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Solution Demo: Automated Order-to-Delivery Process with NetSuite
The order-to-delivery process is full of steps and – for many suppliers – manual tasks. But how can you streamline the process, and what would that look like? We’ve spoken with countless suppliers throughout the years, and while their businesses may vary, the major challenges they face are similar. Common Challenges Suppliers Experience Lack of integration across multiple trading partners. Plus, each partner may have specific requirements, adding more manual processes to your workload. Lack of real-time inventory visibility. Have you ever sold something that wasn’t actually available? Lack of real-time data is often at the root of negative client experiences. Managing peak season order volume. More orders are great, as long as you can deliver packages on time during peak season and high-volume events. Advanced ship notice (ASN) requirements. Has a client ever canceled an order because she thought it hadn’t been shipped? The cost of not sending the […]
How to Enable Non-G/L Changes to Closed Periods in NetSuite
Here’s a quick tip on how to enable non-G/L changes to closed periods in NetSuite! How do closed periods work in NetSuite? Once an accounting period is closed, you are unable to edit any transactions within that closed period. The ‘Edit’ button on these closed period transactions won’t show, and you will instead see a lock icon next to the transaction number to designate that it is in a closed period. Why would you want to enable non-G/L changes to closed periods in NetSuite? Perhaps you want to add a memo or edit a PO number without having to credit and reissue invoices. Additionally, some ISV solutions require this setting in order to sync their data with locked and closed periods. How do you enable the feature in NetSuite? You’ll have to enable a setting on the Manage Accounting Period page. To enable the editing of transactions within closed periods […]
How to Empower Your Chief Procurement Officer
2020 has been a year like no other in recent history, and the US manufacturing industry has felt the impact. Declines in production, forced shutdowns and inconsistent value chain behavior during the ‘peak’ of the pandemic will likely drive industry behavior for years to come. In what could become a permanent change for the industry, most manufacturing leaders are reevaluating the role of their workforce. One way to enhance digital capabilities in the workforce is to develop an ecosystem comprised of today’s top manufacturing talent (like your Chief Procurement Officer, or CPO) built on the back of a world-class Customer Relationship Management system. Data-Driven Decisions There are a few common themes we are seeing more and more in the manufacturing world nowadays. The need for agility and accuracy in data management, customer centricity and the ability to make data-driven decisions seems to have taken over and remodeled company cultures. Furthermore, […]
The Importance of Data in Manufacturing
In a world where data consolidation and analysis are becoming ever more vital to business, it can be difficult to know how to best set up your organization’s data strategy to meet future demands. Furthermore, in the business of manufacturing, where there are so many proverbial moving parts and areas to focus on, it can be challenging to note the advantages and cost savings associated with a coherent data strategy when compared to other areas of the organization (i.e. sales, operations, research and development, procurement, quality assurance, etc.). However, having access to well-defined and accurate data can lead to insights and cost savings that propel a manufacturer to the next level of their business as well as outperform competitors, for several simple and powerful reasons cited by Kevin Snook, author of Make It Right: 5 Steps to Align Your Manufacturing Business from the Frontline to the Bottom Line. If you […]
How to Enable the Updated NetSuite Bank Reconciliation Process
NetSuite 2020.1 brought with it various new features and enhancements to existing features for users. One such improvement is NetSuite’s updated bank reconciliation process! This feature works out of the box with most major U.S. and Canadian banks, but a plug-in is needed for banks in other countries. Here’s a quick overview of how to take advantage of the NetSuite feature. First, users should enable the updated bank reconciliation process in NetSuite. Navigate to Setup -> Accounting -> Chart of Accounts, and click on the bank account you would like to enable for the new bank reconciliation process. Mark the Use match bank data and reconcile account statement pages, and then save. Do note that when you enable the Use match bank data and reconcile account statement pages, the bank account will not show up on the Reconcile Bank Statement Page (like in the old method). Next, users will transform […]
How to Request Your NetSuite Release Preview Account
NetSuite has announced they will begin providing customers with access to Release 2020.2. Like usual, upgrades to Release 2020.2 will take place over the next three months, from mid-August through mid-October. But something has changed! As of this week (July 27, 2020), you can request a NetSuite Release Preview Account – at no additional cost – to prepare for Release 2020.2. We suggest you take advantage of this! You can start to familiarize yourself with new features ahead of time and also verify that your business workflows will continue to perform properly in the new version. How do you request one? Have your NetSuite Admin go to Setup > Company > Release Preview. From there, click Request Release Preview. Your Admin will receive an email when your Release Preview Account is ready to use, typically within 3 – 5 days. Check your dashboard. The following 2020.2 Release information will be […]
