Oracle NetSuite Debuts AP Automation Tool

accounts payable

Oracle NetSuite has debuted NetSuite AP Automation, a product designed to help companies address time-consumer accounts payable processes.

“The only solution that embeds banking services into a cloud enterprise resource planning (ERP) system, NetSuite AP Automation helps organizations improve profitability by making it easier and faster to process bills and pay vendors all from within NetSuite,” the company said in a Wednesday (Sept. 28) news release.

That means organizations gain more control over outgoing cash flows and the ability to scale end-to-end accounts payable (AP) processes.

“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,” Evan Goldberg, the company’s founder and executive vice president, said in the release.

“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.”

The tool uses automated payment services provided by HSBC, which Netsuite says makes payment processing simpler, faster, and more accurate. Organizations can determine when and how to pay vendors to ensure control of outgoing cash flow and take advantage of early payment discounts.

See also: How Deployment of ERP Systems Can Help Streamline AR and AP Processes

As PYMNTS has reported, executives have cause to worry about the accounts receivable (AR) and AP processes at their firms. Our research has found that 95% of companies saw their average monthly payables surge since mid-2021, with some 73% of companies experiencing increases in monthly AP volumes of between 31% and 50%.

Approximately 10% of companies surveyed said their AP and AR platforms could adapt to a 100% increase in monthly payables.

Sixty-seven percent of businesses that process at least 2,500 payables a month said automated systems were “very” or “extremely” important to boost the number of payables, and 98% of firms felt their growth goals would be threatened by an inability to handle the necessary AP volume.

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