The integration can simplify financial reporting and eliminate the need for manual data entry. Credit: shutter_o/Shutterstock.com.

Oracle NetSuite has launched the NetSuite Connector for MICROS Simphony to enhance productivity and decision-making in the restaurant and hospitality sectors.

This new integration aims to help businesses reduce costs, centralise data, and improve efficiency by connecting Oracle’s point-of-sale (POS) system with NetSuite’s cloud business suite.

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The NetSuite Connector for MICROS Simphony will facilitate a daily transfer of essential financial and inventory data into NetSuite.

The integration is anticipated to simplify financial reporting, optimise cash reconciliation processes, and eliminate the need for manual data entry.

The connector’s ability to enhance financial reporting is also beneficial for multi-concept or multi-location restaurants.

It allows each location to send specific data to NetSuite, with tender data segmented by name and carry over amounts included, thereby improving financial transparency and the speed of closing books.

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Oracle NetSuite founder and executive vice president Evan Goldberg said: “Restaurant and hospitality businesses need to be agile, but disconnected systems can make it difficult to understand performance and customer demands.

“NetSuite Connector for MICROS Simphony helps create a single source of truth with visibility into how sales are driving financial performance. By combining the power of Oracle and NetSuite, we are committed to helping our customers take advantage of end-to-end solutions to support growth.”

Streamlining data reconciliation is another feature of the NetSuite Connector for MICROS Simphony.

It automates updates from Simphony to NetSuite, with data imports segmented by dayparts and including detailed transactional data such as totals, items sold, service charges, and discounts.

By automating data flow between POS and inventory systems, the connector helps eliminate manual data entry and reduce errors, the company said.  

Businesses can more accurately track sold items and make informed decisions regarding inventory management and demand planning.

In October last year, TGI Fridays adopted Oracle NetSuite to automate its financial processes, enhance decision-making, and expand revenue streams across its international chain of restaurants.