Quadient (Euronext Paris: QDT), a leader in helping businesses create meaningful customer connections through digital and physical channels, announced today its accounts payable automation solution recently gained enhancements to its existing integration with NetSuite, aimed at helping finance teams save time, increase accuracy, control costs and reduce risk of fraud.
"Everything we do is aimed at streamlining the accounts payable process so finance teams can focus on higher-value work,” said Yash Boosharya, vice president, product management, Accounts Payable Automation. “Our latest enhancements for NetSuite users ensure more accounting teams will be able to eliminate bottlenecks and create greater opportunities."
The new enhancements allow NetSuite users to make payments within Quadient Accounts Payable by Beanworks using any bank account or payment method, including ACH, EFT, check, virtual credit card and wire transfer. The feature helps organizations control spending by setting up custom approval channels and enabling easy reconciliation.
In addition to payments, Quadient now integrates three-way matching within the purchase order function. Three-way matching is a process that helps businesses verify the validity of invoices by cross-referencing invoices with their corresponding purchase order and delivery receipt to make sure details match. This layer of protection eliminates fraudulent payments that, if not caught, statistics show can cost companies an estimated 5% of their annual revenue.
"By eliminating the process of manually matching purchase orders and invoices, accounting teams save a lot of time, and the feature also allows companies to pay their suppliers quickly, which has a tangible impact on those business relationships," Boosharya said.
Quadient Accounts Payable Automation by Beanworks automates accounts payable (AP) workflows to empower accounting professionals and allow finance teams to focus on higher-value work. From purchase to payment, Quadient Accounts Payable Automation integrates with ERP software solutions to simplify AP. Quadient Accounts Payable Automation serves more than 1,300 companies across North America and Europe and is part of Quadient’s Intelligent Communication Automation cloud-based software platform, which also offers accounts receivable (AR) automation and management, customer communications management (CCM), document automation and customer journey mapping (CJM).
Joe Scolaro, Quadient
Global Press Relations Manager
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Director of Media & Strategic Communications