A Guide to NetSuite Integration for Accounts Receivable Automation

Accounts receivable professionals are in a love-hate relationship with NetSuite. They love how the popular ERP increases the efficiency of their AR processes and makes their job easier. But at the same time, they’d like to see improvements to the way the platform functions. Fortunately for them, there is a NetSuite integration for accounts receivable automation that fits the bill.

Managing accounts receivable effectively is important for businesses of any size to maintain financial stability and a healthy cash flow. But it’s even more critical for small to mid-market size businesses to operate with the utmost efficiency. They usually don’t have a comfortable cushion and can’t afford the inefficiencies, delays and errors that occur when traditional manual processes are used for AR. 

That’s why so many of these businesses turn to NetSuite for powerful automation that transforms their accounts receivable. And increasingly, those same NetSuite users have begun looking for a third-party accounts receivable application that easily integrates with the platform to improve operational efficiency further.

In this guide, we'll go over the benefits of a NetSuite integration for accounts receivable automation. We’ll also give you some best practices to follow so you can get the most out of the integration to streamline your accounts receivable, accelerate collections and increase cash flow.

Look for These Benefits with NetSuite Integration for AR Automation

With NetSuite integration for accounts receivable automation, finance teams are empowered to streamline invoicing and collections processes within the NetSuite ERP system. When you automate key tasks like invoicing, sending out payment reminders and following up with past due accounts, businesses can eliminate many of the manual processes that slow down the accounts receivable process. Removing those obstacles leads to improved cash flow.

Want to optimize your financial operations? By integrating NetSuite AR automation, you’ll enjoy these benefits:

Faster invoicing–By automating your billing and sending invoices through electronic delivery methods, you drastically reduce the time it takes to get an invoice to your customers. Payference enhances NetSuite by allowing you to send multiple invoices at once.

Improved collections process–Proactive collections management is much more effective than the traditional method of tracking accounts on spreadsheets and chasing down payments with mailed notices and phone calls. Personalized digital communications and timely notifications such as payment reminders, follow-ups and escalations that are sent out automatically at predetermined intervals you decide upon ahead of time can improve your collections rate and reduce Days Sales Outstanding (DSO).

Increased cash flow–Payference NetSuite integration for accounts receivable automation speeds up the invoicing and collections process so you can get paid faster. With a more streamlined AR process and a decrease in DSO, you’re able to enjoy a healthier cash flow and allocate funds strategically.

Fewer errors for higher accuracy–No matter how skilled your AR team is, they are human and will undoubtedly make errors when they have to perform manual tasks such as data entry and collections tracking. With accounts receivable automation, data capture and reconciliation are completed with minimal human intervention, so errors are minimized and records are more accurate.

Real-time data–You’ll have increased visibility into collections with the real-time data the Payference NetSuite integration provides. Not only that, you’ll have access to comprehensive reporting and analytics that allows you to track key metrics, identify trends and make decisions based on the most up-to-date financial information.

Enhanced customer experience–AR teams appreciate the fact that Payference provides a self-serve portal so customers can view their invoices, make payments, access statements and generally manage their accounts whenever they wish. This feature offers a double benefit. AR teams like the reduction in inquiries and customers like the convenience of immediate access. 

Boosted productivity–Because AR processes are automated and streamlined, AR teams have the mental energy and time to focus on higher value activities that drive growth rather than mundane, repetitive tasks. Overall efficiency is improved, operational costs are reduced and productivity is enhanced.

Best Practices to Maximize the NetSuite Integration for Accounts Receivable Automation

A little bit of preparation will set you up to get the most out of your third-party integration. Just follow these best practices for a smooth and optimized implementation.

1. Evaluate your current accounts receivable processes. Thoroughly assess your existing AR workflows. Identify bottlenecks and pain points. Your findings will dictate your automation plan, making sure it aligns with your overall business objectives.
   
   
2. Customize to suit your specific needs. A great feature of Payference NetSuite integration for accounts receivable automation is that it can be customized. You can tailor invoice templates, workflows, payment terms and your notification schedule to fit the way your team works best–and to customer preferences.
   
   
3. Cleanse your data. Before implementation, make sure your data is complete, accurate and migrated properly. You want a smooth transition and a reliable automation result–data cleansing is a key step.
   
   
4. Provide engaging training. Your AR team and other stakeholders need to feel prepared and a part of the process. Use effective change management strategies to help them accept automation. They need to be on board to enjoy its benefits.
   
   
5. Track performance. On a continuing basis, monitor your accounts receivable processes using NetSuite’s reporting capabilities. An analysis of key metrics will identify areas that need improvement. Then use the insights you gain from the data to make adjustments to your processes.

Payference and NetSuite: A Powerful and Dynamic Duo

NetSuite is popular for a number of reasons. It can revolutionize your accounts receivable by automating most of the steps in the order to cash cycle. Payference, an all-in-one cash management tool powered by AI,  was designed from the beginning to enhance NetSuite’s effectiveness. It provides NetSuite users with features that NetSuite lacks. Payference’s specialized features allow businesses to streamline their accounts receivable, improve their cash flow and manage cash better within the NetSuite environment.

Here’s a list of just some of the features that the Payference integration adds to NetSuite to make it function better for AR teams:

• A Pay button–a simple feature, but a much desired one.
• Clean, easy-to-read statements–organized for readability and clarity.
• Ability to send multiple invoices–send multiple invoices at once.
• Automatic emails–customers receive reminders and notices on a predetermined schedule.
• Better customer interface–user-friendly and intuitive.

These days, small to mid-market size businesses need to take steps to improve efficiency and cash flow. The Payference NetSuite integration for accounts receivable automation is a fast and easy way to transform your financial operations. (We’re talking up and running in a matter of hours.) 

Take the next step and see for yourself by scheduling a short demo at your convenience.