NetSuite adds banking tools to your software

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• NetSuite adds banking tools to your software

NetSuite announced at its SuiteWorld XNUMX virtual event that it is bringing banking tools to its ERP software in a bid to help organizations improve their forecasting and make more strategic treasury decisions. The company's new SuiteBanking offering is the first unified suite to integrate fintech into cloud ERP to help service clients mechanize key financial processes and gain complete visibility into cash flow. By bringing together automated accounts payable and accounts receivable processes, NetSuite aims to make paying bills, sending bills, and paying from your existing software faster and easier. EVP at Oracle NetSuite, Evan Goldberg provided more information about SuiteBanking and how the new offering will help organizations save time in a press release, stating: “Engaging organizations cannot afford to have teams of people who enter data, deal with banks, monitor transactions from multiple systems, and manually process payments from dealers. The time saved through the automation of these processes could be used for strategic projects that contribute to the development of the organization. . SuiteBanking is the initial step to bring the worlds of ERP and fintech closer together. It's going to help our service customers mechanize all of these processes into one suite and increase visibility and control so they can sustain healthy cash flow as they grow. "

Bank Suite

By expediting accounts payable and accounts receivable processes, SuiteBanking improves cash flow while automating gives organizations better control over their spending, increases the efficiency of accounting processes, and provides detailed information in one system. With its new unified system, NetSuite eliminates the need to compile and normalize data from other departments and systems, which can save finance teams dozens and dozens of hours per month. In addition to this, integrations with banking partners such as HSBC provide corporate service customers convenient access to a wide variety of financial services, including a global digital wallet and virtual payment card. Although HSBS is the first partner in the SuiteBanking coalition, NetSuite plans to add more in the future. By eliminating manual data entry, NetSuite's SuiteBanking will not only save organizations time, but will surely help increase employee productivity as well.