Oracle NetSuite is a powerful cloud-based ERP (enterprise resource planning) software solution used by large businesses to manage finance, accounting, inventory, orders, and procurement. Over 32,000 organisations worldwide use NetSuite, with many of these operating in multiple currencies and across many business entities.
Such large businesses also have large quantities of bills and purchase orders that require more complex approval workflows. Multiple stakeholders from different departments may be required to approve bills, and spend limits may be in place for specific staff when approving purchase orders. While NetSuite does support approvals, the process required to approve financial documents often exceeds NetSuite’s accounting approval capabilities, meaning a complex approval scenario can easily become unorganised with an increased risk of error and delays.
In November 2022, ApprovalMax launched a brand new integration with Oracle NetSuite. Now organisations can automate all NetSuite approval workflows for bills and purchase orders. Finance and accounting departments have the power to process financial documents faster by automating all bill and purchase order approvals, and they can do this without giving decision-makers access to NetSuite.
How ApprovalMax streamlines approvals for large organisations using NetSuite
When ApprovalMax is integrated with NetSuite, the most complex approval workflows become automated. ApprovalMax for NetSuite will allow your finance and accounting teams to spend less time processing manual approvals, reduce human error, speed up payment times, and provide access to real-time audit trails of approved documents.
Let’s take a look at some of the key ways ApprovalMax will improve the approval process for finance teams who use NetSuite.
Process financial documents faster
Integrating NetSuite with ApprovalMax removes the need to carry out approvals using paper, email, and other manual ways. No matter how complex the requirements are, all bills and purchase order approvals become automated with each decision-maker receiving notifications when they’re required to approve a document. Decision-makers are not required to log-in to NetSuite but instead click on ApprovalMax notifications to view the bill or purchase order needing approval. All documents are viewed easily and can be approved or rejected within a few clicks.
Once each step in the approval workflow is completed, the next decision-maker automatically becomes notified, providing a seamless approval process that large teams love. When each document is approved by all relevant stakeholders via ApprovalMax, the approval status is automatically updated within NetSuite. Now, the approval process is streamlined and hours of manual work is saved.
Automate approvals for NetSuite documents
Automated approval processes are easy to set up with ApprovalMax and NetSuite. After signing up for an ApprovalMax free trial, integrating a NetSuite subsidiary can be completed in minutes, with the possibility of approval workflows being set up and working within days.
Once integrated, admins can use ApprovalMax’s flexible workflow builder to recreate any authorisation requirements and policies for bills and purchase orders. Using multi-step and multi-level approval workflows with rule-based conditional, sequential and parallel approval settings, roles can be finely tuned depending on the department or supplier. Set rules can support multiple kinds of criteria such as ‘Amount’ and ‘Supplier’ for NetSuite, and allow teams to enjoy a seamless approval process via their browser, email, or our mobile app.
Gain greater control over spend limits
ApprovalMax’s NetSuite integration also enables large companies with multiple entities to have granular control over allocated funds, with the ability to set spending rules for each decision-maker. Such functionality stops finance and accounting teams from needing to double-check if decision-makers have permission to approve specific amounts, allowing more time to be focused on tasks that support company growth.
Improve business security
Keeping approvers out of NetSuite ensures financial data is even more secure and means fewer NetSuite licences need to be purchased. When NetSuite is integrated with ApprovalMax, decision-makers only ever see data that is relevant to them and the documents that require their approval. Audit trails are automated on every document, with approval workflows clearly shown to each decision-maker at every step. If fraudulent behaviour is detected, such as changes made to an already approved document, notifications are sent to admin users immediately. Need even more data? Access multiple pre-built reports or create a custom report that can be printed or exported to CSV.
“Moving the approval process outside of NetSuite makes it so much quicker; when you approve about 100 invoices per month (like the CFO of the company does) the time spent on each approval becomes very valuable”– A multi-entity film production company that uses ApprovalMax for NetSuite
When ApprovalMax is used in conjunction with NetSuite, financial teams can process bills and purchase orders faster than ever before. Automating your AP and AR processes can help you take advantage of even the most granular details of your approval process while completely eradicating error-prone paper or email-based authorisations. Decision-makers experience a seamless approval process and are no longer required to log in to NetSuite, meaning financial data within NetSuite becomes even more secure.