10 Benefits of Using NetSuite for Accounts Receivable Management

Accounts Receivable Management with NetSuite

Managing accounts receivable is key to keeping your business financially healthy. This guide explores how NetSuite can simplify accounts receivable management. Learn the benefits and tips for optimizing your process with NetSuite’s tools. 

What Is Accounts Receivable Management?

Accounts receivable management is the process of tracking and collecting payments from customers who owe money. Managing accounts receivable ensures that businesses receive the funds they are owed promptly. This process includes:

  • Sending invoices,
  • Following up on overdue payments,
  • Recording payments received.

Proper accounts receivable management helps businesses maintain healthy cash flow, which is vital for day-to-day operations. Without managing accounts receivable effectively, companies might struggle to cover their expenses and could face financial difficulties. By focusing on managing accounts receivable, businesses can keep their finances in good shape.

NetSuite for Accounts Receivable Management: 10 Benefits

NetSuite is a cloud-based software that simplifies financial management. NetSuite Accounting offers tools to manage accounts receivable efficiently, helping businesses improve cash flow and control their finances. Now, let’s explore the specific benefits of using NetSuite for accounts receivable management.

1. Automated Invoicing

NetSuite Accounting helps automate invoicing, reducing the need for manual data entry. This feature ensures that invoices are sent out on time, improving cash flow and reducing errors. By using NetSuite Accounting, businesses can focus more on growth rather than paperwork.

2. Real-Time Payment Tracking

With NetSuite Accounting, businesses can track payments in real time. This feature allows them to see who has paid and who still owes money. Real-time tracking helps businesses stay on top of their finances without any guesswork.

3. Simplified Payment Collections

NetSuite Accounting simplifies the process of collecting payments. It offers easy-to-use tools to follow up on overdue payments, which helps businesses collect what they are owed more quickly. This simplicity makes it easier for companies to keep cash flowing.

4. Centralized Customer Records

NetSuite Accounting provides a centralized system for managing customer records. This system allows businesses to keep all customer information in one place, making it easy to track who owes what. A centralized record system saves time and reduces the chance of errors.

5. Customizable Reporting

NetSuite Accounting offers customizable reports that provide insights into accounts receivable. These reports help businesses understand their financial health and make informed decisions. By using NetSuite Accounting, companies can generate reports that meet their specific needs.

6. Automatic Reminders for Payments

With NetSuite Accounting, businesses can set up automatic reminders for payments. These reminders ensure that customers pay on time, which helps businesses avoid cash flow issues. Automated reminders take the burden off staff and improve payment collection rates.

7. Integration with Other Systems

NetSuite Accounting integrates smoothly with other business systems, such as CRM and ERP. This integration ensures that all financial data is consistent and up to date. Using NetSuite Accounting, businesses can avoid the hassle of managing multiple systems.

8. Improved Cash Flow Management

NetSuite Accounting improves cash flow management by providing tools to monitor incoming payments. Better cash flow management helps businesses pay their bills on time and invest in new opportunities. NetSuite Accounting makes it easier to keep track of every dollar.

9. User-Friendly Interface

NetSuite Accounting features a user-friendly interface that is easy to navigate. This simplicity allows even those with little accounting experience to manage accounts receivable effectively. A user-friendly system means less time spent on training and more time on growing the business.

10. Scalable Solutions for Growing Businesses

NetSuite Accounting offers scalable solutions that grow with your business. As your company expands, NetSuite Accounting can handle increased transaction volumes and complex financial needs. By choosing NetSuite Accounting, businesses can be confident that their accounting system will support their growth.

How to Optimize Accounts Receivable Automation with NetSuite?

The effective management of accounts receivable requires financial managers to use tools that simplify the process. One way to achieve this is to automate accounts receivable tasks with NetSuite. Here’s how you can optimize these features:

  • Automate Invoicing: NetSuite can automatically send invoices to customers, reducing manual work.
  • Track Payments Automatically: Set up NetSuite to monitor payments as they come in, ensuring nothing is missed.
  • Follow Up on Overdue Accounts: Use automated reminders to prompt customers about overdue payments.
  • Regularly Review Settings: Adjust your NetSuite settings as your business needs change to keep everything running smoothly.

