Oracle NetSuite announced SuiteBanking to help organisations improve forecasting and make more strategic cash decisions. As the first unified suite that embeds fintech into cloud ERP, SuiteBanking helps customers automate key financial processes and gain full visibility into cash flow.
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 improves cash flow by accelerating accounts payable and accounts receivable processes. Enhanced automation gives organisations greater control over expenses, increases the effectiveness of accounting processes, and provides detailed insights all in one system.
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 organisation’s 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 organisation’s structure and customise 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, utilising 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.
