06 Oct 2023

Offshore Accounts Payable Management with NetSuite

Accounts Payable (AP) Management is vital for maintaining financial accuracy and ensuring timely payments in the business world. For U.S.-based companies, as globalization drives more businesses to seek cost efficiencies and expertise, offshoring the AP Management function to India has become a prominent strategy. This move allows companies to tap into specialized knowledge and advanced technologies available in offshore locations, while also reducing operational costs.

For U.S. companies looking to offshore their AP Management, the combination of a powerful software tool like NetSuite and an expert offshore AP Management partner like KMK is a winning formula. This partnership ensures that businesses can continue to operate efficiently and accurately while leveraging the benefits of global talent and the latest software technology.

Offshore Accounts Payable Management with NetSuite

NetSuite: A Premier Accounting/ERP Software

NetSuite, trusted by over 36,000 organizations globally, is a leading cloud-based ERP software tailored for comprehensive business management. Its features include:

  • Efficiency and Automation: Designed to automate routine tasks, NetSuite ensures that AP functions are handled with precision.
  • Real-time Financial Insights: NetSuite offers immediate access to essential financial metrics, enabling offshore teams to make informed decisions promptly, a boon for U.S.-based businesses that rely on timely financial reporting.
  • Seamless Integration: NetSuite’s adaptability allows for smooth integration with various systems, ensuring a consistent Procure to Pay Process across global teams.

How KMK Enhances AP Management for Companies Utilizing NetSuite

KMK Ventures stands out as a strategic partner for U.S.-based companies looking to offshore their Accounts Payable management. Their expertise extends beyond just service provision:

  • 3-way Matching Process: KMK ensures that purchase orders, item receipts, and vendor invoices align perfectly, minimizing discrepancies and errors.
  • Monthly Vendor Statement Reconciliations: Regular reconciliations ensure that vendor accounts are accurate, fostering trust and transparency.
  • Procure to Pay Process: KMK streamlines & can assist in managing the entire process, from recording purchase orders and item receipts to closing POs, creating bills, and initiating payments.
  • Daily Reporting & Better Control Over Working Capital: With regular updates, companies have a clearer view of their finances, enabling better capital management.
  • Vendor Ticketing System: A dedicated system to address vendor queries promptly, ensuring smooth communication and faster issue resolution.

Benefits of an Offshore Team

  • Massive Cost Efficiency: Offshoring can lead to significant savings, especially in labor-intensive tasks like AP management.
  • Enabling Extended Operations: With teams in different time zones, operations continue even after regular business hours.
  • Scalability & Continuity: Easily scale operations up or down based on demand without disrupting ongoing processes.
  • No Recruitment, Employee Turnover Hassle: Offshoring eliminates the challenges of hiring and retaining talent, ensuring a stable workforce.
  • Extended Support Team of the Accounting Department: An offshore team acts as an extension of the in-house accounting department, providing additional expertise and support.

In essence, for the U.S.-based companies using NetSuite as their ERP software; aiming to offshore their Accounts Payable management, the synergy of KMK Associates‘ service expertise and their technical mastery of NetSuite offers a robust, efficient, and cost-effective solution.

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