NetSuite’s shared vendor bill feature provides efficient sourcing, ordering and receiving processes. It also improves accuracy by eliminating duplicate invoices and ensuring customers receive their full invoices.
Accuracy is paramount when it comes to maintaining customer relationships and avoiding collection issues. Accurate records should be kept of what was sold, when it was sold, and how much remains owed. Accuracy helps you stay ahead of potential lawsuits by keeping track of sold items correctly.
Streamlined Vendor Billing Process
Vendor billing is an integral component of managing your company’s finances. It can help you cultivate strong relationships with vendors and take advantage of discounts, perks, and early payment options.
Manual vendor billing can be time-consuming and prone to mistakes. Furthermore, it may be challenging to keep track of delivery dates, payment history, and communications.
Automated vendor management solutions can simplify business operations. They centralize all vendor information, allowing teams to quickly search through payments, communications, and deliverables with ease.
Accounting software helps eliminate paper by matching incoming invoices to their purchase orders and delivery receipts, eliminating potential misunderstandings that could occur and saving staff time.
Vendor management systems can assist your team in quickly and accurately onboarding new vendors. Furthermore, they make it simple to synchronize vendor information and documents with NetSuite so you always have access to up-to-date details.
Increased Productivity
Accounts payable departments can save time and resources by taking advantage of the shared vendor bill feature. It eliminates duplicate invoices, promotes transparency with vendors, and guarantees customers receive their full invoices.
NetSuite’s intercompany vendor billing functionality makes it ideal for companies that utilize multiple subsidiaries to allocate expenses and item lines.
Furthermore, it automatically adjusts transaction dates in the General Ledger to reflect consolidated amounts for each subsidiary, making reconciliation across all organizations much simpler.
Scan & Capture in NetSuite automatically creates vendor bill records from PDF documents. It also offers split screen mode, allowing users and approvers to view both the original PDF document on one side of their screen as well as the NetSuite vendor bill record on the other.
Automated Payments
Automating payments to pay vendor bills is a cost-effective way to save on postage and late fees. Plus, it allows you to take advantage of early payment discounts.
Businesses that pay their vendors on time tend to be preferred customers, leading to better communication, faster delivery, and strengthened relationships. According to Gallup research, 45% of suppliers are more willing to go the extra mile for those with whom they have established a rapport.
Automated payment tools eliminate the need for paper checks, making them safer and simpler to monitor. They also reduce the risk of identity theft which could leave you vulnerable to financial fraudulence.
Vendor bill automation solutions can enhance AP productivity by saving time and speeding up financial close. Tipalti, for instance, provides a “Built for NetSuite” verified platform that simplifies purchase order management, invoice processing, and multi-method payments to suppliers – even helping global businesses scale quickly.
Real-Time Information
Once a vendor invoice is received, NetSuite’s vendor bill integration automatically creates a bill record. It keeps track of unbilled balances and outstanding purchase orders to give businesses an accurate overview of their vendors.
Vendors can submit their bills via email or a vendor portal and utilize the online payment tool. Doing so provides them with real-time access to all their financial details so they can monitor payment history, communication patterns and more.
The vendor bill approval workflow thoroughly examines each vendor bill for any discrepancies before processing. It then forwards the bill on to an appropriate supervisor or approver for review and signature.
Once approved, bill payments can be made in full or partial amounts. This automated process eliminates the risk of bills going unpaid.