Powering Invoice & Bill Pay Automation for NetSuite
by Lenny DeFranco
For customers of Oracle NetSuite, AP is about to get a whole lot faster.
Plate IQ announced today that we have achieved “Built for NetSuite” status. With the release of this API integration, all of our industry-leading invoice automation and bill payment capabilities will be available to NetSuite users in one seamless AP workflow.
For the first time, NetSuite users will be able to connect industry-leading invoice automation and bill pay technology directly with their accounting software. Every invoice will become digitized and stored in the cloud; invoices will route to approvers pre-coded with correct GL accounts; and users will get back more than 80% of the time they used to spend processing AP.
Here are some of the other capabilities Plate IQ introduces to users of Oracle NetSuite:
Line-item GL code automation
Imagine forwarding your invoices through the approval process with all the manual entry already done for you. Imagine how much faster your processing would be — and how much less of a role would fall to your data entry staff, GMs, department directors, or whoever else is wasting their time with manual data entry.
One of Plate IQ’s biggest sources of time savings is our automated line-level GL coding. When Plate IQ sees a line item that you’ve previously coded to a specific GL account, the software will apply that code to the line item. From there, you can further specify multiple accounts for a percentage of the line item to allocate to, or just glance at it and prepare the invoice for a simple, correctly-journaled entry into NetSuite.
EDI invoices for NetSuite
No matter what format, shape, or size your invoices arrive in, Plate IQ digitizes and prepares them for an efficient approval process. Paper invoices and PDFs alike turn into accurate digital invoices that you can approve, route, and pay digitally — with the source documentation always accessible a click away.
But in terms of data quality and efficiency, no invoice format is as robust as electronic data interchange, or EDI.
EDI is a type of data exchange that lets two computers share business documents in a secure, automated way. No human needs to intervene in the data transfer: it just exports from one system and pops into another.
In terms of EDI invoices, this workflow means that as soon as your vendor’s system generates an invoice, the data will show up in Plate IQ and get formatted into a human-readable invoice.
Here’s what it looks like inside of Plate IQ:
Plate IQ is a leader in not only gathering EDI data from vendors, but in signing up new vendors to support an EDI feed. And now, Plate IQ brings EDI invoice data to NetSuite: correctly journaled and ready for one-click sync.
Cash-back bill pay
End-to-end invoice processing wouldn’t mean much without the final stage of the invoice process: paying the vendor.
Plate IQ’s brand new VendorPay is a platform that lets you pay over 180,000 vendors from right inside your invoice processing software, all before syncing into NetSuite.
Once an invoice or group of invoices is fully approved to be paid — all of which you can manage in a granular, customizable way in Plate IQ — you can head to the VendorPay module of Plate IQ to select whether to pay via check, ACH transfer, or virtual card. Plate IQ will then export correctly-journaled entries into NetSuite.
Best of all, using the vCard option does more than send secure, instant payment to your vendors. It also earns you cash back.
Click here to see how one NetSuite customer earned more than $5,000 in cash back in 6 months of using Plate IQ VendorPay.
Bring everything under one roof
From invoice digitization to accounting sync, Plate IQ and NetSuite bring the full cycle of AP automation under one roof. Check out a demo of the integration above, and scroll down below to request a demo of Plate IQ for yourself.
Lenny DeFranco writes for Plate IQ about how businesses in hospitality, accounting, and more can gain efficiency and earn revenue through AP automation.
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