Here we review the top Procurement Software for NetSuite. Compare the features, pros, and cons to select the best Procurement Software:
NetSuite is often lauded as one of the best business management solutions in the industry.
One of the reasons it is widely considered the best is because of how it seamlessly integrates with several robust ERP solutions, making it possible to automate and simplify business tasks. We especially like the efficiency it lends to the procurement process with the software integrations it offers.
It is no secret that the procurement process can be extremely challenging. Finding reliable suppliers, choosing the right products, assessing purchase orders, and making sure suppliers are paid on time can be overwhelming.
It also doesn’t help that our current business landscape has become increasingly volatile, making it crucial to accomplishing all the above tasks in an efficient but quick manner.
What You Will Learn:
- Procurement Software
- Frequently Asked Questions
- List of the Top Procurement Software for NetSuite
Fortunately, there is a large selection of procurement software at our disposal to optimize the entire process. In this article, we will look at some of the best procurement software available for NetSuite.
- First and foremost, determine what kind of procurement software your business needs. Do you want software that emphasizes cost and time-saving? Do you seek software that can help you track KPIs and other key metrics?
- Look for software that scales and adjusts according to the specific strengthening needs of your business.
- Go for a tool that offers a free demo.
- We recommend analyzing multiple software companies based on their functionality, implementation, technical support, price, and customer reception to arrive at the right choice.
- The software should be capable of producing reports according to certain parameters so you can measure the effectiveness and efficiency of your process
- Finally, go for a tool that falls within your budget.
Frequently Asked Questions
Q #1) What is the best software for procurement?
Answer: Although there are many great procurement solutions out there, the ones that complement NetSuite are a dime a dozen. Here are a few procurement solutions that are perfect for NetSuite:
- Paramount Workplace
- Vast Edge
Q #2) Does NetSuite have Procurement Software?
Answer: Yes, NetSuite does come with inbuilt functionality that helps businesses handle the process of procurement. NetSuite’s procurement software can help companies find and buy the best products and services without wasting any time. It does so by channeling purchase orders to approved suppliers and contracts that are pre-negotiated.
This software helps companies save both time and money by allowing them to centrally manage the entire process.
Q #3) Does NetSuite have a PO system?
Answer: Yes, NetSuite does have a PO system. Its purchase management feature helps convert purchase requests to purchase orders for the right items and quantities. The software can enable drop shipments and tracking special orders.
Q #4) Is free procurement software worthwhile?
Answer: The features a software comes equipped with ultimately determine whether it serves its purpose efficiently. Now there are a plethora of solutions out there that charge no dime for their services.
However, you will find them to be limited when it comes to features. If you are okay with that, then go for free software. For the best user experience, we highly recommend going with paid software.
Q #5) What are the benefits of Procurement Software?
Answer: Procurement software is beneficial in finding the right vendors to purchase only the best products and services for your business. Such software can also help you get better insight into a company’s spending and budget. It also centralizes and standardizes the process across all segments of an organization.
Errors in purchase orders and requests are greatly reduced with the help of these solutions. With all unnecessary elements of the procurement process eliminated, procurement software can improve transaction speed and reduce the procurement cycle.
List of the Top Procurement Software for NetSuite
Popular and impressive procurement tools list:
- Pairsoft (Recommended)
- Paramount WorkPlace (Recommended)
- Vast Edge
- Tipalti Approve
Comparing Some of the Best Procurement Tools
|Name||Best for||Top Features||Ratings|
|Pairsoft||Automate Entire Procurement Process with additional products for AP Automation and Document Management||? Supplier Contract Management|
? Vendor Portal
? Purchase Order Management
? Travel Management
? Guided Buying Catalogs
? Invoice Processing
|Paramount WorkPlace||Comprehensive metrics and reports with a powerful dashboard||? Effortless Spend Management|
? Streamline Workflow Approvals
? OCR Enabled Invoice Processing
? Automated Supplied Relationship Management
? Simplified receiving
? PunchOut Catalogs
|Procurify||Superfast mobile approvals||? Customizable Approvals|
? Purchasing Workflows
? Real-time budget tracking
? Expense management
? Vendor and catalog management
|Vast Edge||Excellent spend management||? Procurement Process Streamlining|
? Spend control management
? Vendor relationship management
? Purchase requisition and workflow management
|BuyerQuest||Single Marketplace to Buy Products and Services needed for business||? Requisition Creation and Approval|
? Master System of Record
? AP Invoice Automation and Payment
? Purchase Order Creation
#1) Pairsoft (Recommended)
Best for full procurement process automation.
Pairsoft makes it to the top of our list because of how user-friendly and jam-packed with features this software is. The software specializes in centralizing all your procurement data, thus helping you gain a greater oversight over your company’s entire procurement process.
The software helps reduce errors, reduce the number of approvals, control spending and simplify the invoicing.
The software helps improve inventory management by helping businesses expedite and simplify the tasks pertaining to internal fulfillment, tracking purchase requests, and gaining better insight on replenishment activities.
