Connect NetSuite ERP Seamlessly to your eCommerce Platform
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.