Improve NetSuite accounts payable processes with Stampli AP automation

As an Oracle NetSuite user, you already know NetSuite ERP is a powerful and versatile addition to your business toolbox. Let’s talk about how it can help you optimize and streamline your accounts payable processes. (If you don’t currently use NetSuite, read on for some pointers on AP optimization.)

First, the basics.

NetSuite is a cloud-based enterprise resource planning and accounting system that automates day-to-day accounting, finance, and business tasks. NetSuite offers modules covering business functions like business intelligence, accounts receivable, supply chain management, payroll, inventory, payments, and accounts payable.

But its capabilities go beyond that.

Third-party SuiteApps (like Stampli) integrate with NetSuite to extend its power to optimize and streamline complex, manual business processes like accounts payable. By leveraging NetSuite and SuiteApps, NetSuite customers can save money and time, improve cash flow, access actionable real-time data, and free employees to work on higher-value tasks.

The trick is getting it right. Read on to learn how you can optimize AP processes and take advantage of NetSuite and SuiteApps to build a seamless accounts payable workflow.

How to streamline AP processes

Nobody in finance has ever said “We need more paperwork” is a successful business strategy.

The unfortunate reality is that many AP teams are buried under mountains of paper. In AP in 2023: Expectations, Technology, Opportunity, Stampli surveyed 251 CFOs and finance leaders on their expectations for 2023. Over two-thirds (80%) said they expected the volume of invoices they would need to handle would increase. Just over half (53%) also said they expect invoice complexity to increase.

That’s a lot of paperwork, and as the volume and complexity of invoices grow, AP teams can get overwhelmed. Adding employees isn’t the answer – adding more staff to work on a manual process just creates new bottlenecks. The best solution is to fix the problem at its source by optimizing AP processes.

Streamlining AP processes focuses on three goals: optimizing workflows, improving communications, and automating manual tasks.

Optimizing AP workflows

To optimize AP workflows, I start by identifying and addressing the bottlenecks in my current process. For example, I can check where my suppliers are currently sending invoices and make sure they go to a single address (or email address for digital invoices). I can also ensure that employees are sorting received invoices according to date and priority so they get paid on time.

One of the biggest efficiency gains comes from replacing or streamlining time-consuming and error-prone manual processes like invoice data entry and verification. For example, I can use optical character recognition (OCR) to scan and digitize paper invoices, receipts, and other documents. Digitizing makes it much easier to store, manage, and search these documents.

I can improve my payment process by making a few changes, like deciding when to pay invoices and grouping invoices by the due date. Doing this lets us manage these payments in batches, so they get paid on time. I can also look at my payment methods and see if we can replace paper checks with electronic methods like ACH or credit cards.

Improving communications

Poor communications can plague AP teams. Accounts payable touches almost every other department in my business, so it’s important that everyone is reading from the same page. For example, tasks like three-way matching need accurate purchase orders and receipts. This means my AP team needs to communicate with the procurement team. If an email gets lost or misrouted, things can grind to a halt, so we need to ensure information is getting through.

Good communication is also crucial to the approval process. Approvers need complete information to properly review and approve a transaction. If they don’t have the info, it can trigger a wild goose chase while everyone tries to find it. I can review my current process and internal controls to ensure employees include the right information when they send an invoice for approval.

Automating manual tasks

Streamlining workflows and improving controls can make a big difference in AP process efficiency, but it’s only half the battle. My business still faces a growing volume of increasingly complex invoices, and hiring new staff isn’t an option. Manual processes are just not going to cut it. I need a solution that’s efficient, scalable, and easy to implement.

Accounting software and AP automation solutions, such as NetSuite Accounts Payable, automate invoice scanning, coding, verification, approval routing, and communications functions. For example, I can use NetSuite to speed up my vendor payment process by automating manual data entry, invoice verification, and approval workflows. This ensures the transaction info is complete, and the approval goes to the right person.

Here’s how it works.

Optimizing AP workflows with Oracle NetSuite ERP

NetSuite Accounts Payable automates core AP functions like vendor management, purchase orders, invoice processing, payments, and reporting. I can customize my solution and workflows within NetSuite to add the functionality my business needs. 

I can manually process AP in NetSuite, but taht invoices a lot of clicking and workflows outside the NetSuite platform. To maximize my ROI, I want a powerful and scalable NetSuite AP optimization solution, and I don’t want a complex or expensive implementation.Some NetSuite AP automation solutions, such as NetSuite Invoice Management, but they are basic and not flexible. To get the functionality I want, I can opt for an integrated financial automation solution, like Stampli, that provides the functionality and flexibility I need without changing anything in NetSuite.

Let’s look at how NetSuite can help me with vendor document management, invoice processing, and payment management.

Vendor management 

NetSuite lets me replace paper and spreadsheet-based vendor files with a centralized vendor list. Once I create a vendor record in NetSuite, the software will pull the vendor data (address, payment method & terms, discounts) whenever needed. For example, if I enter a vendor invoice, NetSuite will automatically pull the vendor data from the invoice, search for a matching vendor record, and populate the vendor data into the bill record. This saves time and also helps minimize errors during the invoice processing stage.

