What precisely is NetSuite Accounts Receivables?
Businesses can quickly and easily create and send invoices, specify credit terms, handle collections, and gain the liquidity they need to finance expansion, accelerate the credit-to-cash cycle, and seize new investment opportunities as they present themselves with the help of NetSuite accounts receivable (AR). Finance teams may examine the status of receivables at any moment, at the macro level and down to each specific customer and invoice, thanks to real-time visibility across the AR process.
Netsuite Accounts Receivables Software helps you with:
- Post order transactions to general and AP ledgers automatically, with appropriate tax computations on each invoice for quick, accurate tax processing and billing. In order to speed up collections, NetSuite automates human accounts receivable operations and gives finance teams the ability to send digital invoices and provide a variety of payment methods.
- You can get the insights you need from NetSuite. Real-time insight into client aging, invoice analyses, recurring invoices, deferred and recognized revenue calculations, as well as exception reports to identify account irregularities, are all provided by configurable dashboards, reports, and KPIs.
- The end-to-end accounting system offered by NetSuite, designed to run your entire organization, enables cash flow and revenue management, automatic quote-to-order fulfillment, and integrated planning and budgeting. Provide functionality that goes beyond basic bookkeeping to relieve finance staff of tedious work and lessen the requirement for
Netsuite Accounts Receivable aids you overcome several Challenges including:
- Manual, prone to error processes Every step of invoice transmission, the granting of credit terms, and collection administration should be automated and streamlined.
- Insufficient visibility Gain real-time insight into the whole accounts receivable process, from the big picture down to specific clients and invoices.
- Overdue and Delayed Invoices. Automate the dunning process with customer care in mind to lower DSO.
Benefits of NetSuite Accounts Receivable
- Acquire Efficiency. Get rid of manual procedures. Automate billing, cash application, and data entry operations, and enhance receivables reconciliations.
- Boost accuracy. Utilize automated revenue recognition that complies with national and international requirements to provide financial statements that are more accurate and timely.
- Achieve Tax Compliance Apply sales and use taxes automatically on all invoices.
- Strengthen Collections. Days sales outstanding are decreased via automated dunning and collection notifications (DSO).
- At Your Fingertips, Information Data on invoices, payments, and accounts receivable can be retrieved straight from NetSuite.
Features of NetSuite’s Receivables
NetSuite accounts receivable provides powerful automation features as well as real-time information. With dashboards designed specifically for AR, the system is easily adjustable and gives you complete control over your company’s AR procedure.
Keep accurate records of your customers’ interactions, transactions, purchases, open invoices, communications, and other information. Finance teams may decide who has access to accounts and can edit records thanks to user roles and privileges that are configurable, which helps protect client information.
Dashboard for Receivables
Reminders and links to frequently used actions and reports can be added to role-based dashboards to make them more unique. The “at-a-glance” structure of NetSuite aids finance teams in focusing on crucial data and actions to speed up collections and reduce days of sales outstanding (DSO).
As orders are filled, automatically convert sales orders to invoices. It’s simple to modify invoice templates to match the specific invoicing requirements of clients. Send a bill via postal mail, email, fax, or computer. VAT, sales, and other taxes are easily calculable. Automatically posting transactions to the general ledger minimizes time-consuming, error-prone human data entry, and makes ensuring that accounts receivable information is always current.
Consolidation of Invoices
Consolidated billing will simplify the billing procedure. NetSuite merges statements into a single invoice when consumers place several orders during a single billing cycle. Each order receives its share of the payment when it is made. Billing and invoice processing are completed more quickly by the finance department. Customers only need to make one payment, which increases convenience while lowering days sales outstanding (DSO).
Accept cash, checks, credit cards, bank transfers, electronic funds transfers (EFT), and other forms of payment. Apply a single payment to several bills, or automatically match customer payments to active invoices. Track customer deposits against performance benchmarks for accurate billing; automatically apply for credits, and easily manage refunds.
By offering a “pay now” option on printed and electronic invoices, NetSuite Money Link makes it simpler for businesses to receive payment.
Receivables data can be analyzed on multiple dimensions using bespoke segments, easy-to-use tools, and configurable AR reports. To improve collections projections, report delinquent amounts by region, salesperson, distributor, or other factors. You can also track payment history to find clients who frequently pay late.
What Is the Price of NetSuite Receivables?
Businesses of all sizes, from early-stage startups to those that are expanding quickly, have switched to NetSuite. Looking for a more effective approach to operate your company but concerned about the price?
Users pay an annual license cost to use NetSuite. The three primary parts of your license are the number of users, the optional modules, and the core platform. For the first setup, there is additionally a one-time implementation cost. The advantage of cloud software is that you can quickly activate new modules and add users as your company expands.
Integrate Netsuite with Folio3
Folio3 has been working with industries integrating NetSuite for decades now and has been declared a Certified Netsuite Partners.
Folio3 experts have years of experience and understand the needs of your company. Certified Netsuite developers that can tailor the software based on your company’s needs. Contact us now and get a quote!