How to Automate Your Accounts Payable Processes
Accounts payable automation involves implementing effective technology that will be able to perform tedious data entry and time-consuming manual tasks.
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.
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.
To understand what makes finance teams more efficient, it is helpful to consider the various factors involved.
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.
E-procurement refers to procurement by way of web-based platforms. These tools have resulted in overall time savings and streamlined processes.
A strategy where the CS department underwent division into three distinct departments: customer success managers (CSMs), onboarding/implementation experts, and technical support agents.
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.
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.
Virtual cards have the same functionality as physical cards; employers are ditching their physical cards for these exclusively digital alternatives.
Direct procurement sources supplies in order to manufacture goods for the end-user, while indirect procurement keeps the company in business.
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.
Erez Agmon, Director of Business Development at PayEm, explains how early-enterprise finance teams evolve with fintech solutions
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.
NetSuite enables the creation of custom fields and custom segments that improve operational and financial reporting and data tracking
NetSuite simplifies the process of tracking financial information, including transactions and other data from your banking institution
In organizations large and small, proper transaction management is a necessity. Luckily, NetSuite enables this through its Memorized Transactions function.
NetSuite subsidiaries allow global enterprises to establish compliance in business practices while gaining visibility into company metrics and operations
Learn how to easily import credit card transactions in NetSuite
NetSuite Procure to Pay offers the most efficiency and visibility into the management and approval of purchase orders within an organization
Whether it's a customer making an international purchase online or a business making a global payment - there are a number of options to choose from when making a cross-border payment.
NetSuite accounts payable automation is an efficient way to manage every stage of a business’s accounts payable process
The secret to long-term financial stability lies in spend management. A business’s spend management strategy should never remain static
AP Automation streamlines the Accounts Payable process and eliminates human error, which gives businesses greater spend visibility, thus improving forecasting.
As the world shifts towards online transactions, with a major push from the global pandemic, we see the next big thing is already out there.
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.
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.
We will explain how to overcome the struggle to select the right vendor, so a company can go from barely breaking even to exceedingly profitable.
A wire transfer is a method of electronic funds transfer made between persons or organizations.
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
To achieve the objectives of optimizing efficiency, improving profits, and reaching full potential, a strategic plan sets policies and implements controls on company expenditure.
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.
Vendor management is the process that enables businesses to build, monitor, and maintain positive relationships with their vendors
SOC 2 is a voluntary compliance standard aimed at SaaS companies that store customer data in the cloud, which specifies how an organization should manage customer data.
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.
Procurement planning is the portion of the overall procurement process that identifies a business’s requirements and timeframes.
Virtual and physical credit cards serve the same purpose of making payments, with one basic distinction between them.
The volatile economic environment encourages businesses to implement new strategies, consider fresh perspectives, and adapt advanced financial technologies, to achieve long-term success.