The software also excels when it comes to supply and vendor management. Pairsoft equips you with automated tools that help you enforce vendor-negotiated terms. The software also helps improve communication and collaboration with suppliers.
Furthermore, the software speeds up order processing and lowers procurement costs by integrating ideally with a supplier’s PunchOut websites in real-time. The software also shines with regard to both invoicing and payments. We especially admire the software’s ability to align and reconcile packing slips, vendor invoices, and purchase orders.
- Supplier Contract Management
- Vendor Portal
- Purchase Order Management
- Travel Management
- Guided Buying Catalogs
- Invoice Processing
- Helps you save time by automatically creating purchase orders and requisitions with integrated PunchOut websites.
- Companywide streamlining of the procurement process. The software also helps you take better control of the procurement process.
- The software helps make quick data-driven decisions with the help of a robust procure-to-play platform.
- Reduced errors when preparing purchase orders and invoicing.
- Great OCR and document capture capabilities.
- Nothing significant worth mentioning.
Price: Contact for quote
#2) Paramount WorkPlace (Recommended)
Best for comprehensive metrics and reports with a powerful dashboard
You cannot talk about procurement software and not mention the amazing Paramount WorkPlace. This procurement and requisition software integrates directly with NetSuite to offer you stronger control over company spending.
The software helps you build guided buying as well as PunchOut catalogs, thus helping you make the right choice when it comes to suppliers and products. We love how you can automatically distribute line items into several NetSuite GL accounts with just a few clicks as soon as a requisition is created.
Furthermore, Paramount WorkPlace allows you to set your own routing rules based on the amount, project, and expense type. The solution also eliminates data entry by allowing the approved vendors in your NetSuite account to submit invoices in an online portal.
Managing supplier contracts is also easy via Paramount Workplace as you get a single repository to make sure shipping method, budget, and quantity agreements are complied with.
It is particularly excellent when it comes to invoicing processing, leveraging OCR technology to make sure there aren’t any errors, and only accurate invoices are moved through the workflow for approval.
- Effortless spend management
- Streamline workflow approvals
- OCR enabled invoice processing
- Automated supplied relationship management
- Simplified receiving
- Helps you ascertain all information is accurate by drilling down each item within a purchase order.
- Effortlessly build guided buying and PunchOut catalogs.
- Improved invoice processing with the ability to automatically fill the desired field and complete a 3-way match.
- Updating the purchase order simply requires you to confirm the quantities received. The items are then added to the inventory and concerned requesters are instantly notified when the order is ultimately processed.
- Measure KPI with 15 comprehensive metrics and reports.
- Nothing significant worth mentioning.
Price: Contact for quote
Best for super-fast mobile approvals.
Procurify makes it to the top of our list because of two major reasons. First, it is extremely user-friendly. Second, its mobile companion application makes managing procurement on the go possible. Procurify takes the challenge out of verifying invoices by integrating seamlessly with NetSuite.
Its request-for-approval and spend management features are designed keeping simplicity in mind, which is how the tool won us over in the first place. You get all the purchasing context you need with this one software. This includes receipt documents needed for accurate 3-way matching.
Procurify’s purchasing workflows connect smoothly with the request to approval workflows, thus facilitating higher accounting accuracy.
- Customizable approvals
- Purchasing workflows
- Real-time budget tracking
- Expense management
- Vendor and catalog management
- Easy to use mobile app that allows you to manage the entire procurement process on the go.
- Audit logs, analytics, and reporting to get a better grasp of your procurement process.
- Sync accurately purchasing documents to NetSuite.
- An integration approved by and built for NetSuite.
- Budget data doesn’t show up only for approvers, not users.
- Doesn’t capture pre-approved itemized expenses.
Price: Contact for a custom quote
Further Reading => Most Popular Procurement Integrations for Sage Intacct
#4) Vast Edge
Best for excellent spend management.
Vast Edge is a bit rough on the edges as far as ERP solutions go. It is, however, incredibly useful when you get a hang of it. It streamlines the procure-to-pay process on behalf of purchasing teams, thus helping them realize savings with a centralized requisition management system. It also simplifies purchase ordering and optimizes purchasing approval workflow.
- Procurement process streamlining
- Spend control management
- Vendor relationship management
- Purchase requisition and workflow management
- Self-serve access and real-time visibility help you better collaborate with suppliers, vendors, and partners.
- Real-time access to the acquisition, PO, and other relevant procurement-relevant information.
- Helps merge multiple requisitions to better negotiate when purchasing something in bulk.
- Request approval to procure goods quickly.
- Can confuse to use at first. Need a learning curve to get used to the software.
- Needs better technical support
Price: Contact for quote
Website: Vast Edge
Best for a single marketplace to buy products and services needed for business.
Right off the bat, BuyerQuest is a phenomenal NetSuite companion suite that considerably transforms the procurement process for the better. You get two tailored solutions that perfectly cater to the specific needs of your business with BuyerQuest.
