Global fintech Airwallex has completed an integration with accounting software NetSuite, developed in partnership with Onlineone, a NetSuite partner.
Building on its growing suite of accounting integrations, Airwallex’s customers in Australia, Hong Kong, EMEA and the US will now be able to automatically synchronise transactions in their NetSuite accounts for the latest view of their financial position in a single platform.
By eliminating the need for manual data entry, customers can enjoy easier, faster and more accurate reconciliation of business expenses.
Airwallex’s head of product partnerships Gajia Parsons said the integration would allow businesses to manage their finances more efficiently.
“By offering our customers the added convenience of automatically synchronising their Airwallex transactions to NetSuite, they stand to benefit from time savings and reduced risks associated with manual errors,” she said.
“We’re excited to extend our integration partnerships to include NetSuite.”
The bank feed integration would also provide customers with NetSuite accounts a view of their financial position in a single platform.
“Being customers of Airwallex ourselves, and using Airwallex’s APIs, we saw the perfect opportunity to build innovative solutions on top of NetSuite,” Onlineone chief operating officer, Craig Traub said.
Earlier this year, Airwallex successfully trialled the integration with a group of global businesses before the launch.
Matthew Jie, a financial controller at Devcos International, an Australian brand development firm and one of the businesses that took part in the trial, said that the integration had helped them overcome challenges with manual payment reconciliation.
“We have been using the Airwallex bank feed in our NetSuite account for the past few months,” he said.
“It has saved us a significant amount of time on the daily manual uploads, and allows the team to perform bank reconciliation at any time in NetSuite without the worry of whether the transactions match up with our bank statements. This is absolutely a great feature for improving efficiency.”
This latest integration follows a string of other major partnerships that Airwallex has inked with global brands.
Earlier this year, the company announced that it has been selected by Qantas Loyalty to power its new and upcoming financial services offering, Qantas Business Money. More recently, Airwallex partnered with UK-based investment app Plum to support the launch of its new US investing product.
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.