This blog was originally published on 11/15/2021 and has since been updated.
NetSuite is a cloud-based business management platform used by more than 26,000 organizations to manage core functions, including Finance and accounting, inventory, orders, and procurement. Oracle's NetSuite is very popular among accountants and Finance teams and is a leading software in the FinTech space.
There's no arguing that accounting and bookkeeping are complex, detail-oriented processes. However, accounting software like NetSuite make it easy for accountants and Finance teams to maintain all financial data in a timely and organized manner.
Finance professionals usually find it easy to navigate through NetSuite, with all its custom codes, categories, and compliance requirements. However, other employees aren't exactly flattered by the ten-step expense reporting or the 20 email follow-ups that come with the smallest clarifications. This is where an expense software integration can help.
Fyle bridges the gap between the robust accounting capabilities your bookkeepers need and the easy expense reporting experience your employees deserve.
What makes Fyle + NetSuite the best solution for your business?
Fyle’s tight-knit integration with NetSuite facilitates easy expense reporting for employees and brings all business expense data to NetSuite in real-time. This ensures your employees don’t spend more than a few seconds to file an expense, and Finance teams have complete and real-time control over organization-wide business spend.
Let’s take it from the top.
Connect Fyle and NetSuite with just your credentials
Integrating Fyle with NetSuite is an easy, 3 step process that doesn't require IT support whatsoever. All you need are your Fyle and NetSuite credentials.
Once you have authenticated your accounts, Fyle's robust integration automatically syncs all expense data, including business expense receipts, corporate credit card transactions, GL codes, expense categories, projects, and other custom fields with your NetSuite account.
Also, if you make a mistake during setup, you can reverse and re-configure the integration by yourself - no need for engineering support!
Did you know?
Fyle is known for its world-class customer support, quick onboarding and implementation, and ease of use.
With powerful integrations so easy to set up, we can have you up and running in no time!
Learn more about Fyle’s customer success here >
Get real-time employee expense reporting data
It's difficult to say which part of expense reporting is the most frustrating - the tedious expense receipt tracking, the long list of compliance rules, or the never-ending process of compiling and submitting expense claims for reimbursement.
But the devil is in the details, especially when it comes to bookkeeping. After all, accounting mistakes could invite an audit from tax authorities. This is why NetSuite's fourteen plus fields for expense reports, although frustrating for employees, are essential details accountants require for financial reporting.
Fyle's intuitive AI takes over the heavy lifting and reduces expense tracking and reporting to a few clicks. It is present inside work apps like Gmail, Outlook, and Slack, where employees and receipts both hang out on a regular workday. Employees simply have to forward the receipts to Fyle and sit back while it auto-fills all necessary receipt and expense data, checks for compliance, and keeps the expenses in a ready-to-report state.
Next, expenses ready to be paid are exported to NetSuite, and paid entries are imported into Fyle automatically.
With the most up-to-date and accurate spending data, Fyle + NetSuite gives Finance teams superior visibility and control of business financials.
Easing corporate card reconciliation in NetSuite
Manual corporate credit card reconciliation requires accountants to wait till a bank statement comes in at the beginning or end of a financial period. Once they have the statement, every transaction is manually matched and verified with employees' corresponding proof of spend. As a result, erroneous transactions, disputes, and reversals are time-bound and can quickly create big trouble if not handled correctly.
With Fyle, corporate credit card reconciliation requires no manual effort. Fyle integrates with Visa, Mastercard and American Express to bring real-time credit card feeds to users. This means employees will be notified via text the moment spend happens. They just need to reply with a picture of the receipt, and Fyle automatically attaches it to the correct expense - no need to wait for bank statements to come in.
With intelligent expense matching and its ability to seamlessly map employee card expenses to corresponding fields in NetSuite, Fyle reduces credit card reconciliation in NetSuite to a one-click deal.
What's more?
Finance teams get real-time visibility into card spends, unassigned cards, and employee usage on a single, comprehensive corporate credit card management dashboard.
No-fuss NetSuite expense reimbursement with Fyle’s next day ACH
Fyle automates expense claim reimbursements with direct deposits to employee bank accounts. Since every claim is checked for compliance and is attached with a digital audit trail, employees get their money back the very day after their reports are approved.
Here's how it works:
- Easy micro-deposit verification: Verify multiple employee bank accounts with micro-deposits from Fyle.
- Process payments in bulk: Initiate multiple payments to different employee bank accounts with a single click.
- Set up auto-sync for your payments: Export ACH payments (US only) from Fyle into NetSuite or import NetSuite payments into Fyle.
- View transaction status in real-time: Track the transaction status of any given payment from your Fyle dashboard. Payment processing updates are available for employees too.
Also, when a new employee joins or a new category/project/customer is created in NetSuite, Fyle automatically syncs the data, eliminating manual effort or errors.
Tax Imports from NetSuite to Fyle
Fyle allows admins to import existing Tax Items in NetSuite as Tax Groups in Fyle. Since tax fields are automatically mapped, users can simply choose the relevant tax group while submitting expenses.
The integration calculates and exports the right tax amount, tax code, and gross amount to NetSuite. This allows admins to submit compliant tax reports on time. Never miss a tax opportunity ever again!
Benefits of integrating NetSuite with Fyle
Fyle believes neither employees nor Finance professionals should spend more than a minute tracking, reporting, verifying, or processing business expense reports. So we automated every step of the process to save time, effort, and money for all stakeholders involved.
- Simple mobile expense tracking and reporting: Snap a picture of the receipt and text it to Fyle, or upload it from your everyday work apps. Fyle takes care of the rest. Its intuitive interface for recording, submitting, and approving expense reports saves your employees billable hours and your business from costly accounting errors.
- Code expenses to your exact preference: To make accounting more straightforward, the integration automatically captures and populates all expense data from Fyle to NetSuite. Further, you can group reimbursable and card expenses separately. These exports can be marked as either 'Paid' or 'Payment Processing' and can be dated per business needs.
- Get real-time visibility into all employee spending: All data is reflected in real-time, from new accounts in NetSuite to expense reports and invoices in Fyle. Also, Fyle's advanced data analytics collects, centralizes, and showcases actionable insights from expense data in real-time.
- Eliminate back and forth for reminders and notifications: Say goodbye to email reminders and notifications to employees or approvers about their expenses and reports. Instead, simply configure daily, weekly, or custom reminders and choose how to notify them about any updates.
SUGGESTED READ: NetSuite without data is useless: How Fyle fixes your expense management
Our robust integration ensures all pre-accounting data is synced to NetSuite continuously, helping businesses stay audit-ready, always. Fyle + NetSuite makes for a well-oiled accounting system that brings Finance teams the most accurate and real-time expense data analytics from across the organization.
Yash, the CEO of Fyle, says, "Expense management is no longer a workflow problem - that was solved by legacy accounting software over a decade ago. The problem with expense management today is the experience part of it. Users expect an Instagram ease-of-use even for complex financial software."
That is precisely what Fyle does - simplifies and automates expense reporting and management for everyone! Integrated with NetSuite, pre-accounting is fully automated.
If you use NetSuite Accounting at your business and would like to resolve all your expense management problems once and for all, check us out!
