Businesses are looking to take advantage of new technology and trends in order to optimize their financial close process. Automating the monthly close means that leaders can respond rapidly when changes happen, and finance teams have more time for strategic objectives. That’s where NetSuite’s Bank Feeds SuiteApp comes in. We’re happy to announce that this app is now available throughout Australia and New Zealand.
NetSuite’s Bank Feeds SuiteApp allows businesses to link their bank and credit card accounts, automatically importing transactions and account balances from financial institutions directly into NetSuite, providing real-time access to cash balances. This means you can now manage all of your financial data in one place – including assets, liabilities, income statements, and more – saving time while increasing accuracy.
The Bank Feeds SuiteApp automatically updates your cash balance with every transaction to ensure that you know exactly how much money is in your account. With the click of a button, users can update their balances at any time without even having to log in to NetSuite! This product has made it easier and more convenient for people who need frequent access to their banking data while also ensuring accuracy when matching transactions from different sources.
How it all works.
Previously, users had to download a bank statement from their financial institution and then import the statement into NetSuite. However, if the imported file was in an unsupported format NetSuite would not be able to read it. Now you can directly link your bank and NetSuite eliminating the manual process altogether.
NetSuite is easily integrated with the major Australian and New Zealand banks. They offer a direct connection to bank statements by allowing NetSuite users access without using SFTP, so all of your critical financial data can be accessed in just one software solution!
Before adding the Bank Feeds App, make sure that your Custom Records, Server SuiteScript, and Client SuiteScripts are enabled on your NetSuite account. To ensure that your automated process goes off without a hitch, it’s important to make sure the accounts you want to be linked are registered for online banking.
Another thing to note is that it’s only possible for roles with the administrator or financial institution record permission to configure the integration. You’ll have to wait 30 minutes after installing SuiteApp before you can continue on to configure your settings.
Want to find out how NetSuite can help automate your banking process?
The NetSuite experts are here at Ogg to answer all your questions and help you get the most out of this powerful business tool. We provide support, administration, process optimization – in other words, we take care of everything so that you can focus on what matters: growing your company!
Book a free consultation with one of our experts today!