Netsuite Accounting & Bookkeeping Services

Some of the latest trends of Oracle NetSuite platform based on press releases 2024.1 and 2024.2 are:

1. Enhanced Decision-Making: According to NetSuite Release 1, NetSuite Enterprise Performance Management (EPM) combines NetSuite Planning and Budgeting with Intelligent Performance Management (IPM). Using data science and machine learning, IPM monitors and analyzes data to uncover trends and anomalies, enabling finance teams to take swift, data-driven actions.
2. Improved Reporting Capabilities: The current NetSuite EPM also includes Profitability and Cost Management Reporting, offering insights into the profitability of customers, products, and business segments. Integrating data from the general ledger and other financial systems helps finance leaders identify profit drivers and optimize resource allocation.
3. Better Task Management: NetSuite Account Reconciliation module automates the reconciliation of various accounts, including accounts payable and receivable, bank transactions, and intercompany accounts. The 2024.1 update introduces a task management feature, streamlining task assignments and customization from the close checklist, enhancing efficiency and accuracy.
4. Enhanced Data Integrity: NetSuite Close Management and Consolidation is a new solution in the Netsuite 2024.1 release that ensures compliance with regulatory and internal standards by centralizing the financial close and consolidation process. It automates data collection, validation, and consolidation from multiple sources, maintaining data integrity throughout the process.
5. Comprehensive Tax Reporting: NetSuite Corporate Tax Reporting is a new solution to automate tax reporting processes and ensure compliance with new OECD country-by-country reporting (CbCR) obligations. This solution streamlines workflow and task management, improving the speed and accuracy of tax reporting for multinational organizations.
6. Advanced Financial Statements: NetSuite Narrative Reporting feature offers contextualized financial data by integrating narrative writing with financial statements in one report. This feature enhances stakeholder understanding and provides a centralized environment for finance teams to collaborate on both internal and external reporting.
7. Enhanced Transaction Distribution: The NetSuite environment 2024.1 release enhances the Transaction Line Distribution SuiteApp, now supporting expense distributions for purchase orders, expense reports, credit card transactions, and checks. This update extends beyond vendor bills and credits, enabling more comprehensive distribution across subsidiaries or segments of the business.
8. Comprehensive KPI Metrics: NetSuite Benchmark 360, launched in 2024.1, enables organizations to assess key operational and financial metrics against industry peers. It tracks days cash on hand, days sales outstanding, days payable outstanding, employee turnover rate, and revenue per full-time employee, offering insights into performance and competitive standing.
9. Expanded Bank Connectivity: NetSuite 2024.2 expands bank connectivity, integrating with over 14,000 financial institutions in the US and Canada through a new financial aggregator. It offers OAuth connections to 700+ banks, ensuring secure, stable access with less frequent re-authentication. Businesses benefit from automated reconciliation and real-time financial data via Bank Feeds SuiteApp.
10. Enhanced Subscription Management: NetSuite cloud accounting software 2024.2 introduces prepay functionality in SuiteBilling, enabling advance charges and automatic replenishment of credit balances. Integration with NetSuite configure, price, and quote (CPQ) solution streamlines the inclusion of subscription items in configurations, enhancing efficiency and expanding configurable solutions for products and services.
11. Advanced Billing Options: The 2024.1 NetSuite Bill Capture update introduces additional fields—PO number, memo, posting period, discount date, and custom segments—on the Review Bill page. These enhancements improve accuracy by reducing bill creation errors and the need for post-creation edits. The update also adds filters for vendor, upload source, and email source. The 2024.2 Netsuite system update offers AI-powered features for better matching technology, alerts for variances, and more.