Netsuite procurement

A standalone procurement system handles purchasing in isolation, requiring integration with your ERP or accounting platform to keep financial records in sync. NetSuite Procurement is built natively into the NetSuite ERP platform, meaning purchasing, inventory, accounts payable, and financial reporting all operate from the same data set. There is no integration to maintain, no reconciliation between systems, and no lag between a purchase order being raised and the commitment appearing in your financial reports.

Yes. Approval workflows in NetSuite are fully configurable and can be set up to route purchase requisitions and purchase orders through multiple approval levels based on criteria such as spend amount, department, supplier, or item category. Approvers are notified automatically and can approve or decline from within NetSuite or via email, with every action recorded in the audit trail.

When a supplier invoice is received, NetSuite automatically compares it against the originating purchase order and the recorded goods receipt. If the quantity and price on the invoice match what was ordered and received, the invoice moves through to payment approval. If there is a discrepancy, the invoice is flagged and held for review. This prevents overpayments and eliminates the manual cross-referencing that typically happens at payment run time.

NetSuite is used by businesses of all sizes, from startups to rapidly growing companies. If you’re considering making the switch but unsure about the cost, here’s a quick breakdown.

NetSuite operates on an annual subscription model, which includes three key components: the core platform, optional modules, and the number of users. There’s also a one-time implementation fee for the initial setup. As your business expands, you can easily add new modules and users, thanks to the flexibility of cloud software.

Core procurement functionality is included within the NetSuite platform, with advanced procurement capabilities available as part of broader module packages depending on your requirements.

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For businesses implementing procurement as part of a broader NetSuite go-live, procurement configuration is completed within the standard implementation timeline of 3 to 6 months. For businesses adding procurement capabilities to an existing NetSuite environment, the timeline depends on the complexity of your approval workflows and the volume of supplier data to be migrated, but a focused procurement implementation can typically be completed in 6 to 12 weeks.

Yes. NetSuite supports procurement across multiple subsidiaries within a single environment, with separate approval workflows, supplier relationships, and cost centre coding for each entity. Centralised reporting gives head office visibility across all procurement activity, whilst each business unit maintains control over its own purchasing processes.

Yes. Supplier records in NetSuite can include contracted pricing, preferred status, and category assignments. When staff raise purchase requisitions, they can be guided toward approved suppliers and pre-agreed pricing, reducing off-contract spend and ensuring the business captures the value of negotiated agreements.

Yes. NetSuite allows purchase orders and procurement spend to be coded to specific projects, cost centres, or departments at the line level. This means project managers can track committed and actual expenditure against project budgets in real time, and finance teams can report on project costs without waiting for invoices to be processed.

As NetSuite’s 2024 ANZ Growth Partner of the Year, Annexa provides comprehensive support including implementation, customisation, ongoing support, and strategic guidance – all delivered by an Australian and New Zealand-based team.