There are tons of products available to automate core NetSuite AP and invoice processes. These systems are carefully designed to digitize the receipt and entry of vendor bills, eliminate paper invoices, establish opportunities for effective management, and process payments using a scale of methods. NetSuite AP automation tools help to improve controls and provide better oversight of cash flow and payments.
So, how can you be sure which accounts payable automation software is the best fit for your business? AP can be the single most time-consuming function in finance. In The Last Mile of NetSuite, see how financial executives at leading companies are addressing the challenges of global payables
In this article, we’ll take a look at NetSuite, AP automation, the best NetSuite AP automation platforms for 2023, and how you can choose a system that works best for your business.
A Quick Overview of NetSuite
NetSuite is part of Oracle (acquired in 2016), and is one of the leading integrated cloud ERP software solutions on the market. The platform helps a business track financials, host e-commerce stores, manage inventory, maintain customer relationships management (CRM) systems, and much more.
NetSuite ERP and NetSuite CRM are the two prime software packages offered by NetSuite. Both of these include a selection of Netsuite modules that assist a business with a variety of tasks, like:
- General ledger
- Accounts payable
- Accounts receivable
- Employee and staff management
- Processing credit cards, ACH, and EFT
- Basic inventory and project management
- Bank management and reconciliations
- Multi-currency and multi-language options
- Purchasing and invoice approval (Workflow Manager)
- Order and document management
Automate AP and Invoices for NetSuite
The job of invoice processing is the responsibility of accounts payable. A smart automation solution can handle effective invoice management and a multitude of manual AP tasks.
AP and invoice automation for NetSuite gives a business greater efficiency with a smaller margin of error. These tools extend the capability of the NetSuite solution by providing useful features like smart document recognition (OCR), data capture, approval workflows, document indexing, reconciliation, and more. These solutions will capture, process, and deliver important data back to the NetSuite system
AP automation allows for touchless processing, meaning the system eliminates the need to manually input data, and approvers can sign off with the click of a button. The tools also provide dashboards and analytics that allow a business to instantly diagnose problems and make better-informed decisions. Since all AP data is digitized and stored within a single system, it’s easier to audit and search for information.
Tipalti is a tool that can help maximize your investment in NetSuite ERP and automate AP and the invoice process. From intelligent supplier onboarding to tax data collection, payment reconciliation, invoice workflows, and more, it’s a prime NetSuite ERP solution for all of your accounts payable needs.
Does NetSuite Have AP Automation?
NetSuite AP automation (run by the app SuiteBanking) helps a business improve profitability by making it easier to process bills and pay vendors. As a result, organizations can better control cash flow and scale their end-to-end AP processes.
The AP tool embeds financial technology into cloud ERP, giving you quick access to a single dashboard. This allows all departments to seamlessly share information for things like monitoring budgets, approval workflows, and spend management.
Top 7 AP Automation Integrations for NetSuite
Selecting the best accounts payable software includes taking a closer look at your own business processes. In order to maintain operational efficiency, goods/services must be delivered and bills must be paid on time. This starts with purchasing the right AP tools. Here are the top seven AP automation integrations for NetSuite on the market right now:
#1) Tipalti
The Tipalti NetSuite integration for AP automation streamlines purchase order management, invoice processing, and multi-method payments to suppliers. “Built for NetSuite” verified, the platform helps a business save time and accelerate financial close by up to 25%. Tipalti helps to provide payment status to suppliers 24/7, automates vendor setup, and simplifies tax form collection.
Tipalti enhances your payables process and helps global businesses scale quickly by automating key tasks, such as invoicing, shipping, and order management. The brand offers payment methods to 196 countries in 120 currencies worldwide using a Money Transmitter License (MTL).
- AI, machine learning, OCR (Header and line level scan and capture), Managed Services, 2 and 3-way PO-Matching
- Integrated PO and payables solution to help streamline company purchases and improve spend controls
- Accelerate the approval process with Slack integration for instant communication
- Quickly onboard vendors with a branded portal that includes preferred payment methods, currency, and payment thresholds
- 26K+ rules to validate payments and screen against OFAC/SDN lists
- KPMG-approved tax engine enables you to collect W8 & W9 tax forms, collect and validate VAT tax ID, 1099 and 1042 prep reports, validate against 3,000+ rules
Pricing
Tipalti uses a subscription-based pricing model that starts at $149 per month. To upgrade from the basic platform, a business can add advanced functionality and users as needed.
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#2) AvidXchange
AvidXchange provides payment processing and accounts payable software to over 700,000 businesses across different industries. Their solutions include invoice processing, payment services, and AP automation; offering a network of suppliers for the midmarket.
The modern accounts payable and invoice management platform boasts a variety of automation features and over 180 different integrations. The system has custom workflows, B2B billing, e-payments, and more; enabling a business to easily shift to paperless invoicing.
- Fast and secure payments to suppliers backed by an enormous supplier network
- Automatically receive, track, and approve invoices, without the need for paper
- Enhance financial security by leveraging e-payment adoption, while providing vendors with flexible payment options
- Work remotely with a cloud-based accounts payable platform that provides 24/7 online access
- Review, code, and approve payments within a few clicks
Pricing
The price of AvidXchange depends on the module you purchase and the different features you choose in a custom plan
#3) Beanworks
Beanworks is an AP automation solution that digitizes invoice processing and the supplier purchase order process. It helps to track and analyze important AP data, while routing POs, payment approvals, and invoices to the appropriate parties. Documents can always be searched in real-time, with an 80% reduction in traditional data entry tasks.
