Explore the Future of Business Efficiency with NetSuite 2025.1
Efficiency and productivity are currently the most significant internal risks for CFOs, according to Deloitte’s Q3 2024 CFO Signals survey. In response, NetSuite has doubled down on its commitment to streamline business processes. The new NetSuite 2025.1 release rolls out a host of features aimed at boosting finance team performance and enhancing operational efficiency throughout the organization.
Streamlined Procurement with SuiteProcurement
NetSuite 2025.1 unveils SuiteProcurement, an innovative indirect procurement solution integrated within NetSuite and powered by Oracle Business Network (OBN). This new feature revolutionizes how companies manage their operating supplies purchases by automating approval processes and managing documents electronically. With SuiteProcurement, buyers gain access to volume discounts through a centralized purchasing system with leading suppliers like Amazon Business and Staples Business Advantage. The automated process from purchase request to order fulfillment is not just a time-saver but also increases purchase accuracy and efficiency.
Enhanced Bill Management and Audit Readiness
Improvements in NetSuite Bill Capture offer enhanced control over the invoice management process. The updated features include a reference number column for better tracking, duplicate detection warnings, and user notes that persist through to the finalized bill. These tools are designed to simplify compliance and audit processes, with reusable templates that significantly reduce the time spent on audit documentation. Additionally, the expansion of Bill Capture to include support for NetSuite SuiteTax and international markets like the UK and Australia ensures that businesses can maintain consistency and accuracy in billing across the globe.
Grant Management and Compliance Made Easy
The new NetSuite 2025.1 also introduces the Grant Management SuiteApp, integrating grant management into the SuiteSuccess editions. This tool provides organizations with a single source for managing commercial and government grant revenues, complete with dedicated segments, records, KPIs, and reporting. For compliance, NetSuite Compliance 360 has been enhanced to offer reusable audit templates and improved audit documentation functionalities, making it easier than ever to navigate the complexities of compliance.
AI-Powered Reporting and Financial Connections
The release brings the power of AI to financial reporting with the new NetSuite Narrative Reporting feature. This tool enables finance teams to automatically generate detailed narratives and explanations from financial data, streamlining report production and enhancing insight into financial operations. Additionally, an expanded partnership with a leading financial aggregator extends connections to over 14,000 financial institutions in North America, enhancing financial data integration and security.
Tax and Cash Flow Enhancements
Updates to NetSuite SuiteTax and the introduction of Cash 360 improve the accuracy and ease of managing tax obligations and cash flows. The new features in SuiteTax provide detailed tax code information, while Cash 360 offers enhanced cash flow forecasting, incorporating installment payments for a more accurate financial outlook.
Advanced Subscription Management and Employee Resources
NetSuite 2025.1 expands its capabilities with new functions in SuiteBilling to customize subscription management and invoicing. In the realm of workforce management, NetSuite SuitePeople introduces regional compliance features and access to digital W2 forms directly through the employee center, enhancing both payroll management and employee accessibility.
Deeper Customer Insights with Customer 360
Finally, Customer 360 has been enriched with new tabs for opportunities, orders, and returns, providing comprehensive insights into customer interactions and statuses. This feature ensures that businesses can maintain close tabs on customer relationships and transaction histories, optimizing customer engagement and sales strategies.
NetSuite 2025.1 is not just a software update—it's a leap towards future-proofing your business operations. Explore these new features and see how they can transform your financial and operational efficiency today.
