Top 10 Enhancements Netsuite to Consider Before 2030

Looking into the future, Netsuite has number of potential features to ponder that will help its customers adapt to technological advancements, industry needs and ensures compliance with local and global regulations.

By integrating into upcoming releases these enhancements, Netsuite will be able to maintain its position as the premier ERP solution software.

1. Allow Both Direct and Non-Direct Posting Items in a Sales Order

Most companies that sell both Inventory and Subscription items in one Sales Order are struggling to this limitation. At this moment, the system is not allowing the creation of a Sales Order with items that should be recognized immediately and those subject for Deferred Revenue.

Though, there are multiple ways to alleviate this concern, having the native ability of the system to support the two item setup will help the business simplify its sales to revenue process.

2. Make a Single Invoice from Multiple Sales Orders for the Same Customer

If the Procurement process has the Order Requisition functionality, it would be beneficial for businesses if the same capability can be applied on the Order to Cash cycle.

By having consolidated record or by combining multiple transactions into a single invoice, it would reduce the chances of customers overlooking individual invoices and streamlines the payment process, leading to more timely payments and fewer follow-ups for businesses. It would also help the business resources to focus on other core activities, enhancing overall productivity and operational effectiveness.

3. Ability to update Item Fulfilment and Create Item Receipt via CSV Import

Customers under Manufacturing, Retail and Wholesale Distribution Industries would heavily utilize this functions due to their daily engagements in the fulfilment and receipt of items.

Though we have alternate solutions of using the mass update or map reduce script to alleviate the time and effort for update of the Item Fulfilment, having the native method would enable efficient reuse of import settings, streamlining repetitive tasks and ensuring accuracy of data.

4. Specify the Account to Use in the Item Receipt other than the Inventory Received Not Billed account

The Inventory Received Not Billed (IRNB) account plays as a critical component in managing discrepancies between inventory receipts and vendor bills. Netsuite has design it by purpose of having one account, so we can easily maintain transparency and facilitate accurate Financial Reporting but these details are the same reason why most companies may need to adjust it to align it with their business requirements.

5. Run the Consolidated Balance Sheet by Accounting Period, Quarter or by Week

By running reports at the consolidated level, companies can gain a comprehensive view of their financial position across all subsidiaries. This allows for better decision-making and strategic planning based on a holistic understanding of the organization’s financial health.

6. Accept Customer Payments Other Than the Invoice’s Currency

Companies operating globally would require this functionality to provide seamless and localized experience to their customers. Practically, Customers appreciate being able to pay in their local currency as it eliminates confusion regarding exchange rates and potential additional fees. This convenience can lead to increased customer satisfaction and loyalty.

Other factor to consider on having this function in Netsuite is compliance to various regulations related to currency exchange and cross-border transactions.

7. Support More than 2 Decimal Places when Recording Transaction

Whether the business need is for tax purposes, crypto currencies or for financial reporting, this functionality is essential for the operations of most companies operating globally and transacting in multiple currencies.

A .01 variance for instance can be immaterial for now but when it accumulates overtime, this will create a significant impact in the financial analysis and audit.

8. Customize the Total Summary Box in Different Transaction Forms

Being able to customize the data presented in the Summary Box will help the business include significant information be it for Tax Calculation or other financial tracking purposes.

9. Voice Enabled Artificial Intelligence (AI)

Artificial Intelligence is impacting the lives of many and as we all know Netsuite is improving the Text Enhance functionalities and other AI enabled applications.

Having a voice enabled AI can greatly differentiate Netsuite to other ERP platforms. With this function, we can have an interactive engagement with the system apart from navigating on reports, creating or viewing records.

In the future, we can ask the system like our interaction with Siri ‘Hey Suite, can you tell me our Income as of today?’ Suite will then say, ‘our income is positive’.

We bet to hear optimistic news every day.

10. Suggest Time Entry Details from pages and records in Netsuite and Emails

We are all excited to receive rewards and pay but admit it, creating time entries is not everyone’s favourite.

Netsuite recently acquired the Field Service Management Application (NextService) which is a great tool for Scheduling and Dispatch, Inventory Management, Customer Asset and Mobile App for Field Technicians.

Looking ahead, it would be convenient to have a tool that would recommend the memo in the time entry based on the details gathered on pages viewed during the day, records created, reports generated in Netsuite and emails responded outside the system.