What You Need to Know About NetSuite Accounts Payable
The accounts payable for a business is a crucial factor that must be constantly monitored as it can greatly affect cash flow. By streamlining the process that's used to keep track of accounts payable, it helps create more efficiency and provides a way to keep on top of the orders and bills that are associated with this aspect of a business.
NetSuite software, a pioneering cloud computing service launched back in 1998, offers one of the best business management suites (encompassing ERP/Financials, CRM and ecommerce) for managing finances, operations, customer relations and other key business processes in a single system.
The accounts payable section of NetSuite provides the assistance needed to help a business complete tasks, such as creating a purchase order, paying bills, crediting vendor returns and paying sales tax. These tasks and several others are easily managed when using the software.
The Importance of Accounts Payable
A business must keep track of its total accounts payable section, which is much more than just the money that is required to be paid by the business to suppliers.
Accounts payable tasks are associated with vendors, purchase orders, bills, returns, writing checks and paying sales tax. By breaking down the accounts payable process, it creates a much more detailed way to account for each factor that must be addressed.
NetSuite software allows you to do all that and more accounts payable tasks seamlessly.
1. Vendors and Purchase Orders: NetSuite provides a business with the ability to create a new vendor in the software, which is a supplier currently doing business with a company. A new contract from a vendor record can be created as well as a purchase request. After creating a purchase request, approval of the purchase request can be monitored and a purchase order can be created. Every purchase order has to be approved or rejected. If it's received, there is an area in the software where the purchase order can be billed.
2. Billing: The billing section allows a bill to be entered and approved. There is also a way to hold payment on a bill. When the process of the business dictates that builds can be paid, it can be entered into the appropriate section of the NetSuite accounts payable software.
3. Vendor Credits and Returns: When supplies are received, a business can enter a vendor credit. It also has an option to enter a vendor return authorization. If that's approved, a business can monitor the items that have been returned and credit vendor returns once the credit for supplies has been received.
4. Checks and Paying Sales Tax: There is also an area in the software that provides the ability to print checks and forms, write a check, void a check and void a bill payment. Sales tax on supplies is also accounted for in the software.
Other Features and Benefits Provided by NetSuite Accounts Payable
NetSuite accounts payable allows a business to create several different reports that can be based on parameters such as department, categorization or date. Having this ability provides a business with access to data it needs to make informed decisions.
Both customized and standardized reporting allows flexibility for users of the software.
While other software often only allow reporting for certain periods, NetSuite offers reports that come from the earliest periods when a company was first conducting business with a vendor.
Quicker payments can be made by using the software as bills can be generated on the same day that an order is made.
The software also allows a business to adjust to the specific accounting rules being used.
So, by streamlining the accounts payable process in your business with NetSuite, you can enjoy many benefits as it can help your business save time, avoid frustration and make it much easier to keep track of all the tasks that are involved with purchasing goods from suppliers.
Ultimately, after working with this software for a while, it’s bound to become an essential component of your enterprise resource planning (ERP) system.
