August 2019 Boston NetSuite Meet Up Recap

I recently attended the Boston NetSuite Meet Up. The event is an opportunity to hear about new product features and network with other NetSuite users. Here are some highlights:

• Enhanced reporting with Analytics: NetSuite recently added the Analytics tool for enhanced reporting. Analytics is like Saved Search with one big benefit: as you build the report, users see the returned data immediately. Users can build pivot tables and graphs within NetSuite. A few use cases are building monthly time reporting graphs or running spend by vendor reports.
• Payroll functionality: NetSuite offers full payroll services as part of their Human Capital Management module. One benefit for accounting teams is that the payroll journal entry is created by NetSuite. I plan to do some digging on companies that use NetSuite for payroll and how well it works as an alternative to ADP or PayChex.
• Human Resource Information System (HRIS) module: NetSuite has an HRIS module that includes pre-built dashboards, drag and drop organization structures, an employee timeline showing key employee milestones, and time off requests that sync with weekly timecards. Unfortunately, the benefit of an HRIS system is limited if data does not sync with payroll. For biotech organizations that don't need a full-blown HRIS, NetSuite can track basic employee data, storing employee title, supervisor, hire date, and term date. Companies looking to store additional information could add custom fields to store employee agreements, last promotion date, etc., which is an upgrade from no system at all.
• PBCS and NetSuite chart integration: For companies that use PBCS for budgeting, in June 2019, an integration was released that syncs chart data from NetSuite to PBCS. This is an easy win for teams looking to be more efficient as it removes the need to dual maintain chart data.
• Free StickyNotes plug-in: NetSuite has a free StickyNotes plug-in that allows users to attach notes to any record within NetSuite. Users can make notes private to a single user or public to all users. The plug-in is free and can be installed by going to Customization -> SuiteBundler -> Search & Install Bundles and searching for StickyNotes.

For companies looking to optimize their NetSuite environment, let the team at intheBlk software help you. We have real-world biotech accounting experience and will help your team improve their efficiency with NetSuite and other accounting software tools. Contact us below to find out more.