NetSuite is constantly evolving to meet the needs of its users, and there are some exciting new features that you need to know about. In this article, we'll be diving into three key updates in NetSuite: Account Reconciliation Automation, OCR for Billing, and Configure Price Quote (CPQ). 

With these new updates, NetSuite is taking things to the next level, making it easier than ever for businesses to automate their processes and save time and resources. Whether you're a small business or a large enterprise, these updates have something valuable to offer.

NetSuite Bank Account Reconciliation Automation

Historically, NetSuite’s Bank Rec features have been weak compared to some other accounting solutions. That's why NetSuite's latest update on account bank reconciliation automation is such exciting news! It offers businesses a faster, more accurate, and more automated way to manage their bank recs.

What is Account Reconciliation?

Bank Account reconciliation is the process of comparing two sets of financial records to ensure that they are in agreement and accurate. It involves verifying transactions, balances, and other financial data to ensure that there are no discrepancies between what is shown on your bank statement, and what is reflected in NetSuite’s General Ledger.

Traditionally, account reconciliation has been a time-consuming and manual process. Accountants would need to meticulously go through each transaction and balance, comparing them with bank statements or other sources of financial data. This not only required a significant amount of time and effort but also left room for human error.

In cases where businesses had a large volume of accounts, this became particularly difficult, as NetSuite had limited options with regard to automating the process of loading the bank account data into NetSuite.

How Does it Work?

NetSuite's account reconciliation automation works by connecting directly to your bank accounts and other financial data sources. It then automatically retrieves and matches transaction records, comparing them with the corresponding entries in your accounting system. This eliminates the need for manual data entry and greatly reduces the chances of errors.

The system intelligently identifies any discrepancies, such as missing transactions or amounts that don't align. It highlights these exceptions for review and resolution, allowing accountants to address the issues promptly. Additionally, the platform offers customizable reconciliation rules, ensuring that the process aligns with your organization's specific requirements and workflows.

NetSuite OCR for Billing

If your business is grappling with inefficiencies in accounts payable (AP) automation within the NetSuite platform, then we have good news. In the latest update, NetSuite now offers an Optical Character Recognition (OCR) tool which is a significant enhancement. OCR technology has the capability to transform scanned invoices into text that a computer can easily read and process. This automation not only streamlines the entire AP workflow but also results in substantial time and cost savings.

Problems Solved by NetSuite OCR AP Automation

Reduction in Manual Processes

For growing businesses, scalability is crucial. Manual data entry methods are not only time-consuming but also unsustainable as the business expands. OCR technology mitigates this by automating the data entry process, making it a scalable solution that can adapt to growing operational demands.

Eliminate Human Errors

Manual data entry is prone to errors, which can compromise the integrity of your financial data. OCR technology minimizes such risks by automating the data capture and entry process, thereby enhancing the reliability of your AP data.

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Reduce Process Related Risks

In a manual AP environment, there are multiple points where errors can occur, such as missed payments or incorrect billing amounts. OCR technology centralizes and automates data capture, significantly reducing the room for such errors and ensuring a more reliable AP process.

Improved Data Quality

Accurate and readily available data is essential for informed decision-making. OCR ensures that the data captured is both accurate and easily accessible, providing a solid foundation for analytics and strategic planning.

How OCR Works in AP Automation

Scanning the Invoice

The first step involves scanning the physical or digital invoice to create an image file.

Specifying the Document Type

The system identifies the scanned image as an invoice, setting the context for the data extraction process.

Recognizing the Type of Text

The OCR system identifies whether the text is printed, handwritten, or follows any specific format. This helps in accurate data extraction.

Extracting the Data

The OCR system then reads the text from the scanned image and converts it into machine-readable data.

Human Verification

Even though OCR is highly accurate, a human review is often conducted to verify the extracted data. Any discrepancies can be corrected at this stage, and the system can be trained for future accuracy.

Exporting Data: Finally, the extracted and verified data is updated in the NetSuite records it relates to, and the transaction status is changed to ready to approve, depending on your processes.

"Embracing innovation, NetSuite transforms the tedious art of bank reconciliation and accounts payable automation. Through advanced automation and OCR technology, businesses can now ensure accuracy, reduce human error, and scale efficiently, laying a robust foundation for insightful financial decisions." - Brandon Cumby, Director of Professional Services, Zanovoy.

Configure Price Quote (CPQ)

NetSuite’s New CPQ is a powerful function that allows sales teams to quickly and accurately configure product offerings, generate quotes, and create professional proposals. With NetSuite CPQ, you can:

Define Complex Product Configurations

CPQ lets you define all the possible options and variations of your products or services in a structured manner. This means you can easily create configurations that include different features, add-ons, pricing tiers, and discounts.

Instantly Calculate Prices

CPQ takes the guesswork out of pricing by automatically calculating the price based on the selected configuration. This ensures accuracy and consistency in the quoting process, eliminating errors and preventing potential revenue leakage.

