Empower your business with customized and streamlined AP processes using NetSuite AP automation and its integration with third-party AP Automation tools.
According to a recent report by MarketsandMarkets, the AP automation market is expected to grow from $1.9 billion in 2019 to $3.1 billion by 2024 at a compound annual growth rate (CAGR) of 11.0% during the forecast period. This growth is being driven by factors such as increasing demand for cost-effective and efficient financial operations and the need to reduce errors and fraud in the AP process.
In response to this growing demand, Oracle NetSuite launched NetSuite AP Automation. It helps organizations optimize their financial operations and reduce the time-consuming nature of their Accounts Payable (AP) processes. This blog elaborates the benefits of NetSuite AP Automation, and some of the tools that integrate with NetSuite and further enhances the AP automation functionalities.
What is AP Automation in NetSuite?
NetSuite Account Payable automation or AP Automation refers to the automated accounts payable (AP) process within the NetSuite ERP (Enterprise Resource Planning) software. This automation process involves streamlining the traditional paper-based and manual accounts payable process, which includes capturing and validating invoices, approving and coding them, and making payments.
NetSuite AP automation uses machine learning and artificial intelligence to automate manual tasks and speed up the AP process. It also integrates with other financial applications such as General Ledger, Purchase Order, and Inventory Management. The software reduces the time spent on manual data entry, reduces errors and fraud risks, improves cash flow management, and increases visibility into financial data.
The AP automation module in NetSuite provides features such as:
- Invoice capture and management
- Invoice approval workflows
- Vendor management
- Payment processing and reporting.
Top AP Automation Tools to Integrate with NetSuite
NetSuite integrates with a range of third-party AP automation tools that help businesses to optimize and customize their AP processes. Third-party AP automation tools integration with NetSuite provides additional functionality to the accounts payable process. These tools offer advanced features such as machine learning and artificial intelligence to automate data entry, invoice processing, and payment reconciliation.
Some popular AP automation tools that can be integrated to enhance NetSuite Account Payable Automation include:
Kanverse by Jade Global is an AI-powered tool it helps to build "Zero-Touch" document processing workflows. Kanverse as a AP automation software helps to reduce cycle time from days and hours to seconds, prevents fraud, increases efficiency, cuts out manual entries, reduces invoice processing errors, and meets global compliance standards.
It is a popular AP Automation Software for NetSuite. PairSoft helps to search and retrieve information contained within your scanned documents and data entry. It offers features like OCR smart Invoice capture, automatic matching, robust AP automation, etc.
It automates the AP process from start to end. It supports NetSuite Single Sign-on, which makes the user login experience easy-peasy. DocuPeak has some unique functions with NetSuite, such as the function of building electronic workflow and out-of-box integration.
It is an AP automation software that offers secure and efficient management of payment solutions. It has features that support more ways to pay suppliers through the AvidPay Direct and AvidPay check.
It helps to pay global suppliers and supports many countries and local currencies. It provides features like invoice processing, payment reconciliation, and tax compliance. It gains visibility over your spending; it has an integrated self-service supplier portal, and it streamlines invoice management.
Stampli is a cloud-based AP automation software that offers features such as invoice processing, automated workflows, and communication tools. It offers an API integration that doesn't need IT support and integrates with major accounting systems, including Netsuite.
Significant Benefits of AP Automation in NetSuite
- Streamlined Invoice Processing
NetSuite's OCR-based AP automation feature extracts key invoice information, reducing the need for manual data entry and minimizing errors.
- Faster Payments
Automated payment processing ensures payments are made on time, improving vendor relationships and reducing the risk of late fees.
- Improved Visibility and Control
AP automation in NetSuite provides real-time visibility and control, allowing businesses to track invoices, payments, and vendor information. This results in reliable reporting, accurate data, and informed decision-making.
- Reduced Costs
By reducing manual processing, AP automation can help businesses save costs, freeing up resources to invest in other areas.
- Better Supplier Relationships
Accurate and timely payments can improve supplier relationships, enhancing a company's overall reputation in the market.
- Enhanced Security
NetSuite's AP automation ensures sensitive financial information is protected, with strict security standards and approval workflows to prevent fraud.
- Employee Satisfaction
By reducing manual and repetitive tasks, AP automation can increase employee satisfaction and free up time for more value-added activities.
- Advanced Decision Making
Accurate reporting of financial data helps improve decision-making around spending and budgeting, with real-time insights into cash flows.
- Reduced Paper Usage and Storage Costs
AP automation can reduce paper usage and storage costs with digital invoices, payments, and approvals that don't require physical documents.
- Protection from Fraud
Automated invoice processing reduces the risk of misplaced or disappeared invoices, with multiple verifications by different employees to prevent fraud.
In conclusion, AP automation is a critical business process that can help organizations save time, reduce costs, improve accuracy, and strengthen relationships with vendors. NetSuite offers an inbuilt AP automation feature that leverages OCR technology to streamline invoice processing and facilitate faster payments.
Furthermore, NetSuite's ability to integrate with third-party AP automation tools offers businesses the flexibility to tailor their AP automation workflows to their specific needs. By combining the power of NetSuite's inbuilt AP automation with third-party tools, businesses can further enhance their AP process, improve decision-making, and ensure compliance with regulations and security standards.
If you're seeking to enhance your AP process and take advantage of the benefits of NetSuite AP automation, Jade Global can help. As a NetSuite Alliance Partner, we can evaluate your current AP process and identify how NetSuite's AP automation module and integrations can align with your unique business requirements. Get more details.