NetSuite integration: how to easily connect Spendesk to your ERP
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Published on January 18, 2024
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For more than 30,000 finance teams worldwide, NetSuite is the ERP tool of choice. And for NetSuite users who want world class spend management processes, it just got easier.
Spendesk’s NetSuite connection accelerates your financial close, improves accounting accuracy, and syncs transactions in real-time. Most importantly, you have an integrated financial stack, and don’t need to copy information from tool to tool.
This short article explains why that’s so valuable, how the integration works, and what you need to do to get started.
Why integrate spend management with NetSuite?
ERP tools like NetSuite are an incredible asset for data-driven organizations. When the data is accurate and flows freely, accountants can build powerful reports and strategic teams can make smart decisions more easily.
But getting company spend data into NetSuite poses a clear challenge:
Expenses, invoices, and other spending are usually done by non-finance employees. Those on the front lines know what was spent, why, and by whom.
But ERPs can only be managed by a few well-trained finance or FinOps professionals.
So each month, the finance team has to collect expense claims and company purchases from the rest of the company and manually create NetSuite entries. Either you hire extra resources to process payments, or your finance team becomes a bottleneck for its own monthly close.
Spend management solutions like Spendesk change everything. You get an easy, intuitive way for team members to spend in a controlled environment, so the finance team doesn’t have to micromanage every purchase.
Payment records are digital by default, so you have no data entry. You get accurate, up-to-date information (including receipts), and all you have to do is push that data to NetSuite.
How the NetSuite integration works
Simply put, you can now send spend data from Spendesk to NetSuite in a couple of clicks. As the Controller, you simply need to select the relevant time period and click “Push to NetSuite.” No manual data entry or extra formatting required.
Here’s the process for an invoice payment, step by step:
An invoice payment is requested. As with all payments, you know the requester (the team member who spends), the approver (their manager), the justification, and the cost center associated. And you have an electronic invoice attached.
The invoice is paid via Spendesk, ideally with a direct wire transfer.
Before exporting to NetSuite, quickly check that the team, cost center, and all other important information is correct.
Save any changes and mark the invoice as ready.
Verify that any payment confirmation or receipt is correct.
Select the period to export (to export payments in bulk).
A final check to ensure you have the correct number of expenses to export for this period.
Click “Push to NetSuite.”
Spendesk creates an accounting record for each payable in the batch, and automatically exports the linked payment information in the background. All the information you need for audit and reporting is immediately synched with NetSuite.
What information is exported?
The native integration automatically creates the following entries in NetSuite to match what’s in Spendesk:
Vendor bills and credits
Expense reports
Bill payments
Journal entries
Essentially, all the important information you need passes smoothly from Spendesk to NetSuite.
Can I create custom fields?
Because every company - and every accounting process - has its own quirks, you can’t rely on “one size fits all” spend management. Spendesk lets you build your accounting fields to match what’s already live in NetSuite.
This can save hours of data re-entry at the end of the month.
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Where the default options aren’t enough, you can simply rename and map Spendesk fields to their relative NetSuite entry. Do this once, and every time the field is used in future, data will be exported to the correct location in future.
You can add or update these custom fields any time in the settings.
What if I make changes to previous payables?
Once you export a payable, existing or future payments made from Spendesk are automatically exported to NetSuite. Receipts attached in Spendesk, can be found in NetSuite without touching a thing.
And if you update departments or cost centers in Netsuite, Spendesk will make the update to match.
Clear benefits for finance teams
Updating your financial records in just a click is a clear win for finance teams. More automation, fewer errors, and no data entry are always reasons to celebrate.
More tangibly, here’s what you can expect when you integrate Spendesk and NetSuite.
Faster closing times
Efficient month-end closing requires accurate and well-organized financial data, with minimal corrections and no missing pieces.
Spendesk ensures you have complete and accurate payables and settlements at all times, but especially at the end of the month. You can see who bought what (and why), track approvals, and don’t need to chase people for missing receipts.
To reconcile payments and close the books, you simply need to Push to NetSuite.
Did you know? Spendesk customers save four days per month at closing time.
More accurate accounting data
To err is human, especially with hundreds (or thousands) of transactions to manage each month. Even the best accountants and controllers make mistakes, which makes good automation software a lifesaver.
Spendesk removes almost all of the data entry required to manage spend. OCR software extracts key details from invoices and receipts, and the platform notifies you about missing information or duplicate entries.
When the data arrives in NetSuite, it’s already been double checked for accuracy. Which puts your reports and analysis on even more solid ground.
Time and resources saved
Finance teams are always under pressure - not just at closing time. Paying invoices, processing expense claims, and answering countless “quick questions” leaves little time for more strategic work.
Spendesk helps your non-finance colleagues help you. They upload their own invoices and expense claims directly, so you don’t have to search for email attachments. And because the tool walks them through it, you eliminate those basic errors that cost you time.
Let other teams handle the operational steps, so finance can be the strategic partner the business needs.
Did you know? 95% of customers say Spendesk makes them more efficient and collaborative.
Transactions synched in real time
A common issue with the classic finance workflow is that strategic decision making relies on data which can take weeks (or more) to prepare. Most companies need to wait for actuals to update their budgets and forecasts, and decide on next steps.
The beauty of modern spend management is you don’t have to wait. Teams can see their spending in real time, monitor budgets as they go, and you can push transactions to NetSuite immediately.
Slash the time to prepare actuals and take another step towards real-time accounting.
Integrate NetSuite and Spendesk today
If you’re already using Spendesk and NetSuite, now’s the time to get them working together. Get in touch with your Spendesk account manager, and they’ll be delighted to set up the integration and answer any questions.
If you’re a NetSuite user but not yet managing spend with Spendesk, please get in touch. We’ll be happy to answer any questions and show you just how easy and impactful smart spend management can be.
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