NetSuite Bank Integration: Improving Statement Closure Processes
Bank | Qatar
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The less manual effort, the faster the process, correct? Importing files from one location to another is a simple but somewhat tedious task when repeated every day, isn't it? Especially when dealing with important data such as bank statements that need to be processed quickly. Are you looking for a way to automate this process? Then, this case study is for you! Find out how we integrated bank statement files with NetSuite, significantly speeding up the statement closure process.
Client Portfolio
A bank from the Middle East approached us to integrate their system with NetSuite. They sought a solution to reduce their manual effort in importing bank statements and to speed up the closure of those statements. When dealing with multiple accounts and records, having an effective and faster way to close statements for their customers is crucial for their operations.
Problem Statement
Our client is faced with the challenge of manual importation of bank statements into NetSuite, resulting in inefficiencies and errors in the reconciliation process. Currently, users must import bank statements daily into NetSuite and manually match them with existing data, leading to increased workload and potential inaccuracies in financial reporting.
What We Suggested
In response to the client’s needs, we proposed an automated solution which involves API integration to simplify the bank reconciliation process. Our suggested approach involved the following key components:
•Integration with NetSuite: Implement a plugin to automatically import bank statements into NetSuite through APIs, eliminating the need for manual data entry.
•Utilization of Plugins: Deploy Financial Institution Connectivity Plugin and Financial Institution Parser Plugin to have smooth data parsing and reconciliation within NetSuite.
•Multiple Connectivities: Both Node and Mule connectivities are used to ensure robust and reliable integration between the bank and NetSuite systems.
•Bank Import History: Provide users with access to a detailed bank import history, allowing for easy tracking and auditing of imported statements.
Challenges
One of the primary challenges encountered during the implementation was the issue of API timeouts during the import process. This blocks us from achieving real-time synchronization between the bank and NetSuite systems. However, our team effectively addressed this challenge through innovative problem-solving methods to ensure smooth and uninterrupted data flow.
Customer Success
Following the successful implementation of the proposed solution, our client experienced a range of tangible benefits and successes, including:
•Elimination of Manual Import: Users no longer need to manually import bank statements daily, saving sizable time and effort.
•Automated Reconciliation: With automated statement imports and reconciliation processes, the risk of errors and discrepancies in financial reporting has been greatly reduced.
•Tracking Imports: Users have the option to view the entire import history and easily sort the data for future reference on a single page.
Key Achievements:
•Sped up the closure of bank statements.
•Reduced manual intervention by 60%
Way Forward
Moving forward, the NetSuite-bank integration has enabled our client to automate the import of bank statements, a task previously performed manually on a regular basis. Now, they simply need to match and close these statements without the risk of importing duplicate or incorrect files.
Are you dissatisfied with manual imports in your bank reconciliation process? Do you require a more efficient method for the faster closure of your bank statements? Contact us today to improve your operations with our automated solution.
