Oracle NetSuite has announced an expansion of its business management platform that should help streamline the arduous accounts payable (AP) process for customers.
At SuiteWorld 2022, its latest annual conference, the company unveiled NetSuite AP Automation, which it describes as “the only solution that embeds banking services into a cloud enterprise resource planning (ERP) system”.
The objective is to make it simpler and quicker to process bills and execute vendor payments from within NetSuite, thereby taking the pain out of one of the most time-consuming accounting tasks.
Automating AP
Speaking to TechRadar Pro and other media ahead of the conference, NetSuite explained its new automation service will help accelerate a number of different steps in the AP process.
For example, courtesy of object detection and character recognition systems, AP Automation is capable of scanning vendor bills and plugging the relevant data directly into the platform, improving error rates by eliminating manual data entry.
Separately, the service is able to cross-reference bills with information on unit pricing and quantity to ensure customers are not overpaying or paying twice for a product or service. And an automated alert system will ensure the relevant approver is reminded well in advance of the due date, avoiding late payment charges.
An extended partnership with HSBC, meanwhile, allows for payments to be processed and reconciled automatically, while a new virtual credit card option will allow customers to earn cashback rewards on qualifying transactions.
“Accounts payable plays an important role in helping organisations manage cash flow, control costs and maintain strong relationships with vendors, but all too often the process is slow, tedious, and error-prone,” added Evan Goldberg, founder of Oracle NetSuite, in a statement.
“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.”
NetSuite AP Automation is now available in the US, with the first 1,000 customers set to benefit from a 50% discount. TechRadar Pro is awaiting confirmation of the availability in other regions.
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