8 reasons to bolster your financial controls for Oracle NetSuite users
8 reasons to bolster your financial controls for Oracle NetSuite users
Strong financial controls bring a whole heap of benefits, helping to detect and prevent fraud, limit access to your accounting system, put documents in the hands of the right people – and that's just the beginning.
 
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Sometimes, no matter your best efforts, manual approval processes just can’t keep up. And when you’re trying to move at speed, you feel every bump in the road slowing you down. 

If you’re reading this, you might already feel the weight of inefficient approval processes and know all too well the frustration of missing approvals, costly errors, and the constant firefighting that comes with trying to manage disjointed systems. 

Growing a business means juggling multiple different priorities. One priority that often falls by the wayside, however, is accounts payable processes. Building smart and flexible processes from the beginning means having less to worry about when your business grows. 

Something I consider to be the MVP for every accounts payable team is approval automation. Let’s dive into how automating approval workflows not only relieves the burden of manual tasks but also helps you move from slow, error-prone processes to smooth, efficient systems that keep up with your growth.

The weight of manual workflows

It’s easy to underestimate how much time and energy manual workflows drain from your team. But if you’ve ever had to track down approvals manually, you know it’s more than just frustrating – it’s costly and often involves radio silence from multiple stakeholders.

  • Endless chasing: Employees waste hours chasing approvals through emails, messages, and physical paperwork. According to research, it's a fair assumption that approvers spend up to three hours each week simply trying to stay on top of various requests.
  • Costly errors: Every human error – whether it’s approving the wrong invoice or overlooking a compliance step– has a price tag. These errors can add up fast and impact your bottom line. 
  • Lack of visibility: The more fragmented and manual your approval processes are, the harder it is to track what’s happening and when. It becomes challenging to ensure compliance, catch unauthorised spending, or report accurately.
  • Fraud risk: It’s easy for fraud to slip through the cracks without the right checks and balances in place, potentially leading to huge financial losses.
Turning chaos into control

Imagine a world where your approval processes are seamless, transparent, and lightning-fast. A world where you don’t have to worry about missing approvals or tracking down signatures. A world where your finance team can make payments with absolute peace of mind, so your team can focus on what truly matters – growing your business.

Here’s the good news: Automation makes that world possible.

Businesses that adopt automation can benefit from a 40% reduction in errors and a 30% increase in efficiency* (and this is on the conservative side!). These aren’t just numbers – they represent real, tangible improvements in your workflow. With approval automation, businesses can process transactions much faster than with manual methods, freeing up time for your team to focus on growth.

By using ApprovalMax, businesses can build better approval workflows without having to give approvers access to NetSuite. Features like automatic routing, rule-based approval paths, and real-time notifications help businesses go from slow, inefficient processes to fast, efficient, error-free workflows.

How automation relieves the strain

Let’s face it – manual workflows are more than just an inconvenience; they’re a drain on your productivity, time, and morale. Here’s how ApprovalMax addresses these issues with automation:

  1. Endless chasing and delays: With automation, approvals happen in real-time. No more waiting for decision-makers to find time in their schedule or having to chase people down. ApprovalMax automatically routes approval requests to the right person, no matter where they are, based on your pre-determined approval matrix, and keeps everyone informed with automated reminders. 

  2. High error rates and costly mistakes: Human error is inevitable, but automation dramatically reduces it. ApprovalMax checks every transaction against preset rules, preventing costly mistakes like duplicate payments, unauthorised spending, or missed compliance steps – saving both time and money.

  3. Lack of visibility: Without the right system, it’s impossible to get a clear picture of who actually approved what – and when. Automation, on the other hand, offers full transparency. Every approval is logged and tracked, creating an easy-to-follow audit trail. Compliance becomes a breeze, and you can easily pull reports to check on approval statuses – no more scrambling to piece together data from different systems.

  4. Frustration with inefficient systems: One of the most common complaints from businesses using traditional approval systems is the inefficiency and complexity of their tools. As your business grows, the need for a scalable solution becomes evident. ApprovalMax integrates seamlessly with NetSuite, ensuring your approval workflows can scale without additional overheads. No more fragmented systems or clunky tools – just smooth, streamlined processes that grow with you.

Let’s take a look at businesses that are using ApprovalMax to build processes that grow with them.  

Example 1: Global outsourcing company PartnerHero builds a finance tech stack for global operations

This rapidly growing company was struggling with slow, inefficient approval processes across multiple business entities. Its finance team spent excessive time chasing approvals, leading to delays and compliance risks.

The results from using ApprovalMax with NetSuite were huge:

  • Approval times reduced by 60%, allowing for faster decision-making.
  • 200 hours saved per month, freeing up the finance team to focus on strategic tasks.
  • $5,500 in monthly cost savings by eliminating unnecessary software licenses.
  • Seamless control across multiple global entities, ensuring a standardised, compliant approval process.

Example 2: Fintech company Yoco automates complex approvals to move at speed

This fast-growing fintech company scaled rapidly. With this fast expansion, however, came the need for robust systems and processes to help Yoco’s hundreds of employees work efficiently. 

By integrating ApprovalMax with NetSuite, it achieved:

  • 80% savings on software licensing costs, significantly reducing expenses.
  • Streamlined approvals across 32 approvers, ensuring faster, more accurate decision-making.

With ApprovalMax, the team automated complex workflows, got rid of approval bottlenecks, and created a scalable financial process to support future growth.

It’s time to take control

Manual processes might have taken you this far, but it’s time to set up strong processes that will help your business as it moves into the next stage of growth. Whether that’s new product lines, international expansion, or growing your team, it’s critical to have robust, automated controls and processes in place that connect straight into NetSuite.

Want to learn more about using ApprovalMax with NetSuite? Reach out to the team today.

*thoughtful.ai, PredictML, GSPANN, WNS, Cornell University 

IAN CARTLEDGE

Ian Cartledge is a SaaS expert in automating finance workflows with NetSuite, Xero, and QuickBooks Online. He helps finance teams streamline operations, boost efficiency and strengthen their financial controls.

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