Project Management & Resource Planning
Surviving and Thriving in the Tariff War with NetSuite
Table of Contents
Introduction
The word “tariff” has gained renewed attention recently as changes in U.S. import policies have introduced new challenges for global supply chains. These policy shifts — particularly affecting import-heavy industries—have impacted companies, consumers, and financial markets.
Many of AlphaBOLD’s clients are collaborating with us to ensure that their NetSuite tariff management capabilities and third-party systems can support them in navigating this evolving trade landscape. Tariff management with NetSuite offers a comprehensive suite of tools that help businesses track, manage, and reduce the financial impact of import tariffs.
NetSuite offers a comprehensive suite of tools that help businesses track, manage, and reduce the financial impact of import tariffs. These features strengthen NetSuite trade management strategies and allow for better visibility into the NetSuite cost of sale to preserve margins.
Below are some key features businesses are leveraging:
Purchase Order Management
The product import process begins with a purchase order. NetSuite enables users to:
- Monitor PO statuses (e.g., placed, shipped, back-ordered, etc.).
- For better supply chain forecasting, capture expected receipt dates at the PO line level.
- Record vendor tracking numbers directly on the purchase orders, with optional links to shipping statuses for enhanced visibility.
Inbound Shipment Management
This feature, also known as Container Tracking, is available via NetSuite’s WMS or the Supply Chain Management SuiteApp. Specifically designed for tracking shipments, especially containerized imports, it enables businesses to:
- Consolidate items from multiple purchase orders into a single, trackable inbound shipment.
- Track the shipment status and estimated delivery dates in real-time.
- Centralize shipment-related documents and data.
- Apply and manage landed costs at the shipment level.
- Receive all containers in one step to streamline warehouse operations.
This feature ensures that businesses maintain accurate landed cost data as part of a broader NetSuite tariff management strategy. It enables them to calculate and mitigate the impact of tariffs across the supply chain.
Item Receipt Process
Businesses can use NetSuite’s Item Receipt transaction once imported goods arrive. In this process:
- Traceability of imported items within the purchase-to-receipt cycle is more critical than ever. Receipts can be linked to the original purchase orders and inbound shipment records to ensure visibility and accuracy.
- Landed costs are formally applied to the inventory items, impacting their value. This feature is crucial for managing inventory costs, as the next section outlines.
Transform Tariff Challenges into Strategic Opportunities
Work with AlphaBOLD to enhance your NetSuite tariff management capabilities, gain control over import costs, improve visibility, and drive smarter supply chain decisions.
Request a DemoLanded Cost Tracking
AlphaBOLD has received numerous inquiries lately from businesses heavily reliant on imports about this essential feature. NetSuite enables users to track the purchase price of goods and all associated costs required to bring inventory to your location.
These costs may include shipping and freight fees, import taxes, insurance, handling charges, brokerage fees, and, most importantly, customs duties and tariffs. This feature is vital in improving financial accuracy and operational visibility for better NetSuite tariff management.
NetSuite allows users to define various cost categories (e.g., Freight, Tariff, Insurance) and allocate these costs to specific items on an item receipt based on criteria such as weight, quantity, value, or country of origin. This provides a true cost for imported inventory and enables tracking the impact of each category—including tariffs—on the final cost of the imported goods.
Supply Chain “Control Tower”
While the “control tower” concept isn’t new, recent advancements in NetSuite’s dashboards and analytics have improved visibility into end-to-end supply chains. More than ever, companies want to accurately track the location and status of their products and components. With a combination of native and external data, NetSuite may provide dashboards and reporting tools that offer visibility into the supply chain, which can be used for:
- Monitoring inventory levels across different locations, including in-transit inventory.
- Tracking supplier performance and lead times through integrations and IoT-enabled systems.
- Analyzing the impact of tariffs and related costs on profitability.
- Utilizing demand planning by leveraging accurate expected receipt dates.
AlphaBOLD brings deep knowledge and experience in AI, IoT, and systems integration to assist businesses in assessing their control tower requirements and implementing the necessary system processes.
Trade Management – Native NetSuite and 3rd-Party
While some features may require integrations or specific configurations, NetSuite can support key aspects of cross-border trade compliance necessary for imports:
- Managing customs regulations and classifications.
- Automating documentation required for international trade.
- Assisting with compliance regarding trade agreements or sanctions.
Recent NetSuite enhancements, especially in versions like 2024.2 and the upcoming 2025.1, continue to expand capabilities in supply planning, inventory control, and warehouse operations. Businesses should work with certified NetSuite partners to stay aligned with these upgrades.
Ready to Minimize Tariff Impact and Maximize Profitability?
Partner with AlphaBOLD to streamline your business operations with end-to-end NetSuite tariff management solutions.
Request a DemoConclusion
By leveraging these features, companies can gain better control and visibility over their import operations, accurately track associated costs, including NetSuite tariff management, control supply chain timeliness, and ensure smooth receiving and inventory processes within NetSuite.
Many of AlphaBOLD’s clients optimize their NetSuite configurations to take advantage of these capabilities. Such investments will help them overcome current challenges and even gain a competitive advantage. If you’d like to join them, contact AlphaBOLD!
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