Editor's Note: This is a prologue to Murph's new 'Inside Oracle NetSuite' series, which features a deep dive into recent enhancements to the Oracle NetSuite ERP. While this introduction to the series is being published within Insightful Accountant, the series is part of Insightful Accountant's new "Be Insightful" Premium content.
Murph's Future series will provide an in-depth look at various other ERP alternatives to QuickBooks Enterprise for users considering migration.
Recently, Oracle rolled out NetSuite 2024.2, providing several enhancements to the financial features of the product—for example, Cash Management Optimization.
- AI-powered enhancements to NetSuite Bill Capture improve mapping logic, increasing scanned bills' accuracy and alerting users to variances.
- NetSuite AP Automation allows companies with multiple US subsidiaries to automate vendor payments for each subsidiary.
- The new Bank Feeds SuiteApp supports connections to additional financial institutions in the US and Canada.
- The Cash 360 SuiteApp now supports installment schedules to forecast cash flow accurately.
NetSuite Bill Capture with AI-powered enhancements improves matching capabilities and comparison with additional information from purchase orders to provide variance alerts. With increased control and accuracy, it can capture vendor invoices quickly and with fewer errors. Users can now upload bills with as many as 30 pages. Notable AI-powered enhancements improve matching technology for increased bill accuracy and control.
NetSuite AP Automation now allows companies with multiple subsidiaries to automate vendor payments for each subsidiary. Management of vendor prepayments and automatic account assignments has also been enhanced.
BankFeeds SuiteApp lets businesses directly connect to more than 700 banks using OAuth connections. Combined with NetSuite's new financial aggregator partnership, more than 14,000 financial institutions are available for connection.
Cash360 SuiteApp now incorporates installment schedules defined on invoices and vendor bills to facilitate more accurate forecasting of accounts receivable and accounts payable.
This is but a brief look at a few of the new features enhancing the financial accounting and reporting functions of Oracle NetSuite. For more information, see Murph's "Inside Oracle NetSuite - Part 1" article detailing the NetSuite 2024.2 Financial Features in "Be Insightful" Premium Content.