New fully integrated banking services provided by HSBC allow payments to suppliers to be made from NetSuite
LA VEGAS, September 28, 2022 /PRNewswire/ — SUITEWORLD 2022 — To help organizations manage time-consuming and laborious Accounts Payable (AP) processes, Oracle NetSuite today unveiled NetSuite AP Automation. The only solution that integrates banking services into a cloud-based enterprise resource planning (ERP) system, NetSuite AP Automation helps organizations improve profitability by making it easier and faster to process invoices and pay vendors from NetSuite. As a result, organizations can better control outgoing cash flow and easily scale end-to-end accounts payable processes.
“Accounts Payable plays an important role in helping organizations manage cash flow, control costs, and maintain strong vendor relationships, but too often the process is slow, tedious, and error-prone,” said declared Evan Goldberg, Founder and EVP, Oracle NetSuite. “By simplifying and automating the entire invoice payment process – from data capture to payment and reconciliation – NetSuite AP Automation eliminates these challenges. It helps businesses streamline and improve a key operation, empowering teams AP to operate more efficiently and ultimately reduce costs.”
With the automated payment services provided by HSBC, payment processing is simpler, faster and more accurate. From NetSuite, organizations can determine precisely when and how to pay suppliers to ensure control of outbound cash flow and take advantage of prepayment discounts.
“HSBC is at the forefront of the integrated banking revolution. This is the largest fully integrated banking-as-a-service deployment in a globally acclaimed cloud ERP system,” said, Barry O’Byrne, Managing Director, Global Commercial Banking at HSBC. “Business customers increasingly want integrated and accessible solutions at their fingertips. Our integrated banking solution with NetSuite allows customers to manage payments and automate reconciliations when they need them, without changing screen or log in multiple times.”
With NetSuite AP Automation, qualifying transactions made with an HSBC Virtual Credit Card earn credit, further reducing operating costs and turning accounts payable from a cost center into a revenue generator.
NetSuite AP Automation helps organizations to:
- Invoice Capture: Capture vendor invoices faster and with fewer errors by eliminating manual data entry and automating the entire invoice capture process. Invoices are scanned using AI/ML-based object detection and optical character recognition, and relevant details, such as vendor name, PO number, items ordered, quantity and price, are then converted to numeric text. NetSuite automatically creates an invoice record, using artificial intelligence based on previous invoice entries and pre-populates the appropriate fields. A side-by-side view of the actual invoice makes it easier for AP teams to review and approve.
- Correspondence of invoices and Approvals: Avoid overpayments, duplicate payments or fraudulent payment of supplier invoices. Automated invoice matching ensures that vendor invoices are two- or three-level matched with associated purchase orders to ensure details such as unit price, quantity, and totals are accurate. Using SuiteApprovals, invoices are routed to the appropriate staff for review and approval, with automated reminders so invoices don’t go unpaid, resulting in late fees and unpaid debts.
- Automation of payments: Increase the accuracy and speed of payment processing. Vendor payments are processed through HSBC services with ACH, check or virtual credit card payment options. The payer’s current bank account can be used to fund payments. The HSBC Virtual Credit Card offers qualified customers a simple and secure way to pay suppliers without the risks of carrying a physical credit card. Automatically generated one-time card numbers provide an additional layer of protection. Sellers are notified of paid invoices once payment is successful.
- ● Payment reconciliation: Improve the accuracy of accounting data by eliminating error-prone manual reconciliations and enabling faster financial close. An intelligent rules engine compares and reconciles virtual credit card charges while flagging discrepancies for further review by accounting staff. Additionally, missing entries, such as bank charges, can be created automatically, saving time and eliminating potential errors.
- ● Suite Banking Center: Get complete visibility and control over real-time transactions and balances for HSBC online checking and credit card accounts. The dashboard gives users full visibility into their HSBC online accounts, debt status and payment history.
NetSuite AP Automation is part of NetSuite SuiteBanking. As the first unified suite that integrates financial technology into cloud ERP, organizations will have quick and easy access to financial services from a single suite.
Availablity:
NetSuite AP Automation is now available in the United States.
Now through November 30the first 1,000 customers to purchase NetSuite AP Automation
will receive free implementation, no invoice scanning fees, plus a 50% discount on subscription fees.
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Contact information
Amanda Parmer
Oracle
[email protected]
+1.775-224-6280
Oracle Net Suite
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SOURCEOracle NetSuite