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Top 3 NetSuite Features To Consider In 2020

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As a leading business application that supports organizations’ entire business processes—from ERP and CRM to web capabilities—NetSuite Cloud ERP offers everything in a single and integrated powerful solution!

What’s more, NetSuite enables business owners to make faster and more informed decisions through real-time analytics and reporting.

In this blog post, we’ve rounded up some of NetSuite’s top feature enhancements that users can benefit from. We’ve included a brief overview of each feature mentioned, but customers can always find out more about its customization and implementation by reaching out to our NetSuite experts!

1.     Vendor Prepayments feature

For most vendors, paying a certain amount as deposit is a standard prerequisite in procure to pay processes. NetSuite has streamlined this process by allowing users to record and track vendor prepayments and apply them against any open bills for the same vendor. The best part is that the accounting is only carried out when the final purchase bill received.

With the vendor prepayment feature, you can easily determine the number of outstanding vendor deposits and track them throughout the process. Plus, the feature works like a charm because it’s fully native!

2.     Time Modification feature

Time Modification is another out of the box feature that will save you time and money. Previously requiring technical workarounds, this functionally is now available natively since the NetSuite 2019.2 release.

The Time Modification feature offers users better control of billable time. Users can now modify time entries and manipulate pending approval, approved and unbilled time entries—drastically improving visibility.

The feature has three significant additions:

  1. Actual Time Analysis — gain better visibility into the hours spent on projects by comparing non-billable and billable time.
  2. Bulk Time Modification – allows users to apply bulk actions on time entries, such as transferring time between different projects and modifying or rejecting approved time.
  3. Locked Timesheet Periods – it prevents employees from adding/editing/saving/submitting time bills after a predetermined period that’s defined by high-level managers. This allows managers to have better control over the timesheet submissions, in addition to the capability of granting editing rights to specific employees.

3.     Country-Specific Reports

NetSuite’s OneWorld offering provides business owners the automation and agility needed to execute on a global scale. It offers country-specific capabilities that enable them to meet reporting obligations and local compliance. One such functionality is the ability to create country-specific reports.

The feature allows you to define a framework and layout for assembling accounts. You can customize these layouts in different ways, such as grouping multiple accounts in one or specifying accounts by a prefix range. Needless to say, it’s a very powerful feature if used correctly!

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Streamline Operations With Netsuite Feature Enhancements Today!

Make the most of your NetSuite application by reaching out to NetSuite solution providers, like Ravenstone Solutions. Our team of experts can help customize your solution to meet industry-specific challenges and maximize profitability.

Find out more about our NetSuite implementation and consulting services by getting in touch with us at 1(800) 459-7128.

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