22 Mar, 2022

NetSuite SuiteBanking

SuiteBanking, a suite that inserts fintech into cloud ERP and assists consumers to automate their business operations. SuiteBanking offers quick and effortless payment of bills, sending invoices, and getting paid, inside NetSuite itself, by aggregating automated accounts payable and receivable processes. It also obtains total visibility into cash flow. 

 According to Evan Goldberg (Founder of NetSuite), developing companies will find it difficult and expensive to have many groups of workers overseeing data entry, bank handlings, evaluating transactions from various systems, and manually operating vendor payments. Less time is consumed when all this process is automated and the remaining time can be utilized on strategic projects which in turn helps in the progression of the organization. SuiteBanking is the starting course of action in combining the ERPs and fintech along. It assists customers in automating all processes in a single suite and enhances visibility and management so they can sustain a healthy cash flow as they progress. 

SuiteBanking Offers Certain Improvements in the Cash Flow Processes for the NetSuite Customers  

Accounts Payable  

It assists customers in setting up account payable procedures with direct invoice scanning and common ledger code task, three-way invoice pairing, and automated outbound payments. Consumers can view different payment options and choose the required method for each vendor. For example, they can select either the quicker or the cheapest option. 

Accounts Receivable 

This helps the customers in enhancing on-time payments, mitigates days sales outstanding, boosts the productivity of the billing staff. The latest Payment link helps customers to obtain payment by adding a “pay now” feature on electronic invoices. Various payment techniques are available comprising credit/debit card, ACH transfer, or a third-party payment provider like PayPal.  Along with that consumers are able to automate the structuring of invoices and enhance collections by passing payment reminders automatically. 

Bank Reconciliation  

It helps customers in terminating manual, error inclined, and time-consuming tasks and accurately suit transactions with their company’s bank account. Consumers achieve better cash flow perceptibility up to date insight into the state of inbound and outbound payments. Along with that customers can enhance the exact accounting of data by pairing and integrating cleared transactions frequently and can acquire a clear understanding of their present cash position hence they can understand the availability of cash in their accounts.    

Spend Management    

By providing greater visibility and documenting capabilities, it helps customers in managing corporate spending. It makes customers generate approval workflows to suit their company’s structure and modify expense policy rules to point out an expenditure that requires a manager's analysis. Along with that, budget valuation capabilities prevent heads from overspending by spontaneously comparing open purchase requests to obtainable budgets and notifying potential budget overages before approval. Managers are able to regulate their spending by comparing real expenditures with budgets in real-time.  

Expense management  

This helps customers in managing costs, imposing internal policies and procedures, and better the timeliness and precision of employee expense reports. Consumers can reward vendors that take credit cards directly out of NetSuite via SuiteBanking virtual payment card, which expands payment terms and reduces cash flow. Customers can direct their business expenses by employing the virtual card to meet the employee costs or corporate credit card charges. Expenditures are recorded and submitted electronically and directly flow into NetSuite, avoiding twice entry and accounting flaws. Along with that customers obtain cashback rewards on all proceedings when using the virtual cards for payments.  

International Payments     

It offers customers a universal digital wallet to create and receive payments from a particular account. This makes it effortless for the consumers in making and accepting international payments and take off the difficulties of opening and operating various foreign bank accounts. 

Access to Working Capital  

This helps in better cash flow by providing customers with a suitable method to transform unpaid invoices into cash. NetSuite makes a faster, suitable approach to extra working capital with accounts obtainable financing. 

Are you considering implementing NetSuite to help manage your business operations? Connect with Jobin & Jismi with any NetSuite related enquiries.