NetSuite ERP Solutions Invoicing and Billing

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NetSuite Invoicing and Billing – A Beginner's Guide

NetSuite has a unified and integrated billing framework that supports subscription, transactions, usage-based, and any hybrid model. It manages the revenue accurately and accordingly latest revenue recognition standards. NetSuite is a sophisticated and agile solution that gives flexibility and control to NetSuite utility billing. SuiteBilling is a framework for supporting monetization, and it allows the customers to innovate, be nimble, and profitable in the marketplace.

Invoice processing has a complete cycle of receiving an invoice, approving it, establishing a transfer date, paying the invoice, and recording it in the ledger. This whole process is critical in any business. When vendor invoices are not delivered in time, it can affect the services, upcoming supplies and damage the relationships with the supplier. Continual missing payments can hurt your business badly.

Advancements in technology have made invoice processing easier by offering an automated system for receiving and recording the invoices and putting the bills in the pipeline. It also helps to take action in the protection of balance sheets when the supplier does not receive the payments in time.

The Netsuite Invoicing SuiteApp enables a user to create and use the e-documents in JSON or XML format for the business. The use of these documents is now a standard way for exchanging any corporate information in different countries. These documents help in compliance with any legal requirements and also automates the order-to-cash and purchase-to-payment procedures. The use of these documents, the company, vendors, customers, or any tax agency can exchange information about any transactions electronically.

Without having an efficient invoices system and workflow, bills will not be get paid adequately. This way, you can check all the invoices for accuracy as they are received to ensure that the services or products are billed. It handles any discrepancies in the quantities received or the charged amounts and addresses them in the process so that bills are paid correctly. It routes the invoices to the appropriate approvers before the scheduling for payment. Once invoices are paid, it is added in the ledger.

The 3 Basic Steps for Invoice Processing

NetSuite Invoice Processing Workflow

An established invoice process workflow makes your account department efficient as they track everything with suppliers and make sure all payments are accurately completed. The basic workflow includes:

Invoice Receipt The accounts department verifies the procurement of a product or service. It then matches the billed amount with the original purchase order. If there is an issue, it is resolved before the invoices' approval.

Invoice Approval After the verification, invoices are sent for approval as per company policies.

Invoice Payment After approval, invoices are sent for payment.

"NetSuite SuiteBilling transforms the billing procedure..."

NetSuite Billing Capabilities

NetSuite SuiteBilling transforms the billing procedure from a dull, back-office function into a strategic discriminator by placing it in the business's core. NetSuite Utility Billing framework supports subscription, transaction, hybrid model but managing revenue accurately with the latest revenue standards. NetSuite Billing Module is sophisticated and agile, offering flexibility and unparalleled control in the billing process and revenue management. SuiteBilling is a central framework that supports the monetization models and allows the customers to be innovative, agile, and profitable in marketplaces.

NetSuite Advanced Subscription Billing has many capabilities, including:

  • It allows the creation and management of subscriptions, including the usage/value-based subscriptions, and supports recurring billing with full integration to advanced management and other compliances.
  • Its core framework connects the subscription and transactions and then projects to the billing engine for the smooth flow of finances.
  • NetSuite Subscription Billing provides the creation and management of complex rating models coupled with a high volume of transactions.
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How The Experts Can Help

Clarity Ventures is fully capable of utilizing both front-end and back-end software integrations with your e-commerce platform. We believe in innovative solutions to give your business a competitive edge.

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