Top 10 Features of NetSuite 2020.1 Release
The NetSuite 2020.1 release ushered in an impressive list of new features and enhancements to existing. The list is long, but we’ve highlighted ten features worth knowing below. Banking NetSuite 2020.1 has vastly improved banking integration. It is now easy to configure a direct connection to your bank and pull statements in real-time, making reconciliation a breeze! This feature works out of the box with most major U.S. and Canadian banks. (A custom plug-in is needed for banks in other countries.) Users with multi-subsidiary customer and vendor accounts can assign a primary bank to each subsidiary. This allows for greater control and segmentation. Inventory Management Supply allocation enhancements make NetSuite an excellent tool for high volume and bulk shipping organizations. Users can easily control inventory allocations from Purchase Order to Sales Order to Fulfillment. A new dashboard allows you to control and redirect inventory across your entire business with the […]
Creating Powerful Reports Real-Time in NetSuite
Server crashes. Excel spreadsheets. Manually aggregated data. Human errors. Disparate systems. These are just a few struggles that exist with reporting today. Here comes, NetSuite. NetSuite provides a modern reporting experience that isn’t just quick and accurate; it’s easy and can be automated too. Whether you’re looking for at-a-glance Executive Financials or in-depth forecasting of Item Demand, NetSuite has you covered. It offers the power of built-in, real-time dashboards, reporting and analysis across all the integrated processes within the software suite. Let’s take a quick tour of what capabilities NetSuite has. Dashboards and KPIs NetSuite’s dashboards and reporting capabilities allow you to monitor, report and analyze your organization's performance real-time. Every stakeholder from executives to department managers has access to personalized reports with the information they need to make decisions. Best of all? They’re easily configurable, customizable and can be displayed in 19 languages including Chinese, Japanese, French, German and […]
Guide to NetSuite Resources
At FMT, we believe in the philosophy of teaching a man to fish. Our goal is to empower clients to develop a robust organizational knowledge of NetSuite, allowing for efficient in-house issue resolution. Whether users encounter an error, are trying to understand standard system functionality, or have a basic “how to” question, we always want our clients to feel equipped to address problems internally as a first line of defense. Some partners may feel that every question a client answers for himself represents a lost opportunity for revenue, but at FMT, we believe that the better our clients understand NetSuite, the greater the value they will realize from a partnership with FMT. This represents a win-win situation for both client and partner! With this philosophy in mind, this article will outline some of the best NetSuite resources available online – free of charge – and how to use them to […]
Top 6 criteria for implementing NetSuite with a trusted partner
Here at FMT, we get 2-3 calls a week from companies in the middle of their phase one of NetSuite implementation asking us for assistance. The calls usually go the same way: “We burned through 70% of our budget, only completed 15% of the implementation”, or “we selected the wrong implementation team”. NetSuite is a powerful ERP platform that can help transform your business but if you don’t select the right implementation partner, chances are, you will be one of those weekly calls. In this blog, we will go over the top 6 criteria to consider before deciding on your next NetSuite trusted partner. Vertical Expertise & Reference FMT specializes in wholesale distribution and manufacturing and has the NetSuite references to prove it. If the partner you’re speaking to does not understand your business, how can they help you be successful? If they don’t have happy clients willing to share their […]
Saved Searches: Powerful and Underutilized
If you’re a NetSuite user or know much about NetSuite, you are probably aware that the software’s largest and most compelling feature is the single database model that is accessible by all users from anywhere in the world (as long as you have an internet connection). This means you can utilize the power of saved searches to retrieve updated information about any record at any time! This article will explain what saved searches are, what they can be used for and how you can use them more effectively and instantly become more efficient. What are Saved Searches? Saved searches are reusable search definitions that can have many advanced filters and display options for the results. Keep in mind that each time a saved search is run, the search will query the database and return current information. If data is being changed that might affect your search results, you will notice […]
[Video] NetSuite Year-End Close
Closing out the year can be a challenging exercise that even the most seasoned accountants face with some apprehension. Watch this NetSuite year-end close training session to run through a winning approach for the big event! Hopefully this video helped you learn a few tricks to help you during your year-end processes. If you have any additional questions, or need further assistance with your NetSuite solution, please feel free to let us know by filling out the contact form below. Looking for more resources? Download our NetSuite Year-End Close Manual Get  30 pages of step-by-step instructions and screenshots on how to close the books in NetSuite.
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