Growing organizations are doing everything they can to streamline operations and simplify their processes. One of the biggest areas for improvement is accounts payable, historically a labor-heavy role rife with manual data entry, reconciling reports and processing payments via checks. When organizations look into moving to an ERP system like NetSuite, managing financial operations is often top of mind; specialized applications like SquareWorks Automate and 360 Subscription Billing can provide insights into gaining efficiency, accuracy and scalability for organizations looking to grow.

Make NetSuite Work for You

As the world’s leading cloud ERP, NetSuite offers a robust foundation for managing complex financial processes. For organizations looking for flexibility, integration and the ability to scale, it is the go-to solution for streamlined operations.

The NetSuite marketplace is one differentiator; various apps, with different functions, specifically designed to work with and enhance the NetSuite experience. Even without these apps, NetSuite features like the GL Impact, which lists the impacts of transactions to an organization’s general ledger (GL) accounts, highlight the benefits of using NetSuite, while also bringing to light one of the issues: these functions are only helpful when data being input into NetSuite is accurate and up to date. For companies that are scaling or who have complex requirements for inputting data, features like GL Impact are even more difficult to properly utilize. Synchronization of data is extremely difficult when NetSuite users are relying on third-party apps; discrepancies and lags in syncing data between systems create risks, complicating operations and often causing delays in real-time reporting.

Organizations with high growth or recurring revenue models are even more suited to AP automation, to ensure efficient cash flow and clean accounting. By automating the mundane and repetitive tasks of AP, employees can instead focus on more strategic efforts, further improving the efficiency of the financial team.

In addition to improved data synchronization, seamless applications living within NetSuite aggressively test for updates, a critical component for NetSuite, due to NetSuite releases occurring every six months, if not faster. Financial teams need their data to be up to date at all times and can’t afford costly downtimes with IT issues. Integration-less apps that live directly within NetSuite like Squareworks Automate eliminate the need for custom integrations and frequent testing.

Enhance the User Experience

Creating efficiencies in AP is impossible without automation; many of the day-to-day AP tasks are still hugely manual efforts. NetSuite and native apps will minimize human error and reduce these manual tasks, thereby significantly lessening the constant chaos of month end. This is especially true for invoice approvals, a notoriously slow AP process often taking 10-15 days and a common cause for delaying month-end close.

In order to break down the barriers between finance, technology and strategy with intelligent automation, a single user experience is key. A seamless NetSuite setup, with integration-less applications like SquareWorks Automate and 360 Subscription Billing, who offers similar automations to improve accounts receivable processes is key—no separate user interfaces, logins or training required, with everything living directly within the core NetSuite platform.

Manage Complexity and Realize Long-Term Value

The complexities of business operations today mean organizations are relying on applications more than ever to simplify the chaos. These issues often lead companies to searching for the perfect solution that can do everything. However, the all-encompassing options are often not the solutions people need for specific AP and AR functions.

The value of NetSuite, paired with NetSuite-native applications, significantly improve and expand on the efficiencies available for AP processes, and become more evident over time. Despite the upfront investment, the ability to automate financial workflows and maximize the potential of the NetSuite platform will result in faster and more accurate financial reporting and an improved ability to scale while needing fewer resources.

This is why investing in verticalized services that bring a thorough understanding of your organization’s specific needs is crucial for getting the most out of your investments. The total cost of ownership is reduced due to the decreased need for IT to handle broken integrations and custom solutions, reducing overhead costs.

For more information on how to get the most out of NetSuite with AP automation, check out our on-demand webinar here: One System, No Hassle: Master AP and AR Automation in NetSuite