Contract Management for NetSuite: Managing Those Recurring Invoices

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Looking to automate the repeat processing of recurring invoices and send them directly to NetSuite? Automation gives you immediate access to all of your contract information, which is useful for review and renegotiation. Automating the process ensures that your recurring payments are consistently processed on time.

Keep in mind though, that some “contract management” software may not be suitable for your AP processing needs. Many solutions have been designed for legal documents and other non-financial agreements. What we’re talking about here is contract management software designed specifically for financial transactions. These solutions are especially useful where an invoice is generated on a recurring basis.

Contract management software that manages financial contracts stores all contracts centrally, making them searchable. Invoices for repeated “purchases” such as rental payments, utilities or regularly contracted professional services are automatically matched to related contracts, posted to their respective charge codes and approved for payment.

How automated contract management works
Contracts are scanned or imported into a database. Users configure the system with authorization rules, work flows, user roles and regulations. The software then:

• Archives different types of contracts, and classifies them
• Searches & establishes which invoices are connected to each contract
• Sends reminders when a contract is about to expire or needs to be reviewed
• Matches recurring invoices to contracts, or identifiable tracking numbers such as utility account numbers
• Provides exception handling if the invoice amount varies or the contract is in jeopardy of being overspent

If the supplier does not send regular invoices, a supplier invoice is automatically created based on the contract terms. Users can also be notified if an expected recurring invoice (such as a utility bill) has not been received.

Integration with NetSuite
Contract management software for financial transactions should seamlessly integrate with NetSuite. This will ensure that all incoming invoices are validated against the most current information in your NetSuite system.

See more information about Contract Management for NetSuite here.