The First Cloud ERP to Integrate Fintech into a Unified Suite
NetSuite introduces SuiteBanking as the first cloud ERP to integrate fintech into a single platform. HSBC, a member of the SuiteBanking Alliance, will provide services to enable international payments and expense management.
Oracle NetSuite unveiled SuiteBanking today to help businesses improve forecasts and make more smart cash decisions. SuiteBanking lets customers automate critical financial activities and obtain complete visibility into cash flow as the only unified package embeds fintech into cloud ERP. SuiteBanking makes it quick and easy to pay bills, send invoices, and be paid from within NetSuite by combining automated accounts payable and accounts receivable procedures.
Growing businesses can’t afford to have teams of people manually entering data, negotiating with banks, monitoring transactions across different platforms, and processing vendor payments.” The time saved by automating these activities might be put toward strategic projects that help the company develop even more,” said Evan Goldberg, EVP of Oracle NetSuite. “SuiteBanking is the first step toward merging the ERP and financial industries. It will assist our customers in automating all of these activities in a single suite while also increasing visibility and control, allowing them to maintain a healthy cash flow as their business grows.
SuiteBanking increases cash flow by speeding up the accounts payable and receivable procedures. Enhanced automation gives businesses more control over their spending, improves the efficiency of accounting operations, and gives them extensive insights all in one place. NetSuite reduces the need to collect and normalize data from various departments and systems by providing a unified solution, saving finance teams dozens of hours per month. In addition, NetSuite users have easy access to various financial services, including a global digital wallet and virtual payment card, thanks to integrations with banking partners like HSBC. The first SuiteBanking alliance partner is HSBC, a leading worldwide bank that embraces fintech innovation.
NetSuite customers can optimize the following cash flow procedures using SuiteBanking:
- Accounts Payable: Automatic invoice scanning and general ledger code assignment, three-way invoice matching, and automated outbound payments help customers speed up their accounts payable procedures. Customers can view a variety of payment choices and choose the one that best suits them for each seller. They can, for example, select either the quickest or the cheapest choice.
- Accounts Receivable: Assists customers in making on-time payments, reducing days sales outstanding, and increasing billing staff efficiency. By offering a “pay now” option on electronic invoices, the new Payment Link function makes it easier for consumers to accept payment. Payments can be made via a credit/debit card, an ACH transfer, or a third-party payment provider such as PayPal. Customers can also automate invoice preparation and scheduling and enhance collections by automatically delivering payment reminders.
- Bank Reconciliation: Assists customers in eliminating time-consuming, error-prone manual activities by precisely matching transactions to their company’s bank account. Customers benefit from real-time information into the status of inbound and outbound payments, which improves cash flow visibility. Customers can also improve the quality of accounting data by more often matching and reconciling cleared transactions and obtaining a better picture of their current cash situation, so they always know how much cash is accessible in their accounts.
- Spend Management: Improves visibility and reporting capabilities, allowing companies to monitor corporate spending better. Customers can modify expense policy rules to highlight expenses that need to be reviewed by a manager and create approval workflows to meet their organization’s structure. Budget validation capabilities also help managers avoid overspending by automatically comparing open purchase requests to available budgets and alerting management to probable budget overages before they are approved. Budget vs actuals reporting also aids expenditure control by allowing managers to compare actual expenses against budgets in real-time.
- Expenditure Management: Assists customers with cost control, internal policy and procedure enforcement, and improves employee expense reports’ speed and accuracy. Customers can use their SuiteBanking virtual payment card to pay vendors who accept credit cards directly from NetSuite, extending payment periods and relieving cash flow. Customers can also use the virtual card to cover employee expenses or corporate credit card charges, allowing them to control business expenses better. Expenses are electronically captured and reported, and they flow into NetSuite seamlessly, reducing double entry and accounting problems. Customers also get cashback on all transactions when using the virtual card to make purchases.
- International Payments: Instead of using country-specific payment providers that result in different AP processes, users can use a worldwide digital wallet to make and accept payments from a single account, using HSBC’s global footprint and presence in more than 60 countries. Customers may easily send and receive international payments, and the hassles of opening and keeping several foreign bank accounts are eliminated.
- Access to Working Capital: Assists improving cash flow by allowing clients to convert unpaid bills into cash on time. NetSuite provides quick and easy access to additional operating capital with accounts receivable finance.
Oracle NetSuite has been assisting businesses in growing, scaling, and adapting to change for more than 20 years. More than 27,000 clients in 215 countries and dependent territories utilize NetSuite’s comprehensive solution, which incorporates financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation, and omnichannel commerce.