Entering a Vendor Invoice into NetSuite
Getting an invoice from a vendor can be a challenging task to get entered into NetSuite. It’s not necessarily hard to enter the data, but it can be time consuming. You get invoices in the mail or by email and you need to transfer that data into NetSuite so that you can give your leadership more detail into vendor sourcing.
Dokmee has a Capture feature to their product offering that allows all the invoice data to get pulled automatically. Then, a NetSuite integration takes that data and sends it to NetSuite. You can even use Dokmee’s workflow automation to do invoice and purchase order matching automatically!
Getting Vendor Invoice Line Item Data to NetSuite
One of the key features to Dokmee being released in 2021 is the ability to capture line items from an invoice automatically. If your company relies on vendors to provide the most competitive rates to profit optimization, you need this level of detail to understand when to begin looking for a new vendor for certain products.
If you are a manufacturing company that buys hundreds of parts from a vendor, you will get an invoice with each line item. Typically, companies only enter the total of the order and manually link the Purchase order number to the Invoice number. This can be a waste of time and easily solved by having Dokmee capture the line items and match them with the line items of the purchase order. Sometimes there is a mismatch of data where the invoice might be missing some items from the original purchase order due to shipping delays, it’s important to track this data for better visibility into your business processes.
How to Boost your Profit:
Now that you see some of the waste your company may be facing with AP automation, let’s dive into how you can see increase in profit margins utilizing Dokmee.
- Increased visibility into the line item data between PO# and Invoices
When you have better visibility into the line item data of an invoice, you can begin to see where you are spending more money for products that could be sourced from another vendor. If there is consistently delays in shipping of a handful of products through a particular vendor, you’ll be able to see when line items are missing as a result of the delay. Waiting on vendor items to arrive costs you money when you can’t deliver the product you offer to a customer as fast. Consistently being able to have visibility into these lead times helps you either source another vendor or plan for the different lead times more effectively.
- Manual Time Entry
Using the Capture feature of Dokmee frees up your employees time so that they are not manually entering data into NetSuite. Depending on the size of your organization, you may be able to free up several full time employees time utilizing the Dokmee capture in combination with Dokmee internal document automation tools.
In addition to getting the data into NetSuite, you can also automatically match the purchase orders with other associated documents such as invoices or purchase receipts.
Imagine the amount of time freed up in your accounts payable department utilizing these features!
- Quality Control
Whenever manual data entry is being done, there is high risk of inaccurate data due to mistyping or from simply forgetting to enter data into an optional field in NetSuite. Using the Dokmee document capture in combination if the Netsuite integration ensures that all your data gets to NetSuite the way it is supposed to be. Better data. Better reporting. Better decisions.
Honorable Mention Feature for Boosting Profits
- Searchable Documents
It may seem like a simple feature, but having a robust search engine to access documents will save you time when you lose track of a particular document. It’s common that users may receive multiple documents related to a purchase or sales order (quotes, receipts, BOLs, BOMs, emails, etc.), and these documents can get easily get disconnected from the source document in your ERP. Improve 2-way and 3 way matching with Dokmee ECM’s repository to ensure related documents can be located easily and quickly. Dynamic folder structuring and OCR allows users to search all of your SAP documents by any index value or text within a document.
Getting Ready for your NetSuite Implementation
When preparing for your NetSuite implementation or getting NetSuite consulting agency support, you need a partner by your side that will be with you every step of the way. Anchor Group is a NetSuite partner that helps implement companies across the world onto NetSuite. If you are needing a demo of the ERP and how it will work with Dokmee, make sure to get in touch with both Anchor Group and Dokmee.