Banking transactions can be multifaceted and complex, but they don't have to be. If you are reading this article, you probably understand how much technology and automation can help boost efficiency and productivity. Through NetSuite’s seamless integration capabilities, simplify and create more efficient banking transactions and reconciliations.
NetSuite is a premier cloud-integrated ERP software that is relied on internationally for many critical business processes. One of the primary processes that NetSuite is used for managing financial operations. With over 28,000 customers depending on the software for optimum functionality in every aspect of finances, NetSuite is a leader in assisting companies with bank integration and reconciliation. Undoubtedly, NetSuite bank integration simplifies the creation of financial institution records, roles and permissions, and multi-factor authentications.
NetSuite simplifies the process of tracking financial information, including transactions and other data from your banking institution. Manual tracking and reporting can be time-consuming and may take resources from other critical tasks. With NetSuite's bank integration, businesses can enjoy greater efficiency and cost savings across the board.
This article will cover the following topics:
NetSuite offers a banking integration feature through its NetSuite Bank Feeds Suite App. Through the app, companies can perform multiple banking integrations and financial system processes in one central location. NetSuite banking integration allows users to choose from thousands of banks throughout the United States and Canada. A business performing online banking now can directly download transaction data from their credit card company or bank.
Businesses have an ongoing need to monitor financial information. These detailed tasks are time-consuming when done manually. Thankfully, NetSuite enables this with the advent of its banking integration interface.
Steps to connect NetSuite to a financial institution:
The NetSuite Bank Feeds Suite App is primarily focused on serving the needs of small to medium-sized businesses. As such, it supports 20 unique accounts and 10k transactions. If the needs of your business supersede these limitations, it’s recommended to consider using the Auto Bank Statement Import SuiteApp.
If the required bank is unlisted, there is no option to add a new bank to the Bank Feeds SuiteApp. Alternatively, you can use a custom plug-in or opt for the Auto Bank Statement Import Suite App to link the bank.
For a complete list of all supported financial institutions and banks, please click here.
The benefits of banking integrations using the NetSuite Bank Feeds Suite App are manifold. They include saving time, improving cash flow, scaling for growth, and accessing data from multiple financial institutions through one platform.
With the implementation of NetSuite bank integration, companies can reduce manual activities by as much as 90%. This is one of the main ways that NetSuite enables streamlining of accounting processes. Thus, resources can be diverted to other integral tasks, ensuring increased efficiency and productivity.
NetSuite's efficient automation of automating bank receipts helps reduce Daily Sales Outstanding (DSO) while also providing transparency into the company's cash flow. This offers a powerful way to improve cash flow while gaining enhanced visibility into a business's accounts receivable.
With the automation of incoming and outgoing payments easily managed by NetSuite, companies can expertly handle rapid growth and navigate peak periods with greater ease and efficiency. In turn, this enables finance teams to gain more control over their processes while freeing up time to focus on more important tasks.
NetSuite's bank integration tool acts as a single data access point for multiple financial institutions. There is no longer a need to track information from each bank separately using manual methods that leave room for error. Instead, NetSuite provides a single-source solution for effective integration with multiple financial institutions.
Companies will find themselves at a significant disadvantage by not taking advantage of NetSuite's intuitive interface, which automates many critical tasks. There is a greater risk for poor time management, reduced cash flow, inhibited resources for mission-critical tasks, and a greater room for error caused by the inherent fallibility of manual processes.
NetSuite's bank reconciliation functions are the most effective ARP (Automated Account Reconcilement Plan) on the market for small and medium-sized businesses. An intelligent rules engine automatically classifies and organizes bank data comparing existing transactions and reconciling any matching entries. NetSuite will flag any exceptions so they can be quickly corrected. NetSuite effectively eliminates the expense and time of manually reconciling accounts with its streamlined, automated bank reconciliation technology.
Step 1: Integrate data via the bank feeds app functionality (see the section on connecting to a financial institution)
Step 2: Once the data is imported into NetSuite, click on the Match Bank Data page
Step 3: View side by side lists of transactions and imported data
Step 4: Create matching rules by going to Reconciliation > Matching Rules > New Rule
Step 5: Submit the matches so they can be cleared. Then visit the Reconcile Account Statement page to review and reconcile the statement.
Every company has experienced the frustrations and inaccuracies of manually reconciling bank and credit card statements. For this reason, having an automated reconciliation NetSuite management solution is invaluable.
One of the premier options for resolving this common issue is provided by PayEm. With leading-edge NetSuite integration technology, reconciling becomes a simplified process. PayEm's integration enables enhanced reconciliation, including bill payments, bill creation, bank reconciliation report options, and journal entries in one simple step. Companies with an international presence can appreciate the added functionality of PayEm's multi-currency transaction reconciliation within NetSuite. This leading-edge software makes it easier than ever to utilize NetSuite's advanced functionality for improved systems, greater cash flow, and enhanced financial operations. Contact PayEm's experts for a commitment-free, no-cost demo of the platform.