Are you a mid-market business looking for an AR automation solution that integrates with NetSuite? You’re in luck. You’ll find plenty of effective solutions for automating your accounts receivable process on the market today. The biggest hurdle to realizing all the benefits of a streamlined NetSuite accounts receivable process lies in going through the steps of evaluating each option and then comparing them all in order to determine which one fits your needs best.
To provide some guidance and help you in your search, we’ve come up with a short list of top contenders–all of which easily integrate with Oracle’s NetSuite.
Unless you just crawled out of a cave, you’ve no doubt heard of NetSuite. Many companies who want their accounting, CRM, e-commerce, payroll, human resources and other business tools integrated have chosen to go with the software-as-a-service giant because of its customization capabilities and scalability.
A dedicated AR solution works in conjunction with your existing accounting software and helps with tracking invoices, accelerating collections and increasing accuracy. By replacing time-consuming manual tasks with automated workflows, AR software streamlines your AR processes saving you time, effort and money. The top solutions are designed to help you get paid faster which in turn improves your cash flow.
Although most automated AR software solutions will include many of the same features and offer similar benefits, those that use machine learning (ML) and artificial intelligence (AI) take AR automation to the next level. By making accurate predictions, optimizing your payments and identifying risky accounts, this class of software provides more visibility for better cash management and cash forecasting.
As you’re comparing different accounts receivable software platforms, you should take into consideration the following factors:
What invoicing features are included?
Not all automated AR solutions will create and send invoices. They track them, but that’s only after you’ve used your invoicing software to generate them and then sync the existing invoices with the AR software. If that’s the case, you may not care if the automated accounts receivable software has the ability to bill and invoice. On the other hand, having everything in one place is more efficient.
What’s the level of automation?
The level of automation you need depends on the size of your business and what you want to accomplish with the AR software. Enterprise-level automation software will include advanced features for payments, collections and communications with customers as well as capabilities you probably don’t need if you’re a small to mid-market business. Think about whether you really want to pay for bells and whistles you’ll never use and features that create “clutter.”
How easily does it integrate with other systems?
In the long run you’ll be more satisfied (and streamlined) if the software you choose integrates with your accounting system. If one of your goals is to improve efficiency and accuracy, you don’t want to continue manually transferring payments and reconciling accounts. Some solutions will integrate with third-party payment gateways, CRMs and other business tools to provide the ultimate in efficiency.
How is the pricing structured and does the cost fit my budget?
Obviously it’s more difficult to consider cost if an AR solution is offered on a quote basis. Some options are available on a subscription basis and others charge more as you add on more features and users. It’s a good idea to have a budget in mind to help keep your list of possibilities realistic.
With those factors in mind, here’s that short list we promised.
From the outset, Payference was created especially for mid-market businesses that wanted to enjoy all the benefits of automated AR software that enterprise-level businesses have had access to for years–without paying for extra features that they didn’t need. This NetSuite accounts receivable automation software provides all-in-one cash management all in one place for businesses in a variety of sectors.
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Pricing is subscription-based and available by getting an instant customized quote on the Payference website.
In addition to automating the manual tasks associated with billing and invoicing, collections and reconciliations, Payference provides real-time cash positions for more accurate cash management and cash forecasting. By leveraging ML and AI, Payference can predict payments, identify high risk accounts and help you optimize working capital.
The Payference cash flow management platform integrates seamlessly with a number of ERP/accounting systems, banks and payment channels to give you a big picture view of your cash on hand.
Payference has quickly become the preference of mid-market finance teams. But don’t take our word for it. See how this NetSuite user saw the light when they started using Payference to improve their collection process.
If you’ve decided it’s finally time to streamline your automated accounts receivable processes it won’t be long before you can:
These benefits and more are part of the Payference AR automated platform.
At Payference, we’re happy to learn about your unique challenges and answer any questions you may have about AR automation NetSuite integration or just AR automation in general. Schedule a demo to learn more at https://www.payference.com/demo-request.
Founded in 2006, High Radius offers several different cloud-based solutions including apps for Order-to-Cash, Treasury and Record-to-Report processes.The Autonomous Receivables product leverages AI to help businesses lower their DSO, improve productivity, reduce bad-debt and effectively manage working capital. They serve enterprise and mid-market customers in industries like industrial manufacturing, energy, insurance, media and publishing, consumer packaged goods, high tech electronics, pharma and life sciences, staffing and computer software.
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High Radius offers a subscription-based pricing model.
This option is best suited for mid-market to enterprise level B2B companies in sectors such as software, distribution, business services, transportation and logistics, manufacturing and wholesale retail. YayPay by Quadient is an automated AR management SaaS-based platform that helps finance teams manage receivables more efficiently and collect payments faster. This product features a detailed dashboard for monitoring data and analytics. The fact that YayPay’s pricing is by quote only may be a drawback for some businesses.
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Pricing for this solution is by quote only.
Like the other top AR automation solutions for NetSuite,Tesorio’s accounts receivable platform enables finance teams to be more productive by automating key processes. The solution delivers on faster collections and insights gained from real-time data. Email templates can be personalized and set to go out at exactly the right moment. Segmenting customers based on types, tags, age of invoice and more is another helpful feature built into this solution that serves enterprise and mid-market businesses that are growing rapidly and need scalability.
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Tesorio offers a free 30-day trial.