NetSuite Order to Cash process

NetSuite Order to Cash process

Table of Contents

What’s an order to cash process?

Every company has a unique process of earning revenue. For an eCommerce business, it means selling products on their website or a third-party vendor, getting the cash from the consumer and ensuring that it gets delivered to them. In layman’s terms, this is the order-to-cash cycle of an eCommerce company.

For Manufacturers, this cycle can be a little different, where the invoicing process might occur after the order fulfillment. As this is a complex process, companies spend a lot of time managing their order-to-cash cycle. This often leads to the use of multiple business management systems that only hinder the process furthermore.

To break it down, an order-to-cash cycle generally contains the following items:

  1. An Order Entry
  2. Order Fulfillment
  3. Product Shipping
  4. Billing & Invoicing
  5. Payment Collection
  6. Reporting & Reconciling
  7. Accounts Receivable / Accounts Payables

When it comes to a business, not everyone follows the exact flow that is mentioned above. Every order-to-cash cycle can be unique, and it is NetSuite’s amazing capability that allows them to be automated for better results.

american-3748708_1920-1200x799

The need for a NetSuite Order-To-Cash process

A well-planned order-to-cash cycle allows businesses to forecast their revenue, track sales and enhance inventory item management. However, any type of error can vastly affect the efficiency of the cycle and damage your entire forecasting data while delaying the fulfillment process.

As the order to cash cycle contains the work of different departments, it is common to see businesses opt for specialized systems that cater to a particular department be it internal or external, exclusively. As a result, companies soon find themselves amidst increased IT costs, misplaced data and delayed orders as no system is integrated with one another.

The solution? Accelerate and unify your order-to-cash cycle with a single business management system that is capable of handling every business department with ease aka NetSuite

Following are some major concerns that generally revolve around businesses looking to ease their order-to-cash cycle.

A complex Order Management Process

From Product Sale to Order Approval to Processing and all the way to fulfillment, the order management process tends to be complex and any issue at any time means risking customer satisfaction.

To explain: A CRM system is generally used by the Sales Department where they input every customer interaction, transaction, orders etc. However, an employee who oversees the warehouse tends to use a WMS to handle its operations. Both these departments run operations that are completely unique to them with no integration whatsoever.

What this means: If a sale is completed, the sales team must manually email the warehouse team of the order as they use different systems to manage their operations and that is just one instance.

The use of multiple business management systems increases the manual workload unnecessarily. Therefore, it is recommended to use an ERP like NetSuite which can easily connect all departments for streamlined operations. Be it WMS, CRM or even HCM, NetSuite is capable to handle it all.

ecommerce-2607114_1920-1200x800

Unreliable data

The use of multiple business management systems affects a company’s reliability as needed information tends to be scattered all over. When someone updates information such as customer name, address, phone number etc. manually in their CRM, they must also make sure that the change gets reflected across every system in place.

The issue? If the new information doesn’t get updated, chances are the other department such as shipping, may send the product to the old address in the system. Yet another reason to use a unified cloud-based business management system.

A complex Order Management Process

From Product Sale to Order Approval to Processing and all the way to fulfillment, the order management process tends to be complex and any issue at any time means risking customer satisfaction.

To explain: A CRM system is generally used by the Sales Department where they input every customer interaction, transaction, orders etc. However, an employee who oversees the warehouse tends to use a WMS to handle its operations. Both these departments run operations that are completely unique to them with no integration whatsoever.

What this means: If a sale is completed, the sales team must manually email the warehouse team of the order as they use different systems to manage their operations and that is just one instance.

The use of multiple business management systems increases the manual workload unnecessarily. Therefore, it is recommended to use an ERP like NetSuite which can easily connect all departments for streamlined operations. Be it WMS, CRM or even HCM, NetSuite is capable to handle it all.

Unreliable data

The use of multiple business management systems affects a company’s reliability as needed information tends to be scattered all over. When someone updates information such as customer name, address, phone number etc. manually in their CRM, they must also make sure that the change gets reflected across every system in place.