The Beanworks platform also offers functionalities like approval delegation, invoice coding, and 3-way matching. They also help SMBs reduce the cost of managing AP by up to 84%. and
- Integrates with popular accounting tools like Sage and QuickBooks
- Capabilities for invoice coding in multiple languages and currencies
- Easily match imported payments to invoices, no matter the format
- Connect multiple ERPs to the Beanworks structure in an instant
- A NetSuite accounts payable automation solution that enables the import of any AP list
Pricing
Beanworks offers four pricing plans, Starter, Pro, Premium, and Enterprise. For exact pricing details, you need to call for a quote.
#4) Docupeak
DocuPeak integrates directly with NetSuite and helps to eliminate the need for manual data entry. The AP automation software streamlines approval workflows and increases document visibility. It’s one of the top tools for automating the AP process from start to end, and contains capabilities for validating accuracy, importing documents, extracting data, and sending files to NetSuite.
With DocuPeak, a business can capture and store documents in a secure, cloud-based repository. The integration will help small businesses run their AP teams on autopilot.
- Accelerated invoice approval process that quickly moves invoices through an electronic workflow
- Features for capturing and storing documents in a secure, cloud-based environment
- Helps to locate mistakes and unauthorized activities, preventing incidences of fraud
- Provides tools to monitor document changes and approvals in real-time
- Makes searching and retrieving documents easy; makes for a detailed audit trail
Pricing
Pricing for DocuPeak is quote-based and depends on a few factors, like the number of transactions and documents you process in a given time period.
#5) PairSoft.com
PairSoft.com is accounting software that works great for three-way invoice matching, detailed audit trails, and intelligent OCR technology. The system offers complete integration with Oracle NetSuite, and helps to process and store documents ins a centralized, secure repository The NetSuite integration has smart, document recognition technology, and can automate indexing and data entry.
The unified, procure-to-pay solution is a scalable system that can grow with your business. PairSoft has a proven track record of helping companies of any size implement dynamic tools that help to save both time and money.
- Streamlines processes with electronic workflows for 70% faster approvals, and provides 90% more efficient filing and retrieval
- Contains general ledger distribution features, smart invoice capture, OCR, robust AP automation, and automated document management
- Integrates directly with your ERP system and indexes all information in your documents
- Features for the automatic routing of documents with a predefined, role-based review and approval process
- Protect data by creating user and group roles, and monitor/report on the history of all document changes and approvals
Pricing
Pricing for PairSoft.com is based on a custom quote. The price includes unlimited users and storage across the platform. They also provide unlimited tech support and ongoing updates.
#6) PayStand
PayStand is an accounting system for finance teams that offers flexible payment modules to help customize the AP process. It’s one of the better tools for integrating payments directly in NetSuite, with a centralized dashboard to manage payments, refunds, and collections. The platform allows a business to automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue.
The PayStand brand is on a mission to create a more open financial system, starting with B2B payments. Reimagined for today’s digital landscape, they offer a free demo to try it out for yourself.
- PayStand supports all types of payments, like direct bank transfers, credit/debit cards, ACH, and more
- The system has functionalities to streamline invoicing, leverage collections, and streamline vendor invoices
- Capabilities for automating cash application, revenue recognition, payment reconciliation, and reporting
- Prime solution for extending payment functionality, supporting all types of payment methods
- Provides robust ERP integrations with custom API options
Pricing
The price for PayStand is given on a quote basis.
#7) Stampli
Stampli provides AP automation software with features for invoice capture, internal controls, shared dashboards, AI capabilities, and more. The system helps organizations simplify GL coding, identify duplicates, and automate approval notifications. Stampli supports both purchase order and non-PO purchases.
The Stampli program gives a business full visibility and control over corporate spending, from invoices to cards and payments, in one single spot.
- Smart coding and capture with advanced OCR, machine learning, and artificial intelligence capabilities
- Launch in days, not months with an award-winning customer success team that ensures all preferences are maintained
- Modern paperless approach with duplication detection, PO support built-in calculations, and more
- Pay with maximum flexibility and control using preferred payment methods, Stampli Direct Pay, or the Stampli Card
- Invoices and bills are automatically captured and made immediately available for further processing
Pricing
Stampli doesn’t publish prices online, but they offer a few flexible plans to companies based on your needs. Cost is typically estimated based on factors like:
- Data migration
- Customization
- Training
- Hardware
- Maintenance and upgrades
Which AP Automation Integration Suits Your Business?
When choosing an AP automation integration platform that works best for your business, it’s important you ask the right questions. Start accounting for and making a list of all third-party apps, current software, and legacy systems. Ask teams from different departments to do the same, then get together and discuss. Identify critical tools and business processes that you must keep. This will help you decide on what you need to buy.
When choosing the right software, consider some of these factors:
- Top 3-5 business needs
- User-friendly integration
- Versatile and future-proof solution
- Pick a scalable system
- Choose something you can afford
- Go for something that promises security
There should be a pre-defined process for each workflow to help determine the NetSuite integration that’s the best fit.
Tipalti is an AP automation solution for NetSuite that checks all the boxes. Save time, accelerate financial close, and take your business global. Their unique differentiator is authentic and committed customer support, 24/7, that’s there for you every step of the way. Get started today.
