NetSuite 2023.2 Unveils Exciting Enhancements Across Modules

The latest NetSuite release is full of module improvements that can help your company become more efficient and profitable. You just have to know what's available and how to use it.

NetSuite 2023.2 Updates for Modules

The NetSuite 2023.2 update contains an abundance of new features for all aspects of the system, including SuiteApps, modules, and interfaces. We’re particularly excited about the module updates because they offer added functionality to your core system, significantly impacting efficiency, accuracy, and productivity.

1. NetSuite Account Reconciliation

One of our favorite features in the NetSuite 2023.2 release is NetSuite Account Reconciliation. This licensed add-on module helps close your books faster and increases their accuracy. It accomplishes these feats by automating the entire reconciliation process for your general ledger, including credit card and bank transactions, inter-company transactions, accruals and fixed asset accounts, and accounts receivable and payable.

2. NetSuite AP Automation

Accounts payable clerks can celebrate! NetSuite 2023.2 has introduced a Payment Approval Routing feature that allows users to seamlessly submit, review, and approve payments in batches.

NetSuite AP Automation, a licensed add-on module, streamlines the payment approval process, saving time and money. Moreover, the update ensures that only authorized transactions are paid, offering enhanced control over spending and cash outflows.

3. NetSuite Bill Capture

The NetSuite 2023.2 release also allows you to acquire the NetSuite Bill Capture module as a standalone add-on instead of licensing the entire AP automation solution. This move offers greater flexibility to tailor your NetSuite toolkit to your needs.

The updated Bill Capture module boasts advanced machine-learning capabilities that intelligently categorize expenses and suggest appropriate subsidiaries based on historical data and bill patterns. You can also scan and upload multiple vendor bills simultaneously, simplifying the process.

4. Quality Management

NetSuite understands the importance of efficiency in quality management. The 2023.2 update enhances the Quality Management module, allowing supervisors to assign operators to inspections as the inspection process begins. The system also notifies operators of their tasks through email alerts, ensuring a seamless and organized workflow.

5. NetSuite Connector

The NetSuite Connector, available as a licensed add-on, offers even more functionality, thanks to the NetSuite 2023.2 update. It’s now a breeze to reconcile Shopify payments with your ERP system. And businesses can directly purchase shipping services from Amazon, and the system will automatically sync fulfillment back to NetSuite. The update's Shipping Label Sync feature optimizes costs using preferential rates, benefitting your bottom line.

6. NetSuite Warehouse Management System

NetSuite 2023.2 ramps up efficiency in the NetSuite WMS module, introducing a range of enhancements that streamline shop floor operations. It offers the ability to assign tasks to specific pickers in bulk, empowering supervisors to achieve more with fewer resources. Wave-picking enthusiasts can also rejoice as customizable wave-picking criteria templates eliminate the need for manual entry.

The update also offers a game-changing feature called "reverse picking." Reverse picking allows employees to place products in bins of their choice instead of tracking down the original location. Additionally, inbound shipment processing has become smoother because operators can perform continuous tally scans across item types, saving substantial time and effort.

7. NetSuite Analytics Warehouse

The NetSuite 2023.2 upgrade has made the NetSuite Analytics Warehouse more powerful than ever. This paid licensed add-on module offers in-depth data analysis that equips company leadership for better decision-making. Now, it features 57 new ready-made metrics covering everything from sales to project management. It also allows you to build internal financial statements and run scenario analyses. And it includes a user-friendly interface, increased data refreshes, a streamlined user access process, and more.

What Does the NetSuite 2023.2 Upgrade Mean for You?

Cutting-edge software won’t help you beat the competition if you don’t fully utilize it. Instead, it becomes a waste of time and money.

That’s why, as a NetSuite user, it’s crucial to learn about the NetSuite 2023.2 release and how its new features can benefit your business. These module updates can revolutionize AP automation, improve quality management, and optimize warehouse operations—but only if you know how to use them.

We understand software research takes time away from your business operations. So, we’re happy to do the work for you. Contact the SuiteDynamics experts and discover how to maximize NetSuite for your company. Schedule a consultation today.

Disclaimer from NetSuite: The preceding is intended to outline Oracle NetSuite's general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.



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