Happy New Year and we look forward to working with you in 2025! With the start of the new year, we wanted to provide a check list of some year-end activities that can help you when moving from 2024 to 2025, highlight some finance process areas our clients are evaluating to optimize their NetSuite instance, and a preview of topics we will cover to prepare you for NetSuite release 2025.1.
Year End Reporting and Close:
- 1099 Reporting – While NetSuite does not provide direct 1099 form printing, templates to populate 1099’s can be generated through NetSuite by using native NetSuite fields and saved searches. Meridian can assist your company in the setup to support 1099’s.
- Auditor Access – Most auditors request items like transaction lists, custom reports, and other specific needs. Meridian has established restrictive security which allows auditors to perform limited and “view only” searches. These searches reduce the time clients spend collecting data for the auditors.
- Adjustment Period – Companies that make your-end adjusting entries and audit adjustments frequently prefer utilizing an adjustment period. A single adjustment period can be created manually in NetSuite. By creating an adjustment period, your company can lock the accounting periods for 2024 and only journal entries can be posted to the adjustment period.
Finance Process Areas our clients are currently evaluating:
- AP Invoicing Processing Automation – NetSuite AP Automation provides faster, easier, and more secure way to capture invoices and make payments. It reduces some of the manual AP processes and the paper associated with processing invoices by using AI and ML (machine learning). The NetSuite AP Automation can further provide efficiency by paying with their preferred payment method.
- Customer Billing – For companies that have recurring revenue or a subscription business, model, NetSuite offers SuiteBilling which helps simplify billing operations from standard to customer specific including automated recurring subscription billing and it support for multiple pricing models. Flexible options allow businesses to combine flat, tiered, and consumption-based options with promotions, volume discounts, and customer specific rates.
- Fixed Asset Management – With NetSuite Fixed Asset Management (FAM), a company can eliminate tracking assets in spreadsheets or other systems. FAM can automatically manage fixed asset acquisitions, depreciation, revaluation, and retirement within NetSuite. FAM can also manage non-depreciating assets like mobile phones and assign these assets to specific employees or locations. Advanced FAM, lease, loan and rental capabilities can be provided through a third-party application.
- Budgeting, Forecasting and Reporting – To augment your company’s budgeting, forecasting, and reporting, NetSuite Planning and Budgeting (NSPB) is an an option you should consider. NSPB allows finance teams to quickly produce budgets, plan cash flow, generate headcount plans, build “what-if” scenarios, adjust forecasts, and create reports leveraging an application designed to support large, complex organizations.
2025.1 Release Notes Preview:
- NetSuite 2025.1 Release will start with Phase 1 in mid-February, Phase 2 in mid-March, and Phase 3 in mid-April.
- The current release notes for 2025.1 have been published. Note that the release notes will be updated regularly throughout the release.
- We will provide a summary of the NetSuite 2025.1 Release updates next month.
We look forward to 2025 and what the year has in store. If you have any questions on the year-end activities, looking to enhance some of your financial processes, or you want to know more about what NetSuite can do for your company in 2025, reach out to your Meridian contact or email Meridian at mpower@meridianbusiness.com.
We’re your local NetSuite service & support expert!
If you need help with your existing NetSuite landscape, get in touch with one of our Managed Services experts.
