the new features will work with your own data and get a jumpstart on maximizing the impact of NetSuite 2020 Release 1.
by NetSuite filed under
Developers and Administrators: NetSuite 2020 Release 1 Brings New Ways to Harness the Power of the SuiteCloud Platform
Posted by Erik Klein, Principal Outbound Product Manager, SuiteCloud Platform
Running an organization is a complex undertaking, mandating companies to derive as much value from their business applications as possible. Perhaps no capability does more to ensure that customers are able to realize distinct business advantage from NetSuite than the SuiteCloud Platform.
Software developers and administrators around the globe leverage the SuiteCloud Platform to customize and extend their organizations’ NetSuite environments, not only to solve the unique challenges they face, but also to maximize the return on their ERP, ecommerce and HR investments. They count on the NetSuite Platform’s comprehensive and evolving array of customization and integration solutions to address these challenges.
NetSuite 2020 Release 1 continues to deliver on this promise by delivering a number of significant enhancements to the SuiteCloud Platform. From updated software development lifecycle tools in the SuiteCloud Development Framework (SDF) capabilities to the new in-product SuiteApp Marketplace, NetSuite 2020 Release 1 raises the stakes, giving developers more options than ever to become more agile and productive.
What’s more, these newly enhanced SuiteCloud Platform tools can accelerate DevOps efforts, as well as streamline and automate develop, test and deploy efforts. To top it off, SuiteScript 2.1 supports the latest version of ECMAScript, includes a variety of new REST web service features, and a broad array of SuiteScript APIs that make it possible to customize, integrate and extend NetSuite as never before.
SuiteCloud Platform Highlights
Here’s a sampling of new NetSuite 2020 Release 1 SuiteCloud Platform capabilities available within your NetSuite environment:
- Generally available REST web services enable external applications to securely integrate with NetSuite, and includes support for custom records, expanded CRUD (Create, Read, Update Delete) operations, record collection filtering, and executable Record Actions.
- A new REST API browser provides developers with a visual overview of API structure and function.
- The updated SuiteScript 2.1 programming language supports the latest ECMAScript 2018 JavaScript syntax and is powered by Graal virtual machine technology, enabling developers to write powerful apps with less code. It also supports relative file path preferences.
- The SuiteQL API enables the creation of fast and scalable applications, and significantly improves query performance and efficiency.
- The updated SuiteCloud Development Framework (SDF) improves developer productivity and broadens support for application features. SDF-enabled SuiteScript customizations make it easy to create and modify forms natively in SuiteScript, and the new open-sourced Node.JS Command Line Interface (CLI) aids in attaining DevOps objectives such as Continuous Development and Integration (CI/CD).
- Enhanced auditing and change management features add robustness to core auditing functions in the new System Notes v2 implementation.
- SuiteFlow now features expanded support for expense automation, and workflow actions such as data validations no longer require custom scripting skills.
- The new SuiteApp Marketplace introduces a new consumer-like experience natively within the NetSuite UI for discovering, distributing and consuming SuiteApps.
In summary, the SuiteCloud enhancements in NetSuite 2020 Release 1 will help customers and partners meet the unique requirements of their organizations by enabling them to customize NetSuite by leveraging technologies such as SuiteTalk for extensible cloud integration, SuiteFlow for workflow process automation, and SuiteAnalytics for business intelligence.
Learn More About the NetSuite 2020 Release 1
These are just the highlights! There are simply too many enhancements to the SuiteCloud Platform in this release to cover in a single blog post. To learn more about the complete list of new Platform features, be sure to read the Release Notes.
New to the release process? Learn more about it here.
Finally, be sure to request access to your Release Preview account. There, you can test to see how the new features will work with your own data and get a jumpstart on maximizing the impact of NetSuite 2020 Release 1.
by NetSuite filed under
Professional Services Companies: NetSuite 2020 Release 1 Helps Firms Thrive in a Time of Change
Posted by Adam Mayo, Master Industry Principal, Services
From globalization and automation to the way services are billed, professional services firms are forced to adapt to a fast-evolving marketplace. And with an expected compound annual growth rate of more than 10% over the next decade, it’s in their best interest to go along for the ride.
