SuiteBanking is a revolutionary new suite that embeds fintech into cloud ERP and helps customers automate key financial processes. By bringing together automated accounts payable, accounts receivable as well as other important aspects of business management such as cash flow forecasting with real-time visibility in NetSuite it has become much easier to manage day-to-day tasks. This allows for better strategic decision-making by companies looking ahead at their upcoming months’ revenue streams.
Oracle NetSuite EVP Evan Goldberg says, “Growing organizations cannot afford to have teams of people entering data, dealing with banks, monitoring transactions from multiple systems, and manually processing vendor payments. The time saved from automating these processes could be spent on strategic projects that help drive further growth for the organization.” He Continues, “SuiteBanking is the first step in bringing the worlds of ERP and fintech together. It will help our customers automate all of these processes in one single suite and increase visibility and control so they can maintain healthy cash flow as they grow.”
Many finance teams struggle to produce accurate and timely accounts payable and receivable reports, but SuiteBanking can solve this problem. The enhanced automation in NetSuite unites your company’s various systems under one roof for greater control over expenses as well as increasing the accuracy of accounting processes with detailed insight into revenue streams. These benefits not only make it easier on you; they also decrease both time spent collecting data from other departments or sources–saving hours every month!–and keep updated records by automatically pulling information about payments through automated interfaces when available ( HSBC Bank integration included).
With SuiteBanking, NetSuite customers are able to improve the following cash flow processes:
- Accounts Payable: Helps customers accelerate accounts payable processes with automated invoice scanning and general ledger code assignment.
- Accounts Receivable: Helps customers increase on-time payments, reduce days sales outstanding, and improve the efficiency of billing staff.
- Bank Reconciliation: Helps customers eliminate manual, error-prone, and time-consuming tasks and accurately match transactions with their organization’s bank account.
- Spend Management: Helps customers control corporate spend through better visibility and reporting capabilities.
- Expense Management: Helps customers control costs, enforce internal policies and procedures, and improve the timeliness and accuracy of employee expense reports.
- International Payments: Provides customers with a global digital wallet to make and accept payments from a single account.
- Access to Working Capital: Helps improve cash flow by giving customers a convenient way to convert unpaid invoices into cash. NetSuite enables quick, convenient access to additional working capital with accounts receivable financing.
For more information check out our latest video on the topic:
If you want a free trial of NetSuite’s SuiteBanking service get in touch with us now