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NetSuite Announces Accounts Payable Automation to Increase the Accuracy and Speed of Processing Bills and Making Payments
News provided byOracle NetSuite
Sep 28, 2022, 12:04 PM ET
New fully embedded banking services provided by HSBC enable vendor payments to be made from within NetSuite
LAS VEGAS, Sept. 28, 2022 /PRNewswire/ -- SUITEWORLD 2022 -- To help organizations address the time consuming and labor-intensive Accounts Payable (AP) processes, Oracle NetSuite today unveiled NetSuite AP Automation. 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.
"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," said Evan Goldberg, founder and EVP, Oracle NetSuite. "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. This is the largest fully embedded Banking as a Service deployment into a globally recognized cloud ERP system," said, Barry O'Byrne, Chief Executive Officer, Global Commercial Banking at HSBC. "Business customers increasingly want integrated, accessible solutions at their fingertips. Our embedded banking solution with NetSuite allows customers to manage payments and automate reconciliations at the point of need, without switching screens or multiple logins."
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.
- 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.
- ● 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.
NetSuite AP Automation is now available in the US.
Now through November 30, the first 1,000 customers to purchase NetSuite AP Automation
will receive free implementation, no charges for bill scanning, plus a 50 percent discount on the subscription fee.
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, 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.
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.
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SOURCE Oracle NetSuite