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Bringing accounting out of the dark ages with a NetSuite ERP credit card integration

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Expenses, receipts, month-end manual statement uploads. Processing and classifying corporate credit card spend data is a nightmare for accounting and finance teams each monthly close. Interestingly, as firms mature and start using more sophisticated ERP software their credit card transaction reconciliation process actually often goes backward in efficiency. This is because simple ERP software used by small businesses, like QuickBooks and Xero, often have strong integrations with a number of credit cards. 

However, as businesses mature in ERP software, they regress to the dark ages of manual reconciliations and CSV file uploads. This is because most credit cards do not integrate directly with more sophisticated ERP software like Oracle NetSuite

Why are there fewer ERP credit card integrations with software like NetSuite? NetSuite offers a lot more customization and functionality, which means that integrating with it is more challenging. Further, the barrier to obtain an “approved” status within NetSuite’s ecosystem of apps is high (this is obtained by completing a thorough approval process), because it is designed to serve fewer customers with more robust functionality. This means that the ERP credit card integrations are more complex and more difficult to get approved. As a result, Brex is the only corporate credit card offering to have a direct NetSuite ERP credit card integration.

There are huge impacts to implementing the ERP credit card integration, mostly centered around modernizing accounting and finance procedures and moving away from error-prone processes, like manual CSV uploads and manual reconciliation against PDF statements. The perils of these manual processes are wasted time and inaccurate data. At their worst, they can result in bloated teams—which exacerbate the trope that accounting and financing teams can seem like a “cost center”—as well as errors in major presentations and outputs, such as Board of Director meeting materials. Accounting and finance teams must use modern processes, like a direct NetSuite ERP credit card integration, to save time, increase data fidelity, and thereby enhance their efficacy across the organizations they support. 

Two different Brex accounting partners have highlighted the value of direct ERP credit card integrations. Countsy, a back-office outsourcing solution that specializes in NetSuite, notes that Brex’s direct NetSuite integration saves its customers on average up to 4 hours on their monthly accounting close process. Separately, Kruze Consulting notes that mutual Brex and Kruze clients using ERP credit card integrations saved over $250 per employee per month on travel & entertainment expense reconciliation time and other accounting-related back office expenses.

As organizations mature and use more robust ERP software, modern processes, like direct credit card integrations, can help increase efficiency and reduce uncertainty and human error.

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