7 feature updates of NetSuite 2022.1 for non-profits article explores the key features of NetSuite that are released recently.
During the uncertain phase of the global Covid pandemic, many non-profit organizations (NGO) have to face several challenges for their survival. Many non-profit organizations said that the pandemic triggered a severe impact on their day-to-day operations such as volunteering and fundraising. As of now, when the worst part of the pandemic is over, non-profit organizations must embrace the most sophisticated business software like NetSuite to stay ahead of the competition.
In order to address particular operational demands of NGOs, the NetSuite 2022.1 version has released several new features and capabilities. In this article, we would discuss seven key feature updates of NetSuite 2022.1 that can bring a positive impact on the operation and finance of non-profit organizations.
Why NetSuite for non-profit organizations?
NetSuite is an integrated ERP and comprehensive business solution for non-profits that allows them to access accurate and updated information on financial data. This way, non-profit organizations can better manage their programs, budgets, and business processes. As NetSuite is a cloud-based platform, it is easy to use from anywhere else. All you need is internet connectivity access and a device with a web browser.
NetSuite combines innovative business solutions and powerful financial features that meet your demands of fund and grant accounting, inventory management, e-commerce, CRM, and others. By using NetSuite, your business efficiency will grow as you will gain control over the financial data that helps to reduce operational costs, ensures accountability, and offers complete visibility of the implementation.
If your nonprofit is looking out for ways to streamline its business and financial process, and accomplish more mission-focused tasks, then NetSuite ERP is the best deal for your organization.
Here are seven (7) features of Oracle NetSuite for Nonprofits
- Non-profit organization gets more cash flow with NetSuite
Every non-profit organization largely depends on donations for running their philanthropic or social welfare projects. When it comes to receiving donations, NGOs do face many challenges. It is true because nowadays, many people prefer to do online transactions or make donations online. This is where the 2022 Release 1 version of Oracle NetSuite for non-profits comes into the picture by delivering reliable features that facilitate the online receiving of donations.
Besides receiving instant payment, the new release will also allow routine transactions or repeated transactions from the same donor by embedding the payment link in the website of the organization or the email template. Some regular donors are called recurring ones so that their transactions will be protected. Thus, this ease of processing payments will make the non-profit organization get more cash flow.
The regular donors can now make all their charitable donations and transactions from the NetSuite SuiteCommerce MyAccount page. As tax exemption seems to be a common motivating factor for donors, the new NetSuite will also enable printing receipts with the exact date, donation amount, date, etc.
On one side, the new feature tends to create more transparency for non-profit organizations and their donation management processes. They will only need to spend fewer employee hours handling donations. On the other hand, donors through the single-page visibility of all their donations will enjoy better control and transparency.
- Combine intercompany bills and invoices
NetSuite allowed pairing bills within the company to ensure more wide visibility of the cash flow. This time, the same capability of NetSuite for non-profits got enhanced to process bills and invoices with more accuracy.
The new NetSuite 2022 Release 1 will allow the professionals working in non-profit firms to combine singular credit memos and bill credits within the company. A big thanks to this feature, there will no longer need to make full purchase orders within the company. Because of such automatic pairing, the mismatch of bills and invoices gets reduced to a minimum level, and manual work is avoided. The feature will make things work easier for non-profits with one or many subsidiaries.
- An insight into the cash position with predictions
Often, non-profit organizations find it very difficult to stay updated on the exact cash position. Moreover, they need to track donations for running their projects. That is why the demand arises to have a solid grasp of the real-time cash position and future projections of the cash flow. Since, donations every time fluctuates to a great extent, having a cash flow projection becomes very important.
The new NetSuite 2022.1 version comes with numerous key new features. Amongst the biggest features is a crisp new dashboard offering comprehensive cash position data and cash flow projections. Apart from the Cash 360 dashboard providing the present state of things, it will also constantly give projections of cash flow for the next six months or more. The projections will calculate transactions, forthcoming collections, and disbursements. The dashboard can be customized to accommodate other transactions and donations of non-cash nature.
- Labor expense allocation feature
The labor expense allocation feature of the NetSuite 2022.1 version will streamline the allocation of payroll costs for each employee in a program. This feature will ensure the most suitable visibility into the labor costs for each project.
It will also help the organization give the cost to a particular donor. Earlier, the feature was only accessible by the users of NetSuiteSuiteSuccess Social Impact Edition. Now, it is made available for all NetSuite ERP customers.
- Doing single and repeated donations
Besides allowing single donations, the new NetSuite can also allow making bulk transactions. The feature will also help the accounting team receive a group of payments from just one page. Based on the dates that users set, the new and enhanced NetSuite will also enable customers in making transactions through credit cards. The entire process is much more streamlined which results in faster and least false transactions.
- New Enhancements within the Performance Management Tools
There were some vital new enhancements created within the performance management. These enhancements in SuitePeople can make workers more productive and managers have additional management control. The employees of non-profits will get rid of all the unsought goals and focus solely on what they expect from them.
For making things even higher, the new enhancement can assure simple syncing between managers and their reports, and communication. Thus, it keeps all workers and managers fully synced with the project goals and therefore the changes that are incorporated now and then.
This NetSuite version will provide you with a superior manager digest feature that continues to keep the manager informed concerning the newest team output, achievements, status of project progress, and every one of the weak areas that require attention.
Another improved tool is advanced scheduling capable of creating performance reviewing easier through the use of SuiteAnalytics. With the particular analytics inputs, some teams of workers are summoned on an individual basis for performance review. This new enhancement tends to assist HR managers to ask about performance reviews from a specific cluster of workers.
- Dataset linking permits for a deep understanding –
Non-profit organizations depend totally on data-driven insights to get a more robust understanding of their growth prospect and rising situations. The NetSuite version relating to this matter can widen the scope of analytics by permitting linking different sets of data through one SuiteAnalytics book. Before that, a similar linking used to be achieved by NetSuite custom development through the SuiteScript API.
Now, with the newest release, there’s a replaced interface that enables immediate box linking of diverse data sets. Organization performance will currently be simply evaluated by creating a comparison of various datasets like planned to actual, budget to actual, and forecast to actual.
NetSuite 2022.1 unleashed many new options and capabilities that are helpful to various industries. Non-profit organizations that are losing their balance under any difficulty will discover these features more useful to have control over the fundamentals of their operations.
For more updates on NetSuite, do connect with our NetSuite Consultants. We’ll be happy to help you in implementing the newest version of NetSuite and creating the simplest out of its new features.
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