Automate NetSuite Invoice Approval Workflows with Stampli

Does your Accounts Payable team spend hours processing vendor invoices and payments? Chasing down approvers and budget owners, dealing with late or missed payments (and angry suppliers), and fixing duplicate invoices and other errors can tie your AP team in knots. And on top of everything else, they still need to key in and code invoices, make payments, enter the data into NetSuite, and still have time to do month-end closing.

Your company already uses NetSuite or another ERP to automate your business processes. Stampli’s industry-leading pre-built integration with NetSuite helps your business fully leverage AP automation software. Using Stampli lets you streamline and optimize your invoice approval workflows to automate invoice coding, speed up approvals, and simplify communication and collaboration across your entire Procurement to Pay process. 

Read on to learn how to use Stampli invoice processing software to get the most out of NetSuite for accounts payable.

The Invoice Approval Process Today

Many companies still use time-consuming manual accounts payable processes. These processes are not only inefficient, but they’re also error-prone and not easily scalable. In this podcast episode, Jeff Cross, CFO of BrandMaker, explains why businesses need timely and accurate data to make informed decisions.

Here are some of the specific challenges companies may face when sticking with manual processing:

Invoices Get Lost

Without automated routing and a centralized location to receive invoices, documents can get misdirected or misplaced. These errors tie up your staff’s time, leading to missed or late payments, and annoying vendors.

Coding and Matching Invoice Data Takes Too Long

Tracking down paper invoices, purchase orders (PO) or purchase requisitions, and shipping receipts can be difficult, and manual entry is slow and error-prone. This slows down three-way matching and opens the process to human error.

Poor Communications Delays Approval

Reliance on hardcopy documents or email attachments means information can get lost or misfiled, and approval routing can get off track. As a result, approvers may not have enough information to approve or reject payments, slowing down the approval process.

Incomplete Internal Controls and Audit Trail 

Error-prone manual processes and ad-hoc communications make it difficult to enforce separation of duties and other internal controls and to maintain a complete audit trail, putting the business at risk of fraud or noncompliance.

Slows Down Business Growth

It’s difficult to scale manual AP processes to match business growth. Processing more invoice data leads to more errors and bottlenecks, and AP teams get quickly overwhelmed.

Increases Risk of Fraud

Manual processes are insecure and may leave your business vulnerable to internal or external fraud.

Inconsistent Business Data

Manual data entry and transfers mean that your AP team may not provide accurate data to your ERP and accounting software, which can cause company-wide inefficiencies.

The Stampli NetSuite integration addresses these challenges to make your invoice processing workflow controlled, efficient, and accurate. Stampli’s platform uses AI and machine learning to automate AP invoice processing. The Stampli platform learns your AP team’s unique patterns to streamline GL coding, automate approvals, identify and address duplicate invoices, and enforce internal controls.

The Benefits of Integrating Stampli & NetSuite for AP Automation

Stampli is the most powerful and efficient way for NetSuite customers to process invoices and pay suppliers. Stampli’s platform is Built For NetSuite (BFN) certified and offers an API integration that doesn’t need IT support.

The integration automatically syncs GL accounts, suppliers, departments, locations, and even custom fields between Stampli and NetSuite ERP. When an invoice is approved in Stampli, a vendor bill will be generated in NetSuite. Invoices paid with Stampli Direct Pay are automatically generated in NetSuite against the open vendor bill(s) after they’ve been processed and approved in Stampli.

AP departments that are overwhelmed with paperwork and communications can now spend less time on invoice processing and ERP administration. This change comes with several key benefits for your business:

Data Security and Integrity

Your NetSuite data is the single source of truth for your transactions. The security and integrity of this data are crucial to your business. Stampli’s seamless integration with NetSuite and your accounting system uses a bi-directional data sync to ensure data integrity is maintained.

Advanced Invoice Processing Capabilities

Stampli supports single or multiple POs with adjustable line level detail and real-time sync of receiving status notifications. For NetSuite OneWorld customers, Stampli manages multiple locations/subsidiaries, multiple currencies, and international GST or VAT tax calculations based on your assigned tax codes. Automated OCR data entry and a centralized database optimize and simplify document management.

Fast & Supported Implementation

Stampli provides end-to-end support during every step of your NetSuite integration. Most integrations can be up and running within days, and live support is available.

Flexibility and Scalability

You can configure Stampli’s platform and set up custom workflows and templates to meet your unique accounts payable needs. For example, you can easily modify approval steps or include multiple approvers. Machine learning and AI (Billy the Bot) enable Stampli to learn your organization’s unique patterns and workflows to simplify processes. The Stampli platform is easily scalable to handle increased invoice volumes as your business grows.

Streamlined and Centralized Communications

Stampli centers all communications on the top of the invoice itself to streamline messaging, approval status tracking, and other messages between managers, purchasers, the AP team, accounting, and vendors. This eliminates missed or misdirected messages and ensures a complete AP audit trail. 

Use Stampli Direct Pay to Pay Vendors via ACH, Check, or Stampli Card

Stampli Direct Pay offers maximum B2B flexibility. Bank accounts, supplier payment details, vendor credits, pricing, and discounts are auto-synced between NetSuite and Stampli. If you post a voided payment in NetSuite, the payment data will automatically update in Stampli.

Work With Your Existing Processes and Systems

Stampli works seamlessly with NetSuite, and your accounting systems and lets you keep your existing processes and workflows. Easily customize workflows and activities on the Stampli platform or with SuiteFlow. 

Industry-Leading AP Automation Integration for NetSuite

Stampli gives you full control and visibility over your corporate spending across P2P. A recognized AP and invoice automation leader, Stampli is ranked #1 for Implementation, Usability, Relationship, and Results in the G2 Report for AP Automation and was named “Best Automation and Invoice Management Software in 2021” in the 2021 FinTech Awards by Wealth & Finance Magazine.

To learn more about our pre-built integration with NetSuite, send a note to our team to set up a demo.