NetSuite ERP has built its reputation on helping organizations manage their finances from end-to-end.
As this has been one of Beanworks goals as well it seemed like a natural fit.
What is NetSuite?
NetSuite is an integrated system that can help save costs and boost productivity and efficiency for businesses. The system has also been developed to comply with revenue and tax requirements and financial reporting.
It assists in a variety of ways including simplifying an organization’s management and procurement processes, increasing accounting efficiency in addition to improving the productivity of workers and remove time-consuming spreadsheet work.
Some of the statistics the system boasts are:
- – NetSuite has the capability to reduce IT costs by 50 percent or more.
- – Can cut the order-to-cash cycle by half.
- – Bring down invoicing costs by 25-75 percent.
It was ultimately designed to customize business processes. Thus, the designers of NetSuite worked to ensure there were several benefits to companies including:
- – end-to-end viability for payables and receivables
- – supply chain management ability
- – it can track fixed assets life cycles
- – assist with project accounting and reporting on profits and financials
- – revenue recognition that fits within accounting standards
- – payroll processing
- – budgeting and forecasting tools
Added benefits of NetSuite system
When it comes to the close process, NetSuite is capable of spotting and reacting to problems when they come up. In particular, it has been created with period lock, which helps to prevent incorrect posting to upcoming periods. It also relies on a sequential checklist of tasks and is proficient at incorporating financial adjustments such as intercompany transactions, foreign currency valuations and more.
To keep accounting practice in compliance, NetSuite has:
- – rule-driven engine for final reporting
- – its tax-filing and reporting tools can be customized depending on the country of operation
- – various roles that can be customized and also allow for a variety for permissions
- – transactions come with audit trail visibility.
It can also simplify the report creation process and make analytics easier to comprehend through its personalized dashboards for each member of staff. It also comes with existing accounting reports and report builders that are straightforward to use.
If that were not enough, the designers enabled the system to consolidate financial reports.
Moreover, just like Beanworks, you can use NetSuite on a mobile device, so you can track activities on the go.
The minds behind Beanworks knew that NetSuite would be a perfect complement to a company that prides itself on making the automation process painless.
Our system allows companies to approve, sync, and store purchase orders, invoices as well as payments in a secure cloud environment, thereby cutting the costs of manual entry accounting.
Ardent Partners reports that companies can spend $16-$37 on a single paper invoice. Because Beanworks takes care of the data entry portion of invoicing, companies can save big on labor costs.
There is also a clarity of data that helps provide accuracy in records. Clients can use SmartCoding to code invoices and can match PO to invoices using quick AP.
How it Works
Once an invoice has been coded, Beanworks notifies the relevant approvers. The system also keeps records in a centralized location and for extra security, requires credentials so only the right employees have access to the information.
Ultimately, Beanworks’ goal is to automate the accounts payable process and the NetSuite system helps us offer clients even more.
With our platform you can:
- – save on invoice processing
- – reduce paper use/waste
- – have mobility access
- – manage multiple companies
- – costs can be cut by 50-70 percent
- – spend less time on accounting tasks by about half.
- – always have invoices that are visible and searchable.
For multiple companies, Beanworks can handle different ERP systems. In fact, we are able to integrate with a long list of ERPs and Software.
Just like NetSuite, the approval of invoices using Beanworks can be done from anywhere, on any device, which allows for a smoother process.
Our BeanPay clients can also simplify the invoice payment process. Virtual payments can be approved simply through a virtual credit card, EFT/ACH wire or automated check.
Invoices can be emailed to a personalized Beanworks email, scanned into the program, uploaded or dragged and dropped. We also accept a variety of formats including PDFs, TIFFs, JPEGs, PNEs and even GIFFs.
Images are stored for seven years and clients can decide if they are kept on a specific server, hyperlinked from ERP or transferred directly to ER
At Beanworks, we are always searching for new ways to serve our clients and bring them the best of the digital world. We are excited to integrate our services with the genius of NetSuite, helping our clients simplify their processes.