NetSuite Announces Accounts Payable Automation to Increase the Accuracy and Speed of Processing Bills and Making Payments
To help organizations address the time consuming and labor-intensive Accounts Payable (AP) processes, Oracle NetSuite unveiled NetSuite AP Automation. The unveiling took place during its SuiteWorld conference in Las Vegas, Nevada.
The only solution that embeds banking services into a cloud enterprise resource planning (ERP) system, NetSuite AP Automation helps organizations improve profitability by making it easier and faster to process bills and pay vendors all from within NetSuite.
As a result, organizations can better control outgoing cash flows and easily scale end-to-end accounts payable processes.
Evan Goldberg, founder and EVP at Oracle NetSuite, says that accounts payable plays an important role in helping organizations manage cash flow, control costs and maintain strong relationships with vendors, but all too often the process is slow, tedious, and error-prone. “By simplifying and automating the entire bill payment process – from data capture to payment and reconciliation—NetSuite AP Automation eliminates these challenges. This helps businesses streamline and improve a key operation, empowering AP teams to operate more efficiently and ultimately reduce costs.”
With automated payment services provided by HSBC, payment processing is simpler, faster, and more accurate. From within NetSuite, organizations can determine precisely when and how to pay vendors to ensure control over outgoing cash flow and take advantage of early payment discounts.
“HSBC is at the forefront of the embedded banking revolution," says Barry O’Byrne, CEO of Global Commercial Banking. "Today’s announcement is the largest ever fully embedded Banking as a Service deployment into a globally recognized cloud ERP system.
O'Byrne says business customers increasingly want companies to provide them with solutions that meet their needs where they are. "Our embedded banking solution is fully integrated with NetSuite and allows customers to manage payments and automate reconciliations at the point of need, without switching screens. By embedding banking and enabling services such as accounts payable management and automation we are opening up a world of opportunity for companies and their business customers.”
With NetSuite AP Automation, eligible transactions completed with an HSBC virtual credit card earn credit, which further reduces operating costs and turns accounts payable from a cost center into a revenue generator.
NetSuite AP Automation helps organizations:
- Bill Capture: Capture vendor bills more quickly and with fewer errors by removing manual data entry and automating the entire bill capture process. Bills are scanned using AI/ML-based object detection and optical character recognition, and relevant details, like vendor name, PO number, items ordered, quantity and pricing are then converted into digital text. NetSuite automatically creates a bill record, using artificial intelligence based on previous bill entries and pre-populates the appropriate fields. A side-by-side view of the actual bill makes it easier for AP teams to review and approve.
Source: Oracle NetSuite SuiteWorld official content.
- Bill Matching and Approvals: Avoid overpayment, duplicate payments or fraudulent payment of vendor bills. Automated bill matching ensures vendor bills are two- or three-way matched with the associated purchase orders to ensure details such as unit pricing, quantity, and totals are accurate. Using SuiteApprovals, bills are routed to the appropriate personnel for review and approval, with automated reminders so bills are not left unpaid resulting in late charges and outstanding debts.
- Payment Automation: Increase the accuracy and speed of payment processing. Vendor payments are processed through HSBC services with payment options of ACH, check or virtual credit card. The payer’s current bank account can be used to fund payments. The HSBC virtual credit card offers qualified customers an easy and secure way to pay vendors without the risks of maintaining a physical credit card. The automatically generated single-use card numbers provide an additional layer of protection. Vendors are notified of paid bills upon successful payment.
Banking products & services provided in the US by HSBC Bank USA, NA. Customers to be onboarded by NetSutie AP Automation for HSBC products/services. Customers must meet HSBC eligibility criteria and pay fees to HSBC for banking services. Graphic Source: Oracle NetSuite SuiteWorld official content.
- Payment Reconciliation: Improve the accuracy of accounting data by eliminating error-prone manual reconciliation and enabling a faster financial close. An intelligent rules engine matches and reconciles virtual credit card charges while flagging discrepancies for further review by accounting staff. Additionally, missing entries—such as bank fees—can be created automatically, saving time and eliminating potential errors.
- SuiteBanking Center: Gain full visibility into—and control over—transactions and real-time balances for HSBC online checking and credit card accounts. The dashboard provides users with full visibility into their HSBC online accounts, status of payables and payments history.
NetSuite AP Automation is part of NetSuite SuiteBanking. As the first unified suite that embeds financial technology into cloud ERP, organizations will have quick and easy access to financial services all from within one single suite.
Feature availability:
NetSuite AP Automation is now available in the US.
Now through Nov. 30, the first 1,000 customers to purchase NetSuite AP Automation will receive free implementation, no charges for bill scanning, plus a 50% discount on the subscription fee.
Want to Find Out More:
Get all the latest updates from SuiteWorld by registering for SuiteWorld On Air: netsuitesuiteworld.com/onair. By registering, attendees will have access to keynotes, sessions and demos, and NetSuite’s two-day live broadcast, NetSuite TV. Learn more about how organizations are leveraging the power of NetSuite to increase efficiency, improve productivity and grow profitability.
* * * * *
About Oracle NetSuite
For more than 20 years, Oracle NetSuite has helped organizations grow, scale and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 32,000 customers in 217 countries and dependent territories.
Footnotes and Disclosures:
Content within this feature (including the headline graphic) has been adapted from source material furnished by Oracle NetSuite. Any referenced source materials or content appearing within this Insightful Accountant feature were adapted and are furnished solely for educational purposes.
SuiteWorld, NetSuite and Oracle are registered trademarks of Oracle Corporation. Oracle Corporation is a publicly-traded NYSE-listed (ORCL) multinational corporation headquartered in Austin, Texas (USA).
Any other trade names used within this article, including any other vendor (app/software) discussed herein, may refer to products registered, trademarked, or otherwise held by their respective owners. They are referenced solely for informational and educational purposes.
This feature is NOT sponsored content. The article is provided for informational and educational purposes.
The publication of this article does not represent an endorsement by either the author or Insightful Accountant.
Note: Registered Trademark ® symbols have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. Every attempt is made to credit such trademarked products within our respective article footnotes and disclosures.
Like what you're reading?
Subscribe to our FREE newsletter and we'll deliver content like this directly to your inbox.