Top Solutions for NetSuite Expense Management

NetSuite, owned by Oracle, is a midrange cloud-based ERP system used primarily by mid-sized businesses with at least 100 employees and some larger enterprise companies with thousands of employees. NetSuite uses a SaaS subscription pricing model that considers the number of users. The core NetSuite ERP is augmented by several different NetSuite modules called Suites for an additional cost per module. NetSuite CRM or Salesforce CRM integration adds customer relationship management business processes to the NetSuite ERP system. 

In this article, we’ll describe top expense management solutions from third parties for automating employee expense reports and reimbursements with NetSuite ERP integration. Use this information to help your company make the best decision for its desired brand of integrated NetSuite expense management software. Then view more in-depth information from software providers and their customer testimonials before you decide. 

Why is Expense Management for NetSuite ERP Important?

Travel expenses are on the rise with a resumption of business travel and cost inflation. Employees of companies using NetSuite ERP need access to the best software for employee expense report reimbursement to easily submit and approve expense reports and get employee expenses reimbursed as quickly as possible.

Manual expense reports aren’t efficient for employees or the payables members and accountants on the finance team. Spreadsheet-based manual expense reports may contain undetected errors.

Companies need to control their spending on employee expenses and ensure reimbursement for employee expenses is compliant with company policy and IRS tax-deductibility rules for Business Expenses.

Does NetSuite Have Expense Management?

NetSuite has Expense Management for employee expense reports. The NetSuite SuiteProjects module (for professional services, project accounting, and project management) includes expense management functionality. Expense Management can also be used with NetSuite OneWorld for global multi-entity and multi-currency companies. Administrators can enable NetSuite Expense Management through the Employees subtab and configure it with some customization.

With NetSuite Expense Management, as its expense management process: 

• An employee enters an expense report or purchase request when submitting expenses for reimbursement
• It’s routed to the employee’s supervisor for approval processes unless the approval hierarchy is changed in NetSuite
• Next, the expense report is automatically routed to the accounting department
• For payment and automated recording in your accounting system.

The NetSuite system assigns the date the expense report is entered into the system and an expense report number. Expense report fields also include employee name, expense items and amounts, the purpose of each expense, date range of the expense report, totals, and signatures of employee and approver with dates completed. Other fields are customizable. The NetSuite software also considers and deducts any advances that are received prior to incurring the expenses and completing the expense report. NetSuite offers a mobile app for completing employee expense reports. 

NetSuite software features a document management system for organizing and accessing files, and expense tracking. 

Top NetSuite Expense Management Solutions

We list and describe the features and pricing of other top add-on solutions with NetSuite ERP integration to consider instead of NetSuite Expense Management. Our analysis is based on these types of possible features and pricing considerations:

1. Employee expense report generation, using captured receipts
2. Approval or disapproval of expense report items by designated approvers
3. Company expense policy compliance checks
4. Reimbursement through company payment
5. Spend management control and analysis 
6. Multi-entity capabilities
7. Global payment features
8. Ease of use with an intuitive user interface and mobile app
9. Customer service availability
10. Comprehensiveness
11. Types of fees charged in the pricing model

Top NetSuite expense management solutions include:

1. Tipalti
2. Airbase
3. Concur
4. Precoro
5. Expensify 

Tipalti

Tipalti offers state-of-the-art, cloud-based software and a mobile device app for its Expenses software product that enhances your company’s operational efficiency. Companies use Tipalti Expenses in a single, complete expense management automation system with its AP automation software, giving them additional functionality, including streamlined workflow for automated supplier invoice processing and invoice approval workflow. 

All Tipalti automation software has NetSuite ERP and NetSuite OneWorld integration that syncs data between systems to eliminate the need for manual data entry. Tipalti’s AP automation software “Built for NetSuite” solution was awarded NetSuite SuiteApp of the Year in 2019. NetSuite+Tipalti integration enhances your payables process. 

Airbase

Airbase provides automation software in modules that can be combined in its platform, including a module for Expense Management that integrates with Oracle NetSuite ERP. 

Concur

Concur Expense is an SAP Concur product for NetSuite expense reporting and reimbursement of employee expenses. 

Precoro

Precoro is a company offering procurement and procure-to-pay business automation software, including an Expense module that integrates with NetSuite ERP for employee expense report submission and reimbursement and corporate card tracking. With Precoro Expenses, you can reimburse for business-related taxi fares, travel, and other expenditures like office equipment. 

Expensify 

Expensify software is an automation solution for spend management, submitting receipts, reimbursing employee expenses, and tracking corporate or personal business credit card spending by employees. Expensify also offers automation software for paying bills and invoices and travel management software to book business travel. The following features relate to Expensify Expense Management software having Oracle NetSuite integration. 

How to Choose the Best Solution for Your Business

For NetSuite expense management that handles NetSuite expense reporting and NetSuite expense reimbursement, get competitive bids in your software evaluation process that includes add-on third-party solutions. You’ll find the best functionality and value to meet your business needs when you don’t restrict your search only to NetSuite products. 

Complete your company’s software evaluation with a list of required features and additional features that add value such as improved fraud and error controls and multi-entity capabilities with NetSuite. Seek added value from a unified system that can be used to reimburse employees and pay global supplier AP invoices using a choice of payment methods, optional advanced FX features, and integration with NetSuite OneWorld. Compare the costs, fees, and benefits of using each expense management system to assess value in relation to cost, ROI (return on investment), and your company’s budget. 

Consider customer testimonials, customer retention rate (Tipalti boasts 99% customer retention), and customer service satisfaction (Tipalti earns a 98% customer satisfaction rate). 

As a NetSuite ERP user, Tipalti offers award-winning finance automation solutions for your business needs that streamline workflows for efficiency and provide quick, approved payments. Consider how to select the best accounts payable software. To evaluate using Tipalti’s combined and unified Expenses and AP automation software, view a demo and contact sales for a quote.