Managing a business is no small task. If you don’t have the right systems in place to help you manage your cash flow, you can realize expenses far beyond what you’d originally planned for. Improper cash management can really bog down business workflows and send projects into screeching halts before you even have a chance to identify bottlenecks.
That’s why it’s important to properly manage your cash flow. However, without the right tools, this endeavor can be tricky and time-consuming. You need tools that can track all transactions taking place in your company, provide visibility into your spending, and collect all the data needed for a transaction to initiate payment. So, how do you ensure you’ve got all of these elements captured in a way that ensures success for your organization? You automate AR and AP functions.
Introducing the New NetSuite SuiteBanking Solution
NetSuite’s new SuiteBanking solution provides companies with more control of cash flow and gives them deeper insights into the cash requirements of their organizations. This tool delivers greater automation for accounts payable and accounts receivable processes, thereby making it easier to pay bills and send invoices. Additionally, this tool is integrated with banking partners such as HSBC, allowing firms to gain access to payment card services and a global digital wallet provided through NetSuite’s suite of services.
SuiteBanking is the first cohesive product that brings financial technologies (or fintech) into the cloud ERP space, enabling businesses to automate key monetary procedures and glean full insights into their cash flows. This product brings together automated AP and AR processes, making it quick and simple to pay invoices, send bills, and receive payment, all within the confines of the NetSuite platform.
How Your Organization Can Benefit from SuiteBanking
If your organization is like most, you can’t afford to have your employees entering data, handling transactions with multiple financial institutions, monitoring banking activity across multiple platforms, and manually administering vendor payments. It’s necessary to automate these process as much as possible so your staff can spend its time on planned tasks that help initiate growth for your organization.
With SuiteBanking, the best of both ERP and fintech come together, giving you the ability expand transparency and control within your organization so you can maintain healthy cash flow as you grow.
How SuiteBanking Enhances Cash Flow
SuiteBanking was built with the idea of accelerating the AP and AR processes. It offers enhanced automation, giving you more control over your expenses and increasing the efficacy of your accounting processes. With this system, you’ll have access to detailed insights for all of your accounting needs that will live in a single, unified platform.
This one-stop system gets rid of the necessity to gather and standardize data from various teams that might otherwise operate on various systems, giving your finance team back numerous hours each month. Additionally, since SuiteBanking is integrated with partners such as HSBC, you’ll have quick and easy-to-use access to a number of financial services, such as a global digital wallet and virtual payment card.
With NetSuite’s SuiteBanking services, you’ll see improvements in your cash flow processes in the following ways:
1. Accounts Payable
SuiteBanking gives you the ability to automate your bill scanning and general ledger code assignments, three-way invoice-reconciliation, and outbound payments. You’ll be able to select from a number of payment options for each of your vendors and opt for either the fastest or the most affordable option.
2. Accounts Receivable
The payment link tool will help minimize days’ sales outstanding because it will make it easier for your customers to pay their bills online. Your customers will have access to multiple payment methods, including ACH transfers and credit and debit card payments. This system also automates invoice creation and scheduling, including tasks that are often manually overseen, such as payment reminders and dunning letters.
3. Bank Reconciliation
Often, human error occurs when reconciliation tasks are manual. You can reduce these errors and eliminate time-consuming tasks by using the automation features included with SuiteBanking. This will allow you to compare and reconcile journal entries with bank transactions easily, increasing your accounting team’s productivity while improving the accuracy of your financial reporting.
4. Spend Management
Spend management will help you control your company’s spend by providing greater transparency by way of robust reporting capabilities. This tool provides you with the ability to make approval roadmaps that fit within your unique internal structure so you can then customize expense policies and identify expenses that need supervisors’ reviews. Additionally, budget authentication capabilities help leaders avoid the pitfalls of overspending by automatically giving comparisons of open purchase requests to available budgets and sending alerts when possible budget overages may occur.
Budget versus actuals reports will also help your leaders control spending because they compare true expenses against your budget in real time.
5. Expense Management
You’ll be better able to regulate expenses, implement internal rules and processes, and improve the timeliness and correctness of your employees’ expense reports with SuiteBanking. Plus, you’ll be able to pay vendors who allow payment via credit card directly from your NetSuite account, extending payment terms and relieving cash flow when you use your SuiteBanking virtual payment card.
Overall, this system is intended to help you better manage business expenses through the use of the virtual card so you can cover employee expenses or corporate credit card charges easily. You’ll see expenses captured and submitted electronically; then they’ll be funneled into NetSuite’s system, eliminating double-entries and minimizing accounting errors. You’ll also receive money back on any transaction your company makes with the virtual card when you’re sending payments.
6. International Payments
SuiteBanking offers you a worldwide digital wallet that allows you to pay vendors and receive payments in over 60 countries from one single account. This gets rid of the need to work with region-specific payment providers.
7. Access to Available Capital
SuiteBanking gives you the ability to perform AR functions within the NetSuite system so you can improve your cash flow by easily converting unpaid receivables into cash.
Take Advantage of New NetSuite Features With MIBAR
Do you want to enjoy the significant gains that come with NetSuite’s new features? The experts at MIBAR can help you optimize NetSuite’s offerings so you can improve cash flow with AP and AR automation. You’ll also enjoy its seamless integration into your system as it can be customized to fit your company’s needs.
As a leading NetSuite partner, we’ve established a genuine methodology to help maximize every dollar of your ERP budget and ensure NetSuite is meeting your needs. Learn more about our NetSuite support and optimization services.
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