Quadient Accounts Payable by Beanworks has a great, long-standing partnership with NetSuite, and that partnership just got even better.
Today, we're announcing the launch of two significant enhancements to help finance teams save time, increase accuracy, control costs, and reduce risk of fraud – Payments and Three-Way Matching within the Purchase Order (PO) function.
"Everything we do is aimed at streamlining the accounts payable process, so finance teams can focus on higher-value work,” said Yash Boosharya, VP of Product at Quadient AP. "Our latest enhancements for NetSuite users ensure more accounting teams will be able to eliminate bottlenecks and create greater opportunities.”
Payments will allow NetSuite users to make payments within Quadient AP, 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.
Three-Way Matching helps verify the validity of invoices by cross-referencing them with their corresponding PO and delivery receipt to make sure the details match. This layer of protection eliminates fraudulent payments which can cost companies an estimated 5% of their annual revenue.
“By eliminating the process of manually matching PO’s, receivings, 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,” said Boosharya.
If you're team is using NetSuite and you'd like a closer look at how these new features can free you up to do more high-value work, let's chat.