BuyerQuest’s marketplace solution aims to enhance the user experience of NetSuite by providing a single marketplace that harbors all products and services that are commonly used by your business. Furthermore, NetSuite users also get a full-featured e-procurement software solution that allows your users to quickly find the products and services they need at the best prices.
- Requisition creation and approval
- Master system of record
- AP Invoice Automation and Payment
- Purchase order creation
- Love how simplified the purchasing experience becomes on the platform.
- Get a 360-degree view of the organization’s spending.
- The marketplace is an amazing feature.
- The software digitizes the accounts payable process, thus helping with invoice processing.
- The software provides a variety of ways to connect and interact with their customers.
- Users sometimes find it difficult to get detailed descriptions of the items they seek.
Price: Contact for quote
Best for fully customizable procurement workflows.
Tipalti is a fully-integrated procurement software that works phenomenally well with NetSuite to make the procurement process more productive and efficient. The software helps you set up custom request forms for both vendors and purchasers. It is also very easy to build and manage workflows here, which comply with your organization’s established policies.
Tipalti also features one of the best designs we’ve seen for a procurement software dashboard. From the dashboard, you get to monitor your spend activity, study imperative procurement metrics and make data-driven decisions.
- Fully customizable procurement workflows
- Enterprise-grade security
- Smart alerts
- Activity tracking
- An intuitive interface design really helps enhance the user experience.
- You can use its pre-built configuration to tailor workflows that best suit your organization’s policies.
- Get updates and alerts on request status and other actions in real-time.
- You can track a complete log of user activity.
- Admin resync options need to be more robust.
- The support can take a long time to resolve raised tickets.
Price: Contact for quote.
Best for vendor lifecycle management.
GateKeeper is an app designed for NetSuite to help with vendor lifecycle and contract management. The software can be used by your purchase department to get a better understanding of your entire contract portfolio right within NetSuite. The software digitizes certain core processes, even going a step further to automate contract record creation.
NetSuite users also get unlimited e-sign licenses, which can be used to close business agreements fast. GateKeeper truly shines with the branded vendor portal it provides, which helps you manage vendor relationships better with quick access to the right information.
- Vendor data sync
- Vendor portal support
- Get unlimited e-sign licenses
- Full contact approval process control
- Helps you generate contract records and use forms with the help of a single click.
- We especially like how GateKeeper supports self-service vendor onboarding.
- The solution also helps you maintain a near-flawless audit trail with a visual history of each stage of the e-signature process.
- Although great for vendor relationship management, the software is lacking in several key features that are essential for procurement management.
Price: Essentials Plan: $857 /month, Pro – $2095 per month, Enterprise – $3725 businesses, Custom enterprise plan also available.
Best for flexible procurement software for small and large enterprises.
KissFlow is an easy-to-use procurement solution designed to cater to the needs of both small and large businesses. This cloud-based application helps purchase teams place purchase requests, monitor product levels, and track the status of placed orders in real-time.
You get full control to validate and verify a vendor before choosing them to purchase products and services. Each user on the team can even rate a vendor’s performance based on several parameters like product quality, policy compliance, etc.
- Purchase requisitions
- Purchase orders
- Vendor management
- Comprehensive analytics
- Easily match invoices with receipts notes, purchase orders, and related goods.
- You can optimize spending by tailor-made insights, approvals, and rules.
- You get a drag-and-drop tool to customize fields, workflows, and more.
- There have been complaints regarding some features, like table customization feeling a tad bit rigid.
- You cannot update the master list by API.
Price: Starts at $1990/month.
Best for procurement solution for construction businesses.
WebReq is yet another cloud-based procurement application that integrates seamlessly with NetSuite. The software serves the core purpose of automating expense management and purchasing operations.
The platform, when used with NetSuite, can be used to set spending limits, automatically create requisitions and track order requests from one centralized dashboard. The solution is also ideal for handling returns, conducting audit trails, and sorting orders based on serial numbers.
- Inventory management
- Workflow management
- Automated alerts and notifications
- Customizable reports
- Simple invoice processing and receiving
- Easy to set-up
- Easy to change approval rules
- Although customizable, reports have to be created manually.
Price: Contact for quote
On its own, NetSuite is a great ERP solution that can handle several aspects of your business with great efficiency. The above procurement tools only work to enhance the user experience when employing NetSuite to handle all intricate tasks associated with the procurement process.
You can rest assured that the tools we’ve recommended will allow you to have better control over the purchase and expenses of your organization. These tools can help with efficient spend management, sourcing the right suppliers, and finding the right products for your business at the best price possible.
We are only recommending the above tools after carefully assessing each of them according to their usability, scalability, and overall functionality. As such, you can bet these are some of the best tools you can use alongside NetSuite to better manage your organization’s procurement process.
As for our recommendation, we suggest you try both Pairsoft and Paramount WorkPlace because of their feature-packed system and comprehensive reporting capabilities.
- We spent 15 hours researching and writing this article so you can have summarized and insightful information on which procurement software for NetSuite will best suit you.
- Total tools researched – 20
- Total tools shortlisted – 9