NetSuite 2022.1 to Help Non-Profits Leverage More Opportunity
Recent few years has provided non-profit organisations with various ups and downs as the organisations look to reboot their activity. In order to ensure the success of it, NetSuite 2022 Release 1 provides nonprofits the tools needed to manage their financials, engage their employees and accept online donations. The latest update contains the features nonprofits need to embrace opportunities in leveraging digital fundraising and operations.
Easy Way to Receive Online Donations
With more donors preferring to give via the web, NetSuite 2022 Release 1 now enables nonprofit organizations to receive donations online. Donors can easily make their contribution online via a payment link that can be added to the organization’s website or email. Donations can also be designated as recurring and tagged to specific programs or initiatives.
Donors also benefit from this new feature with the option to manage their donations from SuiteCommerce MyAccount page. Additionally, donors can download tax receipts with the date, amount and the Tax ID number of the nonprofit, creating less work for the nonprofit employees and giving donors their desired level of visibility and documentation.
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Up-to-Date Insights on Cash-On-Hand, Allocations and Future Cash Flows
Starting with NetSuite 2020 Release 2, accountants, controllers and AP and AR clerks could pair intercompany invoices and bills. The intercompany transaction matching enhancement in 2022 Release 1 now lets these professionals easily pair standalone intercompany credit memos and bill credits. This eliminates the requirement to create a full intercompany purchase order-sales order workflow to pair the two, reducing both manual work and mismatches in intercompany billing. This feature is especially helpful for those for-profit companies with a nonprofit subsidiary.
For nonprofits, visibility into current cash position and future cash flows has become even more integral as they face fluctuating donation trends. With the Cash 360 dashboard, organizations have up-to-date insight into their cash position to ensure adequate cash on hand, as well as forecasting capabilities via a 360-degree view dashboard offering full visibility into cash flows six months out. Projected cash flows include current NetSuite transactional data as well as projected collections and disbursements. They can also be customized to include any transactions impacting the cash flow forecast – like capital expenditures and major non-cash donations – to make the projection more comprehensive, interactive and accurate, as well as unique to the company’s situation.
The labor expense allocation feature automates payroll costs (salary + fringe benefits) allocation to a program project or grant, lending crucial visibility into the expenses of a program or project, as well as streamlining the process of billing costs to a grantor on cost-reimbursable grants. While this capability has been available previously as a part of theNetSuite SuiteSuccess Social Impact Edition, it is now being extended for use by all NetSuite customers.
Ease in Billing One-Time and Recurring Donations
The new features around bulk customer payments spares the accounting team from needing to record and apply donor contributions to open invoices on a per donor basis. Instead, payments can now be accepted from multiple customers on one NetSuite screen. For nonprofits with recurring donors, scheduled credit card payments for recurring transactions are automatically created based on user specified dates, both expediting and improving accuracy in the process.
More Tools to Enable Strong, Consistent Performance Management
The new enhancements around performance management in SuitePeople gives both managers and employees more control over goals. Employees will be able to delete unapproved, accidental or unwanted goals. Managers and their direct reports gain better alignment and communication by allowing both parties to view any changes to or progress on a goal in one place. The new manager digest feature, which consists of a monthly email that keeps managers up-to-date on their team’s achievements, goal progress and on areas that need their attention, further improves organizational alignment.
Additionally, NetSuite 2022 Release 1 contains an advanced scheduling capability that simplifies the process of performance reviews through the use of SuiteAnalytics to define a group of employees that will receive a performance review. HR managers can send performance reviews to specific subsets of employees, as well as automatically schedule reviews at given time intervals from their start date.
Enhanced Visibility Through Easy Dataset Linking
Analyzing multiple data sets in a single SuiteAnalytics Workbook used to require writing code using the SuiteScript API. With NetSuite 2022 Release 1, SuiteAnalytics delivers a new interface to link multiple datasets to a single workbook by dragging and dropping needed links, without writing any code. This new interface decreases the amount of time and resources needed to analyze business performance in areas like budget to actual, forecast to actual or planned to actual.
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