Serving more than 37,000 businesses in 219 countries, NetSuite is a widely used Enterprise Resource Planning (ERP) solution. Designed to house large sets of data, streamline financial planning, and simply customer relationship management, the system can do a lot on its own. In recent years, automation features have been added to better serve accounts payable teams throughout the accounting cycle.
Although the platform does offer some out-of-the-box features for AP automation, NetSuite at its core is not an automation engine. To go paperless and truly realize the value of automating a range of AP tasks, businesses usually decide to supplement NetSuite’s capabilities with an AP automation tool.
The right AP automation platforms will
- Integrate directly with NetSuite
- Automate tasks like invoice processing, manual data entry
- Automate and scale approval workflows
- Carry out payment disbursements
We’ve sifted through all the AP automation solutions to find the best ones that are robust enough for your needs. CFOs can consider investing in one of the 8 AP solutions we’ve listed.
Does NetSuite offer AP Automation?
Although NetSuite’s core functionality is centered around storing and processing large amounts of company data, Oracle, the parent company of NetSuite, has implemented different automation capabilities directly within the tool to make it more valuable to the businesses it serves.
When it comes to financial automation capabilities, NetSuite is great for a number of accounting and finance tasks; AP automation, AR automation, GL automation, and even financial reporting can be found in NetSuite’s core functionality.
When considering the AP function specifically, NetSuite can automate invoice capture, payment processing, and most steps in between the two tasks. Invoices can be routed for approval automatically, three-way matching with purchase orders is made easy, and the resources it takes to process an invoice are drastically reduced.
Despite the ever-growing list of automation features within NetSuite, most businesses choose to pair NetSuite’s functionality with a separate AP automation software. If you’re like us, you probably have questions:
- Why do companies choose this approach?
- What is the best AP automation for NetSuite?
- How do we ensure the SaaS solution we select will integrate well with NetSuite?
We’ve got you covered with all of that info – keep reading.
Discover Nanonets' Precision: Unparalleled AP Automation, Tailored to Your Needs – No More Paying for Unused Features with NetSuite.
Why teams opt for AP Automation outside of NetSuite
As a business leader, deciding what tools and solutions to offer your teams is challenging. You don’t want to inundate them with too many complex systems, but you also need ample resources, tools, and data processing capabilities to be successful in today’s business environment.
At its core, Oracle NetSuite is an ERP. There have been AP modules added over the years, but finding a tool that was designed with AP teams in mind will make a world of difference when optimizing AP tasks. By pairing the ERP benefits of NetSuite with the cutting-edge capabilities of accounts payable automation, your finance function will reach new levels of productivity. There are many reasons to rely on an AP automation solution, but some of the most common are:
Reason #1: Ease of Use
AP Automation software can harness the power of the best automation capabilities on the market. OCR technology to help capture invoice data, EDI payment capabilities to make e-payments a breeze, and approval workflows that are set up in just a few clicks make accessing AP automation easier than ever.
Reason #2: Productivity
With enhanced automation features and an approachable learning curve, AP automation software can start boosting the productivity of your AP team in a matter of days. Usually, these solutions are created to be used by non-technical professionals, which is a lot different than how an ERP like NetSuite is configured.
Reason #3: End-to-End Financial Process Automation
AP automation is just the start; many SaaS solutions have additional capabilities to automate sales processes, AR priorities, and even monthly close activities. With end-to-end financial process automation in mind, finance and accounting teams can strategize thoughtfully and prepare for the years ahead.
Reason #4: Seamless Connectivity to Other Business Systems
NetSuite has been around since 1998; it’s garnered international respect as an ERP since then, but it’s not natively designed to connect with and process data from other business systems in your ecosystem. Think workplace apps like Slack/Teams or even your document storage like Drive/Sharepoint. Wouldn't it be amazing to integrate your NetSuite approval and communication process with them?
Usually with ERPs, the feed goes the other way – business systems process ERP data. To combat this one-way data flow, AP automation tools work well with sales systems, marketing analytics funnels, and even manufacturing ERPs.
Empower Your AP Team: Embrace Nanonets' User-Friendly Interface – Say Goodbye to Confusing NetSuite Menus.
The Advantages of NetSuite AP Automation
When the NetSuite AP automation tool of your choice is fully integrated, the functional possibilities are endless. You can unlock improved reporting and analytics, real-time data capture and processing, tasks that require little-to-no human intervention, and even scenario testing for certain financial situations that are playing out in your business. Outfitted with the right tools, you’ll start to see exactly what you can achieve.
