Purchasing could be a challenging and frustrating exercise. The usual way was to process requests for goods and service manually, thus making the task inefficient and time-consuming. People use considerable back-and-phone calls, e-mails, fax machines, and even the classic paper catalogs! NetSuite’s procurement solution promises to change all that. It helps companies make the best – meaning timely and cost-effective – procurement decisions without the accompanying hassle. It saves your company and employees precious time through easy-to-use capabilities. It reduces cost by channeling purchases to approved suppliers and pre-negotiate contracts. It improves visibility by rendering real-time information on what the potential spend would mean relative to the budget, and what the vendor’s performance looks like. NetSuite’s procurement solution also streamlines and improves the accuracy of the procure-to-pay process. It automates and links key procurement transactions, and provides approval and matching workflows to support both compliance requirements and internal controls.

Top Benefits

Streamline Procure to Pay 

Automate business processes. Reduce the average procure-to-pay timeline and increase your cash flow.

Become Cost Certain.

NetSuite offers numerous costing methods to improve your costing accuracy and stabilize gross profit.

Boost Product Quality. 

NetSuite’s native requisition and RFQ tools will help your organization manage vendor selection and improve product quality.

Product Features

The features of NetSuite’s procurement solution allows you to source, purchase and pay with the confidence of knowing you have all the information you need to make the best choice, and execute it well.

Sourcing

• Vendors are easily onboarded and then regularly audited using workflows that track and analyze transactions. Results are included in the vendor scorecard so that users can keep track or performance.

• Gathering information on new items or updating existing ones can be complicated. With NetSuite’s Request for Quote feature, all these can be done from one screen.

• With the Purchase Contracts feature, customers can control costs by establishing commercial terms and ensuring compliance.

• Blanket Purchase Orders allow users to establish and track specific delivery schedules.

Purchasing

• The flow and approval of the requisition process is controlled by user-definable workflows.

• NetSuite allows users to order a mix of inventory, expense and service items on the same purchase order.

• NetSuite offers two approval processes: The first, a simple approval process based on a dollar amount assigned to the employee. In the second, approval routings come with customizable sample workflows, which can be modified to consider aspects such as department budgets, location, item type or project.

Paying

• NetSuite allows users to easily match purchase orders, item receipts and vendor bills with configurable workflows to optimize cash flow.

• It also automates the receipt of ordered items, processing vendor bills and planning payments in a timely manner.

• NetSuite makes sharing information with all parties simple – through the vendor portal.

• NetSuite lets users select the order that an invoice was based upon and pre-populates all of the relevant information for verification.

• Finally, the three-way Match and Pay compares and matches the purchase order, receipt and bill.