Netgain — the company powering modern accounting teams — today announces the launch of NetCash, a new way to modernize and streamline cash management for accounting teams. NetCash offers real-time automated bank imports and reconciliations, directly within NetSuite.
Netgain is on the forefront of the open banking movement, enabling NetSuite users to seamlessly connect their bank accounts and import cash transactions via APIs, providing real-time, precise, and comprehensive visibility into the cash position of a company. By partnering with multiple open banking providers, NetCash boasts a greater number of bank connections than any other cash management solution.
With daily automation and optimization of cash transaction imports, application, and matching, accounting teams can now proactively and efficiently stay on top of cash transactions and balances throughout the month. Even better, accounting teams can spend less time at month-end being reactive and chasing down supporting details via manual processes.
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“Netgain is built by a team of dedicated accounting professionals driven by a shared passion for alleviating the common challenges encountered by accountants and financial experts — offering solutions we yearned for ourselves,” shared Nathan Smart, President and Founder of Netgain. “Our commitment with NetCash, as with all our innovations, is to streamline accountants’ lives through user-friendly solutions that grant instant access to precise financial information.”
Key features of NetCash include:
- Open banking integrations: Access and manage your bank data seamlessly within NetSuite.
- Automated syncing: Automatically synchronize bank transactions for up-to-date visibility into your accounting system.
- Accurate matching: Ensure greater efficiency and accuracy with automated bank-to-general ledger (GL) matching.
- Simplified cash applications: Streamline the open invoice and vendor bill cash application process with ease.
- Initiate transfers: Automate bank transfers quickly and efficiently.
- Audit-ready reports: Generate proof-of-cash reports for audits and management.
- Intuitive bank reconciliation summaries: Access bank reconciliation and ending balance summaries effortlessly.
- Transaction creation: Automate transaction creation upon bank deposits.
- Efficient reviews: Easily review and confirm transaction matches.
“Before adopting NetCash, our monthly bank reconciliation process was a major time drain. We had to manually upload bank data several days at a time, twice a month, which often led to delays and discrepancies. Since switching to NetCash, we now enjoy a live bank feed that updates daily. This has significantly reduced our reconciliation time to just about an hour each day. It’s made our workflow more efficient and helped us spot issues early, keeping everything on track and boosting our overall productivity,” shared Cecilia Banegas, Accountant at Centric Infrastructure Group.
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