Generate professional-looking quotes and proposals

With CPQ, you can create branded and customizable quotes and proposals that look professional and reflect your company's image. You can add your logo, customize the layout, and include relevant product information and terms and conditions.

Streamline Approval Processes

CPQ simplifies the approval process by providing a centralized platform where team members can review and approve quotes and proposals. This eliminates the need for back-and-forth email chains and ensures that all stakeholders are on the same page.

Key Benefits of NetSuite CPQ

Implementing CPQ can have a significant impact on your sales process and bottom line. Here are some key benefits of using CPQ:

Increased Efficiency

CPQ automates manual tasks and eliminates time-consuming manual calculations, allowing your sales team to focus on what they do best - closing deals. This not only saves time but also improves productivity and overall efficiency.

Improved Accuracy

By automating the pricing and configuration process, CPQ reduces the chances of errors and inconsistencies in quotes and proposals. This ensures that your sales team is providing accurate and consistent information to customers, reducing the risk of misunderstanding and customer dissatisfaction.

Faster Sales Cycle

With CPQ, you can generate quotes and proposals in a matter of minutes, compared to the hours or even days it might take with a manual process. This enables your sales team to respond quickly to customer inquiries, providing a competitive edge and increasing the likelihood of closing deals faster.

How NetSuite CPQ Can Help Different Industries?

While CPQ offers numerous benefits, it's important to consider whether it aligns with your business needs and goals. Here are a few factors to consider:

Manufacturing

CPQ software is invaluable to manufacturers offering customizable products. It streamlines the process of configuring complex products, ensuring that all components and features are compatible. This reduces errors and speeds up the production cycle.

Technology and Software

In the tech industry, products and services often have multiple configurations and pricing tiers. CPQ software helps sales teams quickly generate accurate quotes, even for complex software packages, and ensures that all licensing and subscription options are presented clearly.

Automotive

The automotive industry often involves complex configurations, including various models, features, and add-ons. CPQ software allows customers and sales reps to easily configure cars according to individual preferences, providing real-time pricing updates as choices are made.

Life Sciences

Medical devices and healthcare solutions often require customization to meet the specific needs of healthcare providers. CPQ software can manage these complexities, ensuring that the final product meets regulatory compliance and customer needs.

Retail and E-commerce

CPQ software can integrate with e-commerce platforms to provide real-time pricing and customization options, enhancing the customer experience. This is particularly useful for retailers that offer customizable products, such as furniture or personalized gifts.

Energy Sector

Companies in the energy sector often handle complex, large-scale projects that require customized solutions. CPQ software can handle the intricacies of these projects, from equipment customization to pricing adjustments based on fluctuating commodity prices.

Financial Services

In the financial sector, CPQ software can help manage the complexities of various financial products, packages, and services, ensuring compliance with industry regulations and facilitating upsell and cross-sell opportunities.

"In the dance of modern commerce, NetSuite's CPQ orchestrates a symphony of efficiency, accuracy, and swiftness. As industries evolve in complexity, this powerful tool empowers businesses to configure, price, and quote with precision, ensuring every customer interaction resonates with professionalism and clarity." - Brandon Cumby, Director of Professional Services, Zanovoy.

That’s It For Now

NetSuite's commitment to continuous innovation and customer satisfaction is evident in these new features. The software is constantly evolving to meet the changing needs of businesses and provide a seamless and comprehensive solution for managing various aspects of operations.

Whether you are a small startup or a large enterprise, these new additions to NetSuite can drive efficiency, improve financial control, and enhance the overall user experience. Implementing these features can have a significant impact on your day-to-day operations, allowing you to focus on growing your business and achieving your goals.

If you are considering an ERP solution or already using NetSuite, make sure to explore these new features and take advantage of the opportunities they present. Stay ahead of the competition and maximize the potential of NetSuite by leveraging these powerful tools.

Frequently Asked Questions

What is NetSuite Account Reconciliation Automation?

NetSuite Account Reconciliation Automation is a feature in NetSuite that automates the process of reconciling accounts and ensuring the accuracy of financial data. It streamlines the matching of transactions, identifies discrepancies, and provides real-time visibility into the reconciliation status.

What is OCR for Billing in NetSuite?

OCR for Billing in NetSuite refers to the Optical Character Recognition technology that automates the extraction of data from invoices and billing documents. By using OCR, NetSuite can automatically capture important information, such as invoice numbers, amounts, and due dates, and populate them into the system, reducing manual data entry and improving efficiency.

What is Configure Price Quote (CPQ) in NetSuite?

Configure Price Quote (CPQ) in NetSuite is a feature that enables businesses to streamline and automate the sales quoting process. It allows users to configure complex product and pricing configurations, generate accurate quotes, and quickly convert them into sales orders. CPQ helps improve sales efficiency, accuracy, and customer satisfaction.

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