Accounts receivable automation with NetSuite will provide you with the tools you need to manage accounts receivable, credit and collection quickly and efficiently. You will be able to spend more time managing accounts receivable instead of juggling manual tasks and tedious paper shuffling. Here are some of the tools for accounts receivable automation with NetSuite.
Forget about using sticky notes and calendar software to remind you when action is required on an account. Automated reminders can be set so you don’t have to worry about when to follow up. Automated reminders can also be used to send past due notices, copies of invoices and statements, and collection letters to problem accounts. Accounts that are reminded to pay and contacted frequently are more likely to pay on a timely basis.
ONLINE PAYMENT OPTIONS
Make it easy for your customers to pay promptly by offering multiple online payment options with NetSuite. Online payments reduce accounts receivable and the need for collection, and accelerate cash flow. With NetSuite you can offer 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 connected to a secured payment portal makes it easy for your customers to pay invoices for sales orders online. Customers have no excuse to delay payment until a check can be cut and mailed when you offer online payment options.
CREDIT CARD PROCESSING
With the increasing importance of online and phone sales for many companies it has become essential to be able to handle credit card processing quickly and efficiently. Credit card payments for sales, phone and internet orders can be processed directly through NetSuite simplifying card authorization and card-not-present requirements.
Online notes provide a single, easy to access source of the history of actions and conversations on past due accounts, credit limits and customer disputes. You will no longer need to review hand written notes in a customer file when you contact a customer, sales rep or company personnel to expedite the resolution of customer disputes, credit limits and operational issues. Automating notes will help to make your job easier and hassle free.
Work flow facilitates the receipt and distribution of electronic copies of documents to customers, sales reps, internal personnel, lawyers and financial institutions. Missing documents are frequently the reason for payment delays. Work flow helps to reduce the clerical aspects of this task and accelerate cash flow.
You don’t know where you are going or how you are doing without Key Performance Indicators (KPI). NetSuite’s “real-time dashboard” technology helps you to report and track the KPI’s you need to manage accounts receivable and collection. NetSuite’s Home Dashboard drill-down capability also provides you with the tools to identify the reasons for results. Pinpointing problem accounts will be easier and faster.
NetSuite provides you with the tools to automate accounts receivable and credit. It offers a flexible solution 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 system and integrate it with NetSuite’s ERP platform, please contact Lockstep Collect at www.lockstep.io.