To add a new vendor, I log into NetSuite, click the Lists tab, click Vendors, and then click the New button. From there, I manually enter the vendor’s information into the record, then click Save when finished.

Although I can use NetSuite to digitize and centralize my vendor records and documents, I’m still left with manual vendor management processes. For example, users still need to manually enter and update vendor records and documents in NetSuite. Leading financial automation SuiteApps such as Stampli fully automate vendor management processes. They let businesses maintain accurate, up-to-date vendor information without compromising NetSuite’s functionality. 

Stampli Advanced Vendor Management makes vendor onboarding, communications, and document management easy. It replaces inefficient manual tasks with features like a self-serve vendor portal, automatic document collection, and a centralized communications hub. Stampli integrates with NetSuite and supports all fields, functionality, and use cases. As vendor details are added to Stampli it automatically updates the vendor records in NetSuite, ensuring a single source of truth for vendor information.

In a recent G2 review, One construction company shared how Stampli Advanced Vendor Management has helped them improve relationships with their subcontractors. They said that Stampli “features a great vendor management system for subcontractor documents that makes vendor management for construction companies a breeze. It is intuitive and easy to implement and use by a wide variety of technology proficiency levels…Stampli is solving our problem of becoming data entry-heavy and our accounting team being bogged down with manual tasks rather than high-value tasks.”

Another reviewer mentioned how Stampli has improved their record-keeping and communications in NetSuite: “What I appreciate most about the Stampli system is its user-friendliness. It allows for seamless access to invoices from various vendors, with the added convenience of always having these invoices available on NetSuite, simplifying the process of searching for information. 

The automation feature is particularly impressive, as it eliminates the need to manually review all invoices—Stampli takes care of this, which is fantastic! Additionally, the ability to write comments, request information, and obtain approvals from one or more individuals enhances the collaborative and efficient nature of the system.”

Invoice processing

NetSuite’s AP module provides basic invoice processing automation that will help me partially automate and streamline manual AP processes. Users manually enter vendor invoices into NetSuite by creating and completing a vendor bill record. Then they assign general ledger codes, and save the bill. After the bill is saved, the approver opens and reviews the bill, then either approves or rejects it. If the bill is approved, it moves to the payment queue and is paid in the next payment run. If the bill is rejected, it returns to the AP team for further investigation.

While it provides basic AP automation, NetSuite’s core invoice management solution still requires manual intervention by AP employees. To add functionality such as invoice capture and entry, automated invoice approval workflows, two- and three-way matching, and payment processing, NetSuite customers must purchase additional modules and/or invest in IT development. However, these solutions may still not provide the level of AP automation customers need. For example, customers can automate simple bill approval workflows with NetSuite SuiteFlow, but if they want to customize their workflows, they need to invest in IT development.

Integrated accounts payable SuiteApps can provide AP automation for NetSuite customers. Most solutions include automatic invoice capture and data entry functionality and may include advanced features such as GL coding, invoice matching, approval routing, and payment processing. 

Stampli goes beyond automating basic invoice processing functions by providing true end-to-end AP automation for NetSuite. Its solution offers true cognitive AI capabilities to optimize every step of the invoice processing workflow. Stampli’s AI copilot, Billy the Bot, learns your cost accounting rules, organizational structure, and approval processes to automate manual tasks — while maintaining human oversight of critical decisions.

Stampli’s pre-built NetSuite integration can be installed in days, with no changes to your existing processes, and without compromising your NetSuite setup. It supports all NetSuite fields and functionalities, including invoice matching (including the ability to match against item receipts), intercompany and OneWorld support, expense exceptions, and amortizations.

In a recent G2 review, one financial controller called Stampli “An amazing solution!” They went on to describe how Stampli has transformed invoice processing in their company’s NetSuite environment: “We have been using Stampli for close to three years now, and we’ve literally had zero issues. The connection with Netsuite is seamless, any updates/upgrades we want to do are easy to implement and everyone in the company is very happy with the approval process.

Overall, it’s a great product that does exactly what’s advertised – Make the AP function more efficient and easier for everyone! [O[n the odd occasions where we needed some customer support (for trivial issues), I couldn’t have asked for a better team. They were always helpful, quick to reply and very accommodating!

…After implementing Stampli, invoices are processed within one day and sent for approval. Integration with Netsuite is automatic, and the fact that you can record invoices as payments just makes things even easier for us; all we have to do is reconcile our banks.”

Vendor payment process 

NetSuite provides approval and payment automation features that streamline my payments process and help prevent errors and late or missed payments. Once I create a bill record in NetSuite and it has been verified, the software automatically routes the bill record to an approver. As I mentioned, I can use the optional SuiteFlow app to set up simple payment approval workflows. However, if I want to add more complex routing, I will need to invest in the NetSuite Approvals Workflow SuiteApp to develop custom workflows.

Once the approver has reviewed and approved the invoice, it’s ready for payment. To pay the vendor bill in NetSuite accounts payable, I navigate to Transactions > Payables > Enter Bills, click View next to the bill I want to pay, and then click Make Payment. From there, I enter the payment information, choose check or ACH, and click Save to make the payment. NetSuite accounts payable also offers the ability to manually pay multiple bills.

