Businesses seeking better ways to keep track of their finances have found a useful solution in NetSuite. The program’s Bank Feeds service is especially helpful in helping companies make sure their cash is managed well as well as reconciled accurately and regularly.
Bank Feeds is able to automate several tasks that are critical for regular operations but also have potential for manual error. One of these is account reconciliation, which compares a recent bank statement to a list of recent transactions and makes sure that every deposit is correct and accounted for, including checks and credit card transactions.
Doing this on a regular basis can make it easy to spot errors, irregular patterns, or suspicious activity.
Using Bank Feeds can provide even better results. The program uses Artificial Intelligence, which is able to “learn” which transactions match and which customers are regular, routine and look similar. Once these are screened out, the program flags what doesn’t belong or what may look unusual, and requests a manual inspection. This could be a number that doesn’t match or a transaction that appears in one side of the ledger but not the other, or anything out of the ordinary.
These exceptions can be sent to the accounting department for a closer look.
Bank Feeds can give company owners an accurate idea of their current balance in various accounts. Knowing this, they will be able to make better decisions about when and how to make payments or other expenditures.
Conversely, doing this incorrectly or irregularly can result in all sorts of negative consequences, including unexpected penalties if your balance is lower than expected and you make too large of payments. Possible fraudulent activity can keep occurring or accelerate if not noticed in a timely manner, and resolving errors later rather than sooner can require proportionally more time spent going through past records.
Check out our NetSuite Bank Feeds demo to learn more. We demonstrate NetSuite’s banking integration and automated bank data reconciliation capabilities.
Other Features and Benefits of NetSuite Bank Feeds
Though an improved reconciliation process is one of the prime financial tools available from NetSuite there are other options that can increase automation, decrease the possibility of errors, and reduce the time spent on manual routine tasks.
Some of these include:
- General account management where you can visually see all recent transactions. You can then easily reconcile the info and officially post when everything is complete and properly compiled.
- The ability to connect to most major banks and financial institutions in order to import account information as well as recent bank and credit card history. This gives the person checking a good idea of the current daily balance in various accounts, how much is available in different accounts, and if any kind of transferring or adjustment might be needed.
- Automatic posting. If nothing is flagged for further review, the program can be configured to automatically post the approved credit card info. This can be performed on a daily basis.
- Easily-configured settings that can be adjusted regarding certain preferences for posting and reconciliation.
- Better and timely info about accounts which can be used for decision-making purposes. This can range from daily check-ins and postings to monthly or quarterly closings that double-check everything.
Take Control of Your Financials With the NetSuite Experts at MIBAR
As a leading NetSuite partner in New York and NetSuite optimization experts, we can help. If you’ve been wondering how you can simplify your business process and see all the information you need on one single dashboard, NetSuite can help. Our team at MIBAR is ready to answer your questions and get your new financial management system implemented so you can see how easy things really are when you have the right tools in place. Touch base with us today, and let us show you how we can help your organization perform better!