Chief financial officers (CFOs) are no longer confined to traditional financial oversight—they’re expected to be strategic leaders who use technology to drive business growth. With the growing complexity of financial management, CFOs need tools that not only provide a robust framework for managing core financial functions but also offer flexibility, scalability, and deep insights into financial performance. NetSuite, a leading cloud-based enterprise resource planning (ERP) platform, has emerged as a preferred choice for many CFOs due to its extensive suite of financial management features.
NetSuite equips CFOs with the capabilities they need to make informed, strategic decisions from real-time reporting and advanced analytics to software integrations and automated workflows. This blog explores NetSuite’s key features and benefits for CFOs and how the platform can be even more powerful by integrating an AP automation solution like MineralTree.
Key takeaways
- NetSuite provides CFOs with a unified platform for managing core financial processes, including reporting, forecasting, and compliance.
- As a cloud-based solution, NetSuite offers scalability and flexibility to support business growth and adapt to new needs.
- Integrating tools like MineralTree can further streamline operations, increase efficiency, and enhance visibility into key financial metrics.
Key features of NetSuite for CFOs
NetSuite’s robust feature suite includes capabilities that touch on CFOs’ and controllers’ core responsibilities, such as financial reporting and compliance. Here are a few highlights:
- Financial reporting and dashboards
- Advanced financial planning and analysis
- Integrated financial modules
- Automated workflows
- Compliance and audit trails
- Cloud accessibility
- Multi-entity and multi-currency management
- Advanced analytics and insights
Let’s take a deeper look at each feature below.
Financial reporting and dashboards
NetSuite offers an extensive suite of financial reporting tools and dashboards that provide a real-time view of key performance indicators (KPIs) and financial metrics that are important for CFOs and other executives.
This insight into reporting enables CFOs to make informed decisions based on up-to-date data, supporting a proactive approach to financial management. The platform offers detailed financial reports and analytics for long-term planning, helping CFOs monitor performance, identify trends, and use data-driven insights to inform big-picture financial strategy.
Advanced financial planning and analysis
NetSuite’s advanced planning capabilities help organizations remain agile and responsive in a constantly shifting business environment. The platform enables the creation, tracking, and management of budgets, accurate financial forecasting, and scenario planning. These capabilities help CFOs anticipate market changes and align financial strategies with business goals.
Integrated financial modules
NetSuite integrates with various systems including ERP, CRM, and eCommerce platforms, providing a consolidated financial view. Integration ensures that all financial data is up to date and accurate across systems, reducing data silos and enhancing operational efficiency.
Automated workflows
NetSuite’s automated workflows significantly reduce the manual effort involved in routine tasks such as invoicing, expense approvals, and reconciliations. This minimizes manual errors and frees up time for finance teams to focus on higher-value tasks. However, NetSuite’s automation capabilities are less robust in certain areas, such as accounts payable. Specialized AP automation software like MineralTree can fill these gaps to minimize errors and maximize efficiency in AP.
Compliance and audit trails
NetSuite includes features that help manage regulatory compliance and ensure adherence to industry standards. For example, the platform provides detailed logs of all financial transactions, creating audit trails that support greater transparency and reduce compliance risks.
Cloud accessibility
NetSuite’s cloud-based infrastructure allows CFOs to access financial data and manage operations remotely. This flexibility supports growth and scalability, enabling organizations to adapt to new opportunities and challenges without the need for significant system overhauls.
Multi-entity and multi-currency management
NetSuite provides robust support for managing financials across multiple entities and currencies. This feature simplifies financial consolidation and reporting for global businesses, ensuring consistency and accuracy across diverse geographical locations.
Advanced analytics and insights
NetSuite supports data-driven decision-making with advanced tools for analyzing financial data and trends. CFOs can leverage these insights to understand financial performance, identify growth opportunities, and mitigate potential risks.
10 benefits of NetSuite for CFOs
NetSuite empowers CFOs with a comprehensive toolkit to improve financial reporting, boost visibility, and more. These powerful capabilities offer several key advantages over other ERP systems, like:
- Integrated financial management
- Real-time financial visibility
- Enhanced forecasting and planning
- Scalability and flexibility
- Regulatory compliance and risk management
- Operational efficiency
- Comprehensive reporting and analytics
- Support for multi-entity and multi-currency management
- Cloud-based system
- Enhanced collaboration
Let’s take a closer look at each benefit below.
1. Integrated financial management
NetSuite provides a unified platform that integrates core financial processes such as general ledger, accounts payable, and accounts receivable into a single system. This integration streamlines operations, reduces data silos, and minimizes the need for manual processes that slow productivity and introduce human error.
2. Real-time financial visibility
Access to real-time financial data is crucial for CFOs to make timely and accurate strategic decisions. NetSuite provides real-time visibility into financial metrics and KPIs, enabling CFOs to act swiftly based on current data rather than relying on outdated reports.
