【Cloud Goods Sharing】The Finance Transformation Tool for FinTech Enterprises: Oracle NetSuite

With the rapid development of the FinTech industry, FinTech companies are facing unprecedented opportunities and challenges. As a FinTech enterprise, it not only needs to have the high growth potential, innovative spirit and hustle culture of a startup, but also has to cope with the challenges of rapid technology iteration, fierce market competition, and high capital demand. In this article, we will introduce you to a financial technology enterprises to help achieve financial transformation of the tool - Oracle NetSuite.

1.The financial plight of fintech enterprises

Fintech enterprises usually show rapid growth momentum in the early stages of business, but the accompanying complexity of the financial process. On the one hand, companies need to innovate quickly to capture market share, on the other hand, but also to strictly follow the financial process and regulatory requirements. With the accelerated growth and international expansion of the business, traditional back-end systems and manual processes are becoming overburdened, greatly limiting further growth. In addition, when working with large financial institutions, complex financial and accounting processes can also become a bottleneck in business efficiency, affecting the overall performance and sustainable growth of the enterprise.

2.Advantages of Oracle NetSuite

Oracle NetSuite, a leading financial management software, provides a comprehensive solution for fintech enterprises. It automates financial and accounting processes on a unified platform, helping companies optimise operations, innovate continuously, respond quickly to change and achieve business goals. Here are a few core benefits of Oracle NetSuite:

(i) Powerful Controls and Automation

FinTech firms, while subject to regulatory compliance, often lack the resources of large financial institutions. Oracle NetSuite enables tight integration between front-end systems and powerful accounting platforms for enhanced audit controls and compliance. It supports real-time access to the right information for key users at a granular level, far superior to manual methods or semi-automated spreadsheets. In addition, Oracle NetSuite supports multiple accounting rules and books of accounts, meeting the dual needs of global standards and country-specific requirements as organisations expand internationally, improving the integrity and accuracy of system reporting.

(ii)Reduced TCO and Scalability

Fintech companies often provide services in the cloud, but entry-level back-office systems are often not scalable. Oracle NetSuite's unified database-based platform not only reduces TCO, but also offers the benefits of auto-updates in a multi-tenant ‘true cloud’ model. Oracle NetSuite's unified database-based platform not only reduces TCO, but also offers the auto-update benefits of a multi-tenant ‘true cloud’ model. As the number of business entities grows, Oracle NetSuite is able to efficiently support multi-entity operations, avoiding the inefficiencies of purchasing multiple instances of small accounting packages and doing a lot of manual integration work.

(iii) Risk-free Deployment Approach

Oracle NetSuite's risk-free implementation process, the SuiteSuccess Interactive Approach, helps FinTech companies dramatically reduce time to value. Unlike traditional ‘implementation accelerator’ products, SuiteSuccess provides pre-built reports, dashboards, KPIs, detailed workflows, and pre-configured roles, all of which are available off the shelf and do not require complex configuration.

3.Hitpoint Cloud FinTech Industry Solutions

Hitpoint is experienced in virtual coupon code full lifecycle management, virtual currency banking and investment business:

1. Virtual coupon code full lifecycle management: coupon code master data management, multi-mode procurement management (code pooling type procurement and API procurement), batch inventory management and validity period management, synchronisation to online wallet and sales results back to the online wallet and sales, deduction of batch inventory;

2.A variety of procurement reconciliation and write-off modes: settlement by the number of purchases, settlement by the number of write-offs, etc.;

3.Closed-loop management of virtual currency wallet treasury and custodianship business, financial management transaction details and custodianship funds booking details;

4.The fusion of virtual currencies and fiat currencies management, CoinMarketCap website exchange rate docking;

5.The management of the virtual currency investment business and the project Profit and loss statements are presented in real time;

In the fierce competition in the FinTech industry, enterprises need to continuously optimise their financial management processes to achieve sustainable development.Oracle NetSuite, as a powerful, flexible and scalable financial management software, provides comprehensive support for FinTech enterprises. It not only helps companies to improve financial efficiency and compliance, but also helps them to achieve rapid expansion in the international market.