After transitioning from QuickBooks to NetSuite, Super Coffee has witnessed a remarkable transformation in its operational efficiency and decision-making capabilities. Adopting NetSuite’s comprehensive suite of tools, particularly its Accounts Receivable feature has enabled the company to achieve substantial time savings and enhanced effectiveness. Super Coffee harnessed the power of automation, leveraging its advantages across the board. From swiftly generating and dispatching invoices to adeptly handling collections and providing a range of payment choices, automation became a driving force behind their success. Streamlining processes through NetSuite ERP’s capabilities has led to sustained team sizes despite significant growth in the company’s operations, demonstrating the tool’s impact on operational efficiency.

Moreover, NetSuite’s reporting capabilities have played a pivotal role in Super Coffee’s ability to navigate challenging times, like the COVID-19 pandemic, by enabling informed financial modeling and contributing to successful fundraising endeavors. This dynamic transformation underscores how NetSuite’s Accounts Receivable feature, alongside its comprehensive suite of functionalities, truly empowers businesses to optimize operations, enhance decision-making, and achieve resilience in a rapidly evolving business landscape.

What is NetSuite Accounts Receivable?

NetSuite’s Accounts Receivable (AR) module empowers businesses to create and dispatch invoices efficiently, establish credit terms, oversee collections, and acquire the financial flexibility essential for expansion. By shortening the credit-to-cash cycle, this solution facilitates accelerated cash flow and positions companies to capitalize on emerging investment prospects promptly. Offering continuous real-time insights into the complete AR workflow, finance teams can assess receivables’ status at a comprehensive level and on an individual customer and invoice basis.

Streamline and Automate

NetSuite simplifies and accelerates business operations by automatically recording order transactions in both general and AR ledgers. This automation includes accurate tax calculations on every invoice, ensuring swift and accurate tax processing and billing procedures. NetSuite’s automation capabilities extend to manual accounts receivable tasks, enabling finance teams to effortlessly generate digital invoices and provide customers with various payment choices, expediting the collections process.

Actionable Insights and Reporting

NetSuite empowers you with essential insights. Customizable dashboards, reports, and key performance indicators (KPIs) offer immediate access to real-time information about customer aging, invoice analysis, recurring invoices, and deferred and recognized revenue calculations. Additionally, exception reports are in place to promptly highlight any account anomalies.

Comprehensive Suite Capabilities

NetSuite provides a holistic accounting solution designed to power every facet of your business operations. This all-encompassing platform facilitates cash flow management, revenue tracking, seamless quote-to-order fulfillment, and integrated planning and budgeting. By extending beyond basic bookkeeping, NetSuite’s functionalities can liberate finance teams from routine tasks, minimizing the need for increased staffing.

Features of NetSuite Accounts Receivable

NetSuite’s accounts receivable presents dynamic real-time insights and robust automation functionalities. The platform boasts a high degree of configurability, featuring AR-focused dashboards that empower you to exercise complete command over your company’s accounts receivable operations.

• Dashboard for Accounts Receivable

Tailored to specific roles, these dashboards can be customized to include reminders and direct links to frequently accessed actions and reports. NetSuite’s concise and informative layout assists finance teams in quickly focusing on crucial details and tasks, enabling them to expedite collections and reduce days sales outstanding (DSO).

• Customer Information Management

Ensure the precision of customer data, encompassing contacts, transaction records, purchased items, pending invoices, communication history, and additional details. NetSuite allows for adaptable user roles and permissions, granting finance teams the ability to determine account access and record modification rights, thereby reinforcing the security of customer information.

• Invoicing Automation

Streamline the invoicing process by automatically transforming sales orders into invoices upon order fulfillment. Effortlessly tailor invoice templates to align with individual customer billing requirements. Provide billing options through mail, email, fax, or electronic channels. Simplify the calculation of taxes like VAT and sales tax. Automated posting of transactions to the general ledger enhances accuracy and reduces the need for error-prone manual data input, ensuring the constant currency of accounts receivable data.

• Consolidated Invoice Management

Simplify billing operations through invoice consolidation. NetSuite merges statements into a single invoice when customers generate multiple orders within a billing period. This consolidated approach expedites billing and enhances invoice processing efficiency for finance teams. With payment allocated to each respective order, the process becomes more streamlined. Customers experience the convenience of making a single payment, consequently decreasing days sales outstanding (DSO) while improving operational efficiency.

• Payment Management Simplified

NetSuite offers versatile payment acceptance options, encompassing cash, credit cards, checks, bank transfers, electronic funds transfers (EFT), and other electronic methods. Automatically match customer payments to outstanding invoices or allocate a single payment to multiple bills. Monitor customer deposits aligned with performance milestones, seamlessly apply credits, and manage refunds effortlessly.

NetSuite’s Payment Link enhances payment collection by embedding a “pay now” feature within electronic and printed invoices.

• NetSuite Payment Processing

In collaboration with SuitePayments partners, NetSuite ERP delivers integrated, secure credit card transactions and digital payment processing through a unified solution. This solution relies on a distinct Payment Processing Profile within your NetSuite account, ensuring PCI-compliant, partner-certified communication with payment gateway services. Payment details can be stored with customer records, and every payment activity is traceable from associated transaction records, sales orders, deposits, payments, or refunds.

• Accounts Receivable and Recurring Billing

SuitePayments comprehensively addresses accounts receivable needs, facilitating customer-initiated payments via the NetSuite Customer Center, manual entry of phone-based credit card information, and merchant-initiated payments linked to recurring billing arrangements.

• Recurring Billing

For subscription, membership, and recurring billing requirements, SuitePayments leverages features such as Card-on-File and Recurring Indicator flags, which credit card issuers monitor, and optimizes Account Updaters services supported by payment processing gateways and tokenization services to manage declines effectively.

