Automate requisitioning and purchasing processes
What is NetSuite Purchase Management?
NetSuite purchasing management delivers cross-functional benefits by simplifying the process of placing, managing and expediting purchase orders. By tracking POs, companies know what's on order and in what quantities and when items will be received — key for optimising inventory levels. And, vendors can access their accounts through a vendor portal, allowing them to track all their purchase orders.
Convert Purchase Requests to Purchase Orders
Eliminate the need to manually steer purchase orders through the approval process. Determine who needs to sign off on purchase requests, send the appropriate notifications and automatically update transactions.
NetSuite is our one-stop-shop for all aspects of our business, from sales to manufacturing and the whole supply chain. It supports sales teams and creates personalised quotes, and we use it to manage material needs and communicate with suppliers, as well as process production orders. The platform's intuitive design allow us to focus on what we do best.
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NetSuite Purchase Management Benefits
- Improved Cost Control. Structured approvals provide insights into spending and eliminate unnecessary or out-of-compliance purchases.
- Clear Communication. A formal requisition and purchase order process ensures clear and accurate information is communicated among requestor, buyer and supplier.
- Automatic Tracking. Purchase requests are ushered through the approval process with automatic reminders and notifications.
NetSuite Purchase Management Features
NetSuite purchase management converts purchase requests to purchase orders for the appropriate items and quantities, tracks special orders and enables drop shipments.
Purchase Request
A purchase request is a transaction that records a purchase that needs to be made. NetSuite automates the requisitioning process to ensure compliance with quality and cost guidelines as employees enter requests to purchase materials or services from vendors. Companies may require approval of requests before they can be processed into purchase orders. Once approved, requests must be converted into POs.
Purchase Order Management
The NetSuite "order items" screen is the hub for users to monitor lists of items to be replenished, whether orders are generated via the supply planning process, blanket POs or re-order-point parameters. NetSuite allows you to order a mix of inventory, expense and service items on the same order. If there is a purchasing contract in place, appropriate pricing will be applied automatically. Reminders can be customised to let you know when orders are expected. Simple lists in NetSuite help automate and expedite the PO management process.
Approvals
Approval routing defines who can approve employee purchase requests and limits sign-off amounts by authoriser level and department. Approvers are notified when they have pending requests, and backup approvers may be assigned, eliminating bottlenecks. Approval processes can be set up based on dollar amount assigned to the employee, or more advanced workflows may be create to consider aspects such as department budgets, location, item type or project.
Challenges Purchase Management Solves
How Much Does NetSuite Purchase Management Cost?
Companies of every size, from pre-revenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?
Users subscribe to NetSuite for an annual license fee. Your license is made up of three main components: core platform, optional modules and the number of users. There is also a one-time implementation fee for initial setup. As your business grows, you can easily activate new modules and add users — that’s the beauty of cloud software.
Purchase management capabilities are included with NetSuite Procurement, which is available as an add-on module.
Resources
Data Sheets
Access specifications, features and benefits of NetSuite Procurement.