NetSuite and BILL Join Forces to Revolutionize Payments

Transforming Accounts Payable with NetSuite and BILL

NetSuite Intelligent Payment Automation enables customers to make fast, secure, and flexible vendor payments directly from the world's leading AI Cloud ERP.

In an exciting development, Oracle NetSuite and BILL have announced a strategic partnership designed to enhance payment processing capabilities for businesses across the United States. This collaboration brings a revolutionary automation solution embedded within NetSuite, allowing customers to advance their accounts payable processes efficiently.

"Accounts payable is crucial for managing cash flow and spending effectively while strengthening vendor relationships," stated Evan Goldberg, founder and executive vice president of Oracle NetSuite. He emphasized the importance of this partnership in optimizing payment processes, reinforcing the significant value offered by NetSuite’s Intelligent Payment Automation, an advanced solution in accounts payable technology.

The integration of BILL's payment automation means that NetSuite users can activate payments using their existing bank accounts in mere moments. With BILL's extensive network, which includes more than eight million businesses, users can effortlessly connect with vendors and handle transactions securely and quickly.

René Lacerte, CEO and founder of BILL, remarked on the significance of this partnership: "This marks a pivotal moment in our mission to enhance intelligent finance for businesses everywhere. We strive to deliver innovations where they are most needed, integrated within the essential systems organizations rely on for their operations. Our collaboration with NetSuite underscores our belief in making payment solutions more accessible."

With the NetSuite Intelligent Payment Automation, customers can easily capture and pay bills, monitor payment details, and schedule batch payment runs—all from a centralized interface. Unlike standalone solutions that often suffer from delays, this service is fully embedded, ensuring that payment requests, tracking, and reconciliation occur in real time. This seamless integration is made possible by NetSuite's cutting-edge AI technology, which enables a smooth transition of data across various functions, including procurement and financial reporting.

Key Features of NetSuite Intelligent Payment Automation

• Payment automation: Streamlines and secures payment processing through BILL's leading capabilities and a vast vendor network.
• Bill capture: Accelerates billing processes by employing AI-driven bill capture and matching, thus reducing the need for manual data entry.
• Intelligent payment proposal: Aids in formulating optimal payment strategies by harnessing AI workflows that understand natural language.
• Bill matching: Minimizes errors by ensuring vendor bills accurately match corresponding purchase orders, helping to prevent overpayments and fraudulent activities.
• Payment reconciliation: Enhances the accuracy of financial records by simplifying the reconciliation process, speeding up financial closing times.

This cutting-edge payment automation solution from NetSuite is now available for customers in the U.S., marking a significant step toward more efficient financial management.

About Oracle NetSuite

With over 25 years of experience, Oracle NetSuite is dedicated to accelerating organizations' goals effectively and efficiently. It provides a comprehensive business system with integrated AI that empowers diverse functions including financial management, supply chain processes, customer experiences, and human resources. Trusted by over 43,000 customers across 220 countries, NetSuite is recognized as the premier AI cloud ERP solution.

About BILL

BILL (NYSE: BILL) stands as the intelligent finance platform embraced by nearly half a million businesses to adeptly manage and optimize their financial resources. Their platform caters to companies ranging from emerging startups to those with complex operational needs, leveraging AI to deliver integrated finance solutions encompassing accounts payable (AP), accounts receivable (AR), expenses, forecasting, and procurement. BILL’s member network processes about 1% of the U.S. GDP annually, demonstrating its far-reaching impact. Headquartered in San Jose, California, BILL partners with leading financial institutions and software providers to enhance the financial landscape. For more information, visit bill.com.

Frequently Asked Questions

What is the purpose of the partnership between NetSuite and BILL?

The partnership is aimed at enhancing payment processing capabilities, making accounts payable more efficient and secure for U.S. businesses.

How does NetSuite Intelligent Payment Automation improve efficiency?

The system allows for real-time payment tracking, automated bill capture, and streamlined processes integrated within the existing ERP framework.

Can businesses connect their existing bank accounts to this new payment automation?

Yes, businesses can quickly activate the payment feature and use their existing bank accounts to start making payments almost immediately.

What benefits does BILL's extensive network offer to customers?

BILL's network provides seamless connections with vendors, enabling fast, secure, and straightforward payment processing for businesses.

Why is AI important in the payment automation process?

AI capabilities enhance the efficiency and accuracy of payment processes, including bill capture and matching, reducing the risk of errors significantly.

About The Author

Dedicated Author and financial expert Logan Wright here, 29 years old. After earning an economics degree, I spent a number of years working in different financial industries. My great passion is enabling everyone, from any background or experience level, to understand and be literate in financial matters.

My books and writings are centered on simplifying difficult financial ideas into doable, understandable guidance. Whether it's retirement planning, investing, or budgeting, I want to arm readers with the information they need to make wise financial choices and realize their financial objectives.

Apart from writing, I also frequently post to financial blogs and organize webinars and workshops targeted at enlightening participants about personal finance. Always, my strategy is to offer concise, doable advice that can truly improve people's lives.

Away from work, I like to read, travel, and sample new foods. My goal is to infuse everything I do with the balance that I think is essential to both financial and personal well-being. By my profession, I want to encourage and enable people to confidently and clearly take charge of their financial futures.

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