November 03, 2022
Why you should Streamline Your NetSuite AP Automation
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Almost every business with an accounts payable system can understand that there is a high margin for error when making manual AP entries. However, unlike manual methods, NetSuite automates the AP process and transforms it into a secure, error-free, and user-friendly system.
With NetSuite AP automation, a business can more effectively log payables, track bills, manage vendor lists, and make payments without any manual entries.
This article will cover the following topics:
- What is NetSuite AP automation?
- Why should you automate your NetSuite AP?
- What are the benefits of NetSuite AP automation?
- Can NetSuite AP automation help with taxes?
- Why should businesses standardize NetSuite accounts payable workflows?
- Ready to streamline your AP processes?
What is NetSuite AP automation?
With NetSuite AP automation, the review, approval, and payment of vendor invoices are automated, providing an organization with enhanced efficiency in the Accounts Payable (AP) process. The NetSuite AP automation process includes the efficient management of all aspects of accounts payable, including:
- Managing a vendor list
- Making a payment
- Tracking bills and payables.
This efficient and automated process also contains an in-built approval workflow for a more efficient approval system. With many features to assist in payment management, NetSuite simplifies the AP process and allows for error-free data reporting and enhanced efficiency among the various departments in an organization.
For additional information regarding PayEm's NetSuite capabilities, be sure to check out our articles regarding field customization tips and credit card reconciliation.
Why should you automate your NetSuite AP?
By implementing NetSuite accounts payable into the procure-to-pay process, any business can eliminate manual data entry while improving time and resource allocation. When less time and effort are spent on the manual entry of bills and credit card details, company resources may be diverted towards completing more mission-critical tasks, which in turn enhances productivity on a company-wide basis.
What are the benefits of NetSuite AP automation?
- Save an extensive amount of time and optimize human resource allocation
- Reduction of human error
- Decrease manual tasks for increased organizational efficiency
- Improve internal controls
- Avoid accounting duplications
- Capability to accept electronic invoices
Let’s explore the benefits of NetSuite AP automation in greater detail:
Time conservation - In a standard accounts payable system, invoices wait for payment with no set deadline. This often compromises relationships with vendors and slows down the AP process. Automated routing can circumvent these delays, thus enabling the approval process to become highly functional. With automated status updates, rule-based approvals, and a reduction in days payable outstanding (DPO), NetSuite AP automation is the ideal solution to time shortage caused by a backlogged AP workflow, especially when in conjunction with PayEm’s spend management capabilities.
Enhanced accuracy - Error reduction is guaranteed with one singular, streamlined AP system. In turn, fewer errors equate to greater cost control. Businesses can avoid the potential invoice redundancy, along with the manual entry of line-item data.
Fewer manual tasks - NetSuite accounts payable automation enables companies to access a more significant percentage of their labor resources and allocate them to more practical tasks. Reducing manual labor spent by accountants and bookkeepers on cumbersome and redundant tasks through spend management increases accuracy and time management.
Improve internal controls - NetSuite AP automation is ideal for improving internal controls. NetSuite’s robust and fully featured AP automation allows for more substantial fraud prevention, reduction of payment errors, elimination of human error, and enhanced standardization in the accounts payable process.
Non-duplication of accounting - Duplicate payments to the same invoice are one of the most common issues businesses face. With account match capability, NetSuite AP management eliminates duplications in accounting procedures.
Accept electronic invoices - Electronic invoicing allows for submitting and paying a bill electronically. This option, enabled by NetSuite AP automation, creates greater efficiency, reduces the margin for error at the data entry point, and enhances security throughout the AP process.
With NetSuite accounts payable automation, an organization can gain total visibility and real-time access to accounts payable data, including invoices waiting to be approved, check registers, AP aging, and payments on the way. A company can benefit from a more systemized and productive AP process by using a single, streamlined system.
Can NetSuite AP automation help with taxes?
In addition to the many benefits of implementing NetSuite for more efficient AP management, a business can also save time with tax payments by using NetSuite AP automation. The tax payment process can be labor-intensive, but it doesn’t need to be. By implementing NetSuite AP management, tax records are entered and stored automatically. NetSuite will calculate tax for items marked taxable and include the values in the total amount charged to the customer. These calculations are used to determine the tax payment amount, thereby simplifying tax payments owed per transaction.
Why should you streamline NetSuite accounts payable workflows?
With NetSuite accounts payable automation, an organization can more efficiently process payments without spending countless manual hours on the task. An automated process eliminates the errors which are inherent in the AP process. By minimizing time and effort spent and optimizing the Accounts Payable workflow, a company can increase productivity across the board.
More significantly, when AP workflows become standardized, all departments within an organization will follow the same Accounts Payable processes. With a more strategic and systemized AP approach, as enabled through NetSuite integrations, businesses are better equipped to handle common issues such as purchase order exceptions and receipt-invoice mismatch.
Ready to streamline your AP processes?
Integrating PayEm managed NetSuite AP automation is a wise choice for an organization that values time, efficiency, and cost control. PayEm offers comprehensive NetSuite AP automation, which streamlines the AP process and enhances visibility when handling vendor payments. With PayEm, there’s no need to enter multiple credit card details for various vendors. What’s more, with multi-currency features, global businesses enjoy full support. Ready to streamline your AP process? Contact PayEm’s experts for a commitment-free, no-cost demo of the platform.
