Is managing all of your payments becoming too time consuming? Processing checks one way, then processing ACH payments in NetSuite and then entering them into your bank? Maybe it is time to look into additional options. With NetSuite there is a wide range of options of 3rd party providers offering a variety of solutions such as mineraltree, Piracle, Bill.com and Nvoicepay.
Deciding to make changes to your Accounts Payable process can be an overwhelming thought. Knowing where to start, even more challenging. Some questions to consider when thinking about Accounts Payable process & solutions:
What are your strategic goals? Are you trying to go paperless? All electronic payments? Views on outsourcing? If you have a goal of having only electronic payments you will need to ensure the selected solution has a strong electronic payment piece. If outsourcing isn’t a company goal then some solutions are out but others may have pieces that could be beneficial.
- What level of solution are you looking for? Electronic payment file creation? Check printing? Vendor bill capture? Payment approvals? Solutions packages very in size. NetSuite electronic payment bundle helps process electronic payments only, while some 3rd party solutions completely handle the vendor invoice capturing, approvals and payments. Some 3rd party applications have multiple offerings so the needs of today, the needs in 3 years and the needs in 5 years from now should be considered when evaluating options.
- What level of system security is needed? Who can see and edit what data? What segregation of duties is needed? Some solutions are embedded with NetSuite, some sit inside of NetSuite and others are outside of the system with an integration. Depending on how the solution works with NetSuite determines how permissions can be handled, who can see what, do what and how is user licensing handled. If you need strong segregation of duties or just multiple subsidiaries you need a solution that can provide that out of the box or with customization.
- What is the volume and types of transactions? How many payments are being processed? How banks are being used? Multi-currency? International? Checks, ACH, Wires? Depending on the complexity of your payments the out of the box options, availability for customization and support are very important. Pricing for the solutions can be volume based, file format options, consulting hours, tiered or a mixture so a true understanding of full requirements is required.
Just as every business is unique so is your Accounts Payable process and the process of evaluating the best solution to enhance you NetSuite Experience. For more information or assistance in enhancing your NetSuite experience please contact RSM at firstname.lastname@example.org or by phone at 855.437.7202.
By: Kelsey Cantrell – National NetSuite Solution Provider