Expanding cash flow is accomplished by accelerating the rate at which you collect accounts receivable and customer payments. NetSuite users have the tools and flexibility to expand cash flow with accounts receivable, credit and collection software seamlessly integrated with NetSuite’s cloud-based ERP platform. Here are some examples of how you can expand cash flow with NetSuite.
ONLINE PAYMENT OPTIONS
NetSuite makes it easy for your customers to pay promptly by offering multiple online payment options including:
- Credit cards
- Automated Clearing House payments (ACH)
- Electronic Funds Transfer payments (ETF)
- PayPal Express Checkout for internet orders
- Google Checkout for internet orders
Adding a hyper-link to your invoice template which is connected to a secured payment portal makes it easy for your customer to pay invoices for sales orders online. It also helps to eliminate an excuse for delaying payment until a check can be cut and mailed.
CREDIT CARD PROCESSING
Credit card payments for sales, phone and internet orders can be processed directly through NetSuite simplifying card authorization and card-not-present requirements. This is a great way to speed up credit card processing.
Automated reminders can be set to alert you when action is required on an account. They can also be used to send reminders, copies of invoices and statements, and collection letters to past due accounts. More frequent contact with an account helps to accelerate payments and cash flow.
Online notes help to expedite the collection of past due accounts receivable. Use online notes to record actions and conversations on past due accounts, credit limits and customer disputes. The availability of the history of an account in one place when you contact a customer, sales rep or company personnel can help to expedite the resolution of customer disputes, credit issues and operational problems which may be delaying payment on past due invoices.
Missing documents are often a reason for payment delays and slow credit decisions. Work flow makes it easier and faster to receive and distribute electronic copies of documents to customers, sales reps, internal personnel, lawyers and financial institutions. With work flow you can reduce tedious clerical tasks and speed up cash flow.
NetSuite’s “real-time dashboard” technology helps you to report and track the Key Performance indicators (KPI) you need to manage accounts receivable and collection. With the NetSuite Home Dashboard you can also drill down to identify the reasons for the results. This makes pinpointing the customers needing attention easier and faster.
NetSuite’s ERP platform provides the tools and flexibility to help you expand cash flow. Accounts receivable, credit and collection software integrated with NetSuite will help you to achieve your goals for accounts receivable and cash flow.
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 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, pleases contact Lockstep Collect at www.lockstep.io.