Simplify Your Billing with the Netsuite Invoice Template for Inventory

Netsuite invoice template for Inventory

question what do 61 of companies that went public in the last decade have in common answer they were using netsuite in today's video I'm going to first explain what netsuite actually does then I'll tell you why and when companies typically Implement netsuite and after that I'll show you five essential user flows in netsuite today let's dive in and by the way if you're new to this channel my name is mags I've been selling software for the last few years and today I help people to buy it you've probably heard of natsuite being referred to as an Erp or as an enterprise resource planning software what does that actually mean well an Erp is basically a big database that keeps track of all the things that a business does from sales to marketing to hiring to procurement operations and then makes that data available to different people in your company you can store pretty much any type of data in netsuite and that data is categorized into three different data types first you have entities which allows you to store things like people vendors Partners employees the second data type is items which allows you to store things like the goods that you're buying or selling the third data type is transactions which stores things like invoices bills opportunities and so on the three ways of bringing data into netsuite are one integrating directly into third-party systems like Shopify or Salesforce 2 having the data entered manually by your employees when they fill in these netsuite forms and three uploading the data via CSV once you have your day through netsuite people can use that data to do their jobs people can use it to analyze the profitability of a different product lines they can use it to Chase or collect invoices or even just run reports to see how your company is doing against its kpis erps in general and netsuite in particular are pretty heavy duty they take months and months to implement so no business launches with an Erp out of the gate when companies are smaller they'll typically use a entry-level accounting system like QuickBooks or xero alongside a bunch of spreadsheets to keep track of things but as a company gets bigger and bigger and more complex these accounting systems are able to capture less and less of what a company actually does so Finance teams have to put more and more information into spreadsheets which turns into a big mess for example let's say that you are a software company and you sell software to other companies on fixed kind of annual contracts and your sales reps are compensated on the size of the annual contracts they sign today at some point maybe you decide that as well as charging your customers an annual fee you also want to charge them a usage fee based on their usage of the product maybe you know they charge them for storage or something like that and then in order to incentivize your rep to sign up customers that have a higher chance of usage you want to also compensate those reps by offering them Commission on their customers usage Revenue right you wouldn't be able to track all of this in a simple accounting system like QuickBooks or xero so you'd need to either track it manually in a spreadsheet or you integrate a third-party system into your accounting system but in netsuite not only can you track that information in real time and automatically calculate the commission that you owe your rep each month but you can also immediately calculate the downstream impact that this would have on your p l on your cash flow and automatically issue invoices to your customers and you can do all of that directly within netsuite okay that's enough theory for now how do people actually use netsuite on a day-to-day basis let's look at five essential user flows by the way no one's paying me to make this video that's what's not paying me I wish they would um so if you're enjoying this video or getting some kind of use out of it leave me a like or subscribe to my channel it always makes my day you want to get notifications from YouTube anyway let's start with the most universally used feature netsuite today which is the dashboard you can create dashboards for different people in your company based on their roles here's a dashboard that a finance team might use in order to see the bills they have to pay and the invoices they have to collect from customers here's another dashboard for the sales team that cell did this can use to get an overview of their pipeline their customers contracts and so on so from the dashboard you can use Global search to find any record within your database things like you know specific customer or vendor or something like that you can then drill in into individual records for example here we can draw into a customer to get a 360 view of what they've done what they've purchase on the platform that's who also has these things called safe searches which allow you to retrieve data in lists based on kind of repeatable search criteria so you see a bunch of save searches right here and you might decide that you want to look up your sales orders all we need to do is go into the transaction saved search Define the type of transaction that we're looking for which is sales orders and here are all the sales orders that our company has sent along with the customer name the amount to the date that they were sent if you want to analyze your data netsuite allows you to run reports so maybe you're an e-commerce company and you're selling a bunch of different clothes and you want to analyze the profitability of your different product lines you can run a report like this which pulls in the profitability of your clothes broken down by the different categories you can drill down into each subcategory and see the total costs and revenue of each category so you can figure out how to make more money the second essential user flow that I want to show you is how netsuite allows your employees to raise purchase orders whether they want to order some more new inventory or they want to you know buy a piece of software to do their jobs better so first your employee logs in they fill in the order form and create a purchase order request once the request is submitted it passes on to an approver the approver then logs into the dashboard reviews the purchase order and approves the purchase order later once the order has been fulfilled or the service has been delivered the vendor would typically send a bill to special inbox from where it's automatically scanned and uploaded into the netsuite system the approver can then review the bill compared against the purchase order and every everything looks good they can initiate payment directly through netsuite using the bank account associated with your account once the payment is made netsuite automatically updates a ledger and sub Ledger which is where you track your payments and it has all the associated information around the amount and vendor Etc that you can then drill into if you want to later on Magic foreign the third thing that I want to show you which I think is really important if your company sells physical products is how netsuite handles inventory replenishment if all of your inventory data is up to date and it lives on netsuite you can configure something in netsuite called a reorder point the way it works is that if you're running low on a certain item it will create a task you can then review those tasks and initiate a purchase order you click here to create a purchase order for new inventory then that goes to your supervisor who will then review it and then approve it once a supervisor approves the purchase order that's will automatically email your preferred vendor with the order and then once that order has been fulfilled you can automatically initiate payment directly from netsuite like I showed you earlier the fourth core concept I want to show you is how netsuite makes it easy to keep track of customer orders and their payments so once you sell an item netsuite allows you to create a sales order form and then convert that into an invoice which it sends automatically to your customer for the sake of this example let's say that you manually enter a sales order directly in netsuite instead of pulling it from somewhere like you know Salesforce or Shopify once that order has been fulfilled and you've either shipped or delivered the service that your company sells you can send an invoice directly to your customer from netsuite by clicking bill now obviously not every customer pays their bills straight away so netsuite also allows you to create these dashboards which show you outstanding invoices how long that they've been not paid for in case your team wants to go out there and Chase those invoices from your customers the fifth and final process that I want to show you in netsuite today is bank reconciliation which is the process that allows you to match your company's cash balances in your bank account against the cash balances in your company accounts this is a really important process that allows you to spot fraud or irregularities in your business so to do this you upload your bank data into netsuite and then you go to match that data with the transactions in your system netsuite then automatically does a Reconciliation and gives you this Reconciliation Report that you can view directly from your dashboard okay if it made it this far you've probably got a little bit of use from today's video just drop me an email tweet me send me a message on LinkedIn let me know which video you want me to do next thanks