NetSuite 2022 Release 1 Empowers Professional Service Automation

The service-based firms, especially digital and IT services have continuously expanded their markets over the years. Albeit the sharp turn in the overall growth of many fields of service, the 2022 IDC forecast is likely to project an opportunity to recollect previous growth according to the yearly market growth that touches 4% per year. The true concern is to suffice the fuel in order to allow the company’s performance going full force.

Restoring good performance is not an easy task, as well. There would be numbers of cases waiting on the edge of the line to be finished within the short amount of time. Customers want personalized service for example, which may also require project managers to invest more personalized approach for each customer. Project managers will juggle in more work than ever. They will also demand visibility into cash flow data in order to measure the business growth.

NetSuite 2022 Release 1 includes new features and enhancements that will help services firms meet all these challenges and make wonder for performance and data management enhancements. This article will specifically bring you to a better understanding about NetSuite 2022.1, which would help your business to overcome.

All-in-One Project Control

Introducing Project 360 dashboard, the centerpiece of NetSuite 2022 Release 1 for services firms which delivers a comprehensive, project-centric and intuitive one window-control panel that pulls data from across the entire Suite and displays it in a customized SuiteProject workspace to assist the need of neatly tailored project display for project managers. Adapting its name, Project 360 dashboard will show a 360-degree view of each project in the portfolio actual and projections, profitability, billing and revenue, project team calendars, consultant utilization, schedules, client contact details and more.

Project managers can now analyze Project 360 page for a highly visual dive into detailed KPIs on many areas and take action to eliminate the issues from within the dashboard. And because project managers work by exception, NetSuite also incorporates an array of indicators that allow them to find details they need immediately. Got a job that’s over budget, behind schedule or both? See exactly where the team is against the timeline and manage employees and external vendors and contractors right from the project record to collaborate, share resources and keep assets fully used.

Easier Payments, Better Cash Flow and Insights

Billing advances in NetSuite 2022 Release 1 are major time-savers for services firms. Customers want specialized billing formats? No problem. New, customizable invoice presentation templates allow you to configure exactly the line-item format that each client requires. Include granular backing sheets on time posted by each consultant, subcontractor costs and more. Clients get all the information they need to process invoices, allowing for quicker approvals and payments.

Labor expense allocation, now available to all NetSuite customers, makes it simple to automatically capture time and allocate actual payroll costs — salary and benefits — to the correct program, project or grant. Given that labor is often the single largest expense for services businesses, this allows services firms to more accurately capture labor costs for project profitability reporting.

Project Intercompany Cross Charge Request now automates the creation of an intercompany journal entry for services companies that need to cross-charge revenue between subsidiaries. This delivers a more efficient and less error-prone process when sharing revenue.

NetSuite’s new Cash 360 dashboard provides a unified view of your current and six-month forecasted cash positions, with the ability to run “what-if” scenarios and see cash inflows and outflows by week based on current NetSuite transactional data as well as projected collections and disbursements. With Cash 360’s forecast cash flow functionality, services firms' accounting departments can select a category of investment, such as payroll for a round of raises; define the data period to use, say monthly; and the desired increase, say 3%. Managers can then specify whether to apply the raise evenly across all employees or select certain roles. With a click, NetSuite projects whether your cash flow can support the investment. Managers can review projections and drill down into any detail, making the cash forecasting process accurate, efficient and comprehensive.

Make Every Payroll Dollar Count

There is a new feature called manager digest with the NetSuite SuitePeople. This feature will be more useful in keeping the leaders well-informed regarding the achievements of the team members, progress in the path to fulfilling goals and particular areas needing special focus. The feature will provide a comprehensive view of performing all employees and team members in a service provider company.

There is also a small but significant enhancement to SuitePeople Payroll management. The professional service provider companies can now save a lot of time and employee hours just because payroll data with all meticulous details is now accessible to all other NetSuite modules in real-time and payroll processing staff no longer need to process and send them to other departments and processes.

More Features

In conjunction with Project 360, NetSuite release 2022.1 also includes new, customisable invoice presentation templates allow you to configure exactly the line-item format that each client — or even each project — requires.

You can choose to include granular backing sheets on the time posted by each consultant, subcontractor costs and more. This helps give clients the information they need to sign off and pay an invoice, allowing for quicker approvals and payment.

Another enhancement that will also be helpful is likely focuses on bulk customer payments. In conjunction with the recent advancements in NetSuite’s banking automation and reconciliation capabilities, this functionality helps to address the challenging issue of companies who receive large numbers of customer payments that need to be reconciled against sales transactions in NetSuite.

Offering a multitude of pricing and billing options, retailers and SaaS software companies need the ability to process groups of payments quickly and accurately at different times throughout the month or year based on whether they are using a subscription, usage/consumption, flat rate or other charge model.

Bulk customer payments spares accounts receivable managers from needing to process invoices individually. Instead, payments can now be grouped and processed from multiple customers in one step.

Scheduled credit card payments for recurring transactions can be automated based on user specified dates and the payment application process is expedited and accuracy is improved.

This functionality should be a big time saver for retailers, SaaS software companies and any other businesses who receive a large volume of customer payments.