The issue? If the new information doesn’t get updated, chances are the other department such as shipping, may send the product to the old address in the system. Yet another reason to use a unified cloud-based business management system.

Automate your Manual Processes, it’s 2021

Data entry is a time-consuming process and those wide excel rows often are filled with plenty of errors. A billing process that requires manual printing and dispatch of the invoice can become a stressor for the order-to-cash cycle as the process can take 5-10 days or more.

Automating these processes means saving those amounts of days for other work

With NetSuite, you can send invoices automatically once the order is fulfilled or send notifications at every step of the order process.

NetSuite ERP, a unified database

NetSuite is currently ranked as the #1 cloud-based business management solution, thanks to its strong process automation and integration capabilities which reduce manual work.

As NetSuite operates on a unified database, operations tend to happen in harmony. For instance, with NetSuite, a sales rep can check product inventory before creating a work order whereas the same work order can be sent to the Distribution team in a matter of seconds. On the other hand, if you need to use a different system, NetSuite can easily integrate it, so all information becomes sharable once again.

NetSuite SuiteCommerce for growing On-Demand B2B eCommerce businesses

NetSuite SuiteCommerce for growing On-Demand B2B eCommerce businesses

Table of Contents

2020 has been a year of unpredictable events and unsustainability, which has forced a lot of B2B companies to look into advanced ways like SuiteCommerce to redefine their online eCommerce experience.

With the rise of the pandemic, B2B & B2C businesses suffered a great loss, and today many are focused on remaining isolated, resorting to eCommerce shopping, and avoiding crowded places. To turn this time into an opportunity, NetSuite SuiteCommerce provides the tools to do so.

Why NetSuite SuiteCommerce for B2B Ecommerce?

NetSuite has a robust eCommerce module called SuiteCommerce. It’s a 360-degree solution for B2B businesses who are ready to change and remain innovative. From Webstore – Order Management – Inventory Management to Accounting, SuiteCommerce offers functionalities that make your B2B business versatile. NetSuite essentially unifies your back-end operations with the front end to provide a complete picture of the eCommerce, helping you make data-driven decisions at every step.
pexels-pixabay-35550-400x267

SuiteCommerce is fast, reliable, and customizable for B2B e-Commerce

Even if you’re just starting, SuiteCommerce offers a quick way to get into the online market. Thanks to NetSuite’s unique customizations, you can create an eCommerce experience as per your business requirements in a rapid manner.

NetSuite’s customizations can allow B2B eCommerce websites to enable customers to Request For Quote, to expedite the buying process 24/7. Upon approval, that quote will be automatically converted into an online work order. As you can integrate your real-time inventory count with your eCommerce store, customers can place orders while having access to view real-time inventory count. Not just that, SuiteCommerce can also easily integrate with other important operations such as accounting, SCM & more.

pexels-andrea-piacquadio-3791614-400x267

NetSuite Is the #1 choice for B2B eCommerce

Creating an online eCommerce experience can be challenging, but one of the major advantages of using SuiteCommerce is that you can now provide a rich eCommerce experience by integrating your buyer and supplier functions. As NetSuite streamlines businesses and operates on a unified data source, you can now include functions such as bulk ordering, approvals, fulfilment, invoicing, shipping, billing & more.

With NetSuite, every function happens under the same roof. So, say goodbye to multiple data systems and say hello to improved productivity and reduced IT costs.

NetSuite SuiteCommerce helps the B2B eCommerce customer

With SuiteCommerce, your customer can manage their online payments with ease. SuiteCommerce can provide your customers with data such as a summary of outstanding bills, invoices, account payments, due dates, available balances, required deposits, and more. If a customer needs Financing options, SuiteCommerce can provide an option to make partial or full payment as needed and create customized invoices as needed.

Self Service option with SuiteCommerce

Providing flexible ways for your customers is the need of the hour for your B2B eCommerce store. With SuiteCommerce your customers can simply log in to their self-service portals and get the work done. Be it initiating returns, tracking shipments, or checking order status, everything is done right by the customer with little to no effort from your side.

So why wait? Streamline your B2B eCommerce with NetSuite SuiteCommerce.