NetSuite SuiteBilling and Suite Bill Capture are both billing-related tools within NetSuite, but they serve different functions and cater to different billing needs:
1. NetSuite SuiteBilling
- Purpose: SuiteBilling is a comprehensive billing and revenue management solution designed to handle a wide range of billing models and complexities.
- Features:
- Subscription Management: Manages recurring revenue models, making it suitable for subscription-based businesses.
- Usage-Based Billing: Supports metered billing based on usage data, such as per-unit or per-service pricing.
- Revenue Recognition: Provides built-in tools for automated revenue recognition, ensuring compliance with accounting standards like ASC 606 and IFRS 15.
- Flexible Invoicing: Offers customization in invoicing and billing schedules, so invoices can be generated monthly, annually, or based on specific milestones.
- Ideal For: Companies with complex billing needs, recurring revenue, or a need for advanced revenue recognition capabilities.
2. NetSuite SuiteBill Capture
- Purpose: SuiteBill Capture is designed to automate the vendor bill processing for Accounts Payable (AP), specifically through capturing, parsing, and entering vendor invoices.
- Features:
- OCR (Optical Character Recognition): Automatically reads and extracts data from vendor invoices, reducing manual data entry.
- Integration with AP: Captured vendor bills are automatically processed into NetSuite’s AP workflows, streamlining approval and payment processes.
- Automated Coding: Helps assign GL codes and other categorizations to vendor bills based on predefined rules.
- Ideal For: Companies looking to automate their AP process, minimize data entry errors, and speed up the vendor billing and approval process.
Summary
- SuiteBilling is for managing customer billing (revenue and invoicing, especially for recurring revenue models).
- SuiteBill Capture is for automating vendor billing (processing vendor invoices in Accounts Payable).