How NetSuite AP Automation Works and How to Achieve It with UniFi

If you work in finance and have used or plan to use NetSuite, then NetSuite AP automation should be high on your list of priorities. 

Automating your accounts payable (AP) processes can save significant time, reduce errors, and improve overall efficiency. 

In this blog post, we’ll explore what NetSuite AP automation entails, how it works, and how integrating UniFi can enhance this process even further. 

What is NetSuite AP Automation? 

NetSuite AP automation refers to the use of technology to streamline and automate the accounts payable processes within the NetSuite ERP system. 

This involves automating tasks such as invoice processing, approval workflows, payment scheduling, and data entry, reducing the need for manual intervention and minimising the potential for human error. 

How Does Accounts Payable Automation Work in NetSuite? 

AP automation in NetSuite typically works by leveraging the platform’s built-in capabilities along with third-party integrations to handle various AP tasks.

Here’s a breakdown of the process: 

1. Invoice Capture and Entry: Invoices are captured through various means and automatically entered into NetSuite. 
2. Data Validation and Matching: The system validates the invoice data against purchase orders and receiving documents to ensure accuracy. 
3. Approval Workflows: Automated workflows route invoices to the appropriate personnel for approval based on predefined rules and hierarchies. 
4. Payment Processing: Once approved, payments are scheduled and processed automatically, ensuring timely settlements. 
5. Reporting and Analytics: Real-time reporting and analytics provide insights into AP performance, helping to identify bottlenecks and areas for improvement. 

Can NetSuite Automate Accounts Payable Natively? 

While NetSuite offers robust financial management capabilities, its native AP automation features can be somewhat limited. 

Basic tasks such as invoice entry, matching, and payment processing can be automated, but more advanced features like data capture for invoices, complex approval workflows, and detailed analytics may require additional third-party solutions. 

Why You Need UniFi with NetSuite 

UniFi is designed to enhance NetSuite by providing advanced automation capabilities that are not natively available. 

With UniFi, you can take your AP automation to the next level by integrating powerful features that streamline and simplify the entire process. 

The Benefits of NetSuite AP Automation Using UniFi 

1. Autonomous Data Capture/OCR & AI for Invoice Processing: UniFi leverages Autonomous Data Capture technology and AI to capture and interpret invoice data accurately, eliminating the need for manual data entry. 
2. Customisable Workflows: UniFi offers flexible and customisable workflows that can adapt to your specific business processes, ensuring smooth and efficient approvals. 
3. Cost Savings: By automating repetitive tasks and reducing the need for manual intervention, UniFi helps cut down on operational costs. 
4. Increased Accuracy: Automation reduces the likelihood of errors associated with manual data entry and processing, leading to more accurate financial records. 
5. Improved Efficiency: With UniFi, you can handle large volumes of invoices quickly and efficiently, freeing up your team to focus on more strategic tasks. 

Other Ways UniFi Enhances NetSuite 

Beyond AP automation, UniFi offers a range of features that extend the capabilities of NetSuite: 

1. Advanced Reporting and Business Intelligence: UniFi provides a powerful BI feature that allows you to gain deeper insights into your financial data. 
2. Simplified Integrations: UniFi’s flexible data connectors enable seamless integration with other business systems, ensuring a unified data ecosystem. 
3. Reduced Manual Data Entry: Automated data extraction and entry reduce the time and effort spent on manual tasks. 
4. Comprehensive and Complex Data Handling: UniFi can handle high-volume transactions and complex data migrations with ease. 

Conclusion 

NetSuite AP automation can transform your accounts payable processes, making them more efficient, accurate, and cost-effective. 

While NetSuite provides a solid foundation for AP automation, integrating UniFi can significantly enhance these capabilities. 

With UniFi, you gain access to advanced features like Autonomous Data Capture, AI, customisable workflows, and powerful reporting features, all designed to streamline your financial operations and drive business success.

Ready to see how UniFi can revolutionise your NetSuite experience? Schedule a demo today and discover the full potential of UniFi with NetSuite.