Quadient expands offerings for NetSuite customers

The new enhancements allow NetSuite users to make payments within Quadient Accounts Payable by Beanworks using any bank account or payment method, including ACH, EFT, check, virtual credit card, and wire transfer. The feature helps organisations control spending by setting up custom approval channels and enabling easy reconciliation.

In addition to payments, Quadient now integrates three-way matching within the purchase order function. Three-way matching is a process that helps businesses verify the validity of invoices by cross-referencing invoices with their corresponding purchase order and delivery receipt to make sure details match. This layer of protection eliminates fraudulent payments that, if not caught, statistics show can cost companies an estimated 5% of their annual revenue.

Quadient’s acceptation of its recently launched large open network of parcel lockers in the UK continues to accelerate as an additional international carrier has recently confirmed its commitment to join the open network currently being rolled out nationwide.

Quadient Accounts Payable Automation

Quadient Accounts Payable Automation by Beanworks automates accounts payable (AP) workflows to help accounting professionals and allow finance teams to focus on higher-value work. From purchase to payment, Quadient Accounts Payable Automation integrates with ERP software solutions to simplify AP. Quadient Accounts Payable Automation serves more than 1,300 companies across North America and Europe and is part of Quadient’s Intelligent Communication Automation cloud-based software platform, which also offers accounts receivable (AR) automation and management, customer communications management (CCM), document automation and customer journey mapping (CJM).

The AP automation solution provides accounting teams with a faster, more secure, and easier way to approve invoices and pay vendors from anywhere.

The solution offers teams robust features such as automatic data capture, multi-level invoice approval channels, and purchase order matching. Users also benefit from real-time status updates on invoices, access to AP inboxes, payment approvals and workflows that reduce the need for time consuming and error-prone data entry.

What is accounts payable automation?

AP automation refers to tools or processes that eliminate manual aspects of accounts payable, and instead automates them. This usually involves a dedicated software, some examples of which we’ll examine shortly.

Specifically, AP automation lets companies submit and approve purchase orders and invoices digitally, rather than dropping them physically in in-trays. Some solutions will read invoices and extract information themselves, which means no data entry for anyone on your team.The goal for most process automation is to move faster, reduce errors, and help the company scale easily. And in the case of AP, as Purchase Control explains, ‘this removes manual tasks while also providing improved visibility and control over important financial data’.

AP process automation is a method of minimising human intervention and eliminating error-prone tasks from the AP – or trade payables – process. This is done by using AP software integrated with an online business network that connects trading partners digitally.