How to Optimize Purchase Order Process with NetSuite
NetSuite facilitates business owners to streamline their procurement-to-pay processes with its NetSuite Procurement offering. The feature allows you to create a seamless linkage across procurement, finance, and employee processes. It offers several capabilities like employee self-service, linking and automating key transactions, establishing customized workflows according to compliance guidelines, and more!
In this blog post, we’ll talk about NetSuite’s purchase order process at length, discussing how business owners can make the most of their NetSuite investment.
Automate approval routing
Purchasing is an inefficient and time-consuming ordeal when done manually. NetSuite allows users to streamline source-to-pay processes by enforcing approval routing. This way the entered transactions aren’t processed until they are approved. For instance, if a purchase request for a $5,000 server is created by an employee, the request is routed to the designated person with appropriate notifications, and the transaction is automatically updated when approved.
Employees can initiate approvals in three ways:
- Native Approval Routing
- Customized SuiteFlow Workflow
- Standard SuiteFlow Workflow
Make Informed Decisions with the Procurement Dashboard
Utilize the Procurement Dashboard to access a consolidated overview of procurement-related information from records and transactions, all in one place. It displays key information in the form of reminders, tables, reports, and other management and monitoring tools.
The dashboard even allows employees to track vendor performance, outstanding transactions, and overall expenditure across all departments in the organization.
What’s more, for each vendor you can track:
- Purchasing transactions and financial data
- Approved items and pricing
- Contacts, messages, notes, and marketing campaigns
- Locations and offices
So, with NetSuite’s all-inclusive dashboard and built-in reports, organizations can assess vendor performance in no time and keep track of the big picture.
Manage Multi-Subsidiary Vendors
NetSuite Procurement and OneWorld offering allows you to assign a primary subsidiary to a vendor record along with unlimited secondary subsidiaries. This streamlines operations when there are multiple subsidiaries that use the same vendor.
Upon viewing the shared vendor record, you can access the vendor’s total unbilled balance and outstanding balance in the primary subsidiary’s currency.
Since NetSuite keeps a running check and balance on vendor bills and payments, business owners can use built-in reports to view a complete picture of the vendors in terms of how much is owed and what bills are left to pay.
Manage Vendor Relationships with NetSuite Procurement
Render real-time information on vendor and company performance and save valuable time with automated processes with the all-in-one NetSuite application.
Get in touch with our NetSuite Implementation and Consulting experts at 1(800) 459-7128 to set up NetSuite’s unique capabilities to address your business needs with our NetSuite professional services.