“We’re experiencing unprecedented disruption in how (services) businesses operate, driven largely by changes in customer expectations and behavior,” Frank Della Rosa, a research director at IDC, said last year.
Among those expectations: More pricing transparency and value-based services. Meanwhile, professional services firms face increased competition from globalization and pressure to keep up with emerging technologies such as AI. In such a volatile environment, it’s critical that firms closely monitor the health and finances of projects, and position themselves to capitalize on additional potential revenue streams.
With NetSuite 2020 Release 1, professional services firms can make themselves smarter, faster and more adaptable with an expanded array of capabilities that deliver visibility, automation and global financial integration:
An improved set of tools and smarter analytics simplifies management of project budgets. Organizations can now easily see how costs are impacted when adding and editing those project budgets. Automated cost calculations help to increase accuracy, and miscoded time or expenses can now be quickly identified. What’s more, NetSuite now offers system suggestions for updating time estimates when unexpected costs arise.
- New time modification enhancements provide better control of billable time. Time entries can now be easily modified, and an audit trail makes it possible to correct entries entered against the wrong project. Plus, NetSuite Analytics now supports time modification requests and entries, improving visibility into changes.
- Enhancements bring automation and flexibility to measuring the health of projects. Automated calculation of key financial data raises the accuracy of project, budget and work breakdown structure records.
In NetSuite project profitability reports, tracked and actual time are better categorized as either committed or actual costs, and forecast and actual charges are now easily included for better insight into project billing.
- On the global financial front, the combination of seamless banking integration via the Bank Feeds SuiteApp and a new banking plug-in featuring open banking APIs enables automated import of banking data into NetSuite from financial institutions around the world and delivers increased financial insight. An intelligent rules engine powers automated bank data reconciliation, resulting in improved matching and reduced clutter.
- Tracking and payout of bonuses now benefit from a single source for employee and financial data. HR now has the flexibility to support numerous bonus types, such as spot, referral, merit or custom, enabling it to better track incentive pay, while employees have visibility into current bonus potential, providing motivation. And all of this bonus data flows seamlessly into SuitePeople Payroll.
- NetSuite now enables managers to make employee change requests, while employees can approve vendor bills, all of which speeds processes, improves accuracy and frees up HR resources.
- Vendor bills can now be approved by employees, who are looped into the process, resulting in improved accuracy and efficiency. Vendor prepayments also can be streamlined and auto-applied to bills.
Learn More About NetSuite 2020 Release 1
These are just the highlights; there’s much more for services companies in NetSuite 2020 Release 1 than can’t be covered in a single blog post. For more specifics on the complete list and details of all the new features in the release, be sure to read the Release Notes.
New to the release process? Learn more about it here.
Finally, be sure to request access to your Release Preview account. There, you can test to see how the new features will work with your own data and get a jumpstart on maximizing the impact of NetSuite 2020 Release 1.
by NetSuite filed under
Software Companies: Capitalize on Evolving Business Models with NetSuite 2020 Release 1 Enhancements
Software Companies: Capitalize on Evolving Business Models with NetSuite 2020 Release 1 Enhancements
Posted by Carrie Augustine, Industry Principal, Software
The demands of the Office of the CFO are exponentially increasing. Since the turn of the century, it hasn’t been enough to close the book and produce financials. The Office of the CFO is expected to partner with the leaders in the organization – e.g. Sales, Marketing, Product – to enable them to make timelier and well-informed business decisions. The needs of Sales can be quite distinct when compared the needs of an IT department; thus, company-wide partnership can require extensive effort and attention.
Automation is imperative in order to provide the expected level of service / partnership from Accounting. High performing teams are constantly assessing activities that should be automated or eliminated, in order to spend time on more value-added activities.
