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What’s In Store For Manufacturers In NetSuite Release 2019.1?
NetSuite has announced the Version 2019 Release 1 of their Cloud-based business management suite, and there are some exciting updates for all.
Especially relevant is the manufacturing sector, which has embraced the utilities and functionalities of NetSuite in a major way, since last few years.
Manufacturers across the globe use NetSuite’s financial/ERP solutions, along with omnichannel ecommerce suite for managing their day to day business operations, and the updates have been designed to provide them with more leverage, and more productivity.
Here are the major updates from NetSuite Release 2019.1, for manufacturers:
Update #1: Taxation Simplified
NetSuite has introduced a new tax engine called SuiteTax, which magically takes care of all your tax needs, via one single platform.
SuiteTax will automatically update tax rate changes across 100 countries so that manufacturers don’t need to manually update it, or worry about incorrect taxes.
In India, this new Tax engine will generate GST-based tax reports, in Europe, it will do the VIES validation for EU Tax registration number and in the US, it will automatically create tax records such as tax agency, tax types, tax rate updates and more.
In short, leave all your tax-worries to the new TaxSuite from NetSuite, and relax.
Update #2: More Control Over Company Payments
Accounts payable process becomes more streamlined, and more controlled with this new update. Now, the management can set up an approval process for any type of payments: be it vendors payment or employee salaries.
Besides, the new version also includes support for installment based payments. One single click will be able to inform you how many installments are due, and how many have been paid.
Update #3: Improved Productivity With Merchandise Hierarchy
Merchandise hierarchy, which was introduced in the 2018.2 version, has now been enhanced with better usability, and powerful features.
Merchandise hierarchy enables the manufacturer to make better decisions, by using data in an optimal way. Extracting CSV reports becomes easier, description of items will be now more visible, and more updates have been implemented.
Update #4: Supply Chain Snapshot Enhanced
To make Supply Chain more seamless, a Supply Chain Snapshop feature was added last year, which has now been enhanced.
With a single snapshot, the manufacturer can have all the data required for understanding the entire supply chain process, which now becomes even more powerful.
Update #5: Enhanced Ecommerce Functionalities
For the omnichannel e-commerce suite, NetSuite’s latest release has several exciting updates.
Now, individualization of the shopping cart has been enabled, which will allow multiple users from a single account to use their own shopping carts. Better email previews and email design features have been added which will make the process of creating and sending emails super easy.
Besides these, there are tons of other updates in the latest Version 2019 Release 1 of NetSuite, which will help the manufacturers to increase productivity, save time and optimize every single penny of your budget.
