Does your company use NetSuite’s cloud-based ERP software platform for most of its information processing needs? Are you considering upgrading your manual accounts receivable, credit and collection system to an automated software package which can run on NetSuite’s platform? If your answers to these questions is yes, then there are a number of factors you should consider in evaluating software options.
The cloud-based automated accounts receivable, credit and collection software you select should be capable of seamless integration with NetSuite’s ERP software platform. The software you choose should be a “Built for NetSuite” application, which meets NetSuite’s “SuiteCloud Platform” development standards and best practices. This is essential to ensure that the software will run smoothly and efficiently on NetSuite’s platform.
The software provider should have a demonstrated track record of successful installations with NetSuite’s platform, and the capability to provide training and support before, during and after the installation. Successful software installations require the foresight to spend the amount needed so that adequate training and support is provided.
The software you choose should have the capability to provide automated reminders when action is required on a past due account. It should also be able to send follow-up email reminders, invoice copies, statement copies and collection letters if necessary. You want to spend your time focusing on collections, not shuffling paperwork.
There should be the ability to have a hyper-link on your invoice connected to a secure payment portal. When you need to call past due accounts you can remind them how easy it is to pay immediately with a credit card or ACH transfer. Don’t give a past due account an excuse to delay payment until a check can be cut.
The software should include the capability to enter online notes. You can record online actions taken on collections, dispute resolutions, credit requests and other matters so that when you follow-up or call a past due account its history is readily available. Having an account’s history available in one place makes collection calls less of a hassle and more efficient.
Make sure that the software you choose has work flow capability. It makes it much easier to attach the required documents from sales reps, shippers, lawyers and internal personnel, which may be necessary to resolve disputes and other collection problems. It is another great time saving feature, so you can minimize clerical tasks and focus on collections.
There should be the ability to provide information on the dashboard for top level accounts receivable, credit and collections metrics. Detailed analysis by customer should also be available by drilling down from the dashboard to the supporting information. This makes it much easier to follow and report on progress in managing accounts receivable and collections.
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 “SuiteCloud” platform development standards and best practices.
If your firm would like to learn more about how you can automate your accounts receivable, credit and collection software, and integrate it with NetSuite’s platform, please contact Lockstep Collect.