By using NetSuite to automate accounts receivable, companies can reduce errors, save time, and improve cash flow. This makes the effective management of accounts receivable easier and more reliable.

Accounts Receivable Management Services of Hundred MS

At Hundred MS, we offer accounts receivable management services that help businesses keep their finances in order. Our specialists are experienced in handling the full process, from invoicing to payment collection. We also provide NetSuite Consulting to help you get the most out of your NetSuite software. 

By integrating NetSuite Accounting services with our expertise, we ensure your accounts receivable are managed efficiently and accurately. Whether you need help setting up your system or managing day-to-day tasks, our team is here to support you. Let us help you improve your cash flow and keep your business running smoothly.

If you are looking for an outsourced accounts receivable specialist, Hundred MS is here to provide expert support and reliable management services.

Conclusion

Effective accounts receivable management is key to keeping your business financially healthy. By focusing on accounts receivable management, you can ensure steady cash flow management and avoid potential financial issues. Whether you choose to manage it in-house or outsource the task, having a solid accounts receivable management process in place is essential. With the right tools and expertise, you can simplify this process and keep your business running smoothly.

FAQ

An example of accounts receivable is when a business sells products or services to a customer on credit. The customer receives the goods or services and agrees to pay the business at a later date. The amount owed by the customer is recorded as accounts receivable until it is paid.

An accounts receivable report template in Excel is a spreadsheet that helps you track money owed by customers. It typically includes columns for customer names, invoice numbers, due dates, and payment statuses. This template makes it easy to monitor who owes you money and when payments are due.

Accounts receivable is considered a debit in accounting. When a sale is made on credit, the amount is recorded as a debit in the accounts receivable account because it represents money that is owed to the business.

The most important aspect of managing AR is ensuring that payments are collected on time. Timely collections keep cash flow steady, which is crucial for covering business expenses and keeping operations running smoothly.

