Key Takeaways
1. Automating accounts payable reduces manual data entry errors by up to 90% through features like Optical Character Recognition (OCR) and e-invoicing systems.
2. Businesses save 70% of time in invoice processing by automating invoice matching and approval workflows.
3. NetSuite AP Automation enhances cash flow management by scheduling timely payments, avoiding delays, and increasing early-payment discount opportunities.
4. Using automated reconciliation and reporting features eliminates 95% of errors in manual bank statement cross-checking.
5. Organizations can cut accounts payable processing costs by 50% by removing inefficiencies like duplicate or fraudulent payments.
NetSuite is a suite of various solutions or tools for businesses.
With the help of these tools or a suite of tools, you can easily manage various tasks and attributes related to your business, the company, its related parties, and every other aspect of your business.
The suite has been divided into task-centric tools or solutions called NetSuite solutions, to help you with these tasks and responsibilities.
One such solution is the NetSuite Accounts Payable.
What is NetSuite Accounts Payable?
NetSuite AP or accounts payable, just like the name of the tool suggests, is a solution of NetSuite that allows you to manage all the requirements related to accounts payable for any business and its operations.
This means that the tool alone figures out all the AP needs and takes care of all the same for you. For this purpose, the tool uses a series of automation sequences to make the procedure easy and effortless for you, your business, and your staff.
With the help of the NetSuite accounts payable automation, you can review all the receipts, create accurate invoices, review or edit the orders, pay the required suppliers, specify and control the process, and much more. Let’s know more about the services or features provided by NetSuite under the Accounts Payable solution in the next section.
Outstanding Features Offered with NetSuite Accounts Payable Automation
If you decide to proceed further with NetSuite Accounts Payable activation then you can avail yourself of the following features and services with the solution.
Check out the entire list of features and then proceed on deciding whether your business needs to smoothen the provided tasks or not.
Automated Invoicing
One of the best benefits, in the form of a feature, that intrigues businesses to implement NetSuite’s accounts payable solution is the automation of invoicing.
With the help of this solution, you can make invoicing easy for your business. The tool itself will gather all the required documents related to invoices like order quantity and every other document associated with the order.
This increases the efficiency and accuracy of the invoicing process and reduces the error and problems that generally appear during the manual invoicing process.
Recording of Invoice(s)
Another great feature presented to the business with the accounts payable automation NetSuite is the ability to capture the invoices.
Instead of entering and recording the data manually, the automatic tool looks for specific data in various parts and domains, including third-party tools. This allows the software to adjust the repeat orders or returns with the actual ones and then record or reflect the actual status of the order and its invoice.
Under the automation process, each invoice is scanned and recorded at every level to track the movement. Along with the order details, the tool also includes data associated with the vendor and other parties or aspects related to the invoice. All this makes it easy for your accountants to cross-check and use the data from the invoices quite accurately and easily.
Invoice Approvals
Another feature offered by NetSuite accounts payable automation is the automation of approvals. It’s not easy for the management to approve every single invoice. This takes up a lot of time. Moreover, if a company is involved with a business in which the orders are repetitive, the task stretches even further. So, every business can get a lot of benefits by using automation for invoice approvals.
The solution is quite flexible with features and hence allows you to set different filters and restrictions for approvals. Hence, you can set the filters and then direct the tool to approve invoices automatically to a certain extent. Surpassing that, you can set the option for the invoice to be reviewed and manually approved for the respective department for your ease of management.
Quick Settlement
If you do not pay the vendors on time, it creates a negative reputation in the market. Thankfully, with the help of the NetSuite accounts payable service, you can automate the payment to the vendors as well.
Just like with approvals, you can set various filters and limitations to payments as well. Following the same, the business can make quick settlements for specific amounts or vendors.
If any discrepancy in the invoice is found that neglects or surpasses the filters, then the same would be sent to the respective department for approval and payment. This feature allows the management to focus on the task at hand and get rid of unnecessary and repetitive payments.
Easy Reconciliation
Here’s one of the most amazing features of accounts payable automation NetSuite. With the help of this feature, you can make it easy for the business to reconcile the bank statements as well as the balances and transactions available in the books for accounts or ledgers of the organization. When the invoices and the facts in invoices are accurate, you can increase the chances of successful reconciliation with ease.
Advanced Dashboard
Just like any other solution or service of NetSuite, accounts payable automation is also available for access using a dashboard. This dashboard shows everything about the business and provides helpful insights. The business can use the insights to ascertain the condition of the AP and make further decisions related to the business. Using the dashboard, you can also monitor drastic and unfavorable changes happening in the business.
So, these were the main attributes of accounts payable automation NetSuite. Now let’s have a look at the benefits of the service for any business.
Benefits of NetSuite Accounts Payable
Below are some of the extensive and most useful benefits of using and implementing accounts payable for any small or medium business. Apart from automation, these benefits are worth looking out for by any business:
Time Saving
One major benefit of employing the service in your business is that it saves a lot of important time for the business and its employees. As most of the tasks are automated using the tool, you can focus on the other important tasks at hand. The tool itself helps you in creating futuristic and data-centric reports for deeper insights and this is one of the impeccable benefits of employing the software in the business. However, to get the best out of the tool, you and your team of executives may need to undergo extensive NetSuite training with NetSuite ERP professionals and experts who can teach how to use the tool accurately for different types of tasks.
Easy Management Of NetSuite Accounts Payable
Precision of Execution
The second best benefit of NetSuite accounts payable is that it enhances the precision of various tasks. When completed manually, different tasks face different threats like an omission, wrong data entry, and other human errors. With the help of this tool, you can easily reduce the chances of such errors.
Stimulates Automation
When most manual tasks are taken care of with the help of NetSuite accounts payable automation, the manual tasks are reduced. This reduction in manual processes means more disposable hours for important tasks. Moreover, the business can even save tons of resources spent on hiring personnel to undergo manual tasks.
No Duplicacy
As the tool refers to other systems and actual databases automatically, the chances of the duplicity of any task or overall accounting are reduced to zero. This allows the business to get and reflect an actual image of the processes and overall position of the business. Using this data, the management can decide whether the system is running healthy or faulty and then make the required changes as and when necessary.
Tax Save
One of the most admired benefits of NetSuite accounts payable is that it allows you to save taxes. Maybe, not directly, but when you automate the process of invoicing, you can ensure that the taxes are calculate accurately and perfectly.
Summing Up
So, this was all that we had to share with you about NetSuite accounts payable automation. As you must have understood from the above sections, it’s quite beneficial for the business to get involve in AP automation. For better accuracy and increased control, you may take the help of a third-party NetSuite ERP service provider who can explain how to use the tool to the fullest for your benefit.