• E-commerce Integration

NetSuite SuiteCommerce solutions utilize SuitePayments payment gateway integrations to complete the e-commerce checkout process and secure credit card authorizations while saving web orders. SuitePayments provides:

• advanced fraud screening,
• fast checkouts through 3D Secure authentication, and
• support for PayPal Payments and Express Checkout.

• Point of Sale

In face-to-face transactions, SuitePayments offers compatibility with EMV chip card readers provided by partners, ensuring seamless integration with ERP systems and card-present transaction rates. This functionality applies whether utilizing SuiteCommerce InStore or not and accommodates no-touch, NFC-enabled options like Apple Pay.

• Exploring NetSuite Electronic Bank Payments

NetSuite Electronic Bank Payments introduces automation to streamline the creation of bank payment files, significantly enhancing the efficiency of payment and collection processes. This feature ensures the punctual settlement of vendor invoices, employee compensations, expense reimbursements, and sales commissions. It also facilitates hassle-free collections by automatically debiting customer accounts as payments come due.

• Electronic Bank Files Simplified

NetSuite Electronic Bank Payments automates the generation of bank files for various electronic payment methods, including ACH payments, direct deposits, and customer refunds. The payment management tools allow finance teams to craft multiple payment batches, each adhering to distinct criteria, protocols, and due dates. The platform employs flexible, rule-based payment aggregation to mitigate the risk of fraud by implementing controls such as limiting the number of payments to a single vendor or employee within a day. This system also supports automated collections, resolving outstanding invoices through direct fund withdrawal from customers’ bank accounts.

• Efficient Payment Approvals

Automated approval routing adds an extra layer of control, minimizing the potential for payment errors or fraudulent activities. System-generated alerts prompt approvers to review payment files for precision and appropriateness before initiating payment.

• Enhanced Communication with Email Notifications

NetSuite Electronic Bank Payments enhances communication with trading partners by allowing user-defined payment notifications automatically informing vendors about executed payments.

• Global Payment Capabilities

Advanced payment functions incorporate multicurrency and multilanguage capabilities, catering to diverse international requirements and supporting over 50 international bank formats.

• Robust Fraud Prevention

NetSuite Electronic Bank Payments’ Positive Pay feature offers robust fraud protection by notifying your bank about issued checks’ amounts and payees. Banks can verify that check details remain unchanged by providing this information before checks are presented for payment. The voided check notification further guarantees that the bank blocks these checks, adding an extra layer of security.

Dunning and Collections Enhancement

NetSuite facilitates proactive and consistent customer engagement to accelerate accounts receivable collections. Through automated processes, companies can dispatch reminders in various languages and currencies before and after payment deadlines. This feature empowers finance teams to uphold company policies while tailoring communications to cater to high-priority customers with a white-glove approach.

Enhanced Reporting Capabilities

NetSuite ERP offers versatile AR reporting with configurable options, user-friendly tools, and personalized segments, enabling in-depth, multidimensional analysis of receivables data. Generate reports showcasing unpaid balances categorized by region, salesperson, distributor, or other specific criteria. Additionally, monitor payment history to identify customers with a recurrent pattern of late payments, thereby enhancing collections forecasting.

Benefits of NetSuite Accounts Receivable

• Enhanced Efficiency: Eradicate manual tasks and streamline operations. Automate data entry, billing, and cash application processes and enhance receivables reconciliations.
• Heightened Precision: Generate financial statements that are both accurate and timely through automated revenue recognition, aligning with domestic and international regulations.
• Ensured Tax Compliance: Automate sales applications and use taxes on all invoices, ensuring adherence to tax regulations.
• Collections Enhancement: Automate dunning and collection notifications to reduce days sales outstanding (DSO), thereby improving overall collections efficiency.
• Accessible Information: Access invoice, payment, and customer receivable data directly within the NetSuite platform, placing crucial information at your fingertips.

Issues Resolved by NetSuite Accounts Receivable

• Eradicating Manual Errors: NetSuite Accounts Receivable takes charge of automation and streamlining tasks encompassing invoice delivery, credit term allocation, and collections supervision, eliminating the vulnerabilities associated with manual operations.
• Enhancing Transparency: NetSuite ensures dynamic real-time insight across the entire accounts receivable workflow, ranging from a comprehensive perspective to individual customers and invoices, guaranteeing informed decision-making.
• Timely Invoice Management: Through automated dunning, NetSuite addresses the challenge of managing late and overdue invoices by reducing days sales outstanding (DSO) in a customer-focused manner.

NetSuite Accounts Receivable Pricing Details

Organizations of all scales, ranging from emerging start-ups to rapidly expanding enterprises, have embraced NetSuite’s capabilities. Are you seeking a more effective way to manage your business operations while considering the associated costs?

Subscribing to NetSuite involves an annual license fee. This license encompasses three primary components: the core platform, optional modules, and the number of users. Additionally, an initial setup incurs a one-time NetSuite implementation fee. As your business progresses, you have the flexibility to activate new modules and incorporate additional users seamlessly, reflecting the flexibility of cloud-based software.

It’s important to note that the functionalities of accounts receivable are already encompassed within the NetSuite platform license.

Assessing the Costs and Pricing with a NetSuite Partner

Navigating the intricacies of NetSuite costs and pricing can be a complex endeavor. NetSuite Partners offers invaluable assistance to clients in evaluating the financial aspects of adopting NetSuite. These experts collaborate with businesses to analyze their requirements, determine the optimal configuration, and provide insights into the associated costs. Organizations can ensure a well-informed decision-making process aligned with their operational and budgetary needs by engaging with a NetSuite Partner.