Why Automate AP Processes in NetSuite in 2023

ARTICLE - In today's fast-paced, data-driven world, the digital transformation of financial processes has become a critical step for businesses. iCloudAuthority's Payment Suite, a cutting-edge fintech solution, is at the forefront of this shift, revolutionizing how companies manage their accounts payable (AP) processes. Natively built within Oracle NetSuite, iCloudAuthority's Payment Suite provides seamless integration, optimizing the user experience and delivering a single source of truth in real time.

Harnessing the power of iCloudAuthority's Payment Suite, CFOs can transform their AP business processes, automating and accelerating their organizations to become intelligent digital enterprises. With over 200% improvement in AP efficiency, iCloudAuthority's Payment Suite helps businesses realize greater value from their NetSuite investment and move to the next level.

By recognizing and leveraging the benefits of efficiency, cost reduction, user experience, speed and agility, security, and reliability, iCloudAuthority sets a new standard in digital finance.

#1 - Efficiency and Cost

CFOs constantly seek ways to optimize workflows and cut costs. iCloudAuthority has proven its ability to do both by streamlining processes and eliminating paper payment procedures. According to a study by Levvel Research, companies that automate their AP processes can reduce processing costs by 60% and improve invoice processing times by 50% (Levvel Research, 2020).

Randy Kish from Q2 BANKING shares his experience: "iCloudAuthority has saved us 5-10 hours of work per payment batch and improved our internal controls in the AP process significantly. I can't recommend it enough."

#2 - User Experience

With advanced technologies, iCloudAuthority enhances the user experience for finance professionals. This boost in user experience translates into improved productivity and job satisfaction. A survey by Deloitte found that 83% of finance professionals believe that digital transformation positively impacts their daily work (Deloitte, 2019).

Matthew Neal, Accounting Manager at LYTX, was amazed at the simplicity: "Even on the first check run, I remember being just floored: 'Wow, we just sent out fifty, sixty checks and five wires at a click of a button.' It's effortless."

#3 - Speed and Agility

The integration capabilities of iCloudAuthority allow businesses to link their systems better and reengineer outdated, manual processes. iCloudAuthority allows you to connect your NetSuite ERP to any bank worldwide seamlessly. Organizations can keep up with the rapidly changing business landscape with enhanced speed and agility. Research from Gartner estimates that by 2024, 60% of finance teams will have adopted some form of financial process automation (Gartner, 2020).

Edmund Henry from POWERSCHOOL highlighted the seamless integration: "iCloudAuthority makes paying bills extremely efficient without losing our ability to maintain control of the process. iCloudAuthority worked flawlessly with Wells Fargo with little help from us, and their customer service was top-notch."

#4 - Security and Reliability

In an age of increasing cyber threats, hardening infrastructure and migrating to electronic payments are crucial steps to ensure business continuity. A study by the Association for Financial Professionals (AFP) found that businesses that transitioned to electronic payments experienced an 80% reduction in fraud attempts (AFP, 2020). iCloudAuthority provides a secure, reliable solution that protects businesses from potential vulnerabilities.

Mike Kelly, Senior Manager of Accounting at TURO, emphasizes the value of a streamlined AP process: "iCloudAuthority has significantly streamlined our AP process. Now it takes minutes instead of a full day."

iCloudAuthority - A Complete Automated Payment Solution for NetSuite

iCloudAuthority's Payment Suite is a complete automated payment solution built inside NetSuite. The solution provides world-class scalability, reliability, and security while automating mission-critical financial processes in accounts payable. It also empowers businesses to streamline their AP processes, delivering tangible benefits.

All iCloudAuthority products are built from the ground up inside Oracle NetSuite, ensuring the best user experience and 360° visibility of data. The Payment Suite for NetSuite includes the following applications: ePayables, eConnector, ePortal, eApprovals, ePositive Pay, ePrenotes, eRemittances, and eRefunds.

By embracing digital transformation, CFOs can unlock the full potential of NetSuite. With robust statistics and satisfied clients across multiple industries, iCloudAuthority is driving the future of finance, helping businesses adapt and thrive in an ever-evolving world.

If your organization needs new automation of your payable processes, contact iCloudAuthority today for a free consultation.