In our last article, we wrote about the features to consider when choosing a NetSuite payment plugin to cut costs, improve efficiency, and eliminate manual processing. These features will help you maximize your NetSuite investment.
How to Use the NetSuite Payment Plugin To Email An Invoice with a Digital ‘Pay Now’ Button in your e-InvoicePlugin, Auto-reconciliation, AR digitization, netsuite, automation
NetSuite is a complete, scalable cloud ERP (enterprise resource planning) solution targeted at high-growing, mid-sized and large enterprise businesses. It automates portions of front- and back-office processes including: financial management, revenue management, fixed assets, order management, billing, and inventory management. This article will walk you through what assets are crucial when choosing your company’s NetSuite payment module.
Being very familiar with operational hurdles that plague the industry, we want to address a major concern in the Solar and Energy industry. With green initiatives sweeping the nation and solar companies popping up all over the map, the Solar industry in inundated with business and home owners looking to save on their energy bills. But because the industry is still fairly new, there are gaps in the operational flow and software innovation specific to the industry is severely lacking. Many Solar and Energy companies are still using systems that are built for other types of field services, leaving their day-to-day ops with a need to be streamlined. With payments sitting at the heart of any business and cash flow being crucial for financial health, this is one of the main solutions that many CFOs, controllers and finance reps are vying for. Below are top solutions for stagnant cash flow and poor collections on Accounts Receivable in the Solar and Energy Industry. Stop being bogged down by antiquated methods of payment like the use of the paper check; there are cost reducing, speedy ways to get paid. We are here point you in the direction of automation, efficiency, security and an optimal ROI.
As companies grow, small-mid sized business accounting software doesn’t always cut it. If your business is outgrowing your current accounting software, it may be time to consider adopting an enterprise resource planning (ERP) software. ERP systems provide companies the ability to manage every aspect of their business, from accounting to supply chain management to marketing. Plus, with many of today’s companies moving to the cloud, ERP systems are too, providing better security and more flexibility for how businesses operate. There are a number of new cloud ERP tools on the market that are being adopted. Listed below are the most promising software companies for ERP enterprise customers:
On the surface, revenue recognition is a fairly simple concept: when it comes to presenting the true value of your business to investors, it is important to accurately report your revenue. That means reporting the actual cash earned in the course of your business. In essence, there are standards related to revenue recognition to protect potential investors from fraudulent business practices, which could allow businesses to overstate their value. If discovered, failures to properly document and report actual revenue can be severe and could damage the long-term value of your company. That's why automated accounting is becoming increasingly necessary and even expected in order to protect businesses, their shareholders, and their customers.
Surcharging, a topic we discussed in our previous blog post, is when a merchant adds a fee to a customer’s credit card transaction. The practice is an attempt to compensate merchants for the credit card processing/interchange fees they have to pay credit card companies when customers use those types of payment rails. However, consumer attitudes towards surcharging varies by demographics. Credit card companies also have policies on surcharging. But with 50 state consumer laws to contend with, the legality of surcharging also varies on a state-by-state basis. To help, we’ve put together an overview of surcharging and its legality across the country.
For businesses that accept credit cards, processing fees are a constant pain. Varying pricing models, vague regulations and new technology often create unwanted expenses. In fact, 55 percent of America's 27 million small businesses do not accept credit cards. But with credit and debit cards being nearly as common as cash, merchants are starting to pay attention to accepting credit card transactions. Surcharging offers businesses a means of defraying costs associated with credit card acceptance by recovering the higher costs from the customer.
What is the Interchange Fee?
An interchange fee is a varied cost that is tied to each credit card transaction. To the consumer, this charge is usually invisible (unless the fee is surcharged). Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank"); and for cash transactions the interchange fee is paid from the issuer to acquirer, often called reverse interchange. To the merchant, this is a constant thorn in the side of their ROI. Merchants are constantly seeking the lowest interchange fee. At the same time, the technology associated with interchange has transformed rapidly over the years. Merchants should be aware of this change and how it affects the interchange fee… Currently, an interchange fee includes an upfront charge ranging from $0.30 to a few dollars and then a percentage of the transaction, often between 2% and 4%. The vast majority of this money goes to the bank where your account is held or the credit card issuer. The remaining 10% to 20% of the fee goes to the credit card company with the logo on the card. Currently about $40+ billion per year is spent on interchange fees by merchants and consumers in this transaction. It facilitates over $2 trillion in annual spending.
Insurance providers, carriers, MGAs, brokers and agents all need software to make the process of buying and selling insurance an easier process for all parties involved. In recent years, automation within the insurance industry has expanded to include digital options for the way the modern insurance consumer lives his life today. The most helpful software products for insurance professionals are ones that are rated highly in the areas of customer service, ease of use, value for money and features and functionality. Here are some of the latest innovative software products revolutionizing the insurance industry.