New fully embedded banking services provided by HSBC enable
vendor payments to be made from within NetSuite
LAS
VEGAS, Sept. 28, 2022 /PRNewswire/ -- SUITEWORLD
2022 -- To help organizations address the time consuming and
labor-intensive Accounts Payable (AP) processes, Oracle NetSuite
today unveiled NetSuite AP Automation. The only solution that
embeds banking services into a cloud enterprise resource planning
(ERP) system, NetSuite AP Automation helps organizations improve
profitability by making it easier and faster to process bills and
pay vendors all from within NetSuite. As a result, organizations
can better control outgoing cash flows 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
relationships with vendors, but all too often the process is slow,
tedious, and error-prone," said Evan
Goldberg, founder and EVP, Oracle NetSuite. "By simplifying
and automating the entire bill payment process – from data capture
to payment and reconciliation – NetSuite AP Automation eliminates
these challenges. This helps businesses streamline and improve a
key operation, empowering AP teams to operate more efficiently and
ultimately reduce costs."
With automated payment services provided by HSBC, payment
processing is simpler, faster, and more accurate. From within
NetSuite, organizations can determine precisely when and how to pay
vendors to ensure control over outgoing cash flow and take
advantage of early payment discounts.
"HSBC is at the forefront of the embedded banking revolution.
This is the largest fully embedded Banking as a Service deployment
into a globally recognized cloud ERP system," said, Barry O'Byrne, Chief Executive Officer, Global
Commercial Banking at HSBC. "Business customers increasingly want
integrated, accessible solutions at their fingertips. Our embedded
banking solution with NetSuite allows customers to manage payments
and automate reconciliations at the point of need, without
switching screens or multiple logins."
With NetSuite AP Automation, eligible transactions completed
with an HSBC virtual credit card earn credit, which further reduces
operating costs and turns accounts payable from a cost center into
a revenue generator.
NetSuite AP Automation helps organizations:
- Bill Capture: Capture vendor bills more quickly and with
fewer errors by removing manual data entry and automating the
entire bill capture process. Bills are scanned using AI/ML-based
object detection and optical character recognition, and relevant
details, like vendor name, PO number, items ordered, quantity, and
pricing are then converted into digital text. NetSuite
automatically creates a bill record, using artificial intelligence
based on previous bill entries and pre-populates the appropriate
fields. A side-by-side view of the actual bill makes it easier for
AP teams to review and approve.
- Bill Matching and Approvals: Avoid overpayment,
duplicate payments, or fraudulent payment of vendor bills.
Automated bill matching ensures vendor bills are two- or three-way
matched with the associated purchase orders to ensure details such
as unit pricing, quantity, and totals are accurate. Using
SuiteApprovals, bills are routed to the appropriate personnel for
review and approval, with automated reminders so bills are not left
unpaid resulting in late charges and outstanding debts.
- Payment Automation: Increase the accuracy and speed of
payment processing. Vendor payments are processed through HSBC
services with payment options of ACH, check, or virtual credit
card. The payer's current bank account can be used to fund
payments. The HSBC virtual credit card offers qualified customers
an easy and secure way to pay vendors without the risks of
maintaining a physical credit card. The automatically generated
single-use card numbers provide an additional layer of protection.
Vendors are notified of paid bills upon successful payment.
- ● Payment Reconciliation: Improve the accuracy of
accounting data by eliminating error-prone manual reconciliation
and enabling a faster financial close. An intelligent rules engine
matches and reconciles virtual credit card charges while flagging
discrepancies for further review by accounting staff. Additionally,
missing entries, such as bank fees, can be created automatically,
saving time and eliminating potential errors.
- ● SuiteBanking Center: Gain full visibility into – and
control over – transactions and real-time balances for HSBC online
checking and credit card accounts. The dashboard provides users
with full visibility into their HSBC online accounts, status of
payables, and payments history.
NetSuite AP Automation is part of NetSuite SuiteBanking. As the
first unified suite that embeds financial technology into cloud
ERP, organizations will have quick and easy access to financial
services all from within one single suite.
Availability:
NetSuite AP Automation is now available in the US.
Now through November 30, the first
1,000 customers to purchase NetSuite AP Automation
will receive free implementation, no charges for bill scanning,
plus a 50 percent discount on the subscription fee.
Get all the latest updates from SuiteWorld by registering for
SuiteWorld On
Air: netsuitesuiteworld.com/onair.
By registering, attendees will have access to keynotes,
sessions, demos, and NetSuite's two-day live broadcast, NetSuite
TV. Learn more about how organizations are leveraging the power of
NetSuite to increase efficiency, improve productivity, and grow
profitability.
Contact Info
Amanda Parmer
Oracle
amanda.parmer@oracle.com
+1.775-224-6280
Oracle NetSuite
For more than 20 years, Oracle NetSuite has helped organizations
grow, scale and adapt to change. NetSuite provides an integrated
system that includes financials / Enterprise Resource Planning
(ERP), inventory management, HR, professional services automation,
and omnichannel commerce, used by more than 32,000 customers in 217
countries and dependent territories.
Learn more at https://www.netsuite.com. Like us on Facebook, and
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SOURCE Oracle NetSuite