When you’re running a business, there are a few things that you’ll come across, and one of the main ones is invoices. These little documents are official records of your products or services, the agreed-upon prices, and the payment terms. So, they’re essential.
And besides, how you manage your business invoices takes the spotlight. If you’re still doing everything manually, there’s a concern for you. Many companies grapple with time-consuming and manual accounts payable (AP) processes, leading to payment delays, potential errors, and tedious reconciliations.
Intelligent companies know the importance of invoice management software. One of the key players in the market is NetSuite Invoice Management.
What’s it all about? Why does your business need it? Is it worth investing in NetSuite? Get all the answers in this blog post.
What is NetSuite Invoice Management?
NetSuite is a cloud-based business management software that helps companies manage their operations, financials, and customer relationships all in one place. It’s like a central hub that streamlines and organizes various aspects of a business, making it easier to stay organized and make informed decisions.
Now, if we talk about invoicing, NetSuite offers an exceptional invoice management system through NetSuite A.P. Automation. This advanced solution ensures a smooth and efficient process for managing invoices and executing payments.
With this new tool, you can quickly enter invoice information into NetSuite, which helps reduce errors and saves time. Additionally, integrating banking services from HSBC Bank USA N.A. allows you to pay bills conveniently within the NetSuite platform.
This complete solution gives organizations better control over their outgoing cash flows and improves their accounts payable processes, making operations smoother and financial management more effective.
NetSuite Invoice Management Features
Have you ever wondered how NetSuite Invoice Management can enhance your business? Let’s delve into the features that come with implementing NetSuite ERP.
1. Invoice Management Simplified
Managing invoices is very easy with NetSuite’s user-friendly features. You can easily capture digital invoices by emailing them or dragging and dropping them into NetSuite. The system uses advanced AI/ML technology to scan and extract essential details like vendor name, PO number, items, quantity, and pricing.
This information is automatically filled in NetSuite’s bill records, making the data entry process easier. A side-by-side view of the actual invoice simplifies review and approval for Accounts Payable (AP) staff.
2. Hassle-Free Invoice Matching & Approvals
NetSuite automates matching invoices with purchase orders and receiving documents, ensuring pricing, quantity, and accuracy. The SuiteApprovals feature sends bills to the right people for review and approval. Customizable workflows adjust to your company’s reporting structure and approval hierarchy. Automated reminders and a mobile app save time, eliminating the need for AP staff to track down approvers.
3. Swift Payment Automation
With NetSuite, you can conveniently pay bills using methods like ACH, check, or virtual credit card. By choosing the virtual credit card option, you can enjoy secure transactions and earn 1% cash back on eligible transactions through a rewarding program. So, why not experience the ease and efficiency of managing your payments while maximizing your savings with HSBC and NetSuite?
4. Seamless Payment Reconciliation
By enabling daily downloads of payment information into NetSuite, you can automatically match virtual credit card charges, ensuring accurate transaction confirmation and quickly identifying any discrepancies for review.
It also allows you to easily create missing entries, like bank fees, saving time and reducing errors. Furthermore, you can improve visibility by directly downloading monthly statements into NetSuite, giving you a complete view of your financial data and making analysis and management more efficient.
5. Comprehensive Account Dashboard
The SuiteBanking Center in NetSuite offers a user-friendly and complete view of HSBC accounts. This powerful tool lets users easily monitor and manage their online checking and credit card activities. Users can see their account balances in real time and update account details conveniently.
It also helps keep vendors informed about payment status, building strong relationships and ensuring payments are on the way. With the SuiteBanking Center, financial management becomes more efficient, allowing businesses to focus on growth and success.
NetSuite Invoice Management Benefits
Enhanced Accuracy
Automated invoice processing in NetSuite greatly improves accuracy by using optical character recognition (OCR) and AI to extract data from various invoices, such as paper-based invoices, PDFs, and scanned documents. This reduces the need for manual data entry, resulting in fewer errors. For example, NetSuite’s advanced technology ensures that numbers and details are transcribed accurately, preventing common mistakes during manual input.
Increased Efficiency
One of the standout benefits of automated invoice processing in NetSuite is the substantial increase in efficiency throughout the workflow. Businesses can process invoices at an accelerated pace, saving valuable time. Instead of engaging in time-consuming manual tasks, employees can redirect their efforts towards more strategic and value-added activities, fostering a more productive work environment.
Cost Savings
Automated invoice processing saves businesses a lot of money. By reducing the need for manual data entry, it boosts productivity and efficiency. This means lower operational costs and the ability to allocate resources more strategically. For instance, companies that use NetSuite can cut labor costs related to manual data entry, directly impacting their profits.
Improved Compliance
NetSuite’s automation features guarantee better compliance by checking data against predefined rules and policies. If any inconsistencies are found, they are highlighted, reducing the chances of financial mistakes and ensuring adherence to regulatory standards. This not only improves accuracy but also lowers the risk of costly compliance issues, protecting the business’s financial integrity.
Enhanced Data Insights
NetSuite’s automated invoice processing helps organizations use data analytics to gain valuable insights. Businesses can find trends, track spending patterns, and negotiate better terms with vendors.
For example, by analyzing invoice data, a company can identify ways to improve supplier relationships or get discounts based on consistent purchasing habits, ultimately leading to better financial decision-making.
Besides these benefits, NetSuite Invoice management does a lot for you, for example:
- Unified Accounts Payable Solution. No requirement to handle the payment process in a distinct application and then input payment details again in NetSuite.
- Minimize Mistakes and Enhance Efficiency. Eradicate manual data entry and monotonous tasks such as categorizing invoices, pursuing internal approvals, sending checks by mail, and reconciling payments.
- Enhance Supplier Satisfaction. Automation guarantees timely payments to suppliers, fostering stronger relationships, while granting you greater control over cash outflows.
Challenges NetSuite Invoice Management Solves
One significant benefit of NetSuite invoice management and AP automation is avoiding payment delays. Manual processes often cause delays, which can strain relationships with suppliers and potentially result in higher costs due to penalties or missed early payment discounts. Organizations can eliminate errors and ensure payments are made on time by automating the matching of invoices with purchase orders and receiving documents.
NetSuite’s AP automation prevents paying too much, making the same payment twice, and fraudulent transactions. The system automatically checks invoices against purchase orders and receiving documents, reducing the chance of mistakes or fraudulent activities. This not only protects the organization’s money but also builds trust and credibility with suppliers.
Moreover, AP automation eliminates the need for time-consuming manual payment reconciliations. By automatically updating payment information and matching transactions, organizations can enhance the accuracy of their accounting data. This not only reduces the chances of mistakes but also speeds up the financial close process, enabling timely and precise financial reporting.
NetSuite Invoice Management Pricing
NetSuite invoice management is priced based on an annual license fee, consisting of three main parts: core platform, optional modules, and user count. Additionally, there’s a one-time implementation fee for the initial setup. As your business expands, you can conveniently activate new modules and add users. The NetSuite AP Automation add-on module includes invoice management features.
Conclusion
NetSuite Invoice Management is a powerful solution for businesses dealing with manual AP processes in a world where being efficient and accurate is crucial. This innovative tool becomes the foundation of a streamlined and efficient financial operation by automating workflows, avoiding payment delays, ensuring accuracy, and speeding up financial reconciliations.
If you’re interested in the NetSuite invoice management system, the Folio3 team is here to help. Contact us for a free consultation on NetSuite and all you need to know about it.
