There’s no doubt that Netsuite is one of the number one cloud ERP software solutions on the market. As a true cloud solution, Netsuite offers a flexible solution that can fit around most business models at an affordable price. One of the most useful pieces of Netsuite’s available functionality is its extensive marketplace.
Netsuite’s Suite App marketplace allows for customers to find all of the “Built for Netsuite” verified applications that can help take their functionality to the next level. These apps create an extension of the ERP system to automate even more functions and become even more efficient. One area of the Netsuite App marketplace that more companies should be paying attention to is accounts receivable and collections. Using an accounts receivable application, like Lockstep Collect, in tandem with Netsuite allows your company to open up cash flow and grow your business faster, without doing any more additional work.
Below are features available with Lockstep Collect application for Netsuite accounts receivable.
PRIORITIZED WORKFLOW
Know who to call, when to call, and who you’re calling. Lockstep Collect for Netsuite accounts receivable lets you know exactly who needs a first call or follow-up call. As soon as you log in to the system, you can see all the actions you need to take, including messages left from customers. Instead of working off of a spreadsheet with highlighters, the system keeps all of this information front and center for you and allows you to drill down onto all the customer information you need to make a successful collection call.
AUTOMATED COMMUNICATIONS
Using a specified workflow set up during installation, Lockstep Collect will automatically send out invoices, collection letters, reminder letters, welcome letters, etc. You can create email templates based on your own preferences to be used for every email and each one that is sent out can be personalized by pulling in your customer’s data. This can save an immense amount of time and also help you to get paid faster by keeping you in constant contact with your customers.
ONLINE BILL PAYMENT
Not only is sending invoices via the mail costly, but it’s time-consuming. It’s also costly and time-consuming to wait for payment to be sent via the mail, as well. Using an online bill pay portal means you no longer have to stuff envelopes and put stamps on every invoice. Customers can look up their own payments and due dates, as well as self-serve their payments. Many Lockstep Collect customers who are using online bill pay have found they actually get paid before the invoice is even due.
INVOICE DISPUTE MANAGEMENT
Lockstep Collect for Netsuite accounts receivable can help you to greatly reduce or even eliminate invoice disputes. By using reason codes for disputes, you can drill down and better analyze each dispute for root-cause analysis, allowing you to prevent these types of disputes in the future. Additionally, by using document management, all documents, communications and files related to the dispute are centralized in one location.