In this release, we are enabling Accounting teams to be more efficient through automation. With a long list of new and enhanced features, NetSuite provides software companies with expanded capabilities for supporting subscription revenue recognition, monitoring project health and streamlining processes, such as bank reconciliations:
- On the global financial front, the combination of seamless banking integration via the Bank Feeds SuiteApp and a new banking plug-in featuring open banking APIs enables automated import of banking data into NetSuite from financial institutions around the world and delivers increased financial insight.
- An intelligent rules engine powers automated bank data reconciliation, resulting in improved matching and reduced clutter; automated balancing journals make it possible to generate reports balanced by segments; and custom transactions extend the NetSuite transactional model, enabling easy builds of purchase and sale transactions.
- Enhancements to NetSuite bring greater visibility into contract revenue, improving insight into revenue allocation and increasing understanding of whether offerings have been fully billed or not.
- Firms with global billing operations and multi-subsidiary customers will enjoy streamlined billing with a single customer record and a clearer view of customer relationships.
- Better revenue trace-through and an enhanced audit trail means improved visibility into how changes to subscriptions impact revenue streams, as well as more precise revenue recognition.
- Changes to subscriptions can now be managed in bulk, saving time and improving invoice accuracy. Usage activities that shouldn’t be invoiced can now be removed easily, and the ability to update subscriptions results in more accurate and complete invoices.
- An improved set of tools and smarter analytics simplifies management of project budgets. Organizations can now easily see how costs are impacted when adding and editing activities. Automated cost calculations help to increase accuracy, and miscoded time or expenses can now be quickly identified. What’s more, NetSuite now offers system suggestions for updating time estimates when unexpected costs arise.
- New time modification enhancements provide better control of billable time. Time entries can now be easily modified, and an audit trail makes it possible to correct entries entered against the wrong project. Plus, NetSuite Analytics now supports time modification requests and entries, improving visibility into changes.
- Enhancements bring automation and flexibility to measuring the health of projects. Automated calculation of key financial data raises the accuracy of project, budget and work breakdown structure records. In NetSuite project profitability reports, tracked and actual time are better categorized as either actual or committed costs, and forecast and actual charges are now easily included.
Learn More About NetSuite 2020 Release 1
These are just the highlights; there’s much more for software companies in NetSuite 2020 Release 1 than can be covered in a single blog post. For more specifics on the complete list of new features, be sure to read the Release Notes.
New to the release process? Learn more about it here.
Finally, be sure to request access to your Release Preview account. There, you can test to see how the new features will work with your own data and get a jumpstart on maximizing the impact of NetSuite 2020 Release 1.
by NetSuite filed under
Organizations across the Middle East unlock growth with cloud company Oracle NetSuite
Organizations across the Middle East are increasingly selecting Oracle NetSuite to unlock growth and take their businesses to the next level. With NetSuite, organizations operating in the region, such as Property Finder Group, Al Jabr Holding and the International Cricket Council Limited, can take advantage of an integrated business platform in the cloud to gain the visibility and control needed to navigate change, meet regulatory requirements, and accelerate growth.
“There’s a significant culture of entrepreneurialism and innovation across the Middle East region, and this presents a huge opportunity for business growth,” said Nicky Tozer, VP of EMEA, Oracle NetSuite. “In the last year alone, we have seen more and more organizations that are operating in this region rethink their traditional business systems as they seek to increase operational efficiency and unlock new growth opportunities. At NetSuite, we are committed to helping organizations across the Middle East take advantage of the cloud to elevate their business to the next level.”
Property Finder Group selects NetSuite to support growth targets
Property Finder Group is the leading real estate digital platform, providing a convenient rental and sale marketplace for residential and commercial properties in the Middle East and North Africa. With over six million monthly visits across its platforms, and a growing ecosystem of users throughout the UAE, Saudi Arabia, Egypt, Turkey, Qatar, Bahrain, Lebanon, and Morocco, Property Finder needed a cloud-based platform to efficiently manage its multinational and multi-subsidiary operations.
