NetSuite Bill Capture - a faster, easier, and more accurate way to process invoices

Automating the entire invoice capture, matching, and approval process eliminates manual data entry and tedious tasks like keying and coding invoices, speeding up your invoice processing times.

In today's fast-paced business environment, efficiency is key to staying competitive. For finance teams, one area where efficiency is often lacking is in the processing of vendor invoices. Handling invoices manually wastes time and resources, and increases the chance of mistakes and delays.

NetSuite Bill Capture is an innovative tool that changes paper invoices into digital files. It also automates matching and speeds up approvals by using AI technology. Here's how it revolutionizes the invoice processing workflow:

1. Effortless Digitization: Say goodbye to manual data entry. NetSuite Bill Capture digitizes invoice data straight from your Accounts Payable (AP) inbox. The system automatically records important information like vendor names, invoice numbers, and amounts. This eliminates the need for manual data entry. As a result, mistakes are reduced and processing times are faster.

2. Intelligent Data Recognition: Leveraging advanced AI technologies, NetSuite Bill Capture intelligently recognizes and populates bill record fields. From account codes to line item details, the system learns from user interactions and continuously improves its accuracy over time. This ensures that your bill records are always up-to-date and error-free.

3. Streamlined Review Process: With a split-screen view of the scanned invoice image and the corresponding bill record, reviewers can easily verify captured data against the original document. This intuitive interface enhances accuracy and facilitates quick approvals, minimizing bottlenecks in the workflow.

4. Automatic 3-Way Matching: One of the most powerful features of NetSuite Bill Capture is its ability to automatically reconcile invoices with purchase orders (POs) and receivables. By comparing invoice details against corresponding POs and receipts, the system detects discrepancies and flags them for resolution. This ensures that you pay the correct amount for goods and services, while also mitigating the risk of fraudulent invoices slipping through the cracks.

Consider a manufacturing company that receives hundreds of invoices from various vendors each month. Before using NetSuite Bill Capture, the accounts payable team had to manually enter invoice data. This process was time-consuming and often led to errors.

With NetSuite Bill Capture in place, the company's AP workflow is completely transformed. The system automatically digitizes and processes invoices that arrive via email. AI technologies recognize key details such as vendor names, invoice numbers, and amounts, accurately populating bill record fields within NetSuite.

One particular use case where NetSuite Bill Capture streamlines operations is in the matching of invoices with purchase orders (POs) and receivables. In the past, AP staff had to manually cross-reference each invoice with corresponding POs and receipts, a tedious and error-prone task. Now, NetSuite Bill Capture automates this process, performing automatic 3-way matching to detect discrepancies and flag them for resolution.

For example, if an invoice amount deviates from the corresponding PO or receipt, the system immediately highlights the discrepancy, alerting AP staff to investigate further. This ensures that the company pays the correct amount for goods and services, avoiding overpayments or underpayments.

By streamlining invoice processing and matching, NetSuite Bill Capture significantly reduces the time and effort required by the AP team. Staff can now focus on important tasks like managing vendors and improving cash flow, leading to increased efficiency and productivity. Ultimately, NetSuite Bill Capture empowers the manufacturing company to operate more smoothly, accurately, and profitably in today's competitive landscape.

In short, NetSuite Bill Capture uses AI to help finance teams simplify invoice processing and improve workflow efficiency. By digitizing invoices, automating data entry, and facilitating seamless matching and approvals, it empowers organizations to operate more efficiently, accurately, and securely. With NetSuite Bill Capture, finance teams can focus less on manual tasks and more on strategic initiatives that drive business growth.