Slow. Tedious. Error-prone.
What do these three words have in common? They all come to mind when any Director of Finance, CFO or financial controller thinks about a manual accounts payable process. If you’re working within a finance team and empathise with the struggles of painful audits, matching piles of invoices to purchase orders and contacting countless approvers individually, this blog is for you. For each of the uncomfortable words above, we’ve got one reason why it’s time to implement NetSuite and Kanbina to streamline your AP process.
1. You can Automate the whole process
By using NetSuite to manage your P2P spend and Kanbina to process your AP invoices automatically into Netsuite, your business can streamline, automate and fully digitalise your entire accounts payable function. Meaning reduced costs, fewer errors, fraud protection and complete visibility across the whole of the P2P process.
Kanbina’s AI extraction models receive documents such as invoices directly from your finance inbox and can then generate financial transactions such as AP invoices based on data in NetSuite. Additionally, NetSuite’s accounts payable solution further minimises the number of human touch-points required for things such as discounts and settlements.
Purchase order automation alone is estimated to reduce your current time commitment by over 60% so that resources can be reallocated to other important areas of your business, such as sales or administration. Automating your AP process means more productive employees, more savings for the business and fewer headaches for directors.
2. Immediate Processing & Real-Time Visibility
What’s more? This all happens immediately. By integrating Kanbina and NetSuite, data will be transferred directly from your NetSuite instance so that it can be used in Kanbina to process invoices as soon as they hit your inbox. Invoices can be processed in minutes, while Kanbina’s cash allocation product matches payment advice to your Accounts Receivable ledger and financial institution. By utilising Machine Learning, data extraction models find the customer and invoices in order to confirm the payment has been received. Then, they automatically create the cash allocation transaction in Netsuite, as the integration is multidirectional.
So, take the day off; lay on a beach somewhere and rest assured that when you come back to your desk tomorrow, the digital pile of invoices waiting for you will have already been processed and visible in your NetSuite dashboard. By immediately dealing with invoices and analysing them in real-time, you’ll reduce the potential for lost bills or fraudulent invoice payments during the accounts payable process. NetSuite even has a vendor portal where suppliers can see the status of their invoices so you can maintain good vendor relationships, but more importantly: your phone won’t be ringing all day at the beach!
3. It Gets Even Better Over Time
Like all good things, your new accounts payable procedure will improve over time as
Kanbina’s intelligent document processing application applies Machine Learning and AI throughout the process. Within just a few months, the Machine Learning layer will be able to extract data from any document with impeccable accuracy, including all types of invoices (purchase, sales, Word and PDF to system generated), credit notes, delivery dockets, bills of lading and emails. As Kanbina and NetSuite begin to identify trends, Kanbina will begin generating sales invoices automatically (for rechargeable AP invoices) and NetSuite handles exception processing whilst automatically approving invoices that adhere to predefined rules.
What is Kanbina?
Kanbina is an AI Platform that empowers Digital Transformation within Finance Operations. Using Intelligent Document Processing and Machine Learning technology Kanbina removes human touchpoints throughout the finance process. Kanbina seamlessly transforms documents and data into information, insights and complete financial transactions in your Cloud and on-premise Enterprise Resource Planning system.
