NetSuite Procurement Helps Streamline Purchase Orders

Purchasing can be a tedious and wasteful trial, particularly when demands for labor and products must be handled physically utilizing a mix of calls, messages, paper indexes and faxes. The objective is to assist organizations with purchasing labor and products at the best expense and sooner rather than later. 

NetSuite Procurement helps to achieve this goal by:

• Saving valuable time of resources with automated business process
• Dropping down costs by channeling purchases
• Increasing visibility by rendering real-time data

Why Procure to Pay is Important for Your Business?

Procure to Pay in NetSuite delivers more control and visibility over the entire lifecycle of a transaction. This process also covers different departments within an organization. These departments include purchasing, production, and accounting.  

Performing tasks manually perform within the Procure to Pay cycle can lead to business issues. These issues may cover delayed or duplicate payments, payments made without internal approval, documentation errors, and other inefficiencies. NetSuite Procurement assists businesses in streamlining and automating the manual steps in procure to pay process.  

Key Steps in Procure to Pay in NetSuite

• Creating a Vendor
• Creating an item based on inventory and non-inventory 
• Creating a Requisition with the vendor and item
• Purchase Order 
• Making a Receipt for the purchase order
• Generating an Invoice for a particular receipt 
• Making payment for a particular Invoice
• General Ledger/GL IMPACT 

NetSuite Procurement Features

Source Management

NetSuite Procure to Pay Process comes with Sourcing management to empower company resources with the instruments or tools to pick sellers and supply the nature of merchandise expected at the cost you want to boost benefits. 

Purchase Management

You can make the most of this extensively tool, NetSuite ERP Procurement, to track buys and keep up with stock. These capacities assist you with realizing what is on hand, in what amounts, and when products will be gotten makes. With such data, you can undoubtedly upgrade your stock levels. 

Invoice Processing 

NetSuite Procurement helps you effectively oversee vendor payments via automated creation of receipt of ordered things or items, handling bills, and arranging payments timely. 

Item Receipt

Businesses can get orders from merchants, accomplices, subsidiaries and different locations, as well as client returns, using a comparative or similar transaction stream. You can assist the receiving system by conveying standardized barcode scanners right at the dock. This ensures critical information, for instance, lot, serial, and bin numbers, is set and thinks about additional created 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. 

Vendor Bills 

The most important phase in finishing the procure-to-pay cycle is receiving and entering invoices from suppliers. With NetSuite Procurement Management, business associations can transform a buy request for things got into a bill in creditor liabilities without data rekeying. 

Here, when a vendor submits an invoice against a purchase order, you can without much of a stretch select the order it depended on. The system pre-populates all material information for check. Merchant bills can in like manner be truly positioned, imported from a CSV document or consequently imported through web administrations in situations where more tight coordination is wanted. 

Vendor Management 

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.   

NetSuite ERP Procurement Benefits

• With NetSuite Procurement, you can drive increased profitability. You can readily access information of all items a vendor is supplying and your purchasing managers can negotiate better contracts. With such capabilities, you can capitalize on economies of scale. 
• NetSuite Procure To Pay Process offers greater visibility as businesses can have all vendor information and related projects within a single place. This helps ensure buyers can access complete and relevant data. 
• You can improve vendor relationships by leveraging NetSuite ERP Procurement. Both vendors and buyers can collaborate in real-time and share documents and ideas.
• NetSuite Procurement delivers inventive ways to control cost. With this procure to pay process, you can avail of purchase orders that define costs for items requested and eliminate unexpected price increases and invoices. 
• Business administrators can avail of three-way matching highlights variances between the PO and receiving and billing records with the deployment of NetSuite Procurement.

You can avail of these capabilities to manage vendor relationships and automate purchasing processes under the aegis of an experienced and acclaimed NetSuite Solution Provider—NetSuite Expert. Our NetSuite Consultants can help you add value to your procurement process with their rich industry-centric expertise and experience.  

For more details around NetSuite Procurement, write to us at info@netsuiteexpert.in  Or Schedule A Demo