NetSuite has announced at its SuiteWorld 2021 virtual event that it will bring banking tools to its ERP software in an effort to help organizations improve forecasting and make more strategic cash decisions.
The company’s new SuiteBanking offering is the first unified suite that embeds fintech into cloud ERP to help customers automate key financial processes and gain full visibility into cash flow.
By bringing together automated accounts payable and accounts receivable processes, NetSuite wants to make it faster and easier to pay bills, send invoices and get paid all from within its existing software.
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EVP at Oracle NetSuite, Evan Goldberg provided further insight on SuiteBanking and how the new offering will help organizations save time in a press release, saying:
“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.”
By accelerating accounts payable and accounts receivable processes, SuiteBanking improves cash flow while automation provides organizations with greater control over their expenses, increases the effectiveness of accounting processes and provides detailed insights all in one system.
Through its new unified system, NetSuite eliminates the need to collect and normalize data from other departments and systems which can help save finance teams dozens of hours each month.
Additionally, integrations with banking partners such as HSBC give the company’s customers convenient access to a wide variety of financial services including a global digital wallet and virtual payment card. While HSBS is the first SuiteBanking alliance partner, NetSuite plans to add others going forward.
By eliminating manual data entry, NetSuite’s SuiteBanking will not only save time for organizations but will likely help boost the productivity of their employees as well.
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