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Sneak Peek: Version 2014 Release 2 – ERP

Brought to you by NewGen, a customer-centric ERP consulting group with over 25-years of experience

NetSuite ERP

New Multi-Book Accounting

The globalization of business continues to be driven by several factors, including the growing presence of multinational corporations, global capital markets, foreign direct investment and economic interdependence. At the same time, investors, bankers, shareholders, customers and other financial statements users exist all over the world, specifically in countries that have their own unique sets of accounting standards.

With NetSuite Version 2014 Release 2, we are excited to introduce NetSuite Multi-Book. Whenever the same business event requires different accounting treatment because of industry-specific rules, country-specific rules or both, different reporting outcomes will occur. To report financial results within compliance based on multiple accounting standards concurrently, accounting departments can now leverage Multi-Book to comply with any standard.

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Automated accounting rule-driven engine. Multi-Book eliminates data entry replication and reduces the need for error-prone manual adjustments from processes due to managing multiple books per accounting standard. Using a powerful rule-driven engine, accounting departments can now create business transactions and automatically post the activity to all books efficiently in accordance with the appropriate accounting standard. With prebuilt mapping capabilities between your primary and secondary chart of accounts, Multi-Book can record all book-specific activity based on a single business transaction for the general ledger, revenue recognition, expense amortization, depreciation (Fixed Assets Management SuiteApp), P&L allocations and more.

Foreign currency management. Multi-Book enables accounting departments to record transactions using book-specific functional currencies. Based on exchange rates stored in the system, Multi-Book can automatically calculate the general ledger impact for all books, including the realized and unrealized foreign currency gain/loss amounts per transaction.

Real-time financial reporting and analysis per book. Leveraging an automated rule-driven engine, Multi-Book provides real-time visibility to see accurate “flash” financials for any book—standard financial reports, VAT/GST reports (International Tax Reports SuiteApp), saved searches and more. Run your financial operations and manage multiple sets of financial books efficiently and issue your financial statements in accordance with whichever accounting standards are required. Additional fees may apply for this feature.

New Requisition and Purchase Contract for Spend Management

Companies can acquire materials, build products and operate anywhere in the world using our suite in the cloud. But sourcing effectively and reducing spend—of all materials, office supplies, outsourced services, and so on—is challenging when considering the different geographies, unique monetary constraints per business unit and various vendors used within the company.

NetSuite Version 2014 Release 2 introduces powerful procurement features that will significantly improve end-to-end management of the materials and services acquisition, efficiently aligning buying needs across the company and helping you be more efficient and save money on an ongoing basis.

As companies seek to optimize financial management and streamline operations, we are excited to introduce new purchase requisition, purchase contract and blanket purchase order capabilities that can improve procurement ROI.

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Requisitions. With NetSuite Version 2014 Release 2, a new purchase requisition will be available for your employees to use in acquiring the goods and services they require to do their jobs. Employees will be able to submit one requisition for all the items and services they need, regardless of how many vendors may be involved. In fact, employees will not even need to know which vendor(s) the items and services will be purchased from. To expedite approvals, a new SuiteApp with intelligent workflow will notify the approver (e.g., next level manager, finance department, etc.) of a pending request and automatically route the requisition up the hierarchy for approval. Lastly, the procurement team will have the flexibility to consolidate multiple requisitions into a single purchase order to reduce the total number of POs processed and consolidate purchasing volumes. You can combine buying power to negotiate better prices and contract terms, and enhance your spend management in a cost-effective and timely manner with improved purchase requisition functionality.

Purchase Contract & Blanket PO. Once a vendor has been qualified and selected for a particular buying need, NetSuite Version 2014 Release 2 enables you to take advantage of quantity-based terms and discounts that apply to a company’s annual volume of goods or services with the new purchase contract and blanket purchase order capabilities. Using a new purchase contract feature, sourcing managers and buyers can enter negotiated terms, tiered pricing and other discounts for purchases with a specific vendor over a predefined period. As a result, future purchase orders placed for items with this vendor will automatically include the contracted terms without wasting the time and effort finding good vendors and negotiating terms over and over again. The blanket purchase order allows companies to purchase in large volumes and spread the delivery of the items or expenses over a time horizon using pre-specified schedules. With new purchase contracts and blanket purchase orders, you can optimize your spend with less paperwork, time and effort to negotiate the best deals with your vendors.

Additional fees may apply for these features.

For More Info – Sneak Peek: Version 2014 Release 2

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