Oracle NetSuite announces the availability of SuiteBanking on day one of Suiteworld 2021. NetSuite added added SuiteBanking addition to its offering to enable users to automate key financial processes and achieve full insight into their organisation’s cash flow.
Five years after Oracle’s acquisition of NetSuite, the ERP platform is used by 27,000 organisations worldwide. NetSuite ERP is composed of separately available modules with various functionalities. Accountancy, financial management, inventory and order management are some of the primary purposes for companies using its SaaS offerings.
At Suiteworld 2021, Oracle NetSuite presents the introduction of SuiteBanking. Improvements and additions cover the areas of administration and accounting. According to NetSuite, SuiteBanking should enable organisations to more effectively manage accounts receivable and accounts payable.
On the subject of accounts payable, SuiteBanking promises functions for automated scanning of invoices and code assignment of general ledgers. Accounts receivable is to be further facilitated with a payment button for electronic invoices, payment options such as PayPal and the automation of scheduled invoicing.
Tooling for scheduled invoicing serves to accelerate an organisation’s cash flow, without compromising the relationship with a customer. After all, invoicing too frequently strains relationships; invoicing too little strains a company’s liquidity and cash flow. SuiteBanking promises to provide the tools for an optimal balance of the two.
Controlling, reporting and HSBC
Additionally, SuiteBanking automatically checks an organisation’s accounts against bank transaction statements. New reporting tools for mapping — and ultimately optimising — spending patterns are also introduced.
Furthermore, SuiteBanking hopes to simplify employee expenses and claims with the availability of a virtual payment card. And lastly, a new partnership between HSBC and NetSuite opens the doors for transferring and receiving international payments.