How to Optimise Your NetSuite Accounts Payable Workflow Process (And Save Time and Money)

Henry Sack • Aug 16, 2022

Accounts Payable (AP) is a critical function within any business. The AP process can be time-consuming and labour-intensive, but it doesn't have to be. In this blog post, we will discuss how to optimise your accounts payable workflow process using NetSuite and Webexpenses. We will also talk about the benefits of AP automation and how it can help improve your bottom line.

The accounts payable workflow process is the set of activities and tasks that need to be completed in order to pay a vendor for goods or services. This process typically includes creating bill records, approving customer invoices, and making payments. NetSuite is powerful accounting software that can help streamline and automate this process. Webexpenses is an expense management solution that integrates with NetSuite and provides end-to-end visibility of your AP workflow.

One of the benefits of AP automation is that it can help reduce errors and save time. When accounts payable is automated, businesses can take advantage of early payment discounts, improve cash flow forecasting, and better manage working capital. In addition, automating accounts payable can help improve customer relationships and vendor relations.

What is a Typical AP Process?

The truth is, there is no "typical" process as every business has different needs. While for some companies, the AP process begins at the employee requisition stage, or purchase order entry, not all companies have systems in place to support these key tasks.

For other companies, the accounts payable process typically begins when a vendor invoice is received. This invoice is then entered into the accounting software and matched to a purchase order. Once the invoice has been approved, it is ready to be paid. The payment method chosen by your AP team may differ depending on a number of factors such as vendor status, invoice amount or due date. This opens the door for costly errors which can negatively affect your cash flow and profitability.

In most cases, each of these key steps requires a team member to manually key in all purchase order and invoice information as a new record and track the approval and payment process manually, which for companies that are dealing with a large volume of vendor bills can be a huge resource drainer.

What's Different About the AP Process with NetSuite + Webexpenses?

If you are using NetSuite and Webexpenses, the accounts payable process will flow as follows:

Vendor invoices are scanned or sent to Webexpeses electronically. Invoice data is extracted through sophisticated OCR technology and automatically matched to open purchase orders.
Once all critical data is validated, the invoice is routed to the correct approver based on your business rules.
Approved invoices are then sent back to NetSuite ready for payment.
Payments are made electronically from within NetSuite based on the planned payment date.

This process is simple, efficient, and accurate and can save up to 90% of manual effort when it comes to the administration of accounts payables.

What are the Benefits of AP Automation Software?

There are many benefits of accounts payable automation software including:

Improved cash flow forecasting

Improved cash flow forecasting is perhaps one of the most important benefits of accounts payable automation software. When payments are automated, businesses can take advantage of early payment discounts, improve their bottom line, and better manage working capital.

Reduced errors and increased accuracy

Companies who choose to automate AP report fewer errors and increased accuracy of data entry when compared to manual data entry processes. This is because accounts payable automation software can validate data as it is entered into the system and match invoices to purchase orders automatically.

Improved customer and vendor relations

Another benefit of accounts payable automation software is improved customer and vendor relations. When payments are made on time and invoices are accurately processed, businesses build trust with their vendors.

What Key Feature Enhancements does Webexpenses Provide?

Automatic Data Capture

OCR technology effortlessly captures and uploads invoice data into the system, and matches invoices to your suppliers.

Complete PO Automation

Automate the whole supplier spend process, from PO request to invoice and approval.

Instant Matching

Use the configurable tax codes to match your NetSuite setup and approval settings, allowing you to eliminate information rekeying.

Quick Delivery

Deliver coded invoices directly to your approvers for instant viewing and approval online - without the need for manual input.

Integrated Processing

Validated invoices are delivered directly into NetSuite, including a reference number to ensure full visibility and audibility.

Multi-Format Support

Easily upload invoices, extract data, process transactions and track a variety of invoice formats, including PDF, Excel, Word, and scans of paper-based invoices.

Conclusion

If you are looking for ways to streamline your accounts payable process, NetSuite + Webexpenses may be the perfect solution for you. When comparing costs, the expense of having additional team members manage AP processes manually is staggering. Webexpenses offers flexible plans to suit any volume of AP invoices and can be implemented quickly. TeamBlueSky has worked with a growing number of NetSuite clients to implement Webexpenses and streamline their AP workflow processes.

What's Next?

If you are interested in learning more about how to optimise your accounts payable workflow process or would like to see a demo of our AP automation software, please contact us. We would be happy to discuss your specific needs and show you how we can help improve your bottom line.

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Henry Sack

General Manager

With over 12 years of experience as a NetSuite implementation consultant, Henry Sack leads TeamBlueSky’s team of NetSuite and accounting experts in his role of General Manager.

TeamBlueSky is a leading Australian NetSuite Alliance Partner whose mission is to provide critical NetSuite BPO and Payroll services to NetSuite clients who are wanting to simplify their back office processes and partner with a leading NetSuite administration expert.

TeamBlueSky have also partnered with global Suite Developer Network partners to offer local solutioning, implementation and support services for global NetSuite SuiteApps.