- Workflow Automation: Businesses can automate a variety of processes including sales order approval, expense report processing, and purchase requisitions. Many of these processes take a lot of time even when they’re fairly repetitive, so automating them can be one of the most effective ways to transform your organization.
- Financial Automation: This is where Accounts Payable and Accounts Receivable features can be found. Invoice approvals, recurring vendor bills, payment automation, and even revenue recognition tasks fall under this umbrella. Reduced instances of data error and heightened reporting accuracy are two results of automation within the finance function.
- Self-Service Components for Vendors and Customers: Waiting on email responses, or chasing down a point of contact for information over the phone is inefficient and frustrating. With integrated NetSuite AP automation, if someone needs to access payment information, historical data, or past orders, NetSuite makes it easy for customers and vendors to get the information they need without requiring human intervention.
- Data Import and Integration: When you unlock the best AP automation for NetSuite, you’ll be able to access data import and integration tools. These tools allow businesses to automate the process of importing data from external sources and keeping their records up-to-date.
By pairing its ERP features with the best AP automation tools for NetSuite, businesses can bring a new era into finance and accounting processes.
Empower Your AP Team: Embrace Nanonets' User-Friendly Interface – Say Goodbye to Confusing NetSuite Menus.
Getting Started with NetSuite AP Automation
Whether you’re just getting started with NetSuite AP automation or if you want to enhance the processes you’ve already established in the ERP, automating AP processes doesn’t have to be overwhelming. With just a few steps, your employees can start making the most of the technology stack they have access to. Here’s how we recommend getting started:
Step 1: Poll Your Team
Ask the members of your AP team or broader finance function to create a list of inefficient processes and time-consuming tasks that they think should be automated using NetSuite AP automation software. Don’t overthink this step; if there is a task that makes you think, “Wow, this shouldn’t be this complicated,” Or “Why does this take so long?” then those tasks are probably great automation candidates.
Step 2: Check Your NetSuite Account's Features
Once you have your list of target processes, you have to figure out if NetSuite’s out-of-box features are capable of automating those full tasks. Some tasks can be handled with NetSuite’s features, while others will need a supplemental SaaS solution.
Step 3: Look into Integrated AP Automation Solutions
Start hunting for the tool that offers the best AP automation for NetSuite. There are many on the market, but we’ll share a list of 8 of the best options at the end of this article.
Step 4: Pick a New Tool
You’ll need to weigh the different components of each AP automation tool to figure out which one fits your business needs. Be sure to consider budgetary constraints, the user experience, and the tool’s learning curve when making your decision.
Step 5: Train Your Team
You have an AP automation tool that integrates with NetSuite, now what? You won’t come close to seeing all the benefits if your team isn’t properly trained. You can approach the training in many different ways, but make sure it’s effective and empowering so that your employees will actually start using the automation tools to make their lives easier.
Step 6: Integrate and Automate
Some AP processes can likely be automated by the person who owns those processes, but others may be more complex, impacting upstream and downstream activities. It’s time to get to work! Try setting automation goals for your team and designating a project team that can work through the more complex automation tasks.
Discover Nanonets' Precision: Unparalleled AP Automation, Tailored to Your Needs – No More Paying for Unused Features with NetSuite.
The 8 Best AP Automation Tools for NetSuite in 2024
It’s no selecting the right business systems is a big undertaking. Usually, these investments last for years, sometimes even decades, so picking the wrong one could put you in a bad spot down the line…no pressure. Lucky for you, we’ve got a list of 8 of the best tools for AP automation. Any one of the options below is going to work well with NetSuite and bring new automation capabilities to your team’s fingertips:
1. Nanonets
Nanonets is a tool that does it all. Built initially for AP teams, this automation platform can do so much more. If you’re looking for the best AP automation for NetSuite and a solution that can uplevel your entire finance function, this is it.
AP Automation Features
Nanonets provides a complete, end-to-end AP automation module for NetSuite. With Nanonets, you can tap into an AP solution that makes it easy to automate existing processes while also helping you define what the future of AP looks like within your organization. Nanonets’ Flow has some stellar automation features, such as:
- Automated invoice processing
- Approval process workflows
- Payment enablement
- AP reporting & analytics
- Built-in dashboards
- Two and Three-way matching
Integrating with NetSuite
Nanonets uses REST APIs to seamlessly achieve two-way communication with NetSuite. It can read data from the ERP and send data back for all of your NetSuite objects, allowing for real-time sync with your master data to prevent errors.
