by martieLast Updated : Aug-07-2023
Do you spend hours daily processing your invoices, chasing down supplier payments, and reconciling accounts? If so, you’re not alone. Accounts Payable can be one of any modern business’s most time-consuming and error-prone tasks that decreases your operational efficiencies.
There’s no doubt that Netsuite Accounts Payable Software offers some relief to it as it can help you save time, reduce errors, and improve your cash flow. Netsuite helps you automate your AP process, from invoice receipt to payment execution and payment approval. This means you can free up your staff to focus on more strategic tasks while ensuring that your AP processes are accurate and efficient.
Here are just a few of the benefits of NetSuite AP automation:
But do you know that there’s another automation option that can also take your efficiency to the next level?
Enter ProcureDesk – a powerful AP automation software that seamlessly integrates with NetSuite, providing a comprehensive suite of features to streamline your financial workflows and revolutionize your AP processes.
In this blog, we’ll shift our focus from Netsuite AP Automation and dive deep into the system of ProcureDesk.
Netsuite AP Automation is a comprehensive solution that helps your business revolutionize the traditional accounts payable process. It helps you streamline your accounts payable process with its automated features and additional functionality.
Netsuite AP Automation is a powerful payment automation tool that helps you with the following:
Let’s briefly dive into some of the capabilities of Netsuite Accounts Payable Automation:
But here’s the catch- sometimes you would also need a system that works well with Netsuite to complete payment solutions management and acquire a customizable payment experience. That’s exactly what ProcureDesk’s automation tools have to offer. In the next section, let’s dive deep into how we can integrate ProcureDesk with Netsuite.
Without a doubt, managing accounts payable can truly be time-consuming for any business. But with ProcureDesk’s seamless integration with Netsuite, it becomes easier to transform the AP process into an efficient and streamlined operation.
In this section, let’s explore why ProcureDesk is a great option for simplifying your purchasing process and enhancing your accounting controls.
Centralize your entire invoice capture process and electronic payments through automation with ProcureDesk. Its central dashboard will help you capture all your invoices through a standard set of processes.
How does this work?
Say, for example, a supplier sends an invoice to the stakeholder. In this case, your AP team doesn’t know if the invoice has been received and cannot process it. But with centralized invoice processing, your AP team can skip chasing stakeholders for volume of invoices.
Setting up supplier invoicing policies and compliance standards is important in centralizing your process. This step helps you define the process of capturing your invoices per your business rules.
Here are our recommendations:
ProcureDesk lets you skip worrying about entering vendor invoices in the AP system. This is done through electronic invoices.
Through electronic invoices, vendors will send invoices to an AP system instead of emailing the invoice. If an invoice is against a purchase order, it will automatically match and send the payment. This reduces your team from doing any manual invoice processing and even saves your company from data errors.
Here are the exact steps to do this:
Check Vendor Capabilities:
Initiate Communication with Vendors:
Implement and Test E-Invoicing Process:
Here’s an example preview of the e-invoice:
When done manually, performing a 3-way match involving the invoice, purchase order, and receipt can be intricate. It may require reaching out to stakeholders to verify receipt and address pricing discrepancies, which must be reviewed and approved by the appropriate personnel in your company.
But with ProcureDesk’s automated PO matching, it becomes easier to match your invoices with purchase orders. Truly, automation becomes a crucial aspect to effectively automate your 3-way matching process and reduce your reliance on manual efforts.
Here’s an example of an automated PO:
Creating purchase orders no longer requires manual effort. ProcureDesk automatically generates purchase orders and swiftly sends them to vendors via email, EDI, or cXML, streamlining the entire process and reducing the risk of errors.
ProcureDesk helps streamline the invoice processing workflow by automatically reading and extracting essential information from invoice documents and other invoice activities. This is done by utilizing OCR technology.
This innovative approach helps your business eliminates the need for the accounts payable (AP) team to manually enter invoice data into the system, saving time wasted from human errors.
ProcureDesk’s punchout catalog can connect buyers to the vendor’s website. Here’s how it works:
1. ProcureDesk connects your account, so you don’t need to create accounts for each user or share your username and password.
2. Select the items you want to purchase
3. The system routes you back to ProcureDesk for approval of the request
4. Once the request I approved, the purchase order is automatically placed with the vendors. This eliminates the need for sending the purchase orders to the vendors.
