Mark Harrison, Founder & CEO, Callisto Grand
Sam Dhingra, Director Solution Engineering, HighRadius
Buying and Implementing Technology for Treasury Professionals
Does your organization use NetSuite ERP to manage business processes efficiently, streamline operations, and share information across functions? If yes, you might already know what works best when using NetSuite and what needs tweaking!
At HighRadius, we have looked at several analyst reports and reviews from NetSuite customers to find ways to make NetSuite’s account receivables (AR) function even more efficient.
Netsuite’s financial management module supports a wide range of AR tasks. However, these features do not offer much scope for automation or predictive capabilities to improve cashflows.
RadiusOne is an AR automation solution that integrates with NetSuite ERP and helps automate your collections, cash reconciliation, and credit risk management processes.
As part of our endeavor to enhance the AR capabilities, we have focused on five aspects that will improve by connecting NetSuite with RadiusOne.
NetSuite is a leader in IDC’s 2020 MarketScape Report for SaaS and cloud-enabled midmarket finance & accounting applications. While NetSuite offers strong features for general accounting, billing, revenue recognition, financial planning, consolidation, and GRC, it has not yet fully implemented machine learning capabilities to its financial applications, according to the report.
NetSuite’s limited AI capabilities restrict end users’ ability to automate lower-level tasks such as account reconciliation, transaction mapping, and intercompany transactions. This could mean that you’ve to rely on manual efforts for these F&A tasks, resulting in reduced efficiency and accuracy. At a time when more than half (52%) of finance professionals vouch for AI’s capabilities to ease their jobs, the lack of it can slow down your order-to-cash process and result in delayed cash collections.
An AI-driven AR automation tool that integrates with NetSuite could be your best bet to plug this gap and derive maximum value from your ERP system.
NetSuite is rated highly on software review platforms such as Capterra, G2, and Trustradius. We went through reviews on these platforms to understand what challenges users face when using NetSuite’s AR features. And a common challenge that many users reported was difficulty using NetSuite’s reporting capabilities.
Users mention that they often have to reach out to the support team to create and sort through reports. Customizing reports is another challenge that many users talked about. AR dashboards and reports help you track transactions, outstanding payments, aging receivables, and top paying customers. Customized reporting metrics that support your business needs are important to get a clear picture of your cash management processes.
NetSuite, primarily being an ERP solution, may not have the customization capabilities and advanced features needed to meet all your order-to-cash reporting needs. Using an AR automation tool like RadiusOne along with NetSuite ERP can help you get the reporting features that you want to track cashflow processes successfully.
Being an ERP software, NetSuite’s credit risk management features are limited. While it provides some features such as credit memos, advanced features that help proactively monitor credit risk are limited.
Credit risk management features help you better assess the creditworthiness of customers, calculate and predict credit risks in real-time, and onboard customers quickly. Advanced features can also help you create or customize credit risk prediction models to suit your industry and geography.
AR tools such as RadiusOne offer dedicated credit risk apps that integrate with NetSuite ERP. RadiusOne has advanced credit management features that allow you to provide optimum credit limits to clients without affecting your sales and customer relationships.
One of the main jobs of your collections team is to connect with customers who have delayed their payments and persuade them to pay up faster. VoIP features in niche AR tools help collection agents save time and reduce errors. Collection agents are spared having to switch systems or manually punch in customers’ phone numbers when contacting clients.
While NetSuite doesn’t offer built-in VoIP features, it supports integrations to help you get this functionality, especially to improve the CRM functionalities.
If you’re looking for AR automation software with this feature, RadiusOne can help. RadiusOne provides VoIP calling features to automate correspondence and scale collections outreach. Check out RadiusOne here.
You cannot do without mobile apps today. A report by SoftwareAdvice suggests that 77% of accountants/finance professionals prefer to use accounting software that offers a mobile app over one without mobile functionality. Covid-19 and the work-from-home scenario have further increased the demand for accounting tools with robust mobile capabilities.
According to the IDC report, NetSuite’s customers want to see more mobile functionality within the Oracle NetSuite solution, especially for expense management and invoice management.
Book an appointment with one of our sales reps to understand RadiusOne’s mobile capabilities and how it can help you track cash flows from anywhere.
There are more benefits of connecting an AR automation tool to your NetSuite ERP in addition to the five we discussed above.
AR lies at the heart of your cash flow management function, and getting it right is important for the longevity of your business. An AR automation tool like RadiusOne can work with your NetSuite ERP to fully automate, streamline and plug any gaps in your invoicing, collections, reconciliation, and credit management processes.
Here’re the next steps you should take to perfect your AR function.
Talk to your employees to understand what challenges they face when using NetSuite ERP for finance tasks such as matching invoices, contacting customers for payments, and avoiding write-offs.
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The HighRadius RadiusOne AR Suite is a complete accounts receivable’s solution designed for mid-sized businesses to put their order-to-cash on auto-pilot with AI-powered solutions. It leverages automation to fast-track key accounts receivable functions including eInvoicing & Collections, Cash Reconciliation, and Credit Risk Management powered by RadiusOne AR Apps to improve productivity, maximize working capital, and enable faster cash conversion. Affordable, quick to deploy, and functionality-rich: it is pre-loaded with industry-specific best-practices and ready-to-plug with popular ERPs such as NetSuite and Sage Intacct. The HighRadius RadiusOne AR Suite is designed to automate labor-intensive processes while streamlining credit and collections activities for faster AR processing, better cash flow and improved profitability.
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