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:

• Save time and money: NetSuite can automate up to 90% of your AP tasks, freeing your staff to focus on more strategic work and skip manual labor.
• Reduce errors: NetSuite’s automated processes help to eliminate human errors, such as incorrect amounts, missing information, and duplicate payments.
• Improve cash flow: NetSuite can help you track your invoices and payments in real-time, so you can ensure you’re always paying your bills on time.

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.

What is Netsuite AP Automation?

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:

• Simplifying invoice capture and management
• Approval workflow
• Vendor management to boost relationships with vendors
• Payment automation application

Let’s briefly dive into some of the capabilities of Netsuite Accounts Payable Automation:

• Automate invoice processing cycle: The system of Netsuite captures invoices through smart invoice capture, whether they are paper invoices, electronic invoices, or non-PO invoices. It’s an automation system that uses machine learning and artificial intelligence, eliminates the need for manual data entries, and even reduces errors associated with human intervention.
• Seamlessly integrates with other financial applications: Netsuite AP Automation seamlessly integrates with other financial applications, enhancing overall efficiency for faster payments. Aside from simply having machine learning capabilities, Netsuite lets team members get a real-time view of the payable process, outgoing payments, important payment information, and customers’ preferred payment methods. This integration ensures compliance with tax regulations and standards, reducing the risk of duplicate invoices and improving payment reconciliation.
• Optimize cash flow and strengthen vendor relationships: Netsuite’s automated invoice process empowers finance teams to focus on strategic initiatives vs. wasting time on repetitive manual tasks, ultimately driving business growth and success.
• Good Security: Security is paramount in Finance, which Netsuite can provide. Automating AP reduces fraud risks and unauthorized activities and cuts down on processing costs by simply using an automation process.

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.

How To Automate AP In Netsuite With ProcureDesk

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.

Invoice Capture

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:

• All your suppliers must send an email and not through mail or paper. Set up an email address specifically to receive invoices as simple as invoices@yourcompany.com.
• Always keep your AP communication separate.
• There should always be a purchase order mentioned on the PO
• Implement a No PO, no pay policy

Electronic Invoicing

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:

Identify Suppliers:

• Evaluate suppliers based on suitability for electronic invoicing, considering the effort required for both customers and suppliers.
• Prioritize large and high-volume vendors as ideal candidates for electronic invoicing.
• Analyze invoicing history, sorting vendors by total invoice count to identify those contributing to 80% of the volume (within 20% of supplier count).
• Consider potential changes in payment methods (e.g., from credit card to line of credit) if you don’t have a purchase order system.

Check Vendor Capabilities:

• Confirm if selected vendors have e-invoicing capabilities.
• Common e-invoicing formats are cXML and EDI; involve your IT team to assess compatibility.
• Consider implementing an Accounts Payable system like ProcureDesk that supports e-invoicing if needed.

Initiate Communication with Vendors:

• Email invoices to selected vendors through a simple email expressing interest in e-invoicing implementation.
• Request information about their capability to send digital invoices using cXML or EDI standards.

Implement and Test E-Invoicing Process:

• Upon positive vendor responses, involve your IT team to proceed with implementation.
• Set up the necessary infrastructure for both your organization and the vendor.
• Test the connectivity and data exchange to ensure a seamless e-invoicing process.
• Understand that most e-invoicing vendors only send invoice data without physical copies, so consider generating a preview of the invoice for audit purposes if required.

Here’s an example preview of the e-invoice:

Automated PO Matching

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:

Automated PO Generation

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.

OCR Technology

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.

Punchout Catalog

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.

Simplified Purchasing And Invoice Approval Process

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.

Integration With Netsuite

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:

• Connect ProcureDesk With Netsuite: Integrating ProcureDesk with your existing NetSuite instance is effortless and quick. This step allows you to connect the two systems seamlessly without any complex integration setup.
• Import Master Data: You must not recreate your master data in ProcureDesk. Procuredesk immediately imports important data, such as charts of accounts, supplier invoices, classes, locations, etc., to simplify your setup process significantly.
• Create Purchase Requests and Purchase Orders: With punchout catalogs, your employees can effortlessly select items for purchase without providing website links or extensive item descriptions.
• Automatically Dispatch and Sync the Purchase Orders: ProcureDesk takes the manual entries from dispatching purchase orders to vendors. Once a purchase request is approved, ProcureDesk automatically sends the order to the vendor based on their preferences, supporting various delivery methods like email, EDI, or cXML.
• Create and Match Invoices: ProcureDesk automatically imports invoices from your email, extracts relevant data, and matches them with the purchase order and receipt. Supporting both 3-way and 2-way matching for invoice documents, the system enables smooth approval and electronic workflows based on your purchasing policies.
• Sync Invoices with NetSuite: No need to recreate invoices in NetSuite manually. ProcureDesk syncs approved invoices with NetSuite, updating the data automatically when the invoice status changes to ready-to-pay. No more manual syncing is required!
• Pay with NetSuite or Other Bill Payment Systems: Seamlessly continue using your existing payment methods or integrate with external bill payment systems like Bill.com. ProcureDesk effortlessly adapts to your payment preferences, ensuring a smooth payment process.
• Payment Status Updated in ProcureDesk: Once payment is completed, ProcureDesk syncs back the payment information for the invoice, promptly marking it as paid. Say goodbye to constant emails for vendor payment inquiries.

