4 process improvements with NetSuite AP Automation

Yunkao Su

Many financial teams use a piecemeal approach to bill capture and payment processes, but this approach requires a lot of time and manual effort and can be a significant source of stress.

Even when using the Oracle^® NetSuite enterprise resource planning (ERP) system, known for its financial management solutions, some organizations still rely on third-party solutions to manage their financial processes. Employing disparate systems, however, means they might not have end-to-end visibility or total control over their processes.

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NetSuite introduces a better way to manage the AP process

Users voiced concerns over not having a single system to manage their financial processes – and NetSuite listened. The company merged its financial tech with its popular ERP system, and now businesses using NetSuite ERP can add accounts payable (AP) automation capabilities to speed up and ease receiving invoices and paying bills.

This module is the first and only solution that embeds banking services into an existing cloud-based ERP solution, which means businesses can use a single system with real-time data to support better business processes and decision-making.

Improve these 4 business processes with NetSuite AP Automation

The NetSuite AP Automation module addresses the concerns of multiple systems, accuracy, effort, and control. By automating the following four processes, businesses can spend their time and resources on growth opportunities instead of exerting manual effort.

Data entry

Data entry can be one of the most time-consuming aspects of a business’s financial processes, but the entire AP process benefits when it’s automated. Manual updates are a thing of the past with NetSuite AP Automation. The system can automate invoice scanning and matching, outbound payments, and payment reminders.

Data synchronization

For too long, NetSuite users have looked outside the system for budget-balancing and payment solutions. With NetSuite AP Automation, users can rely on a single source of truth for their payment needs rather than on a third party. Businesses can streamline the accounts payable process and increase the speed and efficiency of data retrieval with this one solution.

Reconciliation

Manual data entry and disparate systems mean a prevalence of error-prone tasks. NetSuite AP Automation offers a level of control not previously found by users of NetSuite and third-party systems. Users can submit expenses and corrections once, because machine learning remembers how it was corrected before. Then information flows through a single system, which eliminates errors that come with double entries and potentially inaccurate inputs.

Approval

Using multiple systems requires several layers of approvals that might or might not be consistent throughout, adding time-consuming complexity and effort. NetSuite AP Automation lets users create and enhance approval workflows to fit specific needs. Additionally, NetSuite has built-in levels of security to protect sensitive information.

Don’t get stuck manually balancing budgets

If it’s not broken, don’t fix it. While sometimes true, this adage might not carry the same weight in business.

No longer do businesses need to go back and forth between systems, manually fixing payment errors and discovering discrepancies only after reports are run or invoices are processed. Now businesses can improve accounts payable processes to benefit the everyday duties of team members and give leadership a chance to better plan for future growth. The NetSuite AP Automation module has taken what wasn’t necessarily broken but enhanced it anyway – making an even better product for its users.

We can help you set up an Oracle® NetSuite ERP solution specifically for wholesale distribution.

Crowe has already developed several solutions for the NetSuite platform to address the challenges and barriers to growth for our wholesale distributor clients. We can do it for you, too, in less time than you might expect.

NetSuite consulting services

Crowe specialists can show you how to get the most out of NetSuite AP Automation

If you’re manually entering payment information, using a third-party billing system, or experiencing frustration with having little control over the accounts payable process, NetSuite AP Automation can help – and Crowe specialists can show you how it’s done.

With detailed videos and resources and the help of experienced specialists, your business can increase the speed of, decrease the time spent on, and enhance the relationships affected by the accounts payable process.

Yunkao Su

+1 415 536 7021

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