A NetSuite Integrated Receivables Solution

Efficiency is key when you’re managing accounts receivables. On-time payments from customers are critical to making sure your cash flow demands are met. On that point, NetSuite users appreciate how the powerful platform improves their accounts receivable process. It boosts efficiency by automating repetitive manual tasks and reducing errors caused by human input. 

But those same users also have a list of features they wish the mega ERP solution offered. Fortunately, they can find those missing features in a NetSuite Integrated Receivables Solution.

In this article, we’ll go over the features and benefits of adding a receivables solution that integrates with NetSuite and how it can transform your finance operations. Before we dive in, we’ll do a quick review of how AR automation software works.

Accounts Receivable Automation Software Basics

Accounts receivable automation software takes a process that typically is bogged down by tedious manual tasks and cumbersome workflows and simplifies the entire process by automating those tasks and workflows. Not all AR software solutions are the same. Some only automate certain parts of the accounts receivable process while others offer end-to-end automation.

Let’s take a look at how automation software, when integrated with your ERP accounting system, works to improve each step of the AR process, beginning with invoice creation. 

Instead of AR staff gathering sales data and manually entering it and other relevant information such as payment terms and any discounts to create an invoice, the software transfers the data automatically which results in significant time savings and reduced errors. After invoices are created, they are sent to customers electronically (or through snail mail if the customer prefers). 

Some solutions will also automatically send payment reminders and overdue notices at intervals you determine ahead of time. As payments come in, customer accounts are automatically updated.

Other software solutions can take your accounts receivable to another level. These leverage artificial intelligence (AI) and machine learning (ML) to predict payments, identify high risk accounts, improve cash flow forecasting and optimize working capital. 

Automation, along with these more advanced technologies, saves time and effort, reduces errors, accelerates collections, and improves customer service. All these benefits work together to improve cash flow and significantly reduce the number of outstanding receivables.

NetSuite Integrated Receivables Solution

NetSuite delivers a robust invoicing functionality. But as good as it is, it can be enhanced. If you currently use NetSuite, you can improve your billing operations even more by integrating a third-party application, especially if you choose one that was designed specifically to include the features that NetSuite lacks. 

• Pay button–It may surprise you to learn that something as simple as a Pay Button can actually accelerate collections and improve your customer service. Remember, anything you can do to make it easier for your customers to pay will encourage speedier payments.
  
  
• Ability to send multiple invoices at the same time–By allowing you to send multiple invoices with one action rather than having to send each one individually, the third-party integration offers flexibility to further streamline invoice delivery.
  
  
• Better customer interface–Keep in mind your customers are as busy as you are. Providing an intuitive, attractive interface saves them time and impacts their experience in a positive way.
  
  
• Clean, straightforward statements–Again, making it easy for your customers to find the information they need encourages them to make payments on time. If they know that paying invoices from you is not a hassle, they’re more likely to take action rather than delay making payment.
  
  
• Automatic customer emails–Professional, customized communications sent on a schedule you set up ahead of time are an effective tool to increase collections and further streamline the accounts receivable process. 
  
  
• Customized invoice fields–The ability to easily tailor your invoices with custom fields helps you capture information relevant to your unique business.
  
  
• Invoice matching–A third-party application that leverages AI can accurately match incoming payments to your outstanding invoices even with complex scenarios that normally would require manual intervention: The customer sends a partial payment or has several outstanding invoices to name a few.
  
  
• Automated payment reconciliation–All payments will be accurately recorded and reconciled because the NetSuite Integrated Account Receivables solution compares bank statements and payment data automatically.
  
  
• Real-time cash positions and reporting–Data in real-time makes accounts receivable more accurate and gives insights into collections performance, cash flow and other key metrics that are crucial to financial planning and decision making.
  
  
• Customer self-service portal–A customer self-service portal that integrates with NetSuite allows customers to access their account information, providing a convenient way for them to view invoices and make payments. It also reduces the number of times they have to reach out personally to your team.

You’ll find all these features in Payference, an AI-powered cash management tool that seamlessly integrates with NetSuite–and in many cases, integration takes only a few hours to complete. Hear first hand how Payference enhances NetSuite in this short video from one of our customers.

Benefits of Using the Payference NetSuite Integrated AR Solution

In addition to being up and running in no time, the benefits to choosing Payference as your third-party NetSuite accounts receivable integration solution are significant:

Reduced DSO

Because Payference’s additional features streamline invoice creation and delivery, invoices get into your customer’s hands faster and that means they can make payments on a shorter timeline. Add in the Pay Button and the ability to make payments through a variety of methods and in multiple currencies, and you set the stage for accelerated collections.

Greater efficiency

You can save valuable time and reduce the number of manual errors when you automate repetitive tasks and manual workflows. Your finance team can then use that extra time and energy to focus on strategic initiatives that drive growth.

Increased cash flow

Streamlined AR processes, quicker invoice creation and delivery and automated reminders result in increased cash flow. Using an AI-powered NetSuite integrated accounts receivable solution also contributes to an increase in cash flow by optimizing your payments and giving you insights on spend.

Real-time data insights

Get actionable insights from real-time data. Payference’s advanced reporting and analytics help you identify trends, forecast more accurately and make smarter financial decisions.

Enhanced customer experience 

Payference integrated with NetSuite allows you to personalize communications, set up an email schedule customized for each customer and offer multiple payment methods through a self-serve customer portal, all of which builds loyal customer relationships.

Find a Partner in Payference

If you’re a NetSuite user looking to streamline your AR process as well as improve your cash flow, consider checking out Payference. By combining the power of AI with the efficiency of automation, Payference enhances NetSuite and makes it even more effective. See for yourself with a short no-pressure demo.