Jan 19, 2023 | 5 min read

Automating the Entire Payables Process With NetSuite

Automating the Entire Payables Process With NetSuite

NetSuite AP Automation eliminates much of the opportunity for human error and mitigates other challenges that come with manual processing of payables. The tool makes paying bills extremely straightforward and efficient to dramatically reduce the workload for your accounting team. The solution includes four key components:

  1. Bill capture
  2. As vendor invoices are received, they are scanned using a combination of machine-learning-based object detection and optical character recognition to convert details like vendor name, amount due, unit price, and quantity into digital text. Artificial intelligence (AI) compares invoice details with previous entries then automatically populates relevant fields with the appropriate text. The use of AI means bill capture becomes smarter over time as more bills are reviewed.

    Bill capture eliminates much of the manual data entry required to add vendor invoices to NetSuite, saving time, reducing errors, and giving accounting more time to analyze billing data and investigate anomalies. This also prevents delays to avoid late fees and help you stay on good terms with suppliers.

  3. Invoice matching and approvals
  4. Automated three-way matching compares the vendor bill with the associated purchase order and receiving documents to ensure pricing, quantities, and total charges are correct. Standard workflows automatically email bills for management approval. Using NetSuite SuiteApprovals, finance leaders can tailor approval workflows to support complex internal rules and approval hierarchies.

    Invoice matching prevents you from overpaying vendors that send you erroneous or fraudulent bills.

  5. Payment and reconciliation
  6. NetSuite AP Automation centralizes supplier disbursements with the help of HSBC. With AP Automation, you can pay by virtual card, ACH transfer, or printed check with the click of a button. The HSBC virtual card saves time and improves security by allowing you to pay vendors with a single-use number instead of providing a credit card for them to keep on file. The card even earns 1% cash back on most payments, which can applied to future bills. The HSBC service also supports payment via ACH transfer and third-party check printing and mailing. Payment history is automatically downloaded to NetSuite and matched to existing transactions or flagged if the system cannot f ind a matching record.

    All of this makes for speedy, accurate payments, improving relationships with your suppliers, and minimizing chances for late fees or missed discounts for early payment. Having all this information in one system also makes reconciliation and payment tracking much easier. Additionally, automated payment and reconciliation saves your staff time, helping them become more strategic contributors and boosting job satisfaction and engagement.

  7. SuiteBanking dashboard
  8. Monitor all payables information in one place with the SuiteBanking dashboard. The dashboard highlights total outstanding payables, pending payments, the virtual credit card balance, and bank account balances. It also has reminders for payments that are awaiting approval, pending, or cancelled.

    The ability to see the status of payments ensures settlement and helps you keep suppliers informed to avoid surprises. That will foster strong relationships that ultimately benefit your business. Additionally, a central source of payment and financial information allows for better cash management because you can optimize payment timing based on the latest information.

    Third-party accounts payable services require you to log in to a separate system and either integrate it with your accounting system or transfer payment data manually, neither of which is ideal. NetSuite AP Automation has a lower total cost of ownership than similar solutions thanks to lower transaction fees and standard capabilities that others charge extra for. Best of all, it eliminates the need to work outside of NetSuite. Manage the entire AP process in the system you already run your business on.

NetSuite AP Automation makes every step easier, and the value is obvious: Save money and let your finance function put their expertise to good use.

Want to make your accounting processes more efficient? Contact us now to get your right ERP consulting and solution.

About Vantis

Vantis Solutions Limited, a NetSuite premier partner in Hong Kong, provides end-to-end business solutions and training services throughout the Greater China Region, with expertise in ERP, CRM, eCommerce, social networking and business intelligence. It has partnered with NetSuite to fully integrate online marketplaces, such as Taobao.com in China, into the SuiteCommerce platform. Vantis' online marketplace solution allows businesses to use online marketplaces as an additional sales channel, which integrates into NetSuite's core ERP and CRM business management application. This allows easy creation and management of product listings, particularly automated synchronisation of stock levels, pricing, and product details.

Choosing the Right ERP Vendor

Growing businesses are increasingly turning to ERPs based in the cloud, such as NetSuite ERP, which automates and integrates many core processes without the upfront costs required when deployed on-premises. From a single NetSuite ERP application, businesses can manage accounting, inventory, orders, manufacturing, supply chain, and warehouse operations with companywide visibility of operations and data. NetSuite ERP also integrates with other NetSuite business applications, such as ecommerce and CRM.

Choosing the Right ERP solution provider

Vantis is your right solution partner! With our expertise and industry best practice experience, we helps customers define their key problems and solve difficult technical challenges. From planning, operation processes and workflows, system integration, implementation, support and training. We will help you make the right decision for your company.

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