You can streamline accounts payable by automating payment file transfers between NetSuite and your banks. In the large B2B enterprises, vendor relationship is critical to increase operational and supply chain management efficiency. NetSuite has come up with the inventive capability to support most of the international bank formats and help banking institutions avail of a single, unified payment management solution worldwide.
Interestingly, the process flow goes with a few simple steps:
- Capture Vendor Bank Details
- Enter Vendor Bills
- Generate Bill Payments Bill Payment Approval
- Generate Bank File To NetSuite File Cabinet
- Upload Bank File From The File Cabinet
You can either do it manually to the bank online or via scheduled integration with the respective bank. Of both the options, the latter saves your time and drive greater efficiency when it comes to settling customer bills and paying employees & vendor timely.
Connecting with some acclaimed NetSuite solutions providers, you can avail of exclusive features NetSuite offers for electronic bank payments.
With such extensive capability, you can:
- Create multiple payment batches that came from different batch criteria, controls, and payment deadlines.
- Perform additional payment authorization before payment processing via approval routing and email alert notification.
- Get extensive support for bill display, partial payments, and bill management through advanced capabilities with filtering options.
- Settle outstanding invoices via automated direct debit customer collections.
- Anticipate frauds and ensure positive pay.
- Process multiple payment batches parallel in distinctive queues.
NetSuite has brought such inventively orchestrated capabilities to automate EFT payments and optimize cash flow from a single instance. Here, you can connect with an acclaimed NetSuite implementation consultant to securely deploy the functionality and drive greater efficiency across the entire organization.
In general, NetSuite’s Electronic Bank Payments feature helps create files of payments or direct debit information in the bank’s predefined file format. These formats can be readily imported into banking software or submission to the bank online. Along with saving time, this reduces payment processing expenses by eliminating checks, postage, and envelopes as well.
Additionally, NetSuite integration services offer effective support to manage large payment runs by processing reversals and partial credits or re-generating the file with the least impediments.
Core Capabilities:
You can leverage the elemental capabilities of NetSuite Electronic Bank Payments to witness the automation of the receipt of ordered items and the processing of vendor bills. Also, it enables you to plan payments timely to enhance your vendor relationships. It offers you a configurable graphical workflow tool configured to build your criteria to manage this process and gain complete transparency over the transactions.
With the deployment of Electronic Bank Payments offered by NetSuite, you can avail the flexibility to generate bank payment files and make payments covering vendor bills, employee expenses, commissions, and customer refunds. With such, you can get control with filtering options to limit the bills displayed, to include or exclude any bill, as well as change the amount for partial payments (except refunds). Also, it allows you to decide whether to make separate payments for each bill, group bills with a single payment per vendor, or add your additional grouping to simplify reporting and reconciliation.
SuiteTax Support
Leveraging NetSuite Electronic Bank Payments, you can gain supports for the NetSuite SuiteTax feature for all the customers. This robust and inventively engineered tax management functionality assists you in complying with the location-specific tax requirements. It enables you to select third-party tax engines or the internal SuiteTax engine to calculate taxes hassle-free. Particularly, the Electronic Bank Payments solution offered by NetSuite uses the tax information on the entity record while processing payments and creating bank payment files.
Additionally, NetSuite has introduced the NetSuite 2019.2 Bank Integration and Bank Statement Automation. When reconciling bank accounts within NetSuite, bank statements need to be imported to match transactions against the general ledger. In the newest release, the “Bank Connectivity SuiteApp” is initiating this process automatically via SFTP.
Bank Connectivity SuiteApp
The “Bank Connectivity SuiteApp” comes with a plug-in called sFTP Connectivity. It is orchestrated to facilitate the connection between NetSuite and the bank’s sFTP server location where the bank statements will be picked up.
However, this is supported only by USA banks so far. We have created an extension of that to connect the Indian Banks like ICICI and Others.
To know if NetSuite EFT Payments Automation can boost your organizational efficiency, Schedule a Demo
