Timely vendor payment processing is critical for maintaining a smooth demand-and-supply cycle. However, preparing and communicating payment statements can be complex and time-consuming. Tvarana’s Vendor Statement App, built for NetSuite users, simplifies this process by generating comprehensive vendor payment statements with a single click. An alternative to the NetSuite vendor management portal, Vendor Statement has earned positive reviews for its efficiency and user-friendly design since its launch.

Clearing pending vendor payments on time ensures uninterrupted supply chains and strengthens vendor relationships. Manual statement preparation often leads to errors, delays, and inefficiencies. The Vendor Statement App, leveraging NetSuite Vendor Statement Reconciliation, addresses these challenges by automating and streamlining the process, saving time and reducing errors while meeting statutory audit requirements.

Key Benefits of the Vendor Statement App

The Vendor Statement App offers a range of advantages that transform vendor payment management:

1. Instant Statement Generation
   Using built-in filters, the app quickly prepares statements for pending vendor payments, saving significant time.

2. Audit-Ready Accounts
   It generates accurate account statements for each vendor, ensuring compliance with statutory audit requirements.

3. Flexible Aging Analysis
   The app creates statements of open balances based on aging days, providing clear visibility into payment timelines.

4. Multi-Currency Support
   Statements can be generated in any desired currency, with current exchange rates applied, even for invoices issued years ago.

5. Comprehensive Financial Details
   The app consolidates vendor invoices, balance forwards, discounts, bill payments, journals, and bill credits into a single statement, minimizing manual errors.

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Features for NetSuite Users

Modeled after NetSuite’s Customer Statements functionality but enhanced for vendor management, the Vendor Statement App offers robust features:

1. Consolidated Vendor Search and Email: Search for vendors with open balances and send consolidated payment statements via email with one click, streamlined through the vendor management portal NetSuite.

2. Direct Email Notifications: Send payment statements as email attachments, streamlining vendor communication.

3. Bulk Print and Email: Print or email statements in bulk, reducing errors in multi-currency, cross-country transactions.

4. Multi-Vendor Statement Generation: Generate statements for multiple vendors using a single view and advanced search filters, eliminating the need for complex reports.

5. Detailed Transaction Reports: Produce reports with transaction details, including date, number, type, credit, debit, running balance, and vendor information.

6. Email Transaction Logging: Record all email communications for future reference, ensuring a clear audit trail.

The Vendor Statement App empowers NetSuite users to manage vendor payments efficiently, reduce manual errors, and enhance financial transparency. Its intuitive design and powerful features make it an essential tool for businesses aiming to optimize their accounts payable processes.

Discover how the Vendor Statement App can revolutionize your vendor payment process. Schedule a free demo with us.

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