Accounting

What Accountants on NetSuite Need to Know from SuiteWorld 2018

Apr 27, 2018 | By Blake Oliver

We had a blast at Oracle NetSuite SuiteWorld 2018 this last week, but it wasn’t all just fun and games — We also learned a lot about new NetSuite products, upcoming releases, and the overall product direction. For those who couldn’t make it to SuiteWorld (or those who skipped the keynote to sleep in), here are FloQast’s key takeaways for accountants and controllers from SuiteWorld 2018.

The SuiteAnalytics beta is now open to all — and it looks amazing.

Now even non-technical users can get insights from their ERP without having to get help from IT. Users can easily create pivot tables and charts from their NetSuite data with a drag-and-drop editing interface. The new SuiteAnalytics is currently in an open beta.

The development roadmap in the short term includes:

  • Queries based on queries
  • Calculated fields in pivots
  • Improved charting
  • Expanded data coverage
  • Pivot API

And a bit further out on the roadmap:

  • Analytic apps
  • Intelligent pivots
  • Intelligent charts
  • Complete data coverage
  • Chart API

If you’re a NetSuite customer and want in on the fun, send an email to Beta.SuiteAnalytics@netsuite.com to get added to the SuiteAnalytics beta. For more info on SuiteAnalytics, check out this post on the NetSuite Blog.

Now you can launch an online store with NetSuite within 30 days.

The latest release of SuiteCommerce puts an end to “long, costly implementations” according to Jim McGeever, Executive Vice President. With the new release, companies get pre-built themes, drag and drop site building tools, plugins to extend site capabilities, and accelerated deployment. And of course everything is integrated with the NetSuite platform.

As a bonus, the first 1,000 customers to sign up for SuiteCommerce get implementation included at no charge. Sign up here.

SuiteTax will take care of global tax calculations for NetSuite customers in 140 countries.

This could be a game changer for small businesses looking to expand internationally.

Craig Sullivan, SVP of Enterprise and International Products, told AccountingWEB that the upcoming SuiteTax product will be able to calculate sales taxes in 140 different countries, including complex tax regimes such as China and Brazil.

Tax rates will be automatically updated and users will be able to see every tax component so they know exactly how tax on each transaction was calculated.

Customize fields in just one place with the new Customization Manager.

Customization manager will be key to reducing the blood pressure of NetSuite admins globally. #SuiteWorld18

— Catherine Adamson (@NetSuiteTweet) April 25, 2018

The new Customization Manager will be the “key to reducing the blood pressure of NetSuite admins globally,” according to one attendee and self-described “NetSuite nut.” Rather than having to configure customizations in multiple places, admins will now be able to do it once and have the customization propagate throughout the suite.

Soon we’ll have new and improved localizations for China, Japan, Germany, France, Brazil, and Mexico.

NetSuite, fueled by investment from Oracle, which acquired NetSuite in 2016, is expanding globally with new or improved localizations for six of the world’s largest economies, including China, Japan, Germany, France, Brazil, and Mexico.

Global growth is a big deal for NetSuite. Prior to the acquisition, NetSuite had no presence in China. Now, China is the fourth largest market for the company.

You can now leave feedback for NetSuite right inside the suite.

Something bugging you or want to leave a love note for the NetSuite developers? Well, now you can do it right inside the suite rather than turning to email. Just click the “Feedback” menu item at the top of your screen.

NetSuite is planning to be the world’s “first intelligent cloud suite.”

Evan Goldberg, Executive Vice President, gave a preview of the sort of machine learning and artificial intelligence NetSuite will be integrating into the suite in the future.

He gave examples of the sort of thing where the company might apply AI or machine learning in three categories:

  • Intelligent Automation — Using correlations in the data to predict what might happen next. Examples include cash flow prediction, customer lifetime value prediction, and employee performance prediction.
  • Intelligent Insights — Learning repetitive tasks that users do, and doing it for them.
    Examples include warehouse labor optimization, dynamic product pricing, and self-service employee HR assistance.
  • Intelligent Interaction — Making the experience in the product as smooth as possible for users by showing them what they need, when they need it. Examples include personalized search, dynamic dashboard content, and data entry optimization.

Didn’t get a chance to stop by the FloQast booth? Learn the best practices that can help your accounting team close the books faster and more accurately on NetSuite.

The month-end close for many accounting teams is a labor-intensive, reactive process. There are, however, some simple ways to better organize your people, process, documents and reconciliations to streamline, speed and improve your close. In this guide you’ll learn:

  • Tips and recommendations for building the optimal accounting team
  • Best practices to structure your checklist, along with templates you can use
  • How to best structure supporting documentation

Download your complimentary guide to learn from experts best practices to improve your month-end close.

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Blake Oliver
Blake Oliver, CPA, is an entrepreneur, accountant, writer, and speaker who specializes in cloud accounting technology. In 2016 and 2017, Blake was named a “40 Under 40” in the accounting profession by CPA Practice Advisor. He is the Senior Product Marketing Manager for FloQast.

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