3. Enhanced forecasting and planning
NetSuite includes robust features for budgeting, forecasting, and scenario planning. These tools help CFOs align financial planning with market conditions and business goals.
4. Scalability and flexibility
As a cloud-based solution, NetSuite offers scalable infrastructure to support business growth. The platform’s adaptability allows it to easily adjust to new business needs, expansions, or mergers without requiring substantial system overhauls.
5. Regulatory compliance and risk management
NetSuite’s built-in compliance tools help manage regulatory requirements and industry standards. The platform also supports risk reduction by providing audit trails and other features that enhance transparency and accountability.
6. Operational efficiency
Given the shortage of accounting professionals, operational efficiency in finance is more critical than ever. NetSuite automates routine financial processes, reducing manual errors and administrative burdens. This efficiency is particularly valuable for CFOs since 54% report putting in more than 50 hours a week.
7. Comprehensive reporting and analytics
NetSuite’s customizable financial reports offer deep insights into financial performance, trends, and KPIs. This comprehensive reporting capability allows CFOs to analyze financial data thoroughly, supporting strategic planning and decision-making.
8. Support for multi-entity and multi-currency management
NetSuite’s multi-entity and multi-currency management capabilities simplify financial consolidation and reporting for organizations operating in multiple regions. This feature helps CFOs maintain a consistent and accurate financial overview across global operations.
9. Cloud-based system
NetSuite’s cloud-based platform allows CFOs to access financial data and system functionalities remotely, enabling more effective collaboration with remote teams. In addition, NetSuite’s cloud-based software is continuously updated and enhanced without the need for manual upgrades, removing that burden from in-house IT teams.
10. Enhanced collaboration
NetSuite provides a single source of truth for financial information, fostering better collaboration between finance and other departments. This cross-departmental integration ensures that all stakeholders are aligned and can access accurate financial data for forecasting and planning purposes.
How MineralTree improves financial operations within NetSuite
MineralTree seamlessly integrates with NetSuite to enhance your financial operations, streamlining AP processes, improving cash flow management, and reducing fraud risk—giving CFOs the control and insights needed to drive business growth and efficiency. Keep scrolling to uncover the top benefits of integrating NetSuite with MineralTree’s AP automation solution.
Increased efficiency
AP tasks like invoice coding and approvals consume accounting departments’ time and resources when handled manually. Adopting MineralTree boosts AP teams’ efficiency in multiple ways:
- Reduce manual data entry: MineralTree eliminates the need to manually enter data, code invoices, cut checks, and handle supplier inquiries. This frees up time for AP teams to focus on more strategic tasks and helps prevent accounting errors that can distort your organization’s financial position.
- Simplify reconciliation: MineralTree streamlines and automates the reconciliation of AP transactions, reducing manual effort and saving time. For example, you can reconcile just one debit on your bank statement for your payment run rather than looking at individual payments across multiple statements.
Streamlined accounts payable processes
MineralTree captures, approves, and processes invoices automatically, reducing manual effort and the risk of errors. It also provides enhanced invoice matching that minimizes discrepancies by automatically matching invoices with purchase orders and receipts.
Improved financial visibility and reporting
CFOs depend on real-time data to make informed decisions, and MineralTree enhances financial transparency within NetSuite.
- Two-way synchronization: MineralTree’s two-way sync with NetSuite ensures AP data is up-to-date with your system of record, providing up-to-the-minute insights into cash flow, outstanding liabilities, and AP trends. This enables informed, data-driven decision-making.
- Customizable reporting: With up to the minute AP reporting and analytics capabilities, CFOs get a clearer view of current cash positions, outstanding liabilities, and other key metrics., CFOs get a clearer view of current cash positions, outstanding liabilities, and other key metrics.
Improved cash flow management
Managing cash flow and developing accurate financial plans are top priorities for CFOs.
- Payment scheduling: MineralTree empowers businesses to manage cash flow more effectively by optimizing payment scheduling and using early payment discounts.
- Accurate cash forecasting: MineralTree enhances the accuracy of AP data, helping CFOs improve cash forecasting and make more informed decisions.
Fraud and risk mitigation
Fraud, especially in AP departments, is a growing concern for CFOs. MineralTree helps mitigate fraud and risk by offloading the management of supplier payment details.
- Advanced fraud detection: AP automation can improve invoice fraud detection by automatically cross-checking invoice details against existing records, vendor information, and payment patterns.
- Security payment processing: MineralTree applies best-in-class security controls to ensure complete auditability across the AP process, simplifying accounts payable compliance with regulatory standards.
Scalability and flexibility
As businesses grow, AP complexity does too. MineralTree helps organizations handle increased invoice volumes and complexity without adding headcount, supporting scalability even when hiring is slow.
- Scale without hiring: MineralTree helps AP teams do more with less. With AP automation, teams can handle higher volumes of invoices and payments without adding headcount.
