Tropic
Tropic's SuiteApp allows you to bring your NetSuite data into Tropic for reporting & analysis of your ERP data, purchase request data and contract data all in one easy-to-use platform. Tropic’s SuiteApp ensures all transactions are properly and accurately tracked, supporting variance analysis between contracted and actual spend, spend monitoring, budgeting and forecasting.
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Overview
Tropic gives tech buyers maximum leverage to drive savings and efficiency at any stage
Tropic is an intake-to-procure platform that provides visibility, leverage, and control into a company's expenses. By combining procurement workflows, supplier management, and benchmark data together in one place, Tropic streamlines the intake-to-procure process for any company.
Tropic helps customers get more value from their ERP by adding an intelligence layer that makes it easy for cross-functional stakeholders (procurement legal, finance, etc.) to query and model in order to better manage their budgets.
Key Benefits
Control Spend: Proactively manage and control spend with spend intelligence & visibility to improve financial operations efficiency and reduce risk.
Variance Analysis: Analyze ERP transaction data against contracted spend to easily identify overages and manage budgets.
Reduce spend: Inform decision making and gain leverage during negotiations with Tropic's unbiased supplier intelligence and expert services to reduce software spend.
Drive process adoption and spend compliance with Tropic's intake-to-procure solution.
Integration Overview
It takes minutes to connect your NetSuite ERP to Tropic. Once connected, the integration offers the following functionality:
Accrual-based model: expense tracking operates under an accrual-based model, where expense line items are recorded upon recognition by the business, offering a more accurate portrayal of financial expenses.
Expense reporting: appropriately captures all expense activity, including Accounts Payable transactions in NetSuite, resulting in a more comprehensive overview of expenses.
Support for multi-subsidiary setups: provides robust support for multi-subsidiary setups, ensuring accurate accounting and preventing duplicate entries at both the transaction and supplier levels.
Accurate amortization and accrual entries reporting: properly captures and reports on amortization and accrual entries.
Correct accounting period reporting: properly report spend in the correct accounting period, rather than relying on the transaction date.
Foreign currency conversion: converts transactions in foreign currencies to the Root Subsidiary base currency using consolidated exchange rates.
Tracking of modified and deleted transactions: ensures data balance by capturing modified and deleted transaction lines.
Fiscal year identification: identifies your fiscal year for improved reporting and filtering alignment.
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