Accounts receivable can be extremely daunting for any business owner, large or small. Keeping track of what clients owe your company and getting them to pay on time is crucial to keeping any business healthy and successful. That’s why NetSuite Accounts Receivable is so important; it provides businesses with streamlined tools and advanced automation to help keep their accounts receivable processes organized and efficient. By automating routine tasks such as billing creation, invoicing reminders, customer account management, collections tracking, cash visibility forecasting, and much more, NetSuite makes staying on top of your accounts receivable easier. Let’s take a closer look at some key features that make up this powerful tool.
What Are NetSuite Accounts Receivable?
NetSuite Accounts Receivable is an integrated system designed to help businesses streamline their billing, payment collection, and customer account management processes. Whether you are dealing with a single customer or multiple customers with complex invoicing arrangements, the built-in financial tools in NetSuite can automate most of your accounts receivable tasks. This includes tracking customer payments, preparing invoices and reminders, collecting overdue balances, forecasting cash flow visibility, and more.
Features of NetSuite Accounts Receivable
NetSuite Accounts Receivable (AR) is an essential tool for businesses that need to manage their customer accounts. With its comprehensive suite of features and tools, NetSuite AR makes it easy to handle the daily demands of managing customer records, invoices, payments, and collections in one place. Let’s take a closer look at what makes NetSuite AR so good.
Accounts Receivable Dashboard
The Accounts Receivable Dashboard gives you an intuitive overview of all your financial data in one place. This includes current receivables, credit limits, billing and payment history, and what customers owe. The dashboard allows users to search for customers by name or invoice number easily. This feature provides a great way for businesses to stay on top of their finances and ensure that they receive the payments they are due from customers promptly.
Customer Records
NetSuite AR helps you keep track of your customer base with detailed profiles and contact information for each customer. This feature makes it easy to quickly access important details such as account balances or payment terms without searching multiple databases or files. You can also set up automated notifications when payments are due, or customers exceed their credit limit.
Automated Invoicing
NetSuite AR simplifies the invoicing process with automated invoicing capabilities that allow you to create custom invoices quickly and easily. You can also define custom invoice formats according to your business’s specific needs. And with its built-in analytics capabilities, you can track which invoices have been sent out and when they were paid in real-time.
Invoice Consolidation
NetSuite AR allows you to consolidate multiple invoices into a single invoice for customers who have outstanding balances on multiple accounts. This feature makes it easier for customers who are paying multiple bills at once by allowing them to make one payment instead of several separate ones. It also helps streamline the accounts receivable process by reducing paperwork and eliminating redundant data entry tasks associated with multiple invoices being issued separately.
Payment Management
Payment management is made easier with NetSuite AR’s integrated payment processing system, allowing you to accept payments via credit card, ACH transfer, or check directly from within the platform. You can also set up automated reminders for overdue accounts to ensure that all of your payments are processed on time every month without having to track down each customer’s payment status individually manually.
Dunning & Collections
No matter how well you manage your accounts receivable process, there will inevitably be some customers who fall behind on their payments or become delinquent on their debts altogether—and this is where dunning & collections come in handy! With NetSuite AR’s dunning & collections feature, you can customize automated notices that will be sent out automatically whenever a customer falls behind on their payments so that you don’t have to track down each delinquent account individually every month manually!
Reporting
Last but not least is reporting—perhaps one of the most powerful features of NetSuite AR! You can generate detailed reports about everything from individual customer accounts to overall trends in your business’ accounts receivable performance over time—allowing you to see exactly where potential problems may occur before they become too large an issue!
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Benefits of NetSuite Accounts Receivable
As a business owner, you understand the importance of having a reliable accounts receivable system. An effective accounts receivable process is essential for streamlining customer account management, increasing efficiency and accuracy, and ensuring compliance with applicable regulations. Many businesses are turning to NetSuite Accounts Receivable (AR) to help them manage their finances more efficiently and accurately. Let’s look at some of the key benefits that NetSuite AR can offer your business.
Automated Billing and Invoicing Processes
NetSuite AR automates billing and invoice processes so that you don’t have to worry about manual entry mistakes or delays in sending out invoices. This ensures that customers receive their bills on time and that they are accurate, which boosts customer satisfaction while reducing the amount of time it takes to get paid.
Streamlined Customer Account Management
NetSuite AR allows you to manage customer accounts from one centralized location easily. You can quickly access customer data such as payment history, contact information, credit limits, discounts, and more. This makes it easier for you to make informed decisions about each customer’s account status and determine how best to proceed with any outstanding payments or disputes.
Cash Visibility Forecasting
NetSuite AR also provides cash visibility forecasting to gain insights into your company’s cash flow over time. This helps you anticipate future cash needs and better plan for upcoming expenses. It also allows you to identify any discrepancies or irregularities in customer payments sooner rather than later to address them before they become major problems.
Collections Tracking
With NetSuite AR, tracking collections is easy! You can easily view all outstanding payments due from customers at any given time, as well as track receipts by payment method or customer account type. Up-to-date collection information enables faster resolution of disagreements or discrepancies between customers and your business while helping you stay on top of overdue payments with timely follow-ups when needed.
Easier Compliance
NetSuite AR helps ensure compliance with applicable industry regulations thanks to its extensive validation checks for each transaction entered into the system. This reduces the risk of errors or noncompliance issues that could put your business at risk in an audit situation. Plus, all transactions are stored securely in a cloud-based environment to be accessible whenever you need them without taking up valuable storage space on-premise servers or physical hard drives.
Conclusion
NetSuite AR is a powerful accounts receivable system that can help you manage customer accounts, streamline invoicing and billing processes, track collections, and ensure compliance with applicable regulations. Its automated features make it easier for you to stay on top of your company’s finances while providing valuable insights into cash flow forecasting and customer account management. With NetSuite AR, you can be sure that your business is running as smoothly and efficiently as possible.