ProcureDesk makes the purchasing process easier by emulating the simplicity of shopping online. Punchout catalogs make it easier to request items without providing website links or detailed descriptions. Automated approvals also ensure a smooth flow of purchase requests based on pre-defined rules.
ProcureDesk carries a seamless API integration with Netsuite that offers a transformative solution to help you revolutionize your AP process into an efficient and streamlined operation.
Here is how integrating ProcureDesk is done with Netsuite:
Implementing accounts payable automation can offer numerous benefits to organizations, such as:
Although, organizations can also face several challenges when implementing AP automation. Let’s discuss some of these challenges:
Ensuring seamless integration and flexible payment modules between the AP automation software and existing technology can be complex. Organizations need to consider scalability as their business grows. The AP automation solution should be able to handle increased volumes of invoice transactions effectively.
Another challenge is having an additional layer of security protocols. Organizations must ensure that the AP automation software meets strict security standards to protect sensitive financial information from unauthorized access or cyber threats. Robust security protocols should include data encryption, access controls, and regular security audits.
While AP automation can significantly improve payment functionality and even cost and time savings, organizations must carefully evaluate the costs of implementing and maintaining the system against the expected benefits. Calculating the ROI can help organizations determine whether the investment in AP automation is worthwhile.
To overcome these challenges, organizations should look for AP automation solutions that offer strong payment services and integration capabilities with existing systems, scalability to handle increased volumes, and robust security protocols. Conducting a thorough evaluation of potential solutions, including a detailed ROI analysis, will help organizations make informed decisions and choose the right AP automation software that meets their needs.
Implementing accounts payable (AP) software seamlessly integrating with Netsuite can revolutionize your financial operations and even lead you toward operational excellence. However, with numerous options, choosing the right solution requires careful planning and evaluation.
Here’s a step-by-step guide to help you select the perfect AP software that complements your Netsuite and business requirements:
Begin with a clear vision of what you expect from the AP software. Engage with key stakeholders, such as your finance team, IT department, and decision-makers, to understand their pain points and requirements. Define your goals, objectives, and budget for the project. This planning phase lays the foundation for a successful selection process and can improve your business relationships.
Identify the core functionality and features you need from the AP software to integrate effectively with Netsuite. Consider essential factors such as invoice processing automation, approval workflows, payment methods, reporting capabilities, security, scalability, and ease of integration. Create a comprehensive list of requirements to serve as a reference during vendor evaluation.
Conduct thorough research to identify reputable AP software vendors that offer integration with Netsuite. Look for providers with a strong track record, positive customer reviews, and a robust support system. Evaluate each vendor based on their ability to meet your requirements and industry standards. Shortlist the vendors that align best with your needs.
Now that you have a shortlist of potential vendors, it’s time to dig deeper: request demonstrations and trial access to test the software’s functionality in a real-world environment. Involve your finance team and other end-users in the evaluation process to gather feedback from those directly using the software.
Consider the following factors during vendor selection:
Select the AP software that best aligns with your requirements, budget, and long-term business goals based on the evaluation.
Here are some of the important benefits of integrating ProcureDesk with Netsuite for a better invoice automation solution:
By embracing ProcureDesk’s integration with Netsuite, you unlock many benefits, including improved efficiency, reduced manual efforts, and increased accuracy in your accounts payable process. Elevate your AP workflow and drive greater productivity across your organization with this transformative solution.
Many different NetSuite AP automation solutions are available, so choosing one that’s right for your business is important to improve your financial management. Some factors to consider include:
It’s also important to ensure your chosen AP automation solution integrates well with your NetSuite environment. This will ensure that you can easily import and export data and that the solution works seamlessly with your existing processes.
There are many benefits to adding business process automation (BPA) to your business for better financial management. BPA can help you to:
A few challenges can arise when integrating NetSuite with other systems. These challenges can include:
While managing your accounts payable can be daunting, solutions are available to alleviate the challenges of automating your processes and improving your efficiency.
With features that save time, manage invoice automation and invoice management, reduce errors, and enhance cash flow, Netsuite is undoubtedly a valuable tool for streamlining AP operations. However, if your business seeks to take efficiency to the next level, ProcureDesk emerges as a powerful contender. Integrating it with Netsuite allows your business to take advantage of a comprehensive suite of features so you can optimize your financial workflows, make timely payments, encourage fraud prevention, and, finally, revolutionize your AP process!
What you should do now
Whenever you’re ready… here are 4 ways we can help you scale your purchasing and Accounts payable process.