NetSuite allows you to easily manage multiple vendor bills with similar billing terms, saving both time and money in the process. This feature helps save both time and money.
Vendor bills are an integral part of accounting, yet their entry can be an arduous process. Entering them into NetSuite may take significant effort.
Workiro makes the transformation of corporate cell phone bills into Excel templates faster and more efficiently than manually entering them into NetSuite, saving both time and effort in entering data manually.
CloudExtend Excel
CloudExtend Excel is a powerful data management tool designed to assist companies in managing their NetSuite vendor bill data more effectively and securely. By eliminating manual data entry and reducing risks of mistakes that could cause financial discrepancies, CloudExtend Excel allows organizations to work faster while increasing productivity.
This add-in utilizes a dynamic connection, enabling users to bypass the CSV import process and directly edit NetSuite data directly in Excel, saving both time and increasing accuracy for internal teams. Furthermore, it can be tailored specifically to business processes or workflows as desired.
CloudExtend Excel can also download data from multiple saved searches at once, making this tool perfect for businesses with large volumes of information to import. It should be noted, however, that downloaded data cannot be sent back into NetSuite until changed; so this option should only be utilized as needed; its added benefit lies in creating new records and transactions within NetSuite itself.
Vendor Prepayments
Vendor prepayments allow you to record payments to vendors prior to receiving goods and services, then apply these prepayments against future bills from that vendor. This feature helps reduce work for accounts payable while improving accounting accuracy.
Your saved search can create a sublist that links off of Vendor Prepayment items and display their total amounts, then use Bill Machine to apply them against vendor bills.
When creating a vendor prepayment, the funds must be held in an escrow account until applied against a vendor bill. This helps prevent funds from becoming available for other expenses and allows the bundle to apply the prepayment to non-PO related vendor bills for improved accounting accuracy and payment traceability. It may also allow you to allocate expenses across subsidiaries.
Vendor Credits
NetSuite, a popular cloud-based enterprise resource planning (ERP) system, features tools for handling financial transactions like vendor bills. Entering them manually into the user interface (UI) may take too much time and labor-intensive processing when there are numerous invoices or complex data sets to process; an integration can streamline this process and free your team up to focus on other tasks.
To create a vendor credit memo, first select a number for payment requests, purchase orders or vendors. Next, set a date and amount for credit. Lastly, add an optional check stub.
A vendor credit memo document contains three unique tabs – Vendor, Credit Memo Info and Process Items – in addition to the standard e-doc tabs, to logically separate information within it and make reviewing simpler. Once applied, its status changes from “Incompletely Applied” to Fully Applied; you can apply credits against either one or multiple unpaid invoices at once.
Scanned Invoices
Invoices are an integral component of business financial management. Although NetSuite offers powerful management tools, entering invoices manually into its user interface (UI) may still be time consuming and labor intensive for businesses that manage large volumes or complex data sets. Manual processes also can cause errors; as a result businesses should consider using an invoice scanning solution such as Nanonets ZoneCapture SuiteApp to automate processing scanned PDF invoices.
EDI (Electronic Data Interchange) is an industry standard that allows businesses to exchange transactional data electronically between related parties via a network. While EDI may suit some uses cases, such as sending invoices electronically over an EDI network, its implementation is impractical for smaller and mid-sized businesses that receive paper or PDF invoices.
Computer systems can recognize basic layouts and extract key information from invoices, however they cannot process fine-grained table data like invoice line items. Therefore, selecting an invoice scanning solution capable of recognizing and processing all points across an invoice’s pages can be crucial.