Case Study: Streamlining Payables Management
Client Overview
Our client is a trusted provider of branded merchandise for businesses. With numerous payment methods, varying terms, and required approvals, they faced challenges ensuring payables were managed efficiently and nothing fell through the cracks.
The Challenge
Managing payables involved juggling:
- Multiple payment methods.
- Varying due dates and discount deadlines.
- Approval processes for proposed payments.
The lack of a centralized system made it difficult to track progress and achieve timely submissions, risking late payments and missed discounts.
The Solution
Net Lobster implemented a custom Transmittal Record System within NetSuite, addressing these pain points through:
- Batching Payments: Proposed payments were grouped into transmittals for streamlined approval and tracking.
- Payment Method Optimization: Payments were steered toward vendors’ preferred methods, ensuring compliance with vendor expectations.
- Deadline Visibility: Clear tracking of due dates and discount deadlines prevented missed opportunities.
- Locked Records: Once proposed, transmittals were locked, preventing unauthorized changes.
- Complex PDF Designs: All relevant data was combined into a single, easy-to-approve document, balancing comprehensive information with user-friendly design.
The Results
- Timely Payments: Payments are now submitted consistently on time, eliminating late fees.
- Cost Savings: By submitting payments before discount deadlines, the client saved significantly.
- Improved Accuracy: Centralized batching reduced errors and confusion in payment workflows.
- Enhanced Vendor Relationships: Steering payments to preferred methods streamlined operations and built trust.
Ongoing Success
The Transmittal Record System has become a cornerstone of our clients payables workflow, ensuring financial efficiency and strengthening their operations. Net Lobster continues to refine the solution to meet evolving business needs.