What Are The Challenges Of Accounts Payable Automation Solution?

Implementing accounts payable automation can offer numerous benefits to organizations, such as:

• Improved efficiency
• Increased accuracy
• Reduced Processing time

Although, organizations can also face several challenges when implementing AP automation. Let’s discuss some of these challenges:

Integrating Automation Solutions With Existing Technology

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.

Security Protocols

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.

Return On Investment (ROI)

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.

How To Select An AP Software That Integrates With Netsuite

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:

Planning

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.

Requirements Gathering

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.

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.

Vendor Selection

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:

• User-friendliness: Ensure that the software is intuitive and easy to use, as this will impact user adoption and overall efficiency.
• Integration capabilities: Verify that the AP software seamlessly integrates with your specific Netsuite version.
• Customization options: Assess if the software can be tailored to meet your unique business needs.
• Scalability: Choose a solution that can grow with your business and accommodate future expansion.
• Security: Your chosen software must have robust security measures to help you safeguard sensitive financial data.

Select the AP software that best aligns with your requirements, budget, and long-term business goals based on the evaluation.

What Are The Benefits Of Integrating ProcureDesk With Netsuite?

Here are some of the important benefits of integrating ProcureDesk with Netsuite for a better invoice automation solution:

• Streamlined Automatic Data Capture: ProcureDesk’s integration with Netsuite allows for a centralized and automated invoice capture process. By following standardized procedures, all invoices are efficiently captured, eliminating the need for constant follow-ups with stakeholders.
• Effortless Electronic Invoicing: With ProcureDesk, the hassle of manual data entry for vendor invoices is a thing of the past. The system has invoice automation capabilities, where vendors can directly send invoices to the AP system. This saves time and reduces the chances of invoice processing errors.
• Automated PO Matching: Gone are the days of complex manual 3-way invoice matching. ProcureDesk’s automated PO matching simplifies the process by automatically linking invoices with their corresponding purchase orders, reducing the need for verification and approvals.
• Swift PO Generation: ProcureDesk generates purchase orders swiftly and efficiently. Through automated processes, purchase orders are promptly sent to vendors via email, EDI, or cXML, streamlining the procurement cycle.
• Enhanced OCR Technology: ProcureDesk employs cutting-edge OCR technology, which reads and extracts crucial information from invoice documents. This means your Accounting teams no longer needs to enter data manually, ensuring greater accuracy and saving valuable time.
• Seamless Punchout Catalog: With the user-friendly punchout catalog feature, ProcureDesk connects buyers directly to vendors’ websites. This simplifies purchasing, allowing users to select items without sharing login credentials. Once approved, the purchase order is seamlessly placed with the vendor, eliminating the need for manual processing.
• Streamlined Purchasing and Invoice Approval: ProcureDesk’s intuitive punchout catalogs and automated approvals streamline purchasing and invoice approval processes. This results in more efficient workflow capabilities and efficient management and reduces the administrative burden on your payable team.
• Effortless Integration: Integrating ProcureDesk as an invoice automation tool with Netsuite is a seamless experience. The two systems communicate effortlessly through an API connection, ensuring a smooth data flow without complicated setup requirements.

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.

FAQs

Why Is It Important To Choose Your Netsuite AP Automation Carefully?

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:

• The size and complexity of your business
• Your current AP processes
• Your budget
• Your IT infrastructure

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.

Why Should You Add A Business Process Automation To Your Business?

There are many benefits to adding business process automation (BPA) to your business for better financial management. BPA can help you to:

• Reduce costs
• Improve efficiency
• Increase accuracy
• Free up time for employees to focus on other tasks
• Improve compliance
• BPA can be used to automate a wide variety of business processes, including:
• Accounts payable
• Accounts receivable
• Order processing
• Inventory management
• Customer service
• Human resources

What Are The Challenges Of Netsuite Integration?

A few challenges can arise when integrating NetSuite with other systems. These challenges can include:

• Technical challenges: NetSuite is a complex system, and integrating it with other systems can be technically challenging.
• Data challenges: Ensuring data is properly exchanged between NetSuite and other systems can be challenging.
• Organizational challenges: Integrating NetSuite with other systems can require business processes and procedures changes.

The Bottomline

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!