NetSuite is the top ERP for more than 30,000 finance teams worldwide. Velan has a NetSuite connection, which enables companies to easily integrate bill expenses with their existing spend management tools. The integration with Abacus automates financial close, improves accounting accuracy, and synchronizes transactions in real-time, allowing for the data transfer between solutions without any manual effort. Uncover how to set up the NetSuite integration with bill & expense for an integrated financial stack and streamline your financial management in this guide.
Why integrate spend management with NetSuite?
ERP solutions like NetSuite are major investments for data-driven organizations. When data is both accurate and flows well, accountants have essentially stronger reports, and strategic teams can make better decisions much more easily.
It is difficult for them to integrate their company expenditure data directly into the NetSuite process.
It is a task most often delegated down to the non-finance for expenses, invoices, and other items that cost money. Those of us who are out in the field know what is being spent, why it is being spent, and by whom.
ERPs can be imposed by training a handful of finance personnel or creators. However, the finance side remains a hassle as the same NetSuite entries need to be manually generated by the finance team (in addition to collecting expense claims and company purchases from the rest of the company on a monthly basis). At the risk of working with a strained finance team that becomes its bottleneck to monthly close or having to hire additional staff just to process payments.
The finance team is relieved of the responsibility of micromanaging each purchase by providing a user-friendly, intuitive method for team members to spend in a controlled environment.
By default, payment records are digital, necessitating no data entry. You are provided with precise, current information, which includes receipts. All you need to do is transfer this data to NetSuite.
Steps
- Access Accounts Payable → Manage Bills
- To view bills that have been approved, select “Approved.”
- Alternatively, you may select all bills on the page by selecting the topmost checkbox or use the checkboxes to select the bills to be synced to NetSuite.
- In the upper right corner of the screen, select the “Sync to NetSuite” icon.
- The Sync Status will be displayed; kindly wait for 10-15 seconds before refreshing the page.
- Bills have been effectively synchronized with NetSuite. A “Synced” status will be displayed for invoices that have been successfully synced.
The NetSuite role that you have established to facilitate the Bills integration will be
identified as the user who executed the sync request.
- Please be advised that invoices that have been previously synced to NetSuite, expenses, and those that have been paid by credit card are not eligible for syncing.
- These invoices will be omitted during the synchronization process.
- NetSuite is unable to reconcile bills with a negative value.