Channelize Purchase Orders and Vendor Management with NetSuite Procurement

Businesses can leverage NetSuite Procurement to purchase goods and services at the best price and timely by channeling purchase orders to approved suppliers and pre-negotiated contracts. With such an inventive procure to pay solution, you can save time and money efficiently. This procurement tool centrally manages vendors and the procurement process and renders greater visibility by generating real-time views into company spend and vendor performance. In general, NetSuite Procurement Management allows clear communication throughout the procure-to-pay process and delivers all procurement-related information, including transactions and records, vendor performance, and expenditures by department.

Businesses can avail of simplified processes, save time, and witness improved accuracy by automatically linking procurement transactions with vendor records, goods receipts, and billing documents.

NetSuite Procure to Pay Process comes with Sourcing management to equip employees with the tools to pick vendors and supply the quality of goods expected at the price you need to maximize profits.

You can make the most of this extensively procurement tool to track purchases and maintain inventory. These capabilities help you know what is on order, in what quantities, and when goods will be received makes. With such information, you can easily optimize your inventory levels.

NetSuite Procurement helps you effectively manage vendor payments by automating receipt of ordered items, processing bills, and planning payments timely.

NetSuite invoice processing capabilities under NetSuite Advanced Procurement assist organizations with keeping up with positive seller connections via robotizing the receipt of ordered things, handling invoices and dispatching installments on time. After a purchase order, receipt and bill have been placed into the framework, NetSuite Procurement performs a three-way match to correlate data on these documents. Once approved, the accounts payable department determines which bills to pay, and in which timeframe, to optimize cashflow.

Get orders from merchants, accomplices, subsidiaries and different areas, as well as client returns, utilizing a similar transaction stream. Speed the receiving system by conveying standardized barcode scanners right at the dock. This guarantees significant data, for example, lot, serial, and bin numbers, is placed and considers further developed inventory management. As items are received into inventory, NetSuite Procurement Process automatically check the proper destinations. These may cover pending work order builds or filling outstanding customer orders. The, it initiates the required workflows.

The first step in completing the procure-to-pay cycle is receiving and entering invoices from suppliers. With NetSuite Procurement Management, business organizations can turn a purchase order for items received into a bill in accounts payable without data rekeying.

Here, when a vendor submits an invoice against a purchase order, you can easily select the order it was based on. The framework pre-populates all applicable data for check. Seller bills can likewise be physically placed, imported from a CSV document or consequently imported through web administrations in situations where more tight coordination is wanted.

Incoming vendor invoices are automatically are matched against their relating POs and products receipts and examined in light of predefined rules and resilience’s. Invoices that fall inside supported parameters are sent straightforwardly for installment.

Business administrators control what happens to exceptions by defining an automated approval workflow. This workflow routes all relevant documentation such as invoice, PO, goods receipt, and team notes to the proper approver. Then, approvers can review the information and sign off.

By leveraging the core capabilities of NetSuite Procure to Pay process, you can centrally manage all aspects of your vendor relations. NetSuite vendor management simplifies supplier communication and vendor performance without much hassle.