The NetSuite ERP software platform offers the tools, flexibility and data accessibility to improve your management of accounts receivable. Utilizing accounts receivable best practices will help you to maximize the benefits of NetSuite’s platform. Here are some of the accounts receivable best practices you should consider when using NetSuite.
Use online notes to keep track of actions and conversations on past due accounts, credit limits, customer disputes and other matters you need to know to successfully manage your accounts receivable. Having the history on a problem account at your fingertips when you contact a customer, sales rep or internal personnel can help expedite customer disputes, legal issues and internal operational problems which may be delaying payment on past due invoices. Online notes can make your job less of a hassle and save you time.
There are times when you need to attach documents to invoices, statements or emails for distribution to customers, sales reps, internal personnel, lawyers, financial institutions and others. Work flow makes it much easier to facilitate the receipt and distribution of electronic copies of documents. This is a great feature you can use to minimize time consuming clerical tasks; freeing you to spend your time more productively managing accounts receivable.
Automated reminders can be used to alert you when action is required on a past due account, credit request or other matters. They can also be used to send email reminders, invoice statement copies, and collection letters to past due accounts. Automated reminders make accounts receivable management easier and more efficient. They allow you to follow up more frequently with past due accounts. You will be able to spend more time on accounts receivable management instead of shuffling paperwork.
NetSuite’s online bill pay offers multiple payment options for your customer whether it is for settlement of a phone, internet or sales order. Adding a hyper-link to your invoice template connected to a secured payment portal makes it easy for your customer to pay online. Make it easy for your customers to do business with you, and eliminate an excuse for delaying payment until a check can be cut and mailed.
CREDIT CARD PROCESSING
Manual credit card payments can be processed directly through NetSuite, simplifying card authorization and card-not-present requirements. This is a great way to save time and improve efficiency. Some apps in the SuiteApp store will allow you to automate these credit card payments, to free up time you would have spend manually.
Offer cash discounts for early payment as a tool to improve cash flow and reduce time spent on collections. A cash discount option can be easily added to your invoice template.
Use the NetSuite Home Dashboard to report and track the Key Performance Indicators (KPI) you use to manage accounts receivable. You can also drill down from the Dashboard to identify the source of the results, so you can pinpoint the customers needing the most attention.
Using accounts receivable best practices helps you to maximize the benefits of the NetSuite platform. NetSuite provides you with the tools, flexibility and data to better manage your accounts receivable.
Automated accounts receivable, credit and collection software, which can be seamlessly integrated with NetSuite, is available from Lockstep Collect, the leader in cloud-based software solutions, made specifically for businesses selling on credit terms. Lockstep Collect’s software is a “Built for NetSuite” application, which meets NetSuite’s “Suite Cloud” platform development standards and best practices.
If your firm would like to learn how you can automate your accounts receivable, credit and collection software, and integrate it with NetSuite’s ERP platform, please contact Lockstep Collect at www.lockstep.io.