Pricing
- Starts at $99/user/month
2. DocuPeak by PairSoft
Recently brought into the PairSoft ecosystem, DocuPeak’s approach to electronic document storage has nearly eradicated the need for filing cabinets. With everything in one organized place, AP automation comes to life with ease.
AP Automation Features
If your AP team is processing a lot of invoices each day, you need DocuPeak. It allows AP teams to process 4x the number of paper invoices per day, per employee. The AP automation features that are connected are:
- Rule-based approval workflows
- Easy escalation capabilities throughout the payable process
- Paper document data extraction
- Automated ERP data validation
- Audit reports
- General ledger coding
- Three-way matching
Integrating with NetSuite
Not only does DocuPeak by PairSoft work directly with the NetSuite platform, but it was designed to fill gaps left by NetSuite. The all-inclusive subscription helps you keep expenses down while free approval access ensures that you don’t have to pay for licenses for leaders who only use the platform to approve invoices and payments.
Pricing
There are no charges for extra users as your team grows and the platform offers unlimited data storage, but for exact price quotes, you’ll need to contact the DocuPeak by PairSoft team for specifics.
3. Stripe
Stripe’s financial automation tools have helped more than 200,000 businesses automate manual processes, so the platform is not new to this scene.
AP Automation Features
Stripe Invoicing processes payments with ease, automates AP tasks, and helps your finance team understand the financial health of your organization through automated reporting capabilities. Its stand-out AP automation features are:
- Flexible billing logic rules
- Support for coupons, free trials, add-ons, and more
- EDI payment processing
- Automated failed payment emails
- Automatic payment information updates
Integrating with NetSuite
The official Stripe Connector for NetSuite will help you circumvent custom NetSuite integration efforts. Instead, the connection maintains a real-time connection between the two systems, requires very little setup, and is easy to monitor.
Pricing
Stripe offers a pay-as-you-go pricing plan or a custom package for business users. Depending on your needs, the team at Stripe can help you get on the pricing plan that fits with your business.
4. BILL
In addition to the financial automation toolset it brings to freelancers and small businesses, BILL makes paying bills, sending invoices, and getting paid a breeze.
AP Automation Features
With a centralized viewing spot for all to-dos related payables, receivables, spend, and expenses, BILL drives alignment across all business roles and functional focal areas. It’s automated syncing features aren’t the only things that are going to boost your AP automation trials:
- International payment processing
- Automated invoicing
- Approval tracking
- Separation of duties rules for fraud protection
- AP internal controls feature
- Mobile application for ease of use
Integrating with NetSuite
The NetSuite integration is focused on monitoring expenses and managing spend, but the integration itself is easy to set up. With an in-app guide to integrating with NetSuite and one-click data syncing features, you almost won’t notice that BILL and NetSuite are two separate platforms.
Pricing
- Essentials plan (Accounts Payable) starts at $45/user/month
- Team plan (Accounts Payable) starts at $55/user/month
- Corporate plan (AP & AR) starts at $79/user/month
- Enterprise plan (AP & AR) requires custom pricing
5. Tipalti
Data entry isn’t something that experienced AP professionals should be spending their time on, and with Tipalti, it’s not. This AP automation platform shifts data entry to suppliers, eliminates data inaccuracies, and uses Optical Character Recognition to process invoices automatically.
AP Automation Features
Tipalti supports AP teams, mass payment processing, procure-to-pay processes, and so much more. From an AP automation perspective, its standout features are:
- OCR invoice processing
- Global payment receipt
- Built-in tax compliance
- Three-way PO matching
- Payment reconciliation
- Corporate card solution
- Self-service supplier management
Integrating with NetSuite
When Tipalti is used for the best AP automation with NetSuite, users can expect 80% of the payables workload to be automated. Advanced sync logic between the two systems ensures that all data is accurately synced, getting rid of manual reconciliation checks entirely.
Pricing
Pricing starts at $129 per month for the platform fee. As your business evolves and your needs change, you can upgrade your plan to a more advanced version at any time.
