Streamline Cash Management: A Netsuite Cash Management Solution

If you’re a NetSuite user looking for an uncomplicated way to streamline your invoicing, forecasting and other cash management functions, the search is over. There is a NetSuite cash management solution that offers easy implementation and a list of features to transform your invoicing operations. 

No one would argue that NetSuite has changed the way finance professionals work. The popular ERP, accounting and customer relationship management platform is a game-changer. But from the perspective of many accounts receivable departments in mid-market businesses, the platform is lacking some features that could make their jobs more efficient and effective. 

No one would argue that NetSuite has changed the way finance professionals work. The popular ERP, accounting and customer relationship management platform is a game-changer. But from the perspective of many accounts receivable departments in mid-market businesses, the platform is lacking some features that could make their jobs more efficient and effective. 

The way they see it, their jobs would be enhanced if they had a Pay Button; if they could send multiple invoices at once; if they could customize automated emails; if the statements were clean and straightforward; and if they could present customers with a simpler, better looking interface. That’s a lot of “ifs” – but fortunately, all those benefits are included in the NetSuite cash management solution from Payference.

Powered by AI, Payference has advanced features like automated collections, invoice matching and intelligent cash application to elevate the efficiency and accuracy of your accounts receivable process. 

While other software solutions are often tweaked or retrofitted to work with NetSuite, the Payference NetSuite cash management solution was designed from the get-go with NetSuite’s AR features in mind. It seamlessly integrates with the platform, filling in the gaps and providing users with an improved accounts receivable process. The result from the integration of the two solutions is that users from a vast range of industries have the ability to manage accounts receivable more efficiently, predict cash flow more accurately and deliver a better customer experience.

Payference can help you optimize working capital to increase your cash flow and enjoy these other significant benefits:

• Collect payments 10-20 days faster
• Reduce outstanding invoices by 30-40%
• Save time (20-25 hours per week) on administrative tasks with 
  • Automated reconciliation
  • Automated cash application
  • Automated, customized past due notices and payment reminders
• Accept multiple payment methods, including multi-currency
• Make highly accurate cash forecasts
• Gain real-time visibility into cash flow

And get this: It’s possible to go live and start enjoying all these benefits in a matter of hours.

Why You Need Both NetSuite and Payference

Even with a cloud-based solution like NetSuite, accounts receivable professionals face obstacles that keep them from performing their jobs in the most efficient and productive manner. Yes, digital technology eliminates the hassles of manual data entry and piles of paper, but the accounting solution you’re using can still have “issues” that impact efficiency and accuracy.

By integrating Payference cash management with NetSuite you’ll be able to:

Accelerate Collections

Imagine how much faster your invoicing process would be if you could send multiple invoices at once. Or how a Pay Button would simplify and speed up the payment process for your customers. In addition to these features, the Payference NetSuite cash management solution automatically transfers your sales data from NetSuite and presents it in a clean and easy-to-understand invoice sent to your customers by their preferred delivery method. This means your invoices go out faster. And because they’re more accurate, you avoid delays in the approval process. 

Sending timely and professional communications also helps accelerate collections. With Payference, you can send customized, automatic past due notices and payment reminders set at intervals you choose.

Finally, electronic delivery means invoices land in your customer’s inbox days earlier than if they were mailed. All these factors lead to a faster payment process, a decrease in your overdue invoices and reduced DSO. 

Improve Cash Flow Forecasting

The goal of cash flow forecasting is to have financial data for better decision making. So the more accurate your forecast is, the more useful it will be. With an AI-powered cash management tool, your cash flow forecasts are highly accurate for several reasons.

The first reason is that you’ll be viewing your cash positions in real-time with the data gathered from one source rather than disparate accounts which are not always up-to-date.

Next, with automated data capture and transfer, the errors that come with manual data entry are significantly reduced. While you enjoy the benefits of automation you still have the flexibility to make adjustments or override items when you need to.

And most importantly, the Payference NetSuite cash management solution leverages machine learning and artificial intelligence to predict customer payments and identify high risk accounts that impact the accuracy of your cash flow forecasts. The software quickly learns from historical data and recognizing patterns when customers are likely to pay and which are at risk. A manual analysis to give these same actionable insights would be extremely difficult.

Streamline Cash Application

Reconciling accounts can be a time-consuming, tedious endeavor. Instead of your team spending hours having to match invoices, figure out how a payment (or portion of a payment) should be applied, and contact customers for clarification, the solution takes care of it. Once a payment is received, it is automatically–and correctly–applied to the proper accounts within NetSuite.

The benefits to automating this step in the order-to-cash cycle are many. Not only do you save time and costs associated with manual processing, you free your team to focus on more strategic work that brings value to your organization. Also, having clear, consolidated records helps in the event a dispute with a customer arises.

Increase Flexibility

When you’re able to send multiple invoices at the same time as well as receive payments in a variety of ways, including multi-currency, your AR processes are simplified. This kind of flexibility eliminates confusing accounting issues and allows you to customize communications and workflows for your individual customers with ease.

Enhance the Customer Experience

Today’s customer wants more visibility, control and flexibility. Payference gives them all those benefits by offering a self-serve portal. Customers can log-in securely, view their account on a user-friendly dashboard and make payments with their preferred method at any time that works for them. This kind of convenience encourages on-time and even early payments.

NetSuite is Great, Make it Work Better for You

Using NetSuite exclusively for managing your accounts receivable can be frustrating and inefficient because of the manual tasks involved and the gaps in the way the platform works. By removing those drawbacks and automating invoice creation, delivery and tracking, you can take your AR and other aspects of cash management to the next level.

Add Payference to NetSuite and…

Improve cash flow: AI helps you make more accurate cash flow forecasts and optimize working capital.

Save time: Automate data entry and invoicing for efficiency.

Increase accuracy: Ensure that your invoices are free from the errors that come with human data entry.

Speed up collections: Automation means your customer receives invoices promptly leading to faster payments.

Elevate customer service: Offer your customers the convenience of a self-serve portal and the professionalism of consistent, customized communications.

These are just some of the ways that integrating Payference with NetSuite can enhance your cash management. Want to see more? Set up a demo today.