- Flexible workflows: MineralTree offers flexible workflows that can be customized to your specific business needs. You can opt to automate end-to-end AP processes or payments processes exclusively.
While the tool does offer some automation capabilities, invoice approval in NetSuite is still largely manual. With MineralTree, you can choose invoice approval tiers and rules to automate as much or as little as you need. Automated emails also keep invoice creators and vendors informed on the status of an invoice payment.
You can manage diverse payment options within NetSuite using MineralTree. Depending on your needs, you can choose from ACH, virtual card, checks, and more. MineralTree can also help simplify the electronic payment process in NetSuite by enrolling key suppliers in digital payment methods.
Better visibility and control
AP teams centrally manage the entire invoice-to-pay process using MineralTree, ensuring consistency and visibility across user roles, business units, and locations.
In addition, the unique direct debit offering means that direct debit payments flow from your account to each vendor, without delays or manipulation. This feature creates a traditional paper trail, enabling easier reconciliation and greater visibility and control. It also eliminates the need to fund a settlement account and speeds your payments process overall.
Multi-entity support
Managing multiple entities used to require multiple back office teams, creating inefficiencies and redundancies for global organizations. Even when the AP function is more centralized, teams can’t always keep up with growth and either overspend on staff or worse, become a bottleneck for M&A and expansion.
MineralTree offers multi-entity support for both of these scenarios, offering the option to sync with NetSuite at the parent level (if AP is centralized) or the subsidiary level (if each entity has a separate AP team). By streamlining AP processes across multiple entities, MineralTree enables geographically dispersed organizations to boost efficiency and scale up quickly.
Unlimited seats
MineralTree does not charge per user, which means that all members of the accounts payable team can log in to the system.
NetSuite remains the system of record
All approval and invoice data is continuously synced back from MineralTree into NetSuite. With MineralTree’s two-way sync, NetSuite remains accurate and up-to-date, without manual effort.
Case study: Quartzy improves visibility into the AP process while maximizing revenue
Quartzy, a leading life science product distributor, offers over 10 million products from more than 1,800 brands. Quartzy needed a solution that could manage its long roster of suppliers while also integrating with its NetSuite ERP system. Quartzy’s previous AP automation solution wasn’t up to the job, with a non-intuitive user interface that made simple tasks like invoice status lookup difficult and time-consuming.
By integrating MineralTree with NetSuite, Quartzy achieved significant improvements in efficiency, reporting, and risk management. In particular, MineralTree’s two-way sync enabled AP teams to enter invoices in NetSuite, approve and process them in MineralTree, then transfer that information back to NetSuite, ensuring complete transparency. As an added bonus, the company also leveraged MineralTree’s SilverPay virtual card to earn $100,000 in rebates, contributing to its bottom line.
Read the full case study here.
The strategic advantage of integrating NetSuite and MineralTree
CFOs play a critical role in driving operational efficiency and ensuring optimal cash flow, and integrating an AP automation solution like MineralTree into their existing NetSuite instance is key to achieving this.
The power of NetSuite and MineralTree integration eliminates manual processes, reduces errors, and streamlines workflows. It also enables real-time visibility into financial data, automates invoice approvals, and accelerates payments—all while ensuring data consistency.
With the combined power of NetSuite and MineralTree, CFOs can ensure that their organizations are well-positioned for growth and success.
Request a demo to discover how integrating NetSuite and MineralTree can transform your AP operations for long-term success.
NetSuite for the CFO FAQs
Tl;dr? If you’re short on time the frequently asked questions below provide a quick snapshot of what CFOs need to know about the NetSuite and MineralTree integration.
1. How is the CFO’s role evolving?
The role of the CFO is evolving from a traditional focus on financial stewardship and risk management to a more strategic function that drives business growth and transformation. Today’s CFOs are expected to be data-driven leaders who leverage advanced analytics and technology to provide real-time insights, support decision-making, and align financial strategies with broader organizational goals.
2. Does NetSuite have AP automation?
NetSuite does have tools and modules to automate parts of the AP process. However, teams will reap more benefits if they invest in an end-to-end AP automation platform that can sync seamlessly with NetSuite.
3. How does the NetSuite and MineralTree integration work?
MineralTree integrates seamlessly with NetSuite through a bi-directional sync, transferring invoice and payment data up to the minute between the two platforms to streamline AP processes.
4. What specific AP tasks can MineralTree automate with NetSuite?
MineralTree automates tasks like invoice approval routing, coding, payment processing, and reconciliation directly within your NetSuite instance.
5. Can MineralTree help reduce the cost of AP processing?
Yes, by automating AP tasks and using early payment discounts and rebates, MineralTree can significantly reduce processing costs and improve cash flow.
6. How does MineralTree handle vendor management and payment preferences?
MineralTree lets companies pay vendors according to their preferred method (virtual card, ACH, or check), helping maintain strong vendor relationships and faster payment cycles.