“Our mission is to provide the most convenient house hunting and real estate journey for millions of users across multiple countries,” said Anas Qudah, Group Enterprise Systems Controller, Property Finder. “As we grew, we needed to improve our revenue recognition and ability to operate across borders. NetSuite gives us the flexibility to act local but be global, gives a real-time view into our business, and ultimately improves the experience for our customers.”
Al Jabr brings in NetSuite to unlock portfolio growth
Founded in 1952, Al Jabr Holding Co. is a Saudi-based conglomerate with a broad investment portfolio across sectors including automotive, car rental, laundry, investment and real estate, financing and construction, contracting and manufacturing, and is the national dealer for KIA MOTORS in Saudi Arabia. To supports its mission to deliver products and services of unmatched quality across its portfolio, Al Jabr needed greater visibility into financial and operational performance across its business.
“Al Jabr stands for quality, and maintaining such high standards across a diverse portfolio requires clarity and vision as we pursue ambitious economic, social, and environmental objectives,” said Ihab Hawari, CIO, Al Jabr Group. “NetSuite has given us a deep understanding of our performance across our range of business interests. This is helping us forward-plan, explore new growth opportunities and contributing to our digital transformation efforts which will help us better engage with our customers.”
NetSuite helps the ICC lay the foundation for cricket growth
The International Cricket Council Limited (ICC) is the international body that governs the sport of cricket. Representing 105 member organizations across the globe, the ICC plays an integral role in the global growth of cricket. To help support its plans for the expansion of the game and successfully manage ICC Events, the ICC needs an integrated business platform to capture insights into commercial performance and enhance decision-making. With NetSuite, the ICC will benefit from greater visibility into its financial operations in its drive towards delivering more competitive, entertaining, and meaningful cricket for players and fans.
UFC GYM strengthens its operations
UFC GYM is the first major brand extension of the Ultimate Fighting Championship (UFC®). With an aggressive franchise growth strategy across the Middle East and North Africa and existing clubs in the UAE, Oman, Bahrain, Egypt and with new fitness facilities opening in Kuwait and Saudi Arabia, UFC GYM needed to consolidate its operations and streamline its financial and statutory reporting.
“Our success is driven by providing world-class mixed martial arts and functional training to our members which we have mastered. Providing real-time reporting to our management team is just as essential to run an exceptional operation and to achieve our growth strategy,” said Ibrahim Mohamed, CFO, UFC GYM ME. “NetSuite allows us to manage multiple subsidiaries and business units on one platform, comply with local and international standards and ensure that our required reporting obligations are being met”.
MELiUS grows with NetSuite
Dubai-based MELiUS provides an e-learning resource to help business owners take advantage of new technologies such as blockchain and artificial intelligence, as well as delivering commercial insights and research to help clients make more informed decisions. To support increasing demand for the MELiUS interactive learning space, MELiUS needed to replace its previous finance system, which was unintuitive and unable to deliver detailed performance reports.
“Our mission is to deliver targeted information that helps business owners reach their objectives,” said Moyn Islam, co-founder and CEO, MELiUS. “NetSuite is a perfect choice for a growing company like ours. It has allowed us to track our growth and better understand how, when, and where to expand. Our efficiency has increased exponentially since using NetSuite, and we have far greater visibility into our performance, which is important as we embark on new projects to help even more business owners.”
About Oracle NetSuite
For more than 20 years, Oracle NetSuite has helped organizations grow, scale and adapt to change. NetSuite provides a suite of cloud-based applications, which includes financials / Enterprise Resource Planning (ERP), HR, professional services automation and omnichannel commerce, used by more than 19,000 customers in 203 countries and dependent territories.
For more information, please visit https://www.netsuite.com.
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About Oracle
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at oracle.com.
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