Last Modified: March 24th, 2022
2 min read
In today’s digital world, it’s critical that businesses have systems in place to automate their financial transactions. The most efficient way is through bank integration. NetSuite allows businesses to easily connect with banks, view account balances and activity, process wire transfers, ACH payments, and check deposits, and conveniently generate reports on financial transactions, among others.
NetSuite Bank Integration Benefits
Streamline your bank transactions and get these benefits:
Bank receipts and invoice matching automation
You can automatically match bank receipts with invoices and eliminate the need for manual data entry.
Post payments automatically
Your invoices and payments will be automatically posted to your accounting module, saving you time.
Process writing and issuance checks
You can automatically process checks for payment and print or issue them electronically. All you need is a printer connected to your computer.
Accurately track fund deposits
NetSuite allows you to accurately track fund deposits and reconcile them with your books.
Create journal entries
NetSuite allows you to automatically create journal entries for your bank transactions.
Easily process vendor payments
You can easily process vendor payments and keep track of vendor balances.
Generally reduce processing time
Speed up processing large number transactions since won’t have to manually enter data, the time it takes to process your payments and invoices will be reduced.
Want a native solution option? Check the NetSuite Bank Feeds SuiteApp
If you want a free, native solution then the Bank Feeds SuiteApp is the answer. It allows you to connect to your bank account and automate your banking transactions. With the Bank Feeds SuiteApp, you can:
- Import bank and credit card transactions automatically into NetSuite
- Clear and process bank and credit card transactions
- Prepares your daily balance reconciliation
The Bank Feeds SuiteApp is a free application and it’s available on the NetSuite App Store. If you want a more comprehensive solution that includes additional features such as multi-currency support, automatic bank statement reconciliation and credit card processing, then you can consider a more comprehensive integration solution.
Need a comprehensive bank integration solution?
For those with more complex requirements, the answer is to get a more robust bank integration solution. Our proprietary iPaaS or integration Platform-as-a-Service- Excelym.IO may be the most cost-effective integration platform in the market.
We’ve integrated NetSuite and HSBC (Hongkong-Shaghai Banking Corporation) for a global software/SaaS company and successfully covered a couple of complex business processes and workflows.
Visit our product website to learn more and sign up.
