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Cash Management Enhancement in NetSuite 2022 Release 1

Updated: Feb 17, 2022

Controlling and managing cash flow are critical to a successful business. After all, the inability to effectively manage cash flow is one of the main reasons so many new businesses fail within the first five years. However, cash management is a delicate balancing act. You need to keep enough cash on hand to cover day-to-day operations, service debt and fund sales and marketing efforts while investing in the business for long-term growth at once.

NetSuite 2022 Release 1 includes enhancements that make cash management easier.

This release also includes intercompany accounting and payment management capabilities designed to help increase the efficiency of financial processes, which is a high priority for many organizations. By bringing additional automation to these processes, NetSuite 2022 Release 1 is helping customers save time and improve the productivity of accounting.

Monitor Cash Flow

Finance leaders must know how much cash the business needs, how much it has on hand and how much it’s owed. They also need to be able to forecast future cash inflows and outflows, ideally without spending hours gathering data. Unfortunately, many finance teams are forced to rely on spreadsheets and static data to develop forecasts. This is a labor-intensive process that has to be repeated every time the company needs an updated forecast.

The Cash 360 dashboard, available with NetSuite 2022 Release 1, gives customers real-time insights into their current cash position and near-term cash flow. The configurable Cash 360 dashboard includes links to key cash management activities, displaying reminders, current cash balance, accounts payable and accounts receivable balances, cash flow trends and a rolling six-month cash flow forecast. Having this information at their fingertips helps business leaders make faster, better-informed financial decisions.

NetSuite has improved forecast accuracy by pulling in multiple data points, like new funding sources, planned expenditures, billing schedules and sales forecasts, and combining them with open AR and AP transactions. Historical averages based on your data are then applied to estimate collections and disbursements, improving forecast reliability.

NetSuite Cash 360 dashboard.

Simplify Intercompany Accounting

Companies with subsidiaries often struggle with intercompany transactions. For accounting purposes, these transactions must be excluded from financial reports. Doing this manually means searching line-by-line through hundreds or thousands of transactions to identify and match intercompany invoices with their corresponding purchase orders. This is not only inefficient, but also risks missing relevant transactions.

NetSuite automates this process, making it easier for finance and accounting staff to identify and link intercompany purchase orders and sales orders. This saves time and reduces the risk of reporting errors. NetSuite 2022 Release 1 extends this feature by adding the ability to automatically pair vendor invoices with credit memos and bill credits. Companies that lack a formal procurement workflow or want to avoid creating purchase orders and sales orders for intercompany transactions will find this convenient.

Process Customer Payments More Easily

High transaction volumes, complex pricing models and variable billing can make processing customer payments tedious for accounts receivable personnel, especially if payments must be applied to each invoice individually.

Manually processing regularly occurring payments, such as for subscriptions, is also highly inefficient.

The new bulk customer payments feature enables invoice payments for multiple customers or customer groups to be consolidated and applied in a single step, saving time and increasing the productivity of AR staff. Scheduled credit card payments can also be processed automatically, eliminating the need to manually enter and apply recurring payments one by one. The end result is an accelerated payment process that is both more efficient and more accurate.

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