Netsuite accounting software is an Enterprise Resource Planning (ERP) software that provides companies with a reliable accounting solution. Along with their accounting software, they also offer customer relationship management, human resource management, payroll management, and other such offerings to help run a business.
Below, we discuss the benefits of using Netsuite as an ERP software for managing expenses Also, we will see the added advantage of integrating ERP/ accounting softwares with an expense management software. Let’s get right into it!
How can NetSuite tackle your expense management grievances?
According to a study by Hitachi Consulting,
“9 out of 10 decision-makers agree that legacy systems affect efficiency, growth, and drive up costs.”
Companies relying on the old systems are stuck with disparate sources to get information. They also experience outgrowth and slow progression due to manual processing across departments. NetSuite provides a solution for companies looking to centralize their data, increase the pace, and minimize inefficiencies.
Benefits of managing expenses through Netsuite
Reduce data errors and costs
When managing the company’s finances, an inflow of expense data comes from various departments and projects. As the financial figures and data pile up, manually handling and entering this data can give way to errors and inconsistencies. With Netsuite, you can eliminate inaccuracies as it offers real-time access to your financial figures. It also acts as a single source of data, thus reducing data entry errors and its associated loss.
Scalability and flexibility
Netsuite assists a growing company by providing scalable solutions. Its cloud-based architecture offers a company with functions for rapid growth. NetSuite builds the foundation for companies to get started on new and updated technology. The modern cloud-based solution makes it easier for easy implementation and to upgrade seamlessly. This contributes to the smooth growth of a company.
Own a centralized pool of information
In an organization, expenses can be carried out by multiple departments for different projects and purposes. All the business expenses incurred have to be reported to the finance team for reimbursements. To do so, employees have to input a massive amount of information into reports manually. This can result in inconsistencies and confusion.
Additionally, miscommunication can also quickly occur, which can become a hitch in the process. Netsuite provides a centralized place to document all the information coming in from various sources. Expenses of multiple sorts can be reported into one system, making it easy for the finance team as well as the departments.
Easy integration with other software
One of the significant benefits of using NetSuite is its ability to integrate with robust APIs. This makes integration with other essential software possible. For example, in expense management, the reimbursement process can be made faster. Expense management softwares also play a crucial role by checking for any policy violations. Collaborating with other softwares can close gaps between processes and operations. It can simplify accounting and approval workflows.
How can your business benefit from an ERP and T&E software integration?
In the process of travel and expense management itself, there are multiple stops and turns for successful expense reimbursements. But even simple tasks can consume a lot of time and delay work. As we have discussed above, NetSuite provides its users with the option to integrate with other softwares. By opting to integrate your NetSuite ERP with a travel and expense management software, you can optimize its usage.
The integration can increase both employee compliance and visibility into your business. Let’s look in detail how it can help you address some of the problem areas in T&E management.
Key problem areas an expense management software can address
- Increase employee compliance
IIntegrating NetSuite with an expense management software provides flexibility and adaptability to match the growth of your business. You can increase compliance and set up travel and expense policies without having to invest in an IT infrastructure. With this feature, finance can also spend less time making sure the receipts submitted by the employees are in tune with company policies. This saves more time and makes the reimbursement process move faster.
- Gain visibility
One of the primary reasons companies focus on expense management is to gain visibility into their company expenses. According to a survey, T&E expenses are one of the most difficult expenses to control. This is because companies are unable to understand external spending and negotiate or identify discounts fully.
Netsuite ERP and expense management software can be integrated to function as one which can be used by both small and large enterprise. Having all the data in one system can enable decision-makers to see trends and make future risk prediction. This plays a critical role in deciding the future business spends and budgets of your company.
Why choose Fyle to integrate with Netsuite
At Fyle, we are keen on addressing all the pain points in an expense management workflow. This motivates us to eliminate any extra or unnecessary steps, which can create a gap. Users can utilize Fyle to submit business expenses and make sure it is compliant with the company’s policies. Even if a company uses NetSuite to keep a record of their expenses, it doesn’t require them to move out of the system to manage expenses.
- Fyle provides its users with the ability to import all its expense records into NetSuite.
- Users can simply import their records by a single click.
- The monotonous work of manual entry is also automated.
- Fyle ensures all your company books are in sync.
- We simplify the accounting process, thereby ensuring finance teams always stays audit-ready and close the books on time.
Fyle, as an expense management software, aims to make the life of your employees and your finance team easier. This is why we’re continuously working on creating powerful features to simplify expense management.
Our customer requirements pave our product roadmap. We are actively working to bring about a time where employees no longer have to see expense reporting as a chore. Not to mention, we are also making expense validation and approval a breeze for all finance teams, approvers, and admins alike.