Ready to get more out of your NetSuite software? Learn how to expertly handle accounts payable and global mass payments leveraging NetSuite integrations.
Many products are available to automate core NetSuite AP and invoice processes. These systems are carefully designed to digitise the receipt and entry of vendor bills, eliminate paper invoices, establish opportunities for effective management, and process payments using various methods. NetSuite AP automation tools help 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. the challenges of global payables
In this article, we’ll take a look at NetSuite, AP automation, the best NetSuite AP automation platforms for 2024, 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 businesses track financials, host e-commerce stores, manage inventory, process supplier invoices, maintain customer relationship 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 Oracle 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 automated 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 maximise 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 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, organisations 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, audit trails, 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 provide suppliers with payment status 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.
Features
• 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 £99/month. A business can add advanced functionality and users as needed to upgrade from the basic platform.
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#2) Kefron
Kefron is a digital document management system that specialises in automated solutions for accounts payable. The AP automation software focuses on streamlining document-heavy workflows, helping to reduce manual data entry, enhance compliance, and improve accuracy.
The accounting software offers versatile products used across a variety of industries, from healthcare to financial services. It’s a prime choice for businesses looking to improve their document management and AP processes.
Features
• Automated invoice capture, approval, and payment that integrates seamlessly with your ERP system
• Accounts receivable tools that simplify payment tracking and improves cash flow for finance teams
• Cloud-based document management to securely store, retrieve, and handle documents
• Optical character recognition (OCR) technology to automatically extract data from documents
• Scalable solution with customisation options to suit specific business needs
Pricing
Kefron’s pricing varies depending on the scale of your automation and document management needs, the size of the organisation, and the specific customisation.
Pricing is based on a subscription model, with options for different service levels. Contact Kefron directly for precise pricing information and a customised quote.
#3) Quadient AP (formerly Beanworks)
Quadient is an AP automation solution that digitises invoice processing and the supplier purchase order process. It tracks and analyses 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 manual tasks and manual processes.
The Quadient 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%.
Features
• 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
Quadient offers four pricing plans, Starter, Pro, Premium, and Enterprise. For exact pricing details, you need to call for a quote.
#4) Medius
Medius provides cloud-based spend management and AP automation solutions to simplify and streamline financial processes. Known for its intuitive tools and AI-driven automation, Medius helps companies improve efficiency, tighten spend, and enhance visibility across procurement and payment processes.
Whether you’re a small business or enterprise solution, the platform makes ERP integration easy. This makes it a versatile system for companies in various sectors, including manufacturing, retail, and healthcare.
Features
• End-to-end AP automation from extraction of invoice data to payment processing
• Procurement management, from requisition to POs and supplier management
• Advanced spend analytics to identify trends and cost-saving opportunities
• Supplier management for better communication and access to early payment discounts
• AI and machine learning to continuously improve data accuracy and reduce human error
Pricing
Medius offers tiered pricing based on the scale of your automation, the number of users, transaction volume, and specific features. Pricing is is a subscription-based model, with different packages to suit small, mid-sized, and large enterprises.
#5) Esker
Esker is a cloud-based automation platform that streamlines accounts payable, accounts receivable, order management, and procurement. The system uses AI and machine learning to automate document-heavy workflows, reducing manual data entry, improving accuracy, and accelerating processing times.
Esker’s user-friendly interface and robust integration capabilities make it a prime choice for businesses looking to increase efficiency and gain better control over key financial and operational processes.
Features
• AP and AR automation from invoice processing to invoice delivery
• Order management tools to digitise order processing, reducing errors
• Procurement solution to automate purchase requisitions, POs, and supplier management
• Document capture and data extraction using AI-powered optical character recognition
• Real-time analytics and reporting to identify bottlenecks and monitor workflows
Pricing
The subscription-based pricing model varies depending on company size, transaction volume, and the specific solutions you need. Pricing is custom, with options for businesses of all sizes, from small enterprises to large corporations.
#6) Zone & Co (Fast Four)
Zone & Co (now incorporating Fast Four) provides cloud-based AP automation solutions designed to enhance operations, particularly for companies using NetSuite. The solution aims to improve efficiency, reduce manual work, and streamline operations within the NetSuite environment.
Fast Four (known for its SuiteApps and solutions beyond NetSuite capabilities) brings additional tools for AP automation and bank reconciliation, making the combined company a powerful choice for companies looking to optimise their NetSuite experience.
Features
• AP automation from invoice capture to approval workflows and payment processing
• Billing automation like subscription management, usage-based billing, and recurring invoices
• Bank reconciliation to quickly match bank statements with accounting records
• Close management to facilitate a smoother month-end process
• Compliance and security tools for audit trails, data encryption, and access controls
Pricing
Zone & Company offers different plans for their NetSuite approval workflows, including:
• Starter: Approximately £1,560 per month, best for emerging businesses
• Plus: Approximately £3,900 per month, best for fast-growing businesses
• Enterprise: Best for businesses over £100 million
#7) Payhawk
Payhawk is an all-in-one spend management solution designed to streamline and automate expenses, corporate cards, and accounts payable processes. The payment automation platform offers comprehensive tools for real-time expense tracking, automated receipt capture, invoice management, and seamless integration with accounting systems.
Payhawk gives businesses greater control over expenses, improves visibility, and reduces the manual work associated with expense and AP management.
Features
• Physical and virtual corporate cards with customisable spending controls
• AP automation from capture and approval workflows to payment processing
• Multi-currency transactions to manage expenses across different countries
• Custom spending limits for different teams or projects, ensuring budget compliance
• Automates VAT extraction and reclaim on relevant expenses
Pricing
The majority of Payhawk’s pricing plans are customised. The Growth Plan starts at £149.00 and is geared towards small businesses looking to manage expenses for a fraction of the cost.
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.
