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How Payference Helps NetSuite Users Automate AR

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You can satisfy some NetSuite users all the time, and all NetSuite users some of the time, but you cannot satisfy all NetSuite users all the time–unless they’re users who’ve discovered NetSuite accounts receivable software by Payference.  (Thanks to John Lydgate–and Abe Lincoln–for the original quote.)

No doubt about it, NetSuite is a favorite of many of its users. But for certain AR functions, the platform is not so satisfying. Features such as a pay button, the ability to send multiple invoices at once, a clean and simple statement, customized automatic email communications, and a better looking customer interface are just some of the things that NetSuite users want in order to make their jobs more efficient–and their customers’ experience more enjoyable.

Fortunately, there is a cloud-based cash management platform that provides all those aforementioned features and more. Built especially for NetSuite customers, Payference SuiteApp is a cash forecasting and AR automation tool that integrates seamlessly with NetSuite. Finance teams from a wide range of industries are more than pleased with the way Payference has improved their accounts receivable while still using NetSuite. “The features that NetSuite is lacking is basically everything that they (Payference) supply.” See how this Payference customer was convinced of Payference’s value when she saw her company’s data and new insights during the Payference demo.

NetSuite Accounts Receivable Software Benefits

Many small to mid-market businesses depend on NetSuite for their accounting, ERP, customer relationship management and other business functions. For years, those users just accepted that the platform’s AR application had some holes in it. But now, they’re learning that AI-driven Payference fills in those gaps while optimizing working capital to unlock hidden cash and deliver significant benefits:

  • Real-time visibility into cash flow
  • Payments collected 10-20 days faster
  • Reduction in overdue invoices by 30-40%
  • Time savings on administrative tasks of 20-25 hours per week 
  • Integration that makes it possible to go live in a matter of hours

Read on to learn more about the specific features of Payference’s NetSuite accounts receivable software and how you can use it to improve your AR workflows and overall process.

Forecast Cash Flow

When it comes to generating a more useful cash flow forecast, you need the data to be accurate. You can make a highly accurate cash forecast with Payference because you’ll have the ability to view all your cash positions in real time from one source–instead of disparate accounts which provide financial data that’s not up-to-date. 

And because all your data will be captured and transferred automatically, the errors that come from human inputting are greatly reduced. With Payference’s flexibility, you get the best of both worlds: automation to manage and forecast cash efficiently and the ability to override and adjust items in your cash forecasts when you need to.

Another way that Payference impacts the accuracy of your cash forecasts is by leveraging machine learning and artificial intelligence to predict payments and identify high risk accounts. Over time, the software quickly learns from historical data when accounts are likely to pay. It also learns which accounts pose a threat to your cash flow. The software gives you actionable insights that would be extremely difficult to glean through your own analysis. 

Streamline Collections and Payment

By eliminating most of the manual processes in your AR and providing features like the ability to send multiple invoices at once or something as simple as a Pay Button, Payference improves the efficiency of your AR. Sales data is automatically transferred from NetSuite and presented in a clean and straightforward invoice which is sent in the way your customers prefer. More accurate invoices mean there’s no holdup in the approval process to delay payment. And bypassing snail mail means your invoices are in your customers’ hands days faster–so they’re able to pay faster.

Payment reminders and past due alerts can be customized and sent at the intervals you select. You’ll know that every customer is being communicated with in a timely and professional manner. 

The result from all these features? You’ll see reduced DSO and a notable decrease in the number of overdue invoices. 

Reconcile Payments within NetSuite

Payference doesn’t stop improving on your efficiency after an invoice is sent out. As soon as payments are received, the software automatically applies payments to the proper accounts within NetSuite. 

Your finance team won’t have to spend time with yet another time-consuming task. Instead, they’ll be free to work on more strategic and valuable work. And if disputes arise, they can quickly determine the impact of disputes and deductions on your business.

Multi Currency and Multi-Entity

Simplify receivables for your business and your customers at the same time. Payference allows you to accept payments in multiple currencies. And if you need to send invoices to multiple recipients, the software allows you to do that without it becoming a confusing accounting issue. The Payference SuiteApp offers flexibility and the ability to customize communications and workflows for each of your customers.

Self-service Portal

Improve your customers’ experience by giving them more visibility and control. The Payference accounts receivable software offers a self-serve customer portal. Your customers can log in, view their account, choose their payment method and pay invoices directly through the portal at any time of day that works for them. And it has an easy-to-navigate interface for even more convenience.

Built for NetSuite

Unlike other cloud-based software solutions that are retrofitted and tweaked to work with NetSuite after the fact, the Payference SuiteApp was actually designed from the outset to fill in the gaps and give NetSuite users a better accounts receivable experience. They find they can manage their AR more efficiently and predict cash flow more accurately with Payference. 

In addition to those benefits, because Payference was built with NetSuite’s accounts receivable features in mind, the integration is truly seamless. Payference typically integrates with NetSuite in a few hours for most customers–for some it’s even less than an hour. 

Improve Your NetSuite Experience

Save valuable time and eliminate the frustration of managing your accounts receivable using only NetSuite. Payference SuiteApp is a cloud-based cash management and AR automation platform that easily integrates with NetSuite. Because it was developed specifically to work with NetSuite, it provides solutions to the accounts receivable “Issues” NetSuite users struggle with day in and day out: 

Payference provides these features for an improved NetSuite AR process:

  • Ability to send multiple invoices
  • Pay button
  • Clear, concise statements
  • A user-friendly customer interface
  • Acceptance of multiple payment methods, including multi-currency
  • Automatic reconciliation
  • Cash application
  • Automatic, customized reminders and past due notices
  • Cash positions in real time
  • Highly accurate cash forecasting

The best way to find out how Payference can improve your NetSuite accounts receivable software is to see for yourself. Click here to schedule.