Nine apps to optimize NetSuite | SuiteWorld 2022 reflections

Introduction

Several weeks ago, I had the privilege of attending SuiteWorld in Las Vegas. It was incredible to hear about all the cool things happening in the NetSuite ecosystem. At the conference, I learned about several tools available to help organizations maximize their NetSuite instance. Below is my list of highlights.

Nine Apps to Optimize NetSuite

1. Accounts Payable (AP) automation - there is no reason for anyone to enter vendor bills into NetSuite manually. Optical character recognition (OCR) technology for scanning PDFs is available through several tools and can save AP teams hours. However, as with any technology, it won't be perfect. Based on this Reddit thread from current OCR users, these tools are built around expense matching, not item matching. Below are a few options:

   1. NetSuite - the native NetSuite AP OCR tool was announced at SuiteWorld. You can read the press release here. NetSuite is offering a pricing discount for current NetSuite customers who sign up before November 30, 2022.

   2. SquareWorks - SquareWorks' Automate tool is embedded into NetSuite, so users don't need to log into a separate app, and no integration is necessary. SquareWorks has over 400 clients using their AP automation tool. 

   3. Tipalti - Tipalti is a complete purchasing and payables solution, from vendor onboarding to vendor payments. One feature I especially like is that they capture 1099 information upfront. And, if you use Tipalti for vendor payments, you generate and sync payment data with a 1099 processor like 1099pro or Track1099 by Avalara.

   4. Bill - Bill (formally known as Bill.com) supports creating the vendor bills directly from an email and syncs the purchase orders from NetSuite. I have a client that uses Bill for scanning the vendor bills and then links the approved bill to the purchase order in NetSuite.

   5. Prendio/BioProcure (biotech only) - Prendio, a cloud-based eProcurement software explicitly built for biotech, and BioProcure, a procure-to-pay consulting business, offer biotech organizations the ability to automate and outsource lab purchasing and the AP process. They work exclusively with biotech organizations. I highly recommend them because they do all the two- and three-way match processing on your behalf, so the finance team doesn't need to worry about hiring this role in-house.

2. Bill payment automation - staying in the purchasing and payables process, there is no reason to send paper checks in 2022. Several options are available to send electronic bank payments to vendors. Here are a few:

   1. NetSuite - again, this was announced at SuiteWorld. NetSuite has partnered with HSBC to streamline the vendor bill payment process. The demo looked great. However, the downside here is that you have to bank with HSBC. You can use NetSuite's native bank features if you don't bank with HSBC. I have several clients that use NetSuite to generate the NACHA file and load it to their bank. While not fully automated, this functionality is better than issuing paper checks.

   2. Tipalti - Tipalti provides six payment methods for processing electronic bank payments. They also support international payments. One differentiator from other payment processing companies is that they don't make money off the float, so payments post immediately.

   3. Bill - the majority of my clients use Bill. The tool is straightforward and integrates well with QuickBooks Online. However, three downsides with Bill are (1) they don't support subsidiaries with a non-USD base currency, (2) they don't manage international payments, and (3) vendor credits don't sync correctly between Bill and NetSuite.

3. NetLease for ASC 842 lease accounting - The new ASC 842 lease accounting standards became effective for all companies on January 1, 2022. NetLease by Netgain can automate this process for you. And the software is free for organizations with less than five leases! So, if you are a biotech organization with just an office lease, you can get rid of the spreadsheets and use NetLease for free.

4. 1099 reporting - Avalara briefly mentioned that they now support 1099 reporting. I stopped by their booth, and they mentioned they acquired an organization that does 1099 compliance. From my research, they purchased Track 1099, my recommended 1099 reporting tool.

5. Accounting close software - Accounting close software streamlines the close process. It provides workflows and documentation for review and approvals for SOX compliance. There are several options available:

   1. FloQast - several of my clients use FloQast and have positive feedback on the tool.

   2. NetClose by Netgain - I learned about this tool at SuiteWorld. One differentiator between FloQast is that NetClose is embedded with NetSuite, so there is no need to navigate between the two systems.

   3. Blackline - enterprise-level close software.

6. Carbon capture accounting - I met the co-founders of Carbon-Suite, a carbon accounting SuiteApp that integrates directly into NetSuite. The app allows organizations to add assumptions around the carbon cost of each transaction. The tool could benefit organizations tracking this data for Environmental, Social, and Governance (ESG) or other regulatory requirements.

7. Billing and revenue recognition - I learned more about Zone & Co's ZoneBilling tool for managing subscriptions and billings in NetSuite. The tool is a native NetSuite app, similar to their other tools. As a result, users can directly manage subscription-based arrangements in NetSuite, including the appropriate revenue recognition.

8. Recipe management for manufacturers - The team at Blend-ERP has built a niche SuiteApp allowing chemical producers, food & beverage, and health & beauty companies to manage their recipe-based manufacturing process directly in NetSuite. If you are a manufacturer, I highly recommend you check out their website to learn more about their niche product offering.

9. Bank and credit card reconciliations - a common complaint I hear from implementation clients moving from QuickBooks Online (QBO) is around bank feeds. In QBO, the bank feed allows you to manage receipts and expenses without manually inputting every bank transaction through configured rules. I use QBO for my business, and this feature is fantastic. In NetSuite, the native bank feed feature is used only for managing bank reconciliations. Clients are disappointed when they realize NetSuite's bank feeds are not as user-friendly. Thankfully, Fast Four's bank and credit card reconciliation tool can provide users with similar functionality with some added benefits, specifically around approvals. If you are a user mourning the loss of the QBO bank feed, I highly recommend watching this YouTube demo of the bank reconciliation tool. (Note - Zone & Co recently acquired Fast Four)

Closing

These are just some apps available to streamline and automate your NetSuite instance. Do you have questions or feedback? Contact me, and let's discuss! I'm always trying to give my clients great app recommendations to make their life easier. Or please let me know if you'd like me to make an introduction to someone at these companies.

Finally, please visit my reporting resource page for reporting tips & tricks to maximize your NetSuite instance.