18 Mar, 2022

Sneak Peek for Nonprofits: NetSuite 2022 Release 1

The year 2021 provided a hint of normalcy for nonprofits but proposed various other challenges as enterprises decided to rebuild. Lack of employees, unbalanced recovery and lesser donations in connection with the increased requirements from the people served are challenges that current nonprofits encounter.

NetSuite 2022 Release 1 provides nonprofits the tools to direct their financials, engage their workers, and receive online donations. The new refresh includes the characteristics the nonprofits require now to accept the opportunities put forward by digital fundraising and operations.

Easy Way to Receive Online Donations

As more donors choose to donate through the web, NetSuite 2022 Release 1 now activates nonprofit enterprises to accept donations online. Donors can simply contribute online through a payment link that is attached to the company’s website or email. Donations can also be assigned as recurring and labeled to particular programs or initiatives. 

Donors also get an advantage from this latest feature with the choice to govern their donations from the SuiteCommerce MyAccount page. Along with that, grantors can get the tax receipts with the Tax ID number of the nonprofit and the date and amount, making minimum labor for the nonprofit workers and providing grantors their required level of visibility and documentation.

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Up-to-Date Insight on Cash-on-Hand, Allocations and Future Cash Flows  

Beginning with NetSuite 2020 Release 2, accountants, operators, and AP and AR clerks had the capability to match intercompany invoices and bills. The intercompany transaction pairing improvement in 2022 Release 1 now permits these experts to simply match freestanding intercompany credit memos and bill credits. This prevents the need to make a complete intercompany purchase order-sales order workflow to pair the two, decreasing both physical labor and inconsistency in intercompany billing. This quality is most useful for those for-profit companies with nonprofit subsidiaries.

To nonprofits, transparency into current cash conditions and upcoming cash flows has become even more fundamental as they confront varying donation trends. By using the Cash 360 dashboard, companies have updated insight into their cash condition to assure sufficient cash at the ready, as well as predicting abilities through an all-round view dashboard presenting complete visibility into cash flows six months out. Predicted cash flows constitute present NetSuite transactional data as well as predicted collections and expenditures. They can also be modified to add any transactions affecting the cash flow prediction – like capital expenses and important non-cash donations – to make the prediction more complete, interactive, and precise, as well as distinctive to the company’s condition.

The employee expenditure allowance characteristics automate payment expenses (salary + fringe benefits) allotment to a program project or grant, providing pivotal visibility into the expenditures of a program or project, as well as simplifying the procedures of billing expense to a donor on cost-remuneration grants. While this capacity has been accessible before as a part of the NetSuite SuiteSuccess Social Impact Edition, now it is being expanded for use by every NetSuite consumer.

Ease in Billing One-Time and Recurring Donations 

The latest characteristics around immense consumer payments liberate the accounting section from requiring to document and apply donor offerings to open invoices on a per donor basis. Now, payments can be received from various consumers on the same NetSuite screen. For nonprofits with repeating donors, planned credit card payments for frequent transactions are automatically made on the basis of user-specified dates, both accelerating and enhancing accuracy in the process. 

More Tools to Enable Strong, Consistent Performance Management 

The latest improvements around performance administration in SuitePeople provide both administrators and workers more power over goals. Workers can delete unsanctioned, coincidental, or unrequired goals. Administrators and their direct reports achieve finer alliance and communication by permitting both parties to observe any alterations or development on a goal in one place. The new manager digest feature, which contains a monthly email that maintains managers updated on their team’s attainments, goal developments, and fields that require their observation, further enhances organizational alignment. 

In addition, NetSuite 2022 Release 1 has a new organizing capability that streamlines the process of performance analysis with the help of SuiteAnalytics to determine a group of workers that will obtain a performance review. HR managers can send performance reviews to particular subsets of workers, as well as automatically plan reviews at provided time duration from their beginning date. 

Enhanced Visibility Through Easy Dataset Linking 

Evaluating various data sets in a particular SuiteAnalytics Workbook needs writing code using the SuiteScript API. By NetSuite 2022 Release 1, SuiteAnalytics provides the latest interface to connect various datasets to a particular workbook by dragging and dropping required links, without writing any code. This latest interface reduces the consumption of time and resources required to evaluate business operations in fields like the budget to actual, forecast to actual, or planned to actual. 

Do you want us to review your NetSuite accounts compatibility with 2022.1 release? Connect with Jobin & Jismi for better assistance and solution for your NetSuite related queries.