Introducing the first-ever direct corporate card integration with Oracle NetSuite
When Henrique and Pedro announced the launch of Brex on Hacker News last year, it was clear the corporate credit card experience had entered the modern era. Brex rebuilt the credit card tech stack from the ground up to create a significantly better experience for customers. We reimagined every aspect of corporate cards, including underwriting, data, transparency, approvals, and rewards.
Now, Brex customers will have the first ever direct corporate card integration with Oracle NetSuite.
We carry supercomputers in our pockets. We’re launching reusable rockets. It’s time we brought accounting out of the dark ages. Brex built the NetSuite integration to meet the needs of accounting and finance teams. NetSuite is a world-leading ERP that empowers modern businesses, from startups and midmarket businesses, to large multinational enterprises, to unlock their growth potential. As our customers have grown, the complexity of their businesses has evolved. We knew the accounting tools they used needed to evolve, too. We spent the last few months working closely with Oracle NetSuite and to build this integration to best support the needs of our customers (and our own accounting team). To date, this is the only direct credit card integration with NetSuite and the only one to attain the ‘Built for NetSuite’ status.
As accounting and finance teams know well, the month-end close looms large. Closing the books is inefficient and time-consuming, and manual CSV file usage can lead to human error. In a survey we sent to over 200 accounting and finance professionals, we found that the majority spend more than 10 hours each month closing their books. Of those, over 70% manually prepare and upload CSVs to their ERP.
Imagine what they could do with that extra time.
Our customers want to focus on growth. We wanted to help them get back to business. Our partner, Countsy, a back-office outsourcing solution that specializes in NetSuite and works with thousands of startups, identified one of the biggest time sinks to keep the books in order: spreadsheets and data cleanup.
“Countsy helps clients focus on growing their businesses by taking over non-core activities, like the month-end close,” said Colman Edwards, Director of Technology at Countsy. “Every client’s books are different and our job is to keep them in order and close them quickly. Accurate reporting is paramount, so we invest the time ensuring all transactions appear correctly in the GL. For our clients using Brex, however, the Oracle NetSuite integration is a no-brainer. We configure it once and can review and export the transaction data each month in under an hour. It cuts the close time significantly and we’re confident in the data.”
As part of the integration, Brex is introducing a “staging” environment, in which customers can review transactions and their various encodings before exporting the data to NetSuite. We also built a flexible Custom Rules engine that allows accountants to set their unique business logic exceptions to automatically map to NetSuite—instead of using multiple formulas in a CSV. For example: If a hardware purchase from Apple on a credit card is over $2,500 (or any other capitalization threshold), they can set the transactions as capital expenditure rather than a hardware expense.
We’re on a mission to help our customers grow and this is one of many steps we are taking to reduce the time that accounting and finance teams spend on repetitive, manual work.
We’re excited to hear what you think! Please reach out with any feedback you might have about Brex’s integration with Oracle NetSuite.
*Data is from a survey fielded August 17-18, 2019 to a sample of 202 full-time employed finance and accounting professionals who are responsible for closing the books at the end of the month.