NetSuite also offers an AP automation solution (NetSuite Invoice Management) that provides additional approvals and payment functionality via HSBC. However, NetSuite Invoice Management requires me to use HSBC as my payment provider. If I want to be able to choose my own payment provider, I’ll need a different payment processing solution. 

Despite its advantages, NetSuite’s manual bill payment workflow is slow and inefficient, especially for businesses with a large volume of invoices. It also relies on manual data entry, which is susceptible to human error. 

Third-party payment processing SuiteApps augment NetSuite’s manual bill payment capabilities by automating payment workflows and providing access to a greater number of payment methods. However, their effectiveness is limited if you haven’t optimized your accounts payable processes. 

Stampli Direct Pay combines the power of Stampli’s industry-leading AP automation and NetSuite’s flexibility and versatility to give maximum visibility and control over vendor payments. Purchases made with Direct Pay are automatically synced as payment receipts in NetSuite, giving you full control over transactions. Stampli is also payment-agnostic: you can make domestic and international payments with ACH, check, or credit card with the payment processor of your choice.

In a review on G2, a Stampli customer shares their experience with Direct Pay: “Processing bills doesn’t get any simpler than Stampli…[It] provides a single source of receiving and processing ALL of our bills into one platform and syncing with NetSuite. We no longer have ’exceptions’ with our complicated processes that a platform cannot handle. If Stampli cannot handle it by it native features alone, there are simple workarounds that have been able to work out perfectly. No expensive customizations or bypassing of their system is required.”

The Bottom line: Integrate AP automation with NetSuite accounts payable

NetSuite’s AP solution helps me streamline my AP processes, but it still requires manual tasks, so it’s not fully automatic and it’s not flexbile. Plus, it has limited functionality unless I set up custom workflows or additional modules. I also want the flexibility to choose my payment methods or partner.

Third-party AP automation software solutions (SuiteApps) for NetSuite give me more control over my AP processes. They can also connect to NetSuite to share data and improve communications. This means I don’t need to change my current processes or IT environment, which is a big plus for my business.

Stampli is an ideal AP solution for us, because the solution centralizes communication, docs, and workflows in one unified solution. It eliminates workarounds and tedious manual tasks to streamline procure-to-pay workflows. And as a Built for NetSuite (BFN) SuiteApp, Stampli integrates seamlessly with NetSuite with no changes to my IT or existing processes.

Let’s unpack that a bit and see what makes Stampli so versatile.

Stampli: industry-leading accounts payable automation for NetSuite

Stampli is for Accounts Payable teams that want automation but don’t want to rework their ERP or change their AP processes. Unlike other solutions, Stampli supports the full functionality of more than 70 ERPs, including NetSuite. This flexibility enables Stampli to deploy in days without any disruption to your business — which is great for businesses like ours that need to scale quickly and don’t want to spend months waiting on a solution.

You’ll have efficiency, visibility, and control in one unified platform with these key features:

• Invoice processing: Automate invoice capture, coding, approvals, and more to streamline and optimize AP processes.
• Information in one place: All invoice communication, actions, documents, and workflows are at the top of each invoice.
• Billy the Bot: An advanced AI that adapts to your AP processes and business structure to eliminate manual work in NetSuite.
• Purchase orders: Effortless 2- and 3-way PO matching, handling partial amounts, adjusting line items, and directly adding new line items.
• Vendor management: Keep vendors happy and maintain compliance by managing vendor onboarding, information, and documentation.
• Multi-subsidiary support: Process and pay invoices across subsidiaries, offices, departments, or locations from a single place.
• Business insights: Get real-time visibility into invoices, employee productivity, and AP processes with powerful analytics and reporting tools.

“Stampli is an AP software first”

“Stampli AP Automation is worth every penny!” says a recent TrustRadius review. The reviewer, an accountant, describes how Stampli has helped their AP department become more efficient and effective. “Stampli is an AP automation software first, whereas the other options we reviewed were a payment processing service that included AP automation…Other options we reviewed had a “Pay for Service” model where a monthly charge would move you to the front of the line, whereas Stampli customer service (which is awesome) is included in the cost.

Stampli was the superior choice on every feature, their sales team was more engaged, and the cost was basically the same for every option. It was an easy choice and we’re glad we made it.

We were doing AP entry in Netsuite. Netsuite was a step up from our previous system (Accounting Seed in Salesforce) because it allowed us to easily attach a PDF to the invoice entry. But Netsuite wasn’t fast, it was difficult to track invoice approvals, and getting to that attached PDF was not intuitive.

All the other AP automation software that we looked at all did the same basic functions. Stampli had the cleanest, easiest to use user interface, and we needed to be sure our non-Accounting staff would be able to use it effectively to approve invoices.”

Streamline your business processes with Stampli today!

With Stampli, you don’t have to sacrifice visibility or control. Stampli optimizes your entire AP program by reducing errors and fraud, enforcing controls, improving vendor relationships, and making processes more efficient.

Get started today. Contact Stampli to set up a free demo and see for yourself how you can get the most out of NetSuite for accounts payable.