NetSuite Accounts Payables (AP) Automation enables companies to save time, reduce costs and optimize cash outflows.
Want more information on how NetSuite AP Automation can help you? Continue reading, or download the PDF data sheet on NetSuite AP Automation to learn more!
Manually entering and paying vendor bills is time-consuming, labor-intensive, and error-prone. NetSuite AP Automation provides businesses with a secure way to process invoices and make payments faster and more efficiently. NetSuite automates the invoice-to-pay process, from initial payment data capture to reconciliation. This helps increase efficiency and reduces accounts payable (AP) processing costs over time. As a result, your accountants and bookkeepers can get invoice data entered into NetSuite more quickly and with fewer errors. Avoid duplicate or fraudulent payments, and
Bonus: Did you know that with NetSuite AP Automation, you can leverage embedded banking services provided by HSBC Bank USA NA, member FDIC (HSBC), and pay bills directly through NetSuite?
Increase efficiency, and eliminate data entry with the ability to drag and drop digital invoices straight into NetSuite. Invoices are scanned by NetSuite AP Automation, and invoice details, such as the name of the vendor, the PO number, and the items ordered (including quantity and pricing), are converted into text. NetSuite then creates a bill record automatically and applies AI (artificial intelligence) models that help it learn from previous bill entries to pre-populate the appropriate fields on new bill records. The invoice is then displayed side-by-side with the AI-generated Bill records, making it easy for your AP staff to review the autofilled fields and fill in any remaining fields quickly with suggestions from existing NetSuite data or by manual entry when necessary.
Workflows for invoice matching and bill approvals help your team control costs and ensure sound financial oversight internally. For example, vendor bills are automatically matched to the associated POs (purchase orders) and receiving documents to confirm that details such as unit pricing and quantity are accurate. AP automation then routes bills to the appropriate people for quick and easy review and approval. SuiteApprovals workflows are configurable and can be tailored to fit your company's specific business requirements, reporting structure, or approval hierarchy. These rules you establish can include several criteria and can be applied either to a single invoice or to a group of invoices. In addition, automated reminders and a mobile-optimized approval app can free up your AP staff's time since they won't need to locate or contact approvers personally.
Simplify the payment process and increase efficiency for your AP staff with automated payment services provided by HSBC. Pay vendors via check outsourcing, virtual credit card, or ACH payment. Simply establish an HSBC online checking account and set up a credit card account to enable your team to pay suppliers via check or virtual credit card.
Worried about adding complexity with yet another account to fund? Don't be! You can use existing non-HSBC bank accounts to auto-fund the new HSBC account that you create.
Virtual credit cards through HSBC offer qualified customers an easy and secure way to pay suppliers, eliminating the risks associated with physical credit cards. Dynamically generated single-use card numbers provide an additional layer of protection. In addition, the virtual credit cards include a rewards program, where eligible transactions completed with a virtual cred t card earn 1% cash back. This cashback can help you further reduce operating costs when you apply it to vendor payments.
Payment information is downloaded into NetSuite daily, reducing manual tasks related to payment reconciliations. Automated matching of virtual credit card charges confirms existing transactions and flags discrepancies for review by accounting staff. Missing entries, such as bank fees, can be easily created by your team.
Download monthly statements directly to NetSuite when they become available to improve visibility. The SuiteBanking Center dashboard also provides users with complete visibility of the activities of the HSBC online accounts, enabling companies to monitor their HSBC online checking and credit card activities, review account balances, and manage account details from within NetSuite. In addition, your team can track the status of vendor bills and inform vendors when payments are on the way.
If this module doesn't meet your needs, there are other financial management solutions for NetSuite that might be a better fit:
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