Managing expenses is vital for maintaining financial control, yet many businesses are unknowingly complicating the process by relying on spreadsheets, ad hoc emails and paper receipts. Luckily, if your business uses NetSuite, you already have powerful tools at your disposal that make expense management efficient while minimizing errors and reducing compliance issues.
In this article, we’ll highlight the features and tools within NetSuite that can help you streamline your expense management process. We’ll also discuss how adding a SuiteApp called MyPay can enhance NetSuite’s capabilities to make it easier for employees to generate expense reports while reducing unnecessary work for your finance team and improving your financial oversight.
NetSuite makes expense management more efficient than ever.
NetSuite’s core expense management tools offer significant benefits over manual methods. They allow you to move beyond spreadsheets and input expense claims directly into NetSuite. This cuts down on errors, reduces the likelihood of lost receipts and accelerates expense processing.
With NetSuite, you can create customized business rules that tie expenses to specific projects and consolidate multiple line items into a single report. You can define your own approval workflows and automatically route expenses to the correct team members for review. You can configure the system to notify managers when new expenses are entered and ready for approval, and you can have it send reminders when approvals are overdue. These capabilities all add up to less manual work for your team and more time to spend on high-value activities.
With NetSuite’s interactive dashboards, you can also generate live, customized reports that allow you to track expenses against budgets to improve financial oversight and control. NetSuite even maintains a detailed history for each expense report, making compliance easier than ever to audit and enforce.
Despite these advantages, NetSuite’s native tools still rely on employees to enter their expenses manually, which can introduce vulnerabilities into the process. This is where MyPay by Zone & Co adds tremendous value.
MyPay by Zone improves expense entry.
We developed MyPay by Zone specifically for NetSuite users to be able to automate the most cumbersome part of expense management: entering expense data. This software tool makes it easy for your non-finance employees to submit claims while improving accuracy, standardizing data and giving your finance team full visibility and control over expenses – directly within NetSuite.
Instead of employees manually entering each expense, MyPay allows them to upload receipts via email or by using an intuitive drag-and-drop interface. MyPay’s optical character recognition (OCR) technology then reads key details such as the date, amount, currency and vendor name. Once the data is captured, MyPay prompts your employees to review and verify the values, categorize the expense and click submit. MyPay even has an auto-save feature to keep work from getting lost if an employee’s connection drops or battery dies.
Watch how easy it is to enter expenses with MyPay.
As a ‘Built for NetSuite Hybrid SuiteApp’, MyPay integrates directly with NetSuite, so every piece of data captured is automatically synced with the system in near-real-time. This gives your finance team the confidence that expense data is accurate from the moment an employee enters it. In addition, MyPay mirrors NetSuite’s core settings, approvals and categories and processes expense claims using your existing, up-to-date workflows.
Overcome the pain points of expense management.
Managing expenses can present several common challenges, especially when your non-finance employees are responsible for submitting claims. Here’s how MyPay and NetSuite work together to solve these pain points:
- Manual data entry and errors: Manually entering expenses into a system is not only time-consuming but it’s also prone to human error. MyPay’s OCR technology removes much of this burden and reduces the likelihood of mistakes.
- Lost receipts: It’s all too common for employees to misplace receipts, and that can create delays in processing or inaccurate claims. MyPay allows your employees to capture receipts instantly, which reduces the chance that they’ll be misplaced.
- Slow approvals: Waiting for approvals can be a major bottleneck in traditional expense processes. MyPay integrates directly into your NetSuite workflows, routing expenses for approval automatically and speeding up the process.
Take control of expense management with NetSuite and MyPay.
Enhancing NetSuite’s expense management capabilities with MyPay helps your finance team streamline expense management in three ways:
- Better expense data: MyPay empowers users to email, upload or drag and drop their receipts to begin an expense claim, and it uses optical character recognition (OCR) to capture receipt data. This improves accuracy and reduces manual entry.
- A real-time view of employee spending: With MyPay, your finance team can instantly see new expense claims and their corresponding receipts in a NetSuite Expense Report.
- Proactive compliance: By leveraging NetSuite’s expense categories, GL postings, tax codes, currencies and approvals, MyPay keeps claims compliant with your internal guidelines from the start.
In short, MyPay gives you better control over expenses. This not only improves your day-to-day financial control but also helps you proactively manage budgets, accurately forecast spending and consistently meet your compliance goals.
Are you ready to transform your expense management process? Learn more about MyPay here.