Nare Khachatryan

Nare Khachatryan

Business Analyst at Hundred MS

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Narek Abgaryan
Narek is the CEO and co-founder of Hundred MS. With a dynamic career that spans investment firms, asset management, risk management, and corporate finance, Narek has demonstrated a profound ability to navigate and innovate within the financial sector. His work across various countries and in diverse financial domains reflects a global perspective and an adaptable, forward-thinking approach. He Brings a wealth of knowledge and experience from the worlds of finance and technology. As a distinguished graduate of the University of Oxford and Hult International Business School, Narek has earned a reputation for excellence in the financial domain. His credentials, including the esteemed CFA and FRM certifications, are a testament to his deep understanding and expertise.
CFA, FRM
Narek Abgaryan
CFA, FRM, Fund Manager & CEO
Narek is the CEO of Hundred CJSC. Before embarking upon this position, he accumulated 7+ years of multinational experience including the positions of CEO, Head of Research and Member of the Board at various licensed and regulated investment companies. Narek is a graduate of Hult International Business School, Armenian State University of Economics and is currently pursuing his education at Saïd Business School of the University of Oxford. Narek is a CFA charter holder and a certified FRM.
Our Mission
Our mission is to extend our partner-based, specialized and cost-effective cooperation to our clients to enable them to focus on their long-term strategy and leverage their core competencies around value-creating activities, thereby boosting Armenia’s economic development.
Our Vision
We have a deep conviction that the financial system is the pillar of our civilizations. Economies that are exploding with growth are the ones that adopted modern finance. We aim to reach a reality where access to unconventional finance technics should be within reach of every economic unit. This shall empower everyone to allocate their human and financial capital more purposefully and innovatively for the benefit of a secure, wealthy, and responsible society.
Objectives
In "Hundred" CJSC, we are structuring our goals to revolve around the best interests of our investors and business partners. The basis we build our strategy on is satisfaction of expectations of our Clients, by bringing substantial profits to them through ethical management of investments, assets and portfolios. In the path of achieving the set tasks, we target new financial products adapted to the Client’s needs and offer variety combinations of interdisciplinary innovations. Following our set of values, we see our short-term goal in becoming one of the leading players in the domestic market, pursuing the long-term ambitious goal of integration into regional and global financial markets.
Corporate Values
We believe that earning the trust of each Client cements the next layer of the foundation of the Company’s reputation. Financial relations are built on trust; thus, our reputation is the heart of our business. Our allocentric approach to dealing with clients ensures that we always put their interests first. We do our utmost to make sure that our decisions are utterly disconnected from the greed when it comes to rendering our services. Promulgating ethics and adhering to the highest professional standards are the bedrocks of our corporate values.
  • Are your financial records more puzzling than they should be?
  • Has the audit process become a recurring nightmare for your firm?
  • Do important financial decisions stall due to unclear or absent financial reports?
  • Are high operational costs without clear returns keeping you awake at night?
  • Is hiring and maintaining a full-fledged financial team putting a strain on your resources?
  • Are you in the dark about your company's true valuation and need clarity?
  • Is the challenge of cleaning up your accounting books holding your business back?
  • Are outdated systems causing inefficiencies, prompting the need for an ERP implementation?
  • Have you identified the need for a robust risk management strategy but don't know where to start?
  • Are you looking for a one-stop firm that can handle everything from corporate strategy to asset management?
Are You Ready to Transform Your Businesses’ Financial Landscape?
Are You Ready to Transform Your Businesses’ Financial Landscape?
  • Are your financial records more puzzling than they should be?
  • Has the audit process become a recurring nightmare for your firm?
  • Do important financial decisions stall due to unclear or absent financial reports?
  • Are high operational costs without clear returns keeping you awake at night?
  • Is hiring and maintaining a full-fledged financial team putting a strain on your resources?
  • Are you in the dark about your company's true valuation and need clarity?
  • Is the challenge of cleaning up your accounting books holding your business back?
  • Are outdated systems causing inefficiencies, prompting the need for an ERP implementation?
  • Have you identified the need for a robust risk management strategy but don't know where to start?
  • Are you looking for a one-stop firm that can handle everything from corporate strategy to asset management?
Levon Garibyan
Levon, the co-founder and Business Development Director of Hundred MS, brings over a decade of international experience to his role. His career spans managing private firms with diverse business profiles across the UK, UAE, and Russian Federation. Levon has not only excelled in steering these companies towards growth but has also specialized in business development strategy and fundraising. His expertise in these areas has significantly contributed to the expansion and success of these firms. Levon's academic background is equally impressive, having studied at Cranfield University School of Management and Moscow State University of International Affairs (MGIMO), where he honed his skills in business management and international affairs.
Levon Garibyan
Levon is the Business Development Director and Strategy Specialist of the company. He acquired international experience of more than 10 years, managing private firms with various business profiles in UK, UAE and Russian Federation. Levon studied in Cranfield University School of Management and Moscow State University of International Affairs (MGIMO).
Business Development, Strategy & Fundraising
David Tarkhanyan
David is the co-founder of Hundred MS and the CEO of Hundred MS GmbH. His track record in delivering innovative financial solutions and driving performance improvement initiatives showcases his ability to lead complex projects and navigate the intricate world of finance. David's breadth of experience has equipped him with the unique ability to understand and address the multifaceted challenges businesses face today. His exceptional qualifications, marked by the CFA and FRM certifications, reflect his deep commitment to financial mastery and strategic insight. David's career is characterized by a wide-ranging experience in investment banking, performance management, controlling, and reporting, among other critical financial domains.
David Tarkhanyan
David Tarkhanyan
David Tarkhanyan
Financial Controlling Investment Banking
David is the co-founder of Hundred MS. He is a Banking specialist with a focus on Financial Controlling, Planning, and Performance Management. His experience extends more than 10 years in various investment banks in Vienna and Frankfurt. David studied Physics at Bauman University and Industrial Engineering at the American University of Armenia.