NetSuite Standard Procurement provides essential functionality for managing purchase processes, making it suitable for small to medium-sized businesses with straightforward procurement needs. It includes core features such as creating Purchase Orders (POs) and Vendor Bills, receiving goods against POs, and basic approval workflows. Standard Procurement also supports purchase requisitions and contract management for fixed purchase agreements with vendors. A three-way matching process verifies transactions by comparing the PO, receipt, and vendor bill, ensuring basic purchase validation.
In contrast, Advanced Procurement extends these capabilities, offering more complex workflows and automation for larger organizations with intricate purchasing requirements. Advanced Procurement includes multi-level requisition approvals, advanced workflow customization, and features like Request for Quotes (RFQs) and Vendor Bidding to streamline supplier comparison and negotiations. It supports Blanket Purchase Orders, which allow repeat purchases under one overarching agreement, and provides more granular contract management options. Advanced Procurement also introduces Spend Management, which offers real-time budget controls, ensuring that spending stays within limits at the time of purchase approval. These added features make Advanced Procurement ideal for companies that require complex approval chains, budget tracking, and vendor negotiation capabilities.
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