SuiteBanking...How Sweet It Is: A New Cloud ERP For Fintech
Yet another reason to consider NetSuite....SuiteBanking. Oracle NetSuite recently announced SuiteBanking to help organizations improve forecasting and make more strategic cash decisions. As the first unified suite that embeds fintech into cloud ERP, SuiteBanking will help you automate key financial processes and gain full cash flow visibility.
Evan Goldberg, EVP, Oracle NetSuite, said: “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.”
“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.”
SuiteBanking gives companies greater control of cash flow and deeper insights into the cash requirements of their business. By delivering greater automation for accounts payable and accounts receivable processes, SuiteBanking makes paying bills and sending invoices easier and helps companies get paid faster. In addition, integration with banking partners like HSBC, one of the world’s largest financial institutions, means companies now have access to payment card services and a global digital wallet from within NetSuite, giving them greater control over how they make and receive payments.
Automation like this can increase the efficiency of routine accounting processes and replace manual processes that are all-too-common in accounting departments. Accounting personnel often spend several hours a day on repetitive data entry, which is both inefficient and increases the risk of errors. The amount of time spent entering information, identifying errors and making corrections means accounting data is often out of date. As a result, business leaders rarely have a current and accurate picture of their cash requirements or know how much cash they have available.
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, three-way invoice matching, and automated outbound payments. Customers can see multiple payment options and select the preferred method for each vendor.
Accounts Receivable: Helps customers increase on-time payments, reduce days sales outstanding, and improve the efficiency of billing staff. The new Payment Link feature makes it easier for customers to receive payment by including a “pay now” option on electronic invoices
Bank Reconciliation: Helps customers eliminate manual, error-prone, and time-consuming tasks and accurately match transactions with their organizations bank account. Customers gain improved cash flow visibility through real-time insight into the status of inbound and outbound payments
Spend Management: Helps customers control corporate spending through better visibility and reporting capabilities. It enables customers to create approval workflows to fit their organizations structure and customize expense policy rules to flag expenses that need a manager’s review
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, utilizing HSBC’s global footprint and presence in more than 60 countries, instead of using country-specific payment providers that result in separate AP processes
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.
Enhanced automation gives organizations greater control over expenses, increases the effectiveness of accounting processes, and provides detailed insights all in one system. By providing a single, unified solution, NetSuite eliminates the need to collect and normalize data from other departments and systems, saving accounting teams dozens of hours every month and reducing overtime during the close process.