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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The amount of time spent entering information, identifying errors, and doing corrections makes accounting data is often out of date.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 multiple payment methods, including ACH transfer, credit/debit card and leading payment providers. SuiteBanking also automates invoice creation and scheduling as well as customer communications (e.g. payment reminders, dunning letters).

• Bank Reconciliation. Businesses can eliminate time-consuming manual tasks and reduce errors by automatically comparing and reconciling journal entries with bank transactions. This increases the productivity of accounting staff and improves the accuracy of financial data.

• Spend Management. Automated approval workflows, budget validation and budget versus actual tracking help companies control expenses by ensuring compliance with corporate policies, alerting managers of potential overspending.

• Expense Management. Employee expense reports are managed from the web or mobile app making them more timely and more accurate, and making submissions and approvals easy. SuiteBanking also offers a virtual credit card service that can be used to pay vendors and corporate credit card charges as well as to cover employee expenses. The company’s customers receive cash back rewards when making payments with the virtual credit card.

• International Payments. A global digital wallet enables businesses to make and receive payments in more than 60 countries from a single account, eliminating the need to work with country-specific payment providers or set up multiple foreign bank accounts.

• Access to Working Capital. SuiteBanking provides access to accounts receivable financing from within NetSuite, helping companies improve cash flow by easily converting unpaid receivables into cash.

Interested in finding articles like this? make sure to check out other helpful tips, tricks, and updates our blog.

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