There are countless different accounting systems on the market, but NetSuite is one of the most popular options for businesses in the food and beverage distribution industry. This accounting software offers many features to help streamline your finances and make sure you always have an accurate financial picture of your business.
About NetSuite
NetSuite is an integrated cloud-based business management software solution that offers a comprehensive suite of solutions for businesses. It provides features such as accounting, finance and HR management, customer relationship management (CRM), and supply chain optimization. NetSuite is designed to maximize efficiency for businesses by providing automated processes, real-time data analytics, and comprehensive reporting capabilities.
NetSuite's Accounting Software enables users to generate invoices & track purchase orders; process payrolls accurately and on time; reconcile bank statements automatically; generate real-time reports & dashboards from anywhere; and set up custom tax codes based on jurisdiction specific rules.
Its main benefits include scalability, cost savings through automation, improved accuracy with fewer manual errors in financial transactions, and increased visibility into operations and performance metrics. As well, NetSuite can help food and beverage distributors provide an enhanced customer service experience, by facilitating faster response times and better communication between internal departments.
But how can you ensure that you are using NetSuite in the most efficient way possible?
NetSuite is a comprehensive accounting solution, but there are some extra integrations which allow users to sync other systems with their accounting data, and leverage additional features to optimize your experience. To get the most out of NetSuite as a wholesale food and beverage distributor, read on to learn about what integrations are available, and the best practices you should be following.
NetSuite integrations for food and beverage distributors
There are a variety of integrations into NetSuite which are tailored to the specific needs of the food and beverage industry.
Inventory Management Systems
For distributors using NetSuite, integrating inventory management systems is crucial for efficient operations. Some of the most commonly used inventory management systems that can integrate with NetSuite include Netstock, EazyStock, and EXTENSIV Warehouse Manager. These systems help distributors optimize inventory levels, manage demand forecasting, and streamline warehouse operations, among other functionalities. Check out their specific features below.
Order Management
In addition food distributors can benefit from integrating order management tools with their NetSuite accounting system. The most common order management tools that can integrate with NetSuite include SPS Commerce, TrueCommerce, and Celigo. These tools help streamline the order fulfillment process, from receiving orders to processing and shipping, while also providing real-time visibility into inventory levels and customer order history. Check out the features each system offers below.
By integrating these systems with NetSuite, food distributors can achieve greater efficiency and accuracy in their operations, leading to increased customer satisfaction and profitability.
Financial Management
Financial Management integrations allows users to sync all financial data such as accounts payable/receivable records & payments quickly, generate invoices & track purchase orders, process payrolls accurately & on time, reconcile bank statements automatically, and generate real-time reports & dashboards from anywhere.
Specifically, integrating NetSuite with an Accounts Receivable Management tool is vital for maximizing the benefits of this accounting system. This type of integration enables distributors to set up custom credit rules based on customer profiles, customize payment plans according to customer preferences as well as automate collections processes within defined limits.
Notch’s Accounts Receivable Solution
Notch’s Accounts Receivable Solution integrates seamlessly with NetSuite accounting software, and provides food distribution businesses with a comprehensive and automated system for managing their accounts receivable processes. With Notch integrated into NetSuite, distributors can benefit from features such as automated invoice creation & payment processing, increased visibility into customer lifetime value, automated collections, credit limits management, and custom reporting capabilities tailored to business needs.
Customers using Notch have reported a 30% reduction in days sales outstanding (DSO), while also achieving an 80% reduction in accounts receivable workload. The most popular features are automated payment collection on due dates and automated cash application.
Notch’s integration with NetSuite ensures seamless communication across multiple departments within an organization. This allows sales teams to pass invoices directly to finance without any additional steps or errors in data entry. It also alleviates the need for manual reconciliation of payments by automatically marking invoices paid when funds are received, ensuring accurate financial records at all times. Additionally, Notch enables real-time analysis of finances so that managers can quickly identify potential issues in cash flow before they become too serious and take corrective action if necessary.
Moreover, Notch helps improve customer service by automating key components of the accounts receivable process like sending out automatic reminders about due payments or providing customers with self-service portals where they can view their balance statements online or make payments securely via debit/credit cards or ACH transfers anytime from anywhere.
Best practices for food and beverage distributors using NetSuite's accounting software
In addition to leveraging integrations to simplify your accounting and payments process, you’ll need to ensure you are using NetSuite in the most secure and efficient way to maximize your distribution business’ benefit.
One of the key best practices for food and beverage distributors using NetSuite to ensure that all user accounts have secure passwords. It is also important to ensure that only authorized users are able to access financial information within the system. This can be done by setting up multi-level authentication processes or restricting access based on employee roles. To further protect confidential data, it is recommended that businesses utilize a two-factor authentication process when granting access.
Another important feature you must utilize is NetSuite’s ability to sync with various bank accounts directly from within the platform. By connecting multiple banking institutions into one centralized hub, companies can improve accuracy in tracking expenses and income while reducing manual errors associated with double entry bookkeeping tasks. Additionally, this ensures that payments are made on time and funds are allocated correctly each month without having to manually transfer money across different accounts or reconcile transactions later on down the line.
The good news is that one thing that sets NetSuite apart from its competitors is its user-friendly interface. The system has been designed so that even those without extensive accounting experience can quickly get up to speed on how it works and start using it successfully right away. Additionally, there are plenty of resources available online such as tutorials and webinars that can help walk new users through different features, so they can start leveraging these best practices as soon as possible.
Managing your wholesale distribution business accounting with ease
All in all, NetSuite Accounting Software offers food and beverage distributors a comprehensive and customizable accounting software that helps manage financial operations, optimize inventory management, and provide real-time visibility into their business performance, making it an ideal solution for businesses in this industry.
Further, NetSuite's integration capabilities into other systems, including inventory management, order management tools, and accounts receivable solutions make this software a good choice for distributors looking to maximize efficiency. By integrating these systems with Netsuite, food and beverage distributors can streamline their operations and achieve greater efficiency and accuracy.
Overall, NetSuite can provide significant value to wholesale food & beverage distributors, especially when combined with additional integrations.
Learn more about adding Notch’s Accounts Receivable solution to your food and beverage distribution business’ accounting software, and start automating your work today.
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