Supercharging your NetSuite Invoice-to-Cash Cycle with Paystand
Every business has a unique invoice-to-cash cycle, but one thing is universal across all industries: the time spent managing it. However, your finance team doesn’t have to spend hours managing order entry, invoicing, payment collection, reporting, and reconciling. With the unique capabilities of NetSuite Credit Card Processing, you can automate your invoice-to-cash cycle for better results and a happier finance team.
Why is the invoice-to-cash cycle so important?
The invoice-to-cash cycle involves nearly every business function and department, and if there are any bumps in the road, everybody feels it. Invoice-to-cash is one of the most crucial business processes, as it helps determine your company’s cash flow and working capital, as well as:
- Reduce costs
- Accelerate cash flow
- Quickly resolve errors
- Minimize delays
- Serve customers more efficiently
- Eliminate inefficiencies such as order submission delays, re-entries, duplicates, and backorders
- Eliminate quoting and invoicing errors and invoice delays
Common invoice-to-cash cycle challenges
The invoice-to-cash cycle is a delicate ecosystem. When invoice-to-cash runs smoothly, the entire company benefits. However, the slightest misstep at any point in the process can unbalance the whole cycle, leading to increased DSO, more time and energy spent fixing errors, and a buildup of paperwork and backlogged tasks. Not only do these delays make accurate cash flow forecasting difficult, but they also affect customer satisfaction, which in turn can result in late payments from unhappy customers, disrupting your cash flow even further.
Furthermore, the invoice-to-cash cycle is especially susceptible to issues, as it requires work from multiple departments — which can lead to delays, data-entry errors, and a headache for all involved. Your business needs one comprehensive ERP capable of managing every department with ease.
Accelerating your invoice-to-cash cycle with Paystand’s NetSuite Integration
There are five common challenges that your company needs to address when accelerating the invoice-to-cash cycle:
- Order management
- Data quality
- Manual processes
- Payment collections
NetSuite automates the entire invoice-to-cash process, allowing you to overcome these challenges with ease. With an automated invoice-to-cash cycle, you can eliminate manual bottlenecks, minimize data errors, and improve the flow and visibility of information from order entry to invoicing to reconciliation.
You can kiss frantic emails and late-night Slack messages goodbye because NetSuite houses all your invoice-to-cash cycle data in one place, easily accessible across the organization. With a unified data platform, all your departments are connected, increasing visibility and reducing the risk of errors and duplicate data entries. In addition, shared data and automated workflows shrink the window between order entry, invoicing, and reconciliation, with each step in the invoice-to-cash process flowing smoothly from one department to the next.
NetSuite’s order and billing management capabilities integrate your sales, finance, and fulfillment information, ensuring everyone is on the same page and improving accuracy, eliminating errors, streamlining revenue recognition processes, and supercharging efficiency.
Furthermore, NetSuite automates crucial tasks in the billing and collections process, eliminating time-consuming, manual tasks. With an automated, faster, and more reliable billing and collections process, your accounts receivable becomes more efficient, reducing your DSO.
Paystand’s industry-leading AR solution enables fast, efficient, and profitable payments, delivering advanced functionality that puts the invoice-to-cash cycle on auto pilot. Paystand provides the ability to accept deposits for Quotes & Estimates, auto conversion of Quotes to Sales Orders, instant Cash Sales for Sales Orders, and AutoPay upon Fulfillment, speeding up time to cash, simplifying complex billing processes, and eliminating transaction costs.
Mid-size businesses are struggling to grow in the current inflationary environment, rife with economic and political uncertainty and supply and cash constraints. In order to thrive, they need a paradigm shift from human-centric AR processes to the next generation, self-driving AR that delivers instant and automated payments.
Paystand’s AR application for NetSuite and our core business payments network allow AR teams to scale their revenue through automation without their fees and AR tasks scaling along with them.
Our solution for NetSuite AR allows customers to supercharge their AR teams, increase productivity and provide end customers with an exceptional payments experience.
Quickly win business with Advance Deposits for Quotes & Estimates
Paystand Advance Deposits for Quotes & Estimates quickly secures customer commitments and unlocks working capital and efficiency by speeding up time to cash. Currently, AR teams using Quotes & Estimates (“Q&E”) cannot accept advance payments from prospects at the early Q&E stage of the sales cycle. However, with the new Advance Deposits feature, AR teams can configure a minimum deposit and accept advance payment. Upon payment receipt, the Q&E is instantly converted to a Sales Order.
Serve new customers with Cash Sales for Sales Orders
The Cash Sales for Sales Orders capability allows merchants to accept instant payments from one-time, walk-in, and cash-based customers, quickly unlocking new revenue. AR teams have otherwise been unable to receive instant payment against a Sales Order, forcing them to send an invoice and wait for 30 to 60 days. AR teams can now accept Cash Sale payments and settlement (of short pay invoices) against Sales Orders.
Receive payments efficiently with AutoPay Upon Fulfillment
The AutoPay upon Fulfillment capability accelerates the cash cycle, minimizing repetitive work, errors, and omissions by AR specialists and ultimately enhancing the customer experience. Additionally, with Paystand’s new functionality, auto payment can happen at specific times, such as shipment, delivery, or when fulfillment is complete.
Paystand’s NetSuite integration provides a self-driving AR solution that enables customers to achieve fast, efficient, and profitable payments.
Get your free copy of our ebook to learn more about digitizing your AR cash cycle with NetSuite and Paystand.