Netsuite’s shared vendor bill solution is an innovative AP solution that automates capture, approval and payment procedures. It offers a centralized platform for AP, purchasing and other departments to exchange information quickly and conveniently.
The billing solution provides a robust recurring billing module to meet various subscription billing needs. Furthermore, it minimizes errors and provides transparency on invoices – helping build trust between customers and businesses.
Multiple Subsidiaries
NetSuite’s great strength lies in its support for multi-subsidiary companies. For instance, a parent subsidiary may have cash accounts that need to be transferred into another subsidiary in order to make an immediate payment to the parent entity; similar patterns apply when dealing with accounts payable.
Although NetSuite does provide this capability, manually adding a subsidiary to an appropriate record can be time-consuming and error-prone. Thankfully, Celigo Salesforce – NetSuite connector has made this task much simpler with its built-in automation feature.
The most impressive feature of the connector is its automatic association of subsidiaries with NetSuite Customer and Item records via Add Transaction Subsidiary to Customer in NetSuite and Add Salesforce Transaction Subsidiary to NetSuite Item checkboxes. Furthermore, it provides a high-speed, low latency data synchronization solution that can power even complex multi-subsidiary operations. Furthermore, this connector represents more than just another NetSuite add-on; it’s truly an enterprise application management software suite.
Allocation Scheduling
NetSuite provides several allocation scheduling features to assist service organizations in meeting the demands of their customers. These include round robin, time slicing, and prioritized tasks.
Time slicing is a scheduling technique that divides the total available CPU cycles among multiple processes according to their priority. This ensures tasks receive adequate processing time and are completed promptly.
Resource leveling is a similar technique that adjusts task start and finish dates according to resource availability. This enables service organizations to maximize utilization and throughput without sacrificing customer satisfaction.
NetSuite also provides charge-based billing, which enables you to bill customers based on rules. This feature helps reduce project cancellations and enhance billing accuracy.
Automatic Prepayments
When placing orders in APAC, EMEA or Northern Europe, most vendors require a certain amount of money before accepting the PO or starting work. This requirement has become widely accepted by businesses around the world as an essential prerequisite.
NetSuite’s automatic prepayments feature can save you time and energy by automatically applying a prepayment to vendor bills associated with them. This simplifies an otherwise time-consuming manual process while guaranteeing data accuracy.
Vendor prepayments are similar to holding accounts or writing a check, except they don’t deplete your Accounts Payable account. The main distinction is that a vendor prepayment can be applied across multiple bills, making it the ideal AP solution for companies with hundreds of invoices to process each month.
This feature is especially valuable for France customers, as it complies with the French accounting requirement known as “Lettrage”. This is an ideal way to guarantee that all transactions on posting accounts such as Accounts Payable and Receivable match up properly.
Integrations
NetSuite offers a number of integrations that enable companies to connect with third-party applications. These connections can enhance a company’s business operations and efficiency.
NetSuite Invoice and Billing Management – Invoices are created in NetSuite to keep track of the goods sold, services rendered, as well as the total amount owed. This data is essential for collecting payments from customers.
With invoice and billing management, businesses can set up recurring bills and automate the billing process. Doing so helps boost efficiency while decreasing errors.
SuiteBilling – Built into NetSuite, SuiteBilling is a centralized billing solution that covers purchases, licenses, usage-based and hybrid models. It’s designed to help companies stay agile, innovative and profitable in today’s marketplace.
SuiteBilling simplifies the billing and revenue recognition process regardless of business model, helping companies meet regulatory obligations while reducing risk. It enables companies to adopt any monetization model – product-based, time/services-based, usage-based or subscription based – without any limitations.
