How Accounts Payable Automation will increase payment accuracy and speed

How long does it take to clear your accounts payable? How often does payment of vendor bills get delayed due to complex payable processes? Are you missing out on sales opportunities because of delayed payments, as your finance teams are buried in paperwork? Can you keep tabs on duplicate payments, subscription fees, and inventory management?

HSBC and NetSuite have collaborated to bring payable automation solutions to your NetSuite’s vendor payment processing through their fully integrated payable process.

Accounts Payable for Businesses

Accounts payable is an essential department within almost any organization. This department is a cost center responsible for making successful payments to vendors and other creditors, enabling a payable process for the business. Most accounts payable departments use tedious manual data entry to submit payment orders. This can lead to delays when processing, analyzing previous bills, clearing outstanding debts, and making payments. These paper invoices take an extended processing time to get reviewed by the accounting staff. In addition, you could make errors by mishandling late charges or any virtual credit card charges. Many organizations switch to cloud-based NetSuite AP (Accounts Payable) automation when managing their accounts payable processes.

procure to pay process

NetSuite Take on AP Automation

“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, of Oracle Corporation. “NetSuite AP Automation eliminates these challenges by simplifying and automating the bill payment process—from data capture to payment and reconciliation.

This payable automation software enables businesses to streamline and upgrade their internal controls by reducing human error because of manual tasks, revolutionizing the entire accounts system, and giving the AP department peace of mind.



NetSuite AP Automation for Vendor Payments

Oracle’s NetSuite AP Automation for financial services is a digital format that schedules payments, approval workflows, and electronic invoicing and automates payment of supplier invoices. This invoice approval workflow eliminates the manual processes. It revamps their entire bill payment process, making it easy to automate the billing processes of dependent territories using NetSuite’s cloud ERP platform. With NetSuite AP Automation, invoice management has become more accessible, including tracking lost, outstanding, or any other invoice documentation. 

To avoid costly errors, companies can quickly and efficiently manage outbound payments using their AP accounting tools, including invoices, purchase orders, vendor statements, payment discounts, and other documents. By implementing NetSuite AP Automation, companies can identify correct approvers, manage financial controls, and process purchase requests. The key benefits include gaining better insight into its business operations and accelerating its growth. This system embeds banking services into an ERP system to increase the profitability and growth of businesses. This is a one-stop banking solution for all intensive accounting systems.

HSBC and NetSuite AP Automation

Streamlined, swift, and precise. With its three-way matching professional system, payable tasks, audit trails, automation features, the delegation of authority, and digital transformation with limited human intervention have become possible.

The AP automation software has enhanced the organization’s payment processing speed, as now they can precisely determine when and how to pay vendors while controlling cashflows and availing discount options. The automatically generated single-use card numbers feature adds an extra layer to protect payment. This minimizes operating costs, helps them manage inventory and cashflows, and builds long-term business customer relationships, enabling sustainable growth.

With NetSuite AP Automation’s assistance, transactions made with an HSBC virtual credit card are timely credited. These further lower operating expenses and transforms accounts payable from a cost center to a source of income.


Empowering Organizations with NetSuite AP Automation

NetSuite cloud ERP has empowered businesses by integrating commerce, service automation, HR (Human Resources), and other ERP services under one umbrella for the smooth functioning of companies. The AP automation system of NetSuite is another feature recently added to run enterprises satisfactorily. As the interest rates are hiking, they have a ripple effect on debt assets and loans. NetSuite financial analysts can help you with any form of debt and payables.

Bill Capture

By automating the entire bill capture process and abolishing of manual data entry system, you can capture vendor bills swiftly and precisely. Using optical character recognition and (Artificial Intelligence/Machine Learning) AI/ML-based object identification, bills are scanned, and pertinent information—such as ordered items, vendor name, quantity, PO number, and pricing—is then translated into digital text. NetSuite’s artificial intelligence automatically creates a billing record and pre-populates the required fields based on past bill entries. The evaluation and approval process is facilitated for AP teams by having a side-by-side view of the bill.

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Bill Matching and Approvals

With Oracle ERP, banks avoid paying fraudulent payments, duplicate payments, or overpayments. Automated bill matching ensures that essential purchase orders and vendor invoices are two- or three-way matched to assure data accuracy for unit price, quantity, and totals. Through Suite Approvals, bills are sent to the appropriate people for review and approval. Automatic reminders ensure that payments are made on time and prevent late fees and unpaid debts from accruing.

Payment Automation

Oracle NetSuite’s new feature boosts the efficiency and speed with which qualified transactions are processed for payments. Using Automated Clearing House, checks, or virtual credit card payments as possible alternatives, HSBC services handle the automation of payments to vendors. Payer’s current bank account can fund costs from the payer’s existing bank account. With the HSBC virtual credit card, qualifying consumers can make payments to vendors quickly and safely without the dangers associated with managing a physical credit card. The single-use card numbers produced automatically add an extra degree of security. When a successful payment is made, vendors are notified. 

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Payment Reconciliation

It will improve accounting data accuracy by eradicating error-prone manual reconciliation and enabling a quicker financial close. Virtual credit card charges are compared and reconciled by an intelligent rules engine, which also notifies the accounting staff of any inconsistencies so they can investigate them further. Missing information, such as bank fees, can also be automatically created to save time and prevent potential errors.

SuiteBanking Center

Gain complete control and visibility over transactions for HSBC online banking and credit card accounts, as well as real-time balances. Users can access their HSBC online accounts, payables status, and payment history through the dashboard.

A component of NetSuite SuiteBanking is NetSuite AP Automation. It provides email notification when invoices become overdue, automatic approval of invoices, automatic reminders via email when invoices are past due, Tracks invoice status and manages multiple accounts payable processes, and easily views all open invoices and easily tracks overdue invoices.

rther. Missing information, such as bank fees, can also be automatically created to save time and prevent potential errors.

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