How paying vendors and employees electronically can help you mitigate risks and enhance internal controls around cash management.
When talking to prospects about electronic payments, we are often asked how Nolan’s Electronic Payment for NetSuite can help mitigate risks and improve cash management functions in their organization. This blog discusses 4 ways in which this NetSuite application accomplishes this objective.
Firstly, leveraging an electronic payment system eliminates the risk associated with duplicate data entry of vendor bill payments, initially in NetSuite then replicated in your bank portal. By streamlining the vendor bill payment process, staff can focus on more valuable accounting functions.
Secondly, deploying your own electronic payment application eliminates the need to share confidential vendor payment details and to provide secured bank account access to a 3rd party organization that would process these payments on your behalf.
Thirdly, Nolan’s Electronic Payment solution helps you streamline all payments through a single application process, whether it be ACH, wires, check printing or credit card bank services.
Lastly, Nolan’s Electronic Payment solution reduces risks and administrative costs associated with in-house printing of checks. Timely and direct payment of vendors or employees enhances cash control and eliminates costs such as check processing fees, postage and envelopes.
Nolan’s Electronic Payment for NetSuite is a fully configurable NetSuite bundle that permits electronic payment of vendor invoices and/or employee expenses. Built with flexibility in mind, Nolan’s Electronic Payment solution can handle complex bank file formats providing support for most electronic payment methods such as domestic and international ACH and wires, check printing and credit card services.
By Carole D’Arcy, Senior Consultant with Nolan Business Solutions, an International Microsoft Dynamics GP ISV and NetSuite Provider.