If your business is using NetSuite and a separate vendor management solution, the challenges it experiences are likely to mirror those of businesses with a lower level of maturity. Vendor relationships and contracts are naturally collaborative and businesses often compensate for this by giving each department technology best suited to their needs. However, tech-stacks can quickly sprawl without each platform working in sync with the other.
If your business is linking its key finance and vendor software using an API build rather than a native integration, stakeholders may be:
- Inputting data twice into different systems
- Struggling to collaborate effectively if teams are working in different systems
- Facing difficulty tracking vendor spend, which can cause revenue leaks
- Losing control of contract approval processes, contributing to maverick spend
- Increasing contract and vendor risk due to a lack of visibility
In this article, we take a look at why you should integrate NetSuite with a vendor portal, within a dedicated platform.
Three key reasons to integrate NetSuite with a Vendor Portal
By not syncing your vendor contracts with your ERP, the opportunity to grow whilst minimising the associated risk becomes more challenging. When manually managing vendor contracts between two systems, efficiency and accuracy are often disrupted - directly impacting your ability to manage vendors effectively.
Integrating your NetSuite instance with Gatekeeper's Vendor Portal, via the Built For NetSuite SuiteApp, improves:
- Contract and vendor visibility by allowing a two-way data sync. All information can be seen within both the Vendor Portal and within NetSuite via a secure, centralised repository. Knowing who your vendors are, what their status is and what events are due minimises overall risk throughout your portfolio.
- Overall control as internal processes can be automated with the Kanban Workflow Engine. Whether it's contract approval processes and managing vendor spend or automated contract record creation in NetSuite, Gatekeeper’s native integration allows you to leverage a full app ecosystem.
- Your ability to safeguard compliance as data sync between Gatekeeper and NetSuite means you will always be working with complete and accurate records. Delegate vendor data entry into Gatekeeper and sync all information seamlessly with the NetSuite SuiteApp. Always know if your vendors are up-to-date with their documentation and proactively work with them ahead of expiry dates.
The benefits of integrating NetSuite with Vendor Management Software
Gatekeeper provides complete visibility and control to teams across the entire organisation. Whether you’re in Legal, Procurement or Vendor Management, you can access and leverage the insights you need from within NetSuite - all while using the power of a Vendor Portal within the Gatekeeper platform. Below, we provide an overview of how the native integration works and how it benefits your business.
1. Use Full Vendor Data Sync & Vendor Portal support
By using NetSuite and a vendor portal, you can self-service vendor onboarding and vetting with data sync, including, for example, W-8 & W-9 tax form collection. Delegate vendor data entry, send alerts to third-parties when certificates need updating and automate performance reviews. Automate entire vendor processes with a dedicated portal and see all the up-to-date information you need within NetSuite.
2. Visualise spend data with dashboards
Finance teams can stay in control of vendor spend by knowing exactly what is being spent, where and with who. With the native Netsuite Integration, you can sync Vendor Bills to analyse Vendor and Contract level forecast vs Spend. The Spend Module from Gatekeeper allows you to drill down into the data and identify opportunities for consolidation and reward.
3. Access Advanced NetSuite Field-Mapping Support
The ability to manage data and ensure its accuracy is fundamental to control and compliance. Full control over configuration is provided within Gatekeeper including all core and custom field mapping. This allows teams already familiar with NetSuite to keep working in their preferred way - whilst knowing they can trust the data across the entire ecosystem. No worries about duplicated or outdated information.
4. Automate processes in the Workflow Engine for NetSuite
Not only can your business automate and visualise everything from vendor invitation, onboarding and performance review with the Kanban Workflow Engine, they can also see a complete history of any and all actions taken. Gatekeeper’s integration with NetSuite allows the seamless transfer of data including advanced field mapping, while building a defensible and auditable record of how a vendor contract has been managed throughout the process.
5. Have unlimited eSign licences for all NetSuite users
With unlimited users on all plans, Gatekeeper’s Built For NetSuite SuiteApp allows teams to execute vendor contracts more quickly with unlimited eSign licences. Each stage of the process is captured, all signatures are legally-binding and all signed agreements are stored in the Gatekeeper’s contract repository.
Using a vendor management software that has a native integration with NetSuite gives businesses far more advantages than if they were to use a bespoke API build or keep the two systems entirely separate. By using a vendor portal alongside NetSuite, data sync becomes seamless, visibility becomes prioritised and businesses are given the ability to take control of their portfolio and safeguard compliance.
A native NetSuite integration creates a more seamless user experience, a more efficient approach to vendor management and prevents issues such as data fragmentation that can have serious consequences for regulatory compliance."
Gatekeeper customers such as Mailchimp use the Netsuite integration to improve the visibility of their compliance, regulatory risk and revenue risk - as well as to find opportunities to grow the business. If you’re ready to add this level of insight to your business, speak to us today.