It is now easier and simple to integrate a company’s system of expense management into NetSuite financials using NetSuite Concur integration platform. This will give you greater visibility into how funds are being spent in order to make better decisions about costs and control. So, what are NetSuite and Concur?
Concur is basically a leading provider of integrated solutions of travel and expense management. Concur’s mobile and easy-to-use Web-based solutions help organizations and their staff members save time and control costs. Concur Connect is generally a platform which enables the whole travel and expense ecosystem of suppliers, solution partners and customers to access and extend its T&E cloud. Its systems easily adapt to the preferences of individual employee and scale to meet the requirements of business companies from small to large ones.
SuiteCloud from NetSuite is a comprehensive provider of cloud-based development tools, products and services created to help commercial software developers and customers take advantage of the economic cloud computing benefits. It allows its customers to run core operations of their businesses in the software developers and cloud to target new market segments faster with newly-designed mission-critical applications created on top of mature and processes of proven businesses.
NetSuite Concur Connector – what is it?
The Concur Connector for NetSuite is generally a packaged financial connector which ensures expense-related information available or captured in Concur is posted to NetSuite ERP in a proper way. It is therefore a cloud-to-cloud connector, giving you an opportunity to schedule regular updates without performing manual updates or downloading files. It does not need custom coding and simple to activate. This means that you will always be up-and-running quickly.
NetSuite Concur Integration Guide
- NetSuite Concur integration comprises full expense detail. This includes expense categories, allocations and other captured financial information is posted to NetSuite ERP electronically.
- Integration to NetSuite Expenses or NetSuite Vendor Bills, depending on customer preference and payment type. Customers can easily pay employees through AP, Payroll or Concur and offer payments visibility via the NetSuite Employee Center.
- Additionally, corporate card payments can also be made via Concur Expense Pay and then posted automatically to the NetSuite ERP.
The Benefits of Cloud-Based ERP and Travel and Expense Management Integration
Adaptable and flexible for your changing business – NetSuite Concur integration is flexible and adaptable in a way that add new users or new companies and change policies without the need to invest in IT infrastructure. With this kind of integration, improvements and changes in NetSuite and Concur would not slow adoption or disrupt integration of new features.
Automatically, financial splits are made based on the type of payment expenses entered. All types of company-billed payment are to the NetSuite Vendor Bill. The reimbursements of employee can also be integrated to NetSuite Expense or NetSuite Vendor Bill.
With the integration of data, you have a complete record of your financial expenses in NetSuite ERP. This will definitely help you to track and manage the Travel and Entertainment (T&E) costs. Another thing available in Concur is an extensive reporting on the details of travel and expense, enabling spent control, better decision making and policy compliance.
Changes to financial expense types and codes are also included with this service. As NetSuite ERP solution and your business evolve, definitely, Concur Connector for NetSuite will as well evolve with you.
With integration of cloud-to-cloud, businesses using this system can now post completed and approved reports of T&E expense, automatically to the NetSuite Employee Center. This makes it accurate and comprehensive T&E spend data captured NetSuite’s General Ledger services and Accounts Payable.
SuiteCloud being part of NetSuite is basically a family of financials, business management technologies and cloud-based accounting. Also, it includes services and development tools created to help commercial software developers and businesses to benefit from economic cloud computing.
SuiteCloud Developer Tools offer a great cloud customization environment – Whether you are extending NetSuite to perfectly suit you business needs or designing completely new applications. This developer tools include web services, analytic, scripting, workflow management and among others.
The cloud also allows customers to choose best-in-class services and applications, similar from those available Concur and NetSuite, which give the most compelling value that becomes more compelling when both tightly integrated.
Another benefits that comes from NetSuite concur integration platform is that NetSuite clients can now have and enjoy a world-class experience of T&E expense management that integrates into General Ledger services and Accounts Payable available under NetSuite. This is in fact one of the examples of how Concur T&E Cloud is highly helping to offer greater value to business companies of all sizes.
The Importance of Integrating Travel and Expense
One of the top pressure that drive enterprises to mainly focus on expense management is the need for improved visibility into the T&E spending. A recent study shows that a typical company spends in excess of more than $12 million US dollars annually in T&E and in average, this rises up to $22.9 million US dollars for large companies with annual revenue of more than one billion dollars.
According to research, the following are benefits of enterprises that use a management tool of end-to-end travel and expense:
- 21% faster expense approval time,
- 41% quicker time to finish a single expense report,
- Expense-processing costs lowers to 51 percent.
Generally, T&E (Travel and Entertainment costs) alone can account up to ten percent of a typical company’s operating expenses, second just to benefits and payroll. Studies show an approximately 20% of travel and entertainment costs is out of policy.
Industry and government regulations have enhanced requirements that require companies to have complete visibility into the T&E spend in order to ensure their expense process clearly complies with both government and corporate requirements.
Companies understand the really value of communication and data to influence compliance and also optimize the rebates of corporate card program and vendor discounts.
NetSuite and Concur prove that cloud applications can easily be integrated to function as one and it is currently being used by so many enterprises – small and large. This NetSuite Concur integration enables a single integrated process for policy enforcements and approvals, and expense reports in Concur into NetSuite for Accounting, Accounts Payable and Payroll.