IT Pro is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more

NetSuite announces accounts payable automation to boost transfer accuracy and efficiency

HSBC will facilitate automatic payments for the solution, which uses OCR and ML to improve payment and reconciliation

A man looking over pieces of paper spread across a desk

Oracle Netsuite has announced NetSuite AP Automation, a banking solution designed to make it easier for businesses to process bills and pay vendors.

The new solution, launched at the company's annual SuiteWorld conference, provides firms with a full cloud enterprise resource planning (ERP) system that automatically captures and processes vendor bills.

Related Resource

How to improve business agility with API and application integration

Multi-cloud and hybrid integration accelerates business operations

Whitepaper cover with title and image of colleagues sat at a conference table in a meetingFree Download

Using AI (artificial intelligence) and ML (machine learning) object detection, the system is able to capture bills in a faster and more accurate manner than manual entry, and from sources including emails. Captured bills are converted into digital text.

NetSuite AP Automation also automatically creates bill records, with accurate filled fields for vendor details pulled in the capture process, and matches bills to ensure payment details are accurate. Bill matching is fully integrated with SuiteApprovals for a seamless oversight, review and approval process, with bills routed to relevant employees.

Through the use of optical character recognition, the NetSuite AP Automation is also able to accurately capture cheque payments, an important feature for the 81% of US businesses that still use this as a B2B payment method.

Many companies are already finding that automation is a powerful tool for increasing both efficiency and employee productivity, with back office automation freeing up workers to tackle more complex duties. In a landscape increasingly led by digital transformation, Oracle NetSuite is attempting to target those companies that lack the resources to build whole systems from scratch, and need easily deployable, pre-packaged solutions.

On transactions, Oracle NetSuite is continuing with its HSBC partnership, working with the bank to facilitate automated ACH, cheque or virtual credit card payments through NetSuite AP Automation. Customers can use their own current account to fund payments or the HSBC virtual credit card, which provides security for payments by generating single-use card numbers. The SuiteBanking Center will act as a dashboard for HSBC online checking and credit card accounts, and allows users control over transactions and payment statuses.

Greater integration between HSBC and the automated system also provides benefits when it comes to payment reconciliation, with NetSuite AP Automation’s “intelligent rules engine” used to flag irregularities for review, and automatically creating bank fee entries. Users are encouraged to set their own parameters during setup, for example allowing a degree of discrepancy between payment totals.

HSBC hopes that the efficiency of the new system would in and of itself drive businesses to adopt its virtual credit card system. Other benefits include the increased security of its single-use numbers, and the decreased time it takes for the bank to verify payments through the method in comparison to mediums such as physical cheque.

In contrast to simple filtering scripts, which can automatically action corrections to common mistakes such as typos, Automation AP's ML elements learn what to flag and what to change over time. For example, if a typo is flagged as appearing in the 'company name' field of a bill, a user with appropriate authority will be prompted to select which company the bill actually references. Future instances of this typo will result in the system automatically sorting through the problem on its own.

Similarly, the system will learn from a company’s finances in order to prompt alerts for any anomalous payments, as well as to anticipate regular payments without the need for developers to manually assign each one.

As part of future updates, Oracle NetSuite is working on a framework to allow companies better control over the rules that AP Automation learns. For example, under the current system it is possible that the system might take on a one-off payment as a ‘rule’ for future payments, and while this can be manually rejected by the firm, Oracle NetSuite has indicated that future releases will give more transparency over AP Automation’s decision-making process.

“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,” said Evan Goldberg, founder and EVP, Oracle NetSuite.

“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 available now in the US, and the first 1,000 companies to purchase it will receive a 50% subscription discount, free implementation and bill scanning at no charge.

Featured Resources

2022 State of the multi-cloud report

What are the biggest multi-cloud motivations for decision-makers, and what are the leading challenges

Free Download

The Total Economic Impact™ of IBM robotic process automation

Cost savings and business benefits enabled by robotic process automation

Free Download

Multi-cloud data integration for data leaders

A holistic data-fabric approach to multi-cloud integration

Free Download

MLOps and trustworthy AI for data leaders

A data fabric approach to MLOps and trustworthy AI

Free Download

Recommended

Oracle sets out its stall for a new age of multi-cloud
cloud computing

Oracle sets out its stall for a new age of multi-cloud

21 Oct 2022
NetSuite champions product ‘Suiteness’, continues international expansion
Business strategy

NetSuite champions product ‘Suiteness’, continues international expansion

30 Sep 2022
NetSuite emphasises importance of full suite adoption, pushes automation
Business strategy

NetSuite emphasises importance of full suite adoption, pushes automation

29 Sep 2022
NetSuite launches SuitePeople tools for automating schedules and tracking attendance
business management

NetSuite launches SuitePeople tools for automating schedules and tracking attendance

28 Sep 2022

Most Popular

The top 12 password-cracking techniques used by hackers
Security

The top 12 password-cracking techniques used by hackers

14 Nov 2022
How to boot Windows 11 in Safe Mode
Microsoft Windows

How to boot Windows 11 in Safe Mode

15 Nov 2022
Interpol arrests nearly 1,000 cyber criminals in months-long anti-fraud operation
cyber crime

Interpol arrests nearly 1,000 cyber criminals in months-long anti-fraud operation

25 Nov 2022