With increased control over financial processes and data, an organization can make better decisions for the company's financial health.
By taking the time to develop and execute an effective spend management strategy, a company can protect its interests.
Accounts payable automation involves implementing effective technology that will be able to perform tedious data entry and time-consuming manual tasks.
When considering how to achieve operational excellence, it helps to have markers by which a company will know that they have achieved its objectives.
With the current economic climate showing signs of uncertainty and unpredictability, it is imperative for VPs of finance and other business leaders to consider implementing Fintech in their operational planning strategies.
Getting rid of inefficiencies in a company’s financial profile is key to ensuring that a business can maximize its assets and attract investors.
Analyzing the best methods for achieving operational efficiency begins with examining the current state of affairs and noting what changes are needed.
Operational efficiency refers to how a business uses its resources, conducts its processes, and sets up systems to reduce extraneous expenditures and maximize profits.
When using automation to track and report on the current level of efficiency within an organization, here are eight ways in which operational efficiency can be influenced.
There are different metrics to consider regarding operational efficiency within an organization that indicate if a company can operate without a significant loss.
To understand what makes finance teams more efficient, it is helpful to consider the various factors involved.
As an organization moves through each phase of the procurement process, it is imperative to explore which costs are necessary and which could be optimized for greater savings.
The procurement process is multifaceted, with many moving parts. As such, it can be challenging to streamline, which can create risks through each stage of the procurement cycle, from signing off on contracts to negotiating with vendors.
Sifting through suppliers can require substantial time and resources, though it can be easier through the use of a preferred vendor list.
Procurement analytics describes the analysis of data that is analyzed and used to make meaningful insights and decisions that will impact a business’s financial health.
Procurement KPIs help managers make critical decisions and focus directives actionably to better obtain company goals.
Along with the need for procurement enhancements, technological solutions have emerged to provide businesses with the support they need for success in the procurement process.
Through the development of an efficient and organized procure-to-pay process, business operations may undergo optimization.
Implementing a purchase approval process can be incredibly beneficial for any business. However, companies must also consider automating said process to truly take advantage of its benefits.
For those who look at internal development in terms of cost-benefit analysis, we’ve gone ahead and laid out six potential advantages to effective procurement management
Our Financial OS has been designed from the ground up to be fully SOX compliant, allowing finance teams to do so much more while mitigating potential risks.
Procurement planning is the portion of the overall procurement process that identifies a business’s requirements and timeframes.
Procurement possesses several challenges and pitfalls for the unwary. That’s why we’ve gone ahead and outlined several of the challenges associated with procurement.
E-procurement refers to procurement by way of web-based platforms. These tools have resulted in overall time savings and streamlined processes.
NetSuite accounts payable automation is an efficient way to manage every stage of a business’s accounts payable process
As simple and straightforward as P2P may seem, its missing elements pose risks to companies that rely on procurement. Luckily, PayEm stands ready to mitigate said risks.
NetSuite Procure to Pay offers the most efficiency and visibility into the management and approval of purchase orders within an organization
Learn how to easily import credit card transactions in NetSuite
NetSuite subsidiaries allow global enterprises to establish compliance in business practices while gaining visibility into company metrics and operations
In organizations large and small, proper transaction management is a necessity. Luckily, NetSuite enables this through its Memorized Transactions function.
NetSuite simplifies the process of tracking financial information, including transactions and other data from your banking institution
procurement and purchasing are distinct concepts with very different definitions. In fact, many businesses survive based on one or the other. That’s why it’s crucial for companies to understand the distinction.
T&E expenses are paid out-of-pocket by employees and cover a wide range of potential costs, from client lunches to airfare and other forms of transportation.
Direct procurement sources supplies in order to manufacture goods for the end-user, while indirect procurement keeps the company in business.
Virtual cards have the same functionality as physical cards; employers are ditching their physical cards for these exclusively digital alternatives.
Moving money isn’t simple. Rather than there being a single principle behind it, there are several, including ACH transfers or payments.
Overcharging or overbilling can happen to any business and must be dealt with immediately. It might be a mistake, but it may also be an indication of fraud.
AP Automation streamlines the Accounts Payable process and eliminates human error, which gives businesses greater spend visibility, thus improving forecasting.
A wire transfer is a method of electronic funds transfer made between persons or organizations.
ACH, which stands for National Automated Clearing House, is a banking network that coordinates payments between bank accounts. Transfers performed through ACH can be broken down into two distinct categories - ACH Credit and ACH Debit.
Vendor management is the process that enables businesses to build, monitor, and maintain positive relationships with their vendors
Businesses that have a spend management strategy in place are one step ahead of the pack. That means they have not only come up with a plan, but implemented it as well.
The secret to long-term financial stability lies in spend management. A business’s spend management strategy should never remain static