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The Business Solution Partners Blog

NetSuite Bank Feeds and Banking Improvements

Written by Business Solution Partners | Mar 15, 2023 1:30:13 PM

[22 MINUTE VIDEO] In this video tutorial Business Solution Partners NetSuite Consultant Tim Schobel will review how to Install and Configure the Bank Feeds Suite App. He will then walk through the functionality and point out recent improvements to Banking with NetSuite.

The Bank Feeds SuiteApp is a tool to automate the transfer of bank data into NetSuite and facilitates bank reconciliation by eliminating the need for manual imports once a month.

You can link multiple financial institutions and accounts and the product does not require any additional licensing from NetSuite.

Utilizing the Bank Feed Feature of NetSuite allows you to eliminate the manual import of banking data through automated import from financial instructions.  By providing daily updated bank balances you have better-informed decision-making based on your current cash position.

NetSuite's bank feeds functionality offers several benefits to its users, including:

  1. Increased Efficiency: Bank feeds automate the process of importing and reconciling bank transactions in NetSuite, saving time and reducing the potential for manual errors.

  2. Accurate Data: Bank feeds provide real-time access to accurate financial data, which enables timely decision-making and better financial management.

  3. Improved Cash Flow Management: By providing up-to-date information on cash balances and transactions, bank feeds help businesses better manage their cash flow and plan for future expenses.

  4. Reduced Risk of Fraud: Bank feeds can help detect fraudulent transactions more quickly by providing real-time visibility into bank activity.

  5. Enhanced Reporting: Bank feeds enable more accurate and timely financial reporting by automatically populating transaction data into NetSuite.

An added benefit to the bank feed feature is improved match bank data functionality to reduce clutter, streamline processes and provide a faster reconciliation.

Want to learn more about Bank Feeds and the improved functionality around Banking in NetSuite? Business Solution Partners are experts at managing your banking relationships in the context of NetSuite. In addition to that practical expertise, check out our vertical solutions and other practice areas to understand how NetSuite's longest-standing Solution Provider Partner is the right choice for your NetSuite needs. Contact us today to learn more...

Written by Business Solution Partners

The team at Business Solution Partners collaborates on the production of "A Head In The Cloud - The Business Solution Partners Blog." We cover a wide variety of topics focused around Enterprise Resource Planning & Financial Automation.

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