For many life sciences companies, managing lab purchasing is critical to controlling spend and ensuring you maintain an adequate cash runway. This requires close coordination between the research team that makes purchases and the finance team that manages spending. Leveraging NetSuite for your back-office accounting and Prendio for lab procurement ensures that both teams have the tools they need to do their jobs efficiently.
What is Prendio?
Prendio is a complete procurement software system, built by BioProcure. It enhances the efficiency by which scientists and accountants alike shop, order, receive, and pay for their lab equipment, consumables, and services. Prendio’s value is derived from its ability to:
- Provide unmatched visibility into all stages of procurement
- Perform the 2 or 3-way match and invoice reconciliation for you
- Reduce time spent purchasing and accelerate credit approval
- Reduce in-house administrative tasks
- Provide access to negotiated pricing
- Guarantee compliance with SOC1 Type 1 and SOC2 Type 2
- Integrate with company ERP systems including NetSuite
Why is a connector needed?
Prendio does not natively connect to NetSuite. This can cause a disconnect between Prendio, a procurement system, and NetSuite, an ERP system. Purchase orders, invoices and packing slips are created in Prendio, but have no way of natively syncing over to NetSuite to accurately create GL Impacts or create transaction records.
What does RSM offer?
RSM offers a pre-built connector that links Prendio to NetSuite by generating vendors and vendor bills in NetSuite based on the data entered in Prendio. This information includes:
- GL Accounts
- PDF attachments including invoice, purchase order, approval summary, and packing slips
Additional capabilities include:
- PO/Item Receipt functionality (within Prendio)
- Duplicate detection of Vendor Bills
- Auto-creation of Vendors in NetSuite
- Multi-currency transactions
- Error handling
- Tax and freight on Vendor Bills
- Standalone & Service POs
- Partial receipts
- Process reporting for Prendio Vendor Bills
- Nightly syncing of paid Vendor Bills from NetSuite
What is included in the new release?
RSM is continuously updating and improving its products. We have added the support for the location segment to sync across from Prendio to the lines of the vendor bill. Now, you can tag a location to an invoice line in Prendio and it will be automatically tagged to the line on the vendor bill. This can be very useful for accounting and reporting purposes.
We have also enhanced the process of creating vendor bills in NetSuite to be more efficient and to provide better error logs.
When will the new release be available, and how do I update my system?
RSM made the new release available on Monday, October 17th, 2022.
RSM recommends updating SuiteBundles in a recently refreshed NetSuite Sandbox and testing before updating any SuiteBundles in a NetSuite Production environment.
Installed SuiteBundles in NetSuite are listed under Customization > SuiteBundler > Search & Install Bundles > List. From here, navigate to the RSM Prendio Connector and hover over the person and gear icon to the left of the Bundle Name. Then, click on the update button and follow the instructions on the next page.
Who can I reach out to for more information about RSM’s Prendio-NetSuite Connector?
We have a dedicated team who is very familiar with the connector, its abilities, and how to update and test it. Please reach out to RSM for any information on the connector.