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Easy Cashflow Maintenance with SuiteBanking AP&AR

Updated: Nov 26, 2021

Having greater control of cash flow and deeper insights into the cash requirements is desired by all companies in maintaining financial system of their businesses. The new NetSuite SuiteBanking solution announced this week gives companies greater control of cash flow and deeper insights into the cash requirements of their business.

SuiteBanking makes paying bills and sending invoices easier by offering greater automation for both account payable and account receivable process. Integration with banking partners like HSBC allows SuiteBanking users to access payment card service and global digital wallet from within NetSuite, giving better control over how the company make and receive payments.

Manual or Automation?

Automation in SuiteBanking has the ability to increase the efficiency of routine accounting outflow and avoid employees to spend several hours a day doing manual data entry and review. The amount of time spent entering information, identifying errors, and doing corrections makes accounting data is often out of date. As a result, business leaders rarely have the current and accurate grip of their cash requirements or know how much cash they have available.

Manual accounting processes might also increase costs. According to the American Productivity and Quality Center (APQC), the worst performing companies spend nearly 75% more than their peers to process vendor invoices, while the top performers spend nearly a third of what their peers do. The difference between the leaders and the laggards, says the APQC, is mostly due to automation.

Many organisations struggle with cash flow due to the inaccurate data and inefficient process. Lacking of real time data visibility often causes companies being put under pressure to forecast and maintain sufficient and organised cash flow for ongoing operations and invest in growth.

Automation, Insights and Financial Flexibility

According to NetSuite, SuiteBanking allows users to improve the following cash flow processes:

• Accounts Payable. The process includes automated invoice scanning and general ledger code assignment, three-way invoice matching and automated outbound payments. Customers can select from multiple payment options for each vendor and choose either the fastest or the least expensive option.

• Accounts Receivable. NetSuite’s payment link feature helps reduce days-sales-outstanding by making it easier for a company’s customers to pay their bills online. Payment link supports