6. AvidXChange
AvidXChange is a financial automation tool meant for mid-size businesses. It was built to nest inside existing ERPs, making it a complementary NetSuite tool inherently. With a host of solutions such as AvidBuy, AvidInvoice, and AvidUtility, AvidXChange dives into detailed AP processes and pulls them into the future.
AP Automation Features
The AP module of AvidXChange’s offerings is called “AvidAscend.” With it, AP users can finally go paperless, thanks to these features:
- Intelligent Document Processing (IDP)
- Automated invoice coding
- Automated OFAC checks on new vendors
- Built-in approval workflows
- Integration with other FP&A automation modules
Integrating with NetSuite
An established NetSuite AP partner, AvidXChange’s API integration with NetSuite has two-way data syncing functionality, shared maintenance requirements, and one-spot supplier enrollment features.
Pricing
Reach out to the AvidXChange team directly for pricing information.
7. Plooto
Although the all-inclusive finance automation capabilities of some tools are enticing, many organizations love Plooto for its commitment to accounts payable and accounts receivable. The platform offers automation capabilities for those two finance teams, and it does it well.
AP Automation Features
This all-in-one AP and AR software solution is packed to the brim with AP automation features. With simplified payment processing and invoice management, your teams can focus on what really matters: where your organization is headed next.
- Automated payments
- Two-way sync with Xero, QuickBooks, and NetSuite
- Customizable approval tiers
- Detailed audit trails
- Secure ACH/EFT payments
- Account pre-fund feature
- Efficient payment scheduling and tracking
Integrating with NetSuite
The two-way integration between Plooto and Netsuite means that all AP processing is done in Plooto, and then the platform communicates directly with NetSuite to ensure that your ERP source system is updated.
Pricing
Plooto offers a 30-day free trial, and after that, there are two options available:
- The Grow Plan starts at $32 CAD per month.
- The Pro Plan starts at $499 CAD per month.
8. Odoo
And last but certainly not least, Odoo is one of the best AP automation for NetSuite options available. Its AI-powered invoice automation sets it apart from other options on the market. As the AI features learn from your AP experts, Odoo will play an increasingly bigger role in the future of AP within your organization.
AP Automation Features
AI makes fewer mistakes than humans do, and with Odoo’s AP automation features, you’ll see the magic of error-free accounting very quickly. From an AP automation perspective, Odoo’s got you covered with:
- AI bill processing
- Mobile application functionality
- Batch scanning and processing
- OCR technology used to process invoices
- Multi-currency support
- Automatic wire transfers and bill payments
Integrating with NetSuite
Unlike the other tools in this list, Odoo has a full ERP offering to its users. Because of this, it’s more likely that users choose Odoo OR NetSuite, although the two can be integrated if desired.
Pricing
Reach out to the Odoo team directly for pricing information.
Which NetSuite AP Automation Tool is Right For Your Business?
When it comes to getting the most out of NetSuite, finding the best AP automation for NetSuite is a key part of the equation. You can’t go wrong working with any of the 8 solutions listed above, but always ensure you pick something that can help you across the board. Nanonets’ robust solution is ready to meet your business where it is, grow with you, and help push your organization ahead.
With Nanonets, you’ll get a full-stack financial automation solution that specializes in AP automation. Once you’ve seen how invoice processing is automated without human error, approval routing happen behind the scenes, and financial close takes hours instead of days, you’ll be ready to expand the ways in which you use Nanonets.
When you get to that point, Nanonets’ machine learning models and AI-led workflows will enable automation and remove manual tasks throughout your organization.
Here's a short demo that showcases the best of Nanonets AP:
Making Your Choice: The Best AP Automation for NetSuite
The NetSuite ERP is a powerhouse; it can handle massive data sets and is regularly updated to meet the needs of businesses today. However, at some point, businesses are going to want more. They’re going to need more advanced automation capabilities, faster processing time, and better support than an enterprise organization like Oracle can offer – that’s where NetSuite integrations come in.
Automating AP tasks is the first step in future-proofing your finance function. AP automation solutions that integrate with NetSuite give you the best of both worlds: a robust ERP solution and a nimble automation solution. Equipped with both, you’ll be unstoppable. Still not convinced? Select one of the options above and give it a month – you’ll see results faster than you expect.
Discover Nanonets' Precision: Unparalleled AP Automation, Tailored to Your Needs – No More Paying for Unused Features with NetSuite.
