Digital Business Payments with Oracle NetSuite: What You Need to Know
By now you’ve probably heard of digital business payments, and you might be wondering how they can help your business as an Oracle NetSuite user. Understanding the benefits of digital business payments is the first step in taking full advantage of your current technology.
In April, the Bill.com team got a chance to meet with the Oracle NetSuite community at SuiteWorld and share how Bill.com helps organizations streamline and grow operations. We've continued that conversation with a webinar and product demonstration. The webinar provides an expert overview of digital business payments and how they solve AP and AR challenges. It shows how the Bill.com integration with Oracle NetSuite boosts your business’s efficiency from start to finish.
What you need to know about digital business payments
Digital payments are everywhere these days. Most people don’t think twice about pulling out their phones to pay friends for dinner, shop, or pay bills online. With peer-to-peer and consumer-to-business digital payments being so popular, the spotlight is now on business-to-business digital payments.
Businesses are increasingly ditching costly paper checks in favor of online payments and awareness for them continues to grow.
A digital business payment is any payment made through electronic or digital methods, rather than in a physical format like cash or paper checks. In a digital business payment, both the sender and the recipient use electronic means to transfer and accept payment. Digital business payments currently take many forms, with some of the most common being credit cards, electronic funds transfers (EFTs), bank-to-bank transfers through the Automated Clearing House network (ACH transfer), eChecks, and virtual cards. While each of these electronic payment forms essentially achieves the same results you find in peer-to-peer electronic payments, digital business payments are a bit more complex, involving layers of approval, monitoring, and reconciliation that aren’t required for consumer payments.
The Problems with Traditional AP and AR
AP and AR are crucial to running a profitable business, but they’re not without their pain points. Think about the traditional AP workflow. Someone needs to create a bill, which then must be approved (likely by someone else). Once it’s approved, the bill needs to be paid, which likely involves yet another person. After all that, you then must wait for the checks to be mailed and the payment to post. Delays and costly mistakes routinely occur at each of those steps along the way.
Traditional AR is no better. Invoices must be created, prepared, and mailed, and then the waiting game begins for them to be paid. Often, that involves having someone chase down payment and send reminders – you might even have an entire person or department dedicated to collections. Once payment is finally received, it must be reconciled with the company’s books.
It’s Time to Consider AP and AR Automation
Going digital and automating your AP and AR functions allows you to streamline your workflows, boost your efficiency, and save money in the process. AP automation reduces the traditional, time-consuming AP process to four simple steps that can be accomplished with just a click, allowing you to spend at least 50% less time on billing. The same is true for AR automation. By integrating an automation platform into your accounting practices, you eliminate the wasted time and unnecessary expense that has long been part of traditional AP and AR.
NetSuite Integration to the Rescue
Oracle NetSuite is one of the leading cloud ERP software suites on the market. Bill.com seamlessly integrates with NetSuite to allow you to reap the benefits of AP automation and AR automation while supporting crucial business processes. Active Sync allows for one-way and two-way syncing between NetSuite and Bill.com, enabling the two systems to work as one and allowing you to create the AP and AR workflows you need to keep your business thriving.
To understand more about digital business payments and how it addresses AP and AR pain points, watch the Bill.com webinar now. The overview walks you through the powerful AP and AR workflows you can implement when these two best-in-class tools work together, so you can start